除了通过透明度不高的场外大宗商品掉期市场为客户处理大笔交易之外，银行本身也是大型大宗商品交易商。
Besides handling large volumes of trades for clients via the opaque over-the-counter commodity-swaps markets, they are also large commodity traders in their own right.
但鉴于场外掉期市场上的交易也很普遍，很难明确知道某一天交易员的头寸数。
But given the prevalence of trading on the vast over-the-counter swaps markets, it is difficult to get a one-day fix on traders' positions.
集中交易对手在交易市场中很常见，但在热度高涨的衍生品场外交易市场中却十分罕有，尤其是在信用违约掉期的巨大市场中更是如此(见表)。
CCPs are the norm in exchange-based markets but they have been scarce among surging over-the-counter (OTC) derivatives, notably the gigantic market for credit-default swaps (see chart).
ISDA国际掉期及衍生工具协会是一个大型全球贸易组织，其成员是进行衍生产品私下交易和场外交易的公司。
International Swaps and derivatives Association is a large global trade organisation of companies who trade in private and over-the-counter derivatives.
这些衍生品合约，无论是哪种类型的场外交易，都具有法律约束力，并且受到普遍采用的国际掉期及衍生工具协会（International Swaps and Derivatives Association）主协议的约束。
These derivatives contracts, no matter how over-the-counter they are, are legally binding and guided by the universally-applied International Swaps and Derivatives Association Master Agreements.
这些衍生品合约，无论是哪种类型的场外交易，都具有法律约束力，并且受到普遍采用的国际掉期及衍生工具协会（International Swaps and Derivatives Association）主协议的约束。
These derivatives contracts, no matter how over-the-counter they are, are legally binding and guided by the universally-applied International Swaps and Derivatives Association Master Agreements.
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