每一个参与者与中央订约方之间的双边轧差形成了多边轧差余额。
The multilateral net position represents the bilateral net position between each participant and the central counterparty.
这种轧差通过一个中央订约方（如清算所）在法律上作为每一个卖方的买方，以及每一个买方的卖方而实现。
Such netting is conducted through a central counterparty (such as a clearing house) that is legally substituted as the buyer to every seller and the seller to every buyer.
索罗斯在他的新书最后两章里提出了一些小建议，例如，建立一个有适当保证金要求的票据交换所，以此缓解订约方对金融衍生品市场的恐慌。
The last two chapters are peppered with smaller suggestions, such as the creation of a clearing house with proper margin requirements to ease counterparty fears in derivatives markets.
尽管说法没有得到核实，但TMPG’s的董事长Tom Wipf表示，交易失败可能“给一系列相关中游产业留下难以管理的订约方信贷风险”。
Left unchecked, fails could “leave a chain of intermediaries with hard-to-manage counterparty credit risk, ” says Tom Wipf, the TMPG’s chairman.
代理就是授权某人或代理商和第三方签订约束性协议。
Agency - the authority of one person (an agent) to make binding commitments with third parties for someone else (the principal).
即使订约的任何一方未履行或延迟履行其在本协议项下的任何权利或特权，亦不应被视为违约，或就此放弃行使该等权利或特权。
No delay or omission by either Party in exercising any right or power it has under this Agreement shall impair or be construed as a waiver of such right or power.
格式条款是指预先拟订的，合同当事人一方为了将来与不特定多数当事人订约而提供使用的，并在订立合同时未与对方协商的合同条款。
Adhension clause is a kind of contract clause which is stipulated beforehand, provided by one party of the contract, and cannot be negotiated when the parties enter into the contract.
格式条款是指预先拟订的，合同当事人一方为了将来与不特定多数当事人订约而提供使用的，并在订立合同时未与对方协商的合同条款。
Adhension clause is a kind of contract clause which is stipulated beforehand, provided by one party of the contract, and cannot be negotiated when the parties enter into the contract.
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