The multilateral net position represents the bilateral net position between each participant and the central counterparty.

每一个参与者与中央订约方之间的双边轧差形成了多边轧差余额。

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To raise the operational efficiency of the depository clearing system, it is recommended that a central counterparty mechanism be introduced in.

为提高托管结算体系的运行效率，根据市场客观存在的净额结算和自动融券需求，建议在托管结算后台引入中央对手方机制。

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Fewer firms would be covered by margining and capital requirements, and fewer derivatives would be cleared by a central counterparty or traded on exchanges.

因为对利差和资本方面的要求，该提案所涉及的对象少了不少，而最终能够由中央结算对手清算或在交易所交易的金融衍生品则更少。

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The next step should be the creation of a central counterparty for all securities in all European currencies.

ECONOMIST: Settling scores

At the moment, only Euronext, the merged French, Dutch and Belgian exchange, uses a central counterparty for equity deals.

ECONOMIST: Settling scores

Not even American markets have a central counterparty for all financial instruments.

ECONOMIST: The London Stock Exchange