但在去年下半年，根据国际掉期及衍生品协会(这是一个行业团体)的报道，对冲自2001年以来首次下降。

But in the second half of last year, such hedging declined for the first time since 2001, according to the International Swaps and Derivatives Association, an industry group.

youdao

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.

youdao

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.

youdao