Page 19 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

big step in the further development of Saudi Arabia’s financial markets, and we would

like to thank the CMA for its constructive engagement with ISDA and the industry

throughout the development and consultation process,” said Scott O’Malia, ISDA’s

Chief Executive.

ISDA has consistently advocated for enforceable close-out netting as a critical

foundation of safe and efficient derivatives markets and has published netting

opinions for 90 jurisdictions around the world. By allowing counterparties to reduce

their obligations to a single net payment due from one party to another, netting

significantly reduces credit risk. As of the end of 2024, the global gross market value

of derivatives contracts stood at $17.6 trillion, whereas the gross credit exposure,

which adjusts gross market values for legally enforceable bilateral netting agreements,

amounted to $3.0 trillion, according to data from the Bank for International

Settlements.

The ISDA netting opinions are available here.

https://www.isda.org/2025/11/03/isda-extends-saudi-arabia-netting-opinions/

2. 国际证监会组织发布《单一名称信用违约互换市场最终报告》（2025 年 11

月 4 日）

该报告揭示了全球金融关键组成部分——单一名称信用违约互换（CDS）市场的

结构、透明度与韧性

国际证监会组织（IOSCO）发布了《单一名称信用违约互换市场最终报告》，

该报告应金融稳定理事会（FSB）邀请编制而成。

基于对 2023 年 3 月影响银行业市场事件的考察，报告深入剖析了单一名称

信用违约互换市场的运行机制。此次研究源于市场波动期间暴露的潜在问题，通

过全面调研 IOSCO 成员、文献研究及行业交流，报告系统评估了各成员辖区交

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