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)。

youdao

The database for our examples contains records of over-the-counter (OTC) derivatives trades based on sample XML data provided by the International Swaps and Derivatives Association (ISDA).

我们的示例应用程序的数据库中包含，基于 International Swaps and Derivatives Association (ISDA) 提供的样例 XML 数据的衍生品柜台交易（OTC derivatives trade）记录。

youdao

Registered as an Exempt Board of Trade (EBOT) for swaps and other OTC cleared derivatives, TeraExchange intends to apply to become a Swaps Execution Facility (SEF) once SEC and CFTC rules are finalized in early 2012.

FORBES: Innovation Coming to OTC Cleared Derivatives

For example, since September 2005, the Federal Reserve Bank of New York has been leading a joint public-private initiative to improve arrangements for clearing and settling trades in credit default swaps and other OTC derivatives.

FORBES: Reducing Systemic Risk

All cleared OTC derivatives will be available including interest rate swaps, credit default swaps, energy swaps, non-deliverable forwards and equity swaps.

FORBES: Innovation Coming to OTC Cleared Derivatives