交易對手風(fēng)險(Counterparty Risk)

　　交易對手風(fēng)險指交易對手不履約的風(fēng)險。因為交易對手風(fēng)險的存在，使得信用衍生產(chǎn)品并不能完全消除信用風(fēng)險。但是同一般的信用風(fēng)險相比，信用衍生產(chǎn)品本身的交易對手風(fēng)險是較小的。這是因為信用衍生產(chǎn)品的交易對手或為一流的商業(yè)銀行，或為信用等級為AAA級的投資銀行。（信用等級分AAA級(信用等級優(yōu)秀企業(yè))、AA級(信用等級良好企業(yè))、A級(信用等級較好企業(yè))、B級(信用等級一般企業(yè))、C級(信用等級較差企業(yè))等五個等級。）這兩類機構(gòu)必定是資本充足并且違約概率較小。

A counterparty is a party with which a transaction is done. If A sells something to B, then B is a counter-party from A's point of view and vice-versa.

The risk that the counterparty will fail to fulfil their obligations - usually either by failing to pay or by failing to deliver securities - is called counterparty risk.

There are a number of ways of controlling counterparty risk. Some are trading mechanisms such as DVP or the use of a central counterparty.

Financial institutions should track and manage counterpart risk in much the same way as any other credit risk, and this should be integrated into institutions' overall risk management system.

The counterparty risks from securities trading are either simple credit risks (where the risk is that the other party will not pay) or a combination of credit risk with the risk of a position in a derivative (where the risk is that the other part will not deliver securities).

Counterparty risk tends to be at least as much of a concern to regulators as to the institutions exposed to it. This is because a large financial institution will be a counterparty to many others, and therefore the knock-on effects of its failure pose a systemic risk.