共同对手方

监管部门目前正将场外交易的金融衍生产品推给共同对手方（ccps）经营，而共同对手方在接受抵押资产方面往往比银行更挑剔。

Regulators are pushing over-the-counter derivatives towards central counterparties ( CCPs ) , which are usually pickier than banks about the quality of collateral they will accept .

将来银行和资产托管机构会在提供多种抵押相关业务方面决一胜负，第三方卖家甚至是共同对手方本身也会参与竞争。

Banks and custodians will battle it out to provide a variety of collateral-related services in future , with third-party vendors and even CCPs themselves also vying for business .

该部分探讨第二种信用风险控制路径：风险转移结算模式，即为在保留共同对手方制度的前提下进行的信用风险控制方式。

This part talks about second way to control credit risk : risk-transferred settlement mode , which means controlling credit risk on the premise of reserving common counterpart system .

共同对手方是指证券登记结算机构在结算过程中，同时作为所有买方的卖方和所有卖方的买方以完成交收的主体。

Common counterpart means the securities registration and clearing institution is a part that plays as the seller for all buyers and the buyer for all sellers at the same time to get through settlement .

在共同对手方制度下，结算机构介入证券买卖合同，成为交易的一方当事人，承担相对人违约之风险，也即信用风险。

On the common counterpart system , the institution as a part of the transaction participates in the contract of stock exchange at the default risk of counterpart , which is also called credit risk .