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封面专题 COVER FEATURES

关于银行间市场推出人民币利率期权的研究

Study on launching RMB interest rate option in interbank market
蔡杭坚

董 琦

利率期权作为我国基础利率衍生品序列的最后一环,在利率市场化的大背景下,其推出与发展已迫在眉睫。文章介绍
了国际利率期权市场的发展概况,重点考察了场外利率期权市场的发展经验,并论述了银行间市场推出利率期权的必
要性和可行性。最后,从标的合约、基础设施和市场配套等方面探讨了银行间市场利率期权的路径选择。
Interest rate option, the last product in the series of China’s basic interest rate derivatives, is facing imminent need to develop under the background of interest rate marketization. The article introduces the development of the international interest rate option market with a focus on the development of OTC interest rate option market, and discusses the necessity and feasibility of launching interest rate option in the interbank market. It then discusses the development path of interest rate option in the interbank market in terms of the underlying contract, infrastructure and support facilities.

(一)利率期权的种类

率期权(Interest Rate Option)



从合约特性看,利率期权可

复杂,合约设置也更具个性化,如

是一种以利率为标的资产、

按标准划分为普通香草期权(Plain

执行价格不是一个常数、在一定条

到期以现金或者与利率相关的合约

Vanilla Options)、奇异期权(Exotic

件内期权有效等。

(如利率期货、利率远期或者政府

Options)和结构化产品(Structured

债券)进行结算的期权。最早交易

Products)。

生品合约和固定收益证券等原生产

的交易所利率期权合约是1982年3月

普通香草期权是结构最简单的

品组合在一起的复合合约,比如可

澳大利亚悉尼期货交易所推出的银

利率期权类型,主要包括互换期权

转换债券、可赎回债券、可回售债

行票据期货期权,而在场外市场最

(Swaption)、利率上限/下限(Cap/

券等。

早交易的利率期权则是在1985年推

Floor)、债券期权(Bond Option)、

(二)利率期权的发展情况

出的利率上限期权,当时银行因向

利率保证(Interest Rate Guarantee)

