场外交易的抵押信誉风险一直是直接交易市场的传统特征。在交易过程中,对方很有可能违约。有意思的是,为了降低这个风险,直接交易市场效仿外汇交易市场的风险按金制度,采用抵押保证金的处理方式。OTC:over the counter 翻译为场外交易,或者直接交易margining system 指risk array margining system, 给损失设一个极限,通常说留多少margin (即保证金)。 All margining systems require contract holders to post collateral to cover potential future exposures (generally measured over one business day). This procedure is known as collateralization in the OTC market.所有风险按金制度都要求合同双方交付抵押保证金,对未来潜在的财务风险承保(一般按每交易日计算)。这就是所谓的直接交易市场中的抵押。business day 指交易日post 过账cover 对。。。承担保险 (能有足够的钱,付账。如:This amount is enough to cover all his tuition fees and room and boarding. 这笔钱足够付他的学费和食宿费用。)