原為避險目的而生之衍生性商品，因為金融創新，不僅交易規模擴大，交易對象也變得多元，甚至進一步成為部分投機者賺取高報酬之工具。依統計資料，透過店頭市場交易之衍生性商品，其名目價值遠高於在集中市場交易者，然店頭市場交易係由雙方自行協商交易條件，在欠缺相關揭露要求之情況下，市場透明度低，且欠缺有力之違約風險控管機制，兼之此市場中參與者間之高度關聯性，使得一旦有違約情況發生，影響層面往往波及當事人以外之眾多對象。 在金融危機過後，國際間開始檢討此次危機之成因，並研擬後續可能改革方向，針對店頭市場交易部分，則強調透過集中交易、集中結算以及交易資訊揭露等方式加強監管。美國為眾多戮力於金融改革之國家中較早通過具體條文者，2010年的改革法案將店頭衍生性交易納入規範，以集中結算為改革重點，並施加交易資訊申報公開、保證金、資本準備和部位限制等要求。儘管集中結算制度為改革關鍵，在法案中卻存在部分豁免規定，例如僅標準化衍生性商品須集中結算、外匯換匯及遠期外匯兩類衍生性商品可免集中結算、以及最終使用者所從事之交易亦可豁免等。 對於上述豁免規定，本文認為基於集中結算制度本身運作之前提，為結算之衍生性商品必須有一定之流動性及標準化，加上採行集中結算可能會增加之避險成本，因此美國改革法案中之例外為妥協後之結果。上述例外存在之本身，以及相關主管機關所提行政規則修正草案中存在之缺失，皆增加了藉以規避集中結算制度之可能性，而成為美國改革法案集中結算制度之潛在漏洞，無法防範店頭衍生性交易再度賈禍。觀察過去美國幾次重大金融改革，皆是在金融危機後大幅加強對市場之管制，然管制之必要性卻須待多年運行後才能獲致理性檢驗之機會。此次集中結算制度之改革然結果如何，仍需待實際於市場實施後才能準確評價。 / Because of financial innovation, the trading volume of derivatives increases and the market participants get varied. Derivatives, that were developed to hedge or mitigate risk, become one of the tools to speculate. According to statistics, the total nominal value of derivatives traded in the over-the-counter (OTC) market is much higher than that traded in the exchange. Because of the low market transparency, the lack of powerful risk mitigating mechanism and the high correlation among major market participants, default of one counterparty may cause systemic risk. After the global financial market meltdown in 2008, countries devoted attention to the causes of the financial crisis, especially to the OTC derivatives. To reduce the risk identified in the OTC derivatives market, trading on the exchange or electronic trading platform, central clearing and information disclosure are some measures to be implemented. The Dodd-Frank Act was the earliest reform act passed by the U.S. among these countries. Although central clearing is the major component of the act, there are also several exemptions of it. For example, non-standard derivatives, foreign exchange swaps, foreign exchange forwards and derivatives traded by end-user are exempted from central clearing requirement. To be central cleared, the OTC derivatives must be standardized and with certain liquidity. Once central cleared, companies would be unable to use customized derivatives to mitigate commercial risk and the cost of hedge would probability increases. These are some reasons mentioned to support the central clearing exemption. However, the existence of these exemptions may become the inherent loopholes of the act. This article would first introduce the central clearing exemptions and evaluate the possible effect these exemptions might cause.