市场发行浮动利率票据需要金融工

以及利率期货期权(Option on

球利率期权市场发展相当迅速,特

具来规避利率风险。

Interest Rate Futures)等。

别是在2007年以前,交易量基本保

一、国际利率期权市场概况

24

CHINAMONEY

March 2015

奇异期权比普通香草期权更为

结构化产品是指将包括基础衍

自上世纪80年代诞生以来,全

COVER FEATURES

持年均近30%的增长。2008

图1

封面专题

市场和交易所市场,场外

场外利率衍生品市场品种分布

年金融危机后,利率期权

市场规模比交易所市场

市场经历了阶段性萎缩,

大,但差距并不明显。据

2012年方恢复增长,但尚

BIS统计,截至2013年6月

未达到2007年的高点。截

末,场外利率期权未平仓

至2013年6月末,全球利率

量为49.3万亿美元,占全

期权未平仓量(以名义本

市场的60%(详见图2)。

金计)为81.9万亿美元。

与利率互换相比,

资料来源 :
BIS

二、国际利率期权

利率期权市场规模仍然较
图2

市场组织形式

利率期权场内和场外市场份额

小。2013年6月末,场外利
率衍生品市场利率互换合
约未平仓量(以名义本金
计)为461.3万亿美元,占
比79%,而利率期权仅占
8%(详见图1)。

(一)市场概况
100%

利率期权可以在交易

80%

所市场交易,也可以在场

60%

外市场交易。场外交易的

40%

利率期权与交易所交易的

20% 0%

1998

(三)市场参与者

2001

2004

场内利率期权

2007

2010

利率期权相比种类更多,

2013

包括到期日比较长的利率

场外利率期权

利率期权市场的参与

互换期权、不同类别的奇

资料来源 :
BIS

者主要包括交易商(大型商

异期权以及结构性产品

业银行和其他金融机构)和终端客户

分别为62%、32%和6%。

(详见表1)。

(非金融机构)。其中,交易商是买

卖双方的中介,为期权市场提供流

期权主要的需求方为抵押贷款的投

期权市场合约标准化程度高,价格

动性,包括商业银行、投资银行、

资者和相关服务商,交易目的多为

更加透明,且流动性较好。同时,

证券公司等;最终客户则主要是希

对冲抵押贷款提前偿还的风险,如

交易所市场通过逐日盯市计算保证

望通过利率期权合约进行套期保值

Fannie Mae和Freddie Mac;主要的

金和中央对手方清算安排来减少信

或者投机的机构,包括发放抵押贷

供给方为可赎回债券的投资者、结

用风险。

款的银行、对冲基金、发行浮动利

构性票据的投资者以及发行可回售

率债券的公司等。根据BIS的统计,

债的金融机构;交易商和对冲基金

其灵活性和多样性。由于在场外交

截至2013年6月末,大型商业银行、

则经常扮演利率期权流动性提供者

易,合约双方可以直接商谈,因此

其他金融机构和非金融机构持有的

的角色。

在场外市场交易的利率期权可以按

利率期权未结清余额分别为31.7万

(四)交易场所

照交易者的要求进行定制,促进了

亿、16.2万亿和3.1万亿美元,占比

新的和复杂的产品自行设计并进行

以美国期权市场为例,利率

利率期权的交易场所包括场外

与场外市场相比,交易所利率

场外市场最主要的优势则在于

2015.3

25

封面专题 COVER FEATURES

表1

交易场所

交易所

场外市场

远期利率协议期权





利率上限/下限期权





利率互换期权





债券期权





奇异期权





结构化产品





利率期权产品

目前,场外利率期权交易主

要是通过交易双方签订主协议的形
式来确认双方的权利义务,以便利
交易,降低各类风险。场外利率期
权的主协议主要有ISDA主协议和
债券市场协会(The Bond Market

资料来源 :
Over-the-counter interest rate options,Bank of England Quarterly Bulletin

交易。但是场外合约的多样性使得

1. 主协议

不同类别利率期权的交易场所

括CME Globex、EUREX Release
R

Association)的场外期权交易主协
议,其中交易中使用得最多、影响

其与交易所交易的标准合约相比,

12.0以及LIFFE CONNECT 等电

最大的是ISDA主协议。

流动性要差一些。场外交易最主要

子交易系统。随着交易所市场和场

的劣势是合约双方涉及的信用风险

外市场的融合,越来越多的场内交

利率期权产品包括:利率上限期

要大于交易所交易的合约,因此高

易系统除了提供传统的撮合成交

权、利率下限期权、利率上下限期

信用评级的对手方可以获得更好的

外,还提供询价和请求回复报价

权,以及这些产品的组合产品。

价格。

(Request For Quote,RFQ)等交

债券市场协会于1989年发布了美国

易机制。

国债场外期权交易交易商主协议

交易所市场和场外市场不断相互融

场内利率期权市场的清算平台

(OTC Option Transaction-U.S.

