CCPs act as the buyer to every seller in a market, and the seller to every buyer.
集中交易对手就像市场中的所有卖家的买家和所有买家的卖家。
It has been a year since I have joined in the CCPS, in this short year, I experienced a lot.
想来加入文教已经一年了，在这短短的一年里，我经历了很多很多。
If the benefits of CCPs in OTC markets are so overwhelming, why did they not emerge on their own?
如果场外交易的集中交易对手的收益真的如此巨大，那么它们为什么没有早点自己冒出来呢？
From a naive high school students into an independent-minded students, it must be said that it's the CCPS 'gift for me.
从一个幼稚的高中生变成一个有独立思想的大学生，这不能不说是文教对我的恩赐。
In the last 17 years, CCPS has strived to fulfill its founding principles by undertaking a number of major cultural projects.
创会17年间，文促会努力践行创会宗旨，开展了一系列重要的文化活动。
Whereas Banks could tailor collateral requirements to the nature of their customers, CCPs will impose uniform margin requirements on everyone.
银行可以对特定的用户量身订制抵押要求，然而集中交易对手却给所有人加以同样的收益要求。
"With their myriad clients the big trading Banks in effect function as CCPs already," says Darrell Duffie of the Stanford Graduate School of Business. "Why double their number?"
“实际上，因其庞大的客户数量，大型商业银行已经有着和集中交易对手一样的作用，”斯坦福大学商业研究生院的DarrellDuffie谈到，“为什么要让它们的数量变为两倍呢？”
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).
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)。
The scope for netting across all types of derivatives is reduced when CCPs are created to clear only one type of product; that could leave OTC traders with greater overall exposures than before.
为清算某一种衍生品而使用集中交易对手会使得原本包含所有衍生品的净额清算范围缩小。这会导致场外交易者比以往更容易暴露在风险下。
The scope for netting across all types of derivatives is reduced when CCPs are created to clear only one type of product; that could leave OTC traders with greater overall exposures than before.
为清算某一种衍生品而使用集中交易对手会使得原本包含所有衍生品的净额清算范围缩小。这会导致场外交易者比以往更容易暴露在风险下。
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