由于依赖几家银行提供贸易担保,美国贸易增长的选择方案引起了系统性风险关切。 U.S. options trading growth raises systemic risk concerns due to reliance on a few banks for trade guarantees.

美国的选择方案市场进入了创纪录的高额贸易量第六年的正轨,正在引起人们对其结算系统中的集中风险的关切。 The U.S. options market, on track for a record sixth year of high trading volume, is raising concerns over concentration risk in its clearing system. 期权清算公司严重依赖美国银行,高盛和ABN AMRO等一小部分银行来保证交易和基金违约保护,而前五名成员在2025年第二季度贡献了近一半的违约基金. The Options Clearing Corp. relies heavily on a small group of banks—like Bank of America, Goldman Sachs, and ABN AMRO—to guarantee trades and fund default protections, with the top five members contributing nearly half of the default fund in Q2 2025. 工业领导人警告说,这些主要机构之一的失败可能引发广泛的损失,尽管可能性很小。 Industry leaders warn that a failure at one of these major institutions could trigger widespread losses, despite low odds. 贸易量不断增长,包括2025年10月增长52%,使该系统承受了压力,而监管的分散和有限的交叉准入又增加了复杂性。 Growing trading volumes, including a 52% rise in October 2025, are straining the system, while regulatory fragmentation and limited cross-margining access add complexity. 一些市场制造者正在转向自我清算,但由于资本减少,这增加了风险。 Some market makers are shifting to self-clearing, but this increases risk due to lower capital. OCC正在探索改变其违约基金模式,以更好地抵御极端市场事件,目的是在数额和复杂性不断上升的情况下加强稳定。 The OCC is exploring changes to its default fund model to better withstand extreme market events, aiming to strengthen stability amid rising volume and complexity.