摘要
巨灾互换是指交易双方按照一定条件交换彼此的巨灾风险责任,当特定巨灾事件所导致的损失到达触发条件时,可以从互换对手处获得现金赔付。巨灾互换与金融互换类似,都是基于互惠对等的原则在合约有效期限内交换一系列付款。巨灾互换与金融互换的最大区别在于,其现金支付并不像金融互换那样是必然的,而是取决于触发条件的满足与否。
Catastrophe swaps refer to financial transactions in which two sides exchange catastrophe risks based on certain conditions. When the specific triggering conditions are met, cash payments can be obtained from the counterparty. Like financial swaps, catastrophe swaps also require both sides to exchange a series of cash payments based on mutual reciprocity within a period of time. The largest difference between them is that the former＇s cash payments are contingent on whether the catastrophic triggers are satisfied.
出处
《财经论丛》
CSSCI
北大核心
2010年第2期71-77,共7页
Collected Essays on Finance and Economics
关键词
巨灾互换
巨灾债券
巨灾风险证券化
巨灾风险交易所
catastrophe swaps
CAT bonds
catastrophe risk securitization
catastrophe risk exchange （CATEX）
