誰是該工具的發行人和對手方？

我有以下 SWAP 合約：T1UH4，這是一個 2 年可傳遞利率掉期合約。

產品資訊： http ://www.cmegroup.com/trading/interest-rates/deliverable-swaps/2-year-deliverable-interest-rate-swap-futures.html

如果我進行交易，誰是此 SWAP 的發行人和對手方？預設情況下是芝商所嗎？

謝謝

交易對手幾乎可以是任何人，因為規則手冊說

51104. DELIVERIES ON EXPIRING FUTURES CONTRACTS
51104.A. Requirements for Participation in Delivery
For an account carried by a clearing member to make or accept delivery on an expiring futures contract,
the holder of such account is required to be:
1.  an Eligible Contract Participant, as that term is defined in Section 1a(18) of the Commodity
Exchange Act (7 USC §1a(18) and 17 CFR 1.3(m)), and
2.  either an IRS Clearing Member (CME Rule 90005.A.) or an IRS Participant registered with CME by an IRS Clearing Member (CME Rule 8F009. and CME Rule 90005.B.).

這可能會讓您認為您需要相當多地擔心交易對手風險。但是，您實際上正面臨著 CME，因為

51104.G. Clearing House Financial Safeguards
A futures contract made under these Rules shall be a Base Guaranty Fund Product subject to the
Clearing House financial safeguards provided by the General Guarantee Fund (CME Rule 802.A.).
An IRS Contract that is delivered or accepted for delivery in fulfillment of a futures contract made under
these Rules shall be an IRS Product subject to the Clearing House financial safeguards provided by the
IRS Guaranty Fund (CME Rule 8G07.)

雖然與掉期掛鉤，但這些是上市期貨合約，與其他合約一樣，在公開市場上交易。它們本身不是掉期合約。因此，沒有確切的“發行人”，也沒有交易對手，至少與掉期的意義不同。

在此處和此處查看詳細資訊。

引用自：https://quant.stackexchange.com/questions/10506