合。交易所市场在产品上复制场外

主要有CME Clearport、EUREX

Treasury Securities Master Dealer

利率期权,并提供场外大额交易机

Clearing AG以及NYSE Liffe

Agreement)。该主协议对于美国国

制。同时,场外市场很多产品在同

Clearing等,提供集中清算服务。其

债期权合约的交易确认方式、期权

一类主协议下可以进行现金流的净

中CME Clearport为CME下属清算

费的支付、交易执行、清算、保证

额结算,并引入保证金以减少信用

所,实行中央对手方制度,清算过

金的支付、违约处理等方面进行了

风险。

程包括交易匹配、头寸报告以及履

规定。

(二)交易所市场

约保证和清算等步骤。

2. 主要品种

在交易所交易的利率期权以利

(三)场外市场

场外市场交易的利率期权一般

率期货期权和债券期货期权为主,

场外市场交易的利率期权是标

有利率互换期权、利率上下限、债

交易量较大的品种有芝加哥商业交

准化程度较低的合约,如利率上下

券期权和奇异期权四大类。在合约

易所(CME)的欧洲美元期货期权、

限期权、互换期权、债券期权和奇

期限分布上,利率期权呈现“两端

欧洲期货与期权交易所(EUREX)的

异期权等。主要的场外交易平台有

小,中间大”的椭圆形特征。据BIS

Euribor期货期权,以及洲际交易所

单一交易商提供的电子交易平台、

统计,截至2013年12月末,场外利

(ICE)的政府债券期货期权。

经纪商提供的交易平台和非市场参

率期权合约期限在1年以内、1至5年

与者提供的交易平台等三类。

和5年以上的未结清余额分别占比

26

随着利率期权市场的发展,

场内利率期权交易平台主要包

CHINAMONEY

March 2015

ISDA主协议所适用的场外

COVER FEATURES

封面专题

28%、46%和26%。

权的清算主要根据双方协商的条

率互换等衍生产品,但只能用以

3. 交易机制

件进行,或者通过专门为场外利

规避单一方向的利率变动,对利

传统的场外利率期权市场往

率期权提供清算服务的机构,如

率剧烈波动的风险应对不足。相

往有一个或多个做市商向交易商

DTCC的Deriv/SERV进行。下

比之下,利率期权买方支付期权

提供双向报价,做市商与交易商

面以互换期权为例来说明Deriv/

费以获得有限损失、无限收益可

之间、多个交易商之间通常通过

SERV提供的场外利率期权交易

能的权利,其非线性的收益形态

电话进行议价。2008年金融危机

后服务。首先,互换期权的交易

可以用来规避非线性的利率波动

后,随着场外衍生品监管趋严,

双方通过以下三种方式将交易明

风险。因此,有必要推出利率期

许多机构都开发场外利率期权的

细提交给DTCC的服务系统:主

权,以完善我国基础利率衍生品

电子交易平台,以提高场外交易

机对主机的实时信息、通过互联

序列。

效率,并通过与清算平台相连,

网更新的电子数据表以及通过浏

实现交易的直通式处理。场外电

览器界面直接确认交易细节。其

经济的必然需要。首先,对于融

子平台有三种:单一交易商提供

次,Deriv/SERV的交易撮合和确

资者来说,以利率期权结构为核

的电子交易平台,如JP摩根;经

认系统与净额处理和结算系统联

心的债务发行方案往往能显著降

纪商提供的交易平台,如Tullett

结,为互换期权等场外衍生品支

低发行者的债务成本。国开行曾

Prebon和GFI;非市场参与者提

付提供自动化的双边净额清算和

发行过三期可互换式固/浮息五

供的交易平台,如360 Trading

结算服务。

年期金融债,该次发行包含三支

Networks。

4. 交易确认与清算

第二,利率期权是服务实体

金融债,分别是固息、1年定存

交易确认方面。场外利率

三、银行间市场推出利率期权的

浮息和3个月Shibor浮息。三支债

必要性和可行性

券按季付息,而持有人亦有权在

期权交易通过电传、电子邮件、

(一)推出利率期权的必要性

每季选择将其持有的债券按面值

SWIFT和MarkitSERV等方式进

第一,利率期权是完善我

转换为其他两支债券。其本质可

行确认。以MarkitSERV为例,

国基础利率衍生品序列的重要环

看成是含有下限期权的浮息债,

MarkitSERV主要为互换期权和

节。在我国,机构间的拆借、

产品受到市场的热烈追捧,成本

利率上下限期权提供交易确认服

回购和债券交易利率都已实现了

节省也十分明显。其次,利率期

务。MarkitSERV为了实现完全

市场化定价,同时,央行已取消

权可帮助融资者动态管理债务成

的直通式处理,和许多系统都

对贷款利率的管制并稳步推进存

本。市场参与者可以根据自己的

进行了连接,包括Tradeweb、

款利率市场化,因此市场成员

情况运用利率期权来管理其债务

Bloomberg、LCH.clearnet、

存在对利率避险工具的广泛需

成本。例如,大多数企业因为日

Markit、Trioptima、Swapstream

求。银行间市场于2006年试点推

常的贷款和票据贴现等需求,都

和Reset等。

出利率互换产品,并陆续推出债

有人民币浮息债务的敞口。他们

券远期、远期利率协议和标准利

可以购入利率上限期权使自己的

清算机制方面。场外利率期

2015.3

27

封面专题 COVER FEATURES

利率风险敞口得到保护。假设他

的10〜20个基点下降到1〜3个基

限期权和互换期权,并择机推出

买入以5%为行权价的利率上限期

点,交易成本显著下降。我国基

债券期权。在行权方式上,建议

权,那么当利率低于5%时,他可

础市场的流动性水平已经接近其

先推出欧式期权,以降低行权日

以享受浮动利率的较低成本;而

他有活跃利率期权交易的亚洲市

不定所造成的市场波动。

当利率超过5%时,他可以从上限

场,也使得利率期权参与者对利

期权中获得补偿,从而把自己的

率风险进行动态而积极的管理成

行间市场成员、境内非金融机构

债券成本控制在5%以内。

为可能。

企业以及获准进入银行间债券市

(二)推出利率期权的可行性

第三,期权相关产品已不断

场的境外机构在利率风险上有着

第一,金融机构之间浮动利

涌现。事实上,利率期权相关的产

不同的敞口和偏好,且都对利率

率的使用越来越广泛。经过多年

品对市场参与者而言并不陌生。债

期权工具有实际的需求,建议同

的推广和发展,人民币市场的主

务发行方面,可赎回债券、可回售

步放开银行间和客户交易两个层

要浮动利率基准(Shibor 3M、

债券以及国开行可转换债券,其本

次。同时,考虑到利率期权相对

FR007)已经树立了其公信力,

质都是利率期权;理财产品方面,

复杂,推出初期流动性有限,建

为其衍生产品的定价和清算提供

多家银行也已经发行了与Shibor、

议选择真正有意愿、有能力的机

了可靠的基础。与之相应的,浮

Repo、国债收益率等浮动利率挂

构成为利率期权流动性提供商,

动利率的使用愈加广泛,在市场

钩的理财产品。同业产品方面,无

对市场进行合理分层。

参与者的资产和负债项上发挥越

固定期限的同业存放实质含有利率

来越重要的作用。管理利率风险

期权因素。

率期权天然具有非标准化和场外

的必要性已经成为市场参与者的

市场参与者方面,鉴于银

基础设施建设方面,由于利

市场的特性,推出初期宜采用双

共识,而更丰富的风险管理工具

四、期权产品创新建议

边询价的交易机制,由交易双方

反过来也会促进浮动利率产品在

由于利率期权相对于利率互

自行清算。待市场运行成熟后,

实践中的应用。

换、远期利率协议更为复杂,且

再对交易活跃且流动性高的利率

第二,基础市场的流动性不

相互之间及与其他衍生品之间可

期权合约进行标准化处理,提供

断改善。在市场各方参与者的不

组合出更为复杂的结构化产品,

限价匹配与点击成交相结合的交

断努力下,特别是在央行加强对

为防止市场成员在不熟悉的情况

易机制,并适时引入中央对手方

做市商的管理和不懈探索科学的

下从事过于复杂的交易,承担过

集中清算。同时,为保障市场平

做市商评估体系的激励下,以债

高风险,建议先推出标准化程度

稳运行,可采用签署NAFMII主协

券即期和利率互换为代表的基础

较高且与实体经济关系密切的简

议、设置双边授信和监控机构敞

市场的流动性近年来得到了很大

单产品,待市场发展到一定程度

口等风控措施。

改善。债券即期的买卖价差从5〜

再推出各类奇异期权。具体可先

10个基点下降到1〜2个基点,利

期推出与现有利率互换交易关系

率互换的买卖价差从最早出现时

28

密切、市场需求广泛的利率上下

CHINAMONEY

March 2015

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