過去30多年來，在國際市場自由化、全球貿易成長，以及金融科技持續進步等因素刺激之下，不斷使金融市場產生革命性的改變，其所帶來的副產品，就是金融市場波動加劇，導致市場交易者對風險管理商品需求的增加，並反映在國際衍生性金融商品交易市場的快速成長與交易型態複雜化上。2007年爆發之金融危機，雖肇始自美國房地產泡沫化的次級房貸（subprime mortgage）問題，但透過店頭衍生性金融商品交易，使得區域性問題最終禍及全球金融市場，凸顯了國際銀行業在衍生性金融商品交易對手信用風險管理制度上待強化的議題。
2015年台灣銀行業對於目標可贖回遠期契約（Target Redemption Forward,簡稱TRF）銷售風暴事件，若從銀行端角度來看，其對交易對手信用風險的管控機制欠完備也是間接造成風暴事件的主要原因。
　　本研究透過文獻探討，從衍生性金融商品交易對手信用風險曝險額估算方式研究、巴賽爾資本協定I、II 和 III等對交易對手信用風險管理之國際規範演進強化，及其信用風險抵減措施運用方式研究等，搭配風險事件實例，探究最妥適之風險管理模式。使用個案研究法，透過分析個案銀行在風險管理實務架構運作方式與困難，比對研究後之國際管理最適模式，期能提出對個案銀行實務上可執行之改善精進建議方案，以及金融監理機構之參考。
研究結果顯示，個案銀行在交易對手信用風險管理制度上，建議可由強化信用風險曝險額計算方式、精進其風險資本計提方法、妥善運用風險抵減措施及持續提升人員在各個風險管理面之專業素質等面向進行改進。另對國內金融機構與主管機關在金融交易風險管理面，建議建立信用評價調整（Credit Valuation Adjustment, CVA）管控機制、建置國內店頭市場集中交易制度與持續強化我國消費者之金融教育。

In the past 30 years, the financial market has revolutionary changes constantly, due to the liberalization of international market, growths of global trade and the progress of financial technology, which effecting financial market fluctuation aggravated, resulting in increasing the demands of risk management products from market dealers, reflecting on the rapid growths of international financial derivatives market and complication of transaction types. The financial crisis in 2017 caused by the burst of the real estate bubbles subprime mortgage issue, but the regional issue had effected the global financial market through over-the-counter derivatives transactions, which highlighted the subject of derivative financial commodity counterparty credit risk management system needed to be strengthened by international banking.
From the point of view of banking in 2015, the Counterparty credit risk management control mechanism was not complete, which was one of the main reasons of the sales storm of Target Redemption Forward.
This research according to literature reviews, from the estimated method of derivative financial commodity counterparty credit risk outburst, Basel capital accord I, II and III, etc. to strengthen the counterparty’s international norm evolution of credit risk management and its studies of Credit Risk deductions measures, with the actual risk cases, to study the most suitable method of risk management. By using case study research, analyzing the mode of operation and difficulties as the individual banks conducting in risk management practices, comparing the most suitable mode for international management, to present improvement suggestions of individual banks that can actually apply, and to financial supervision agencies as references.
The results indicate individual banks can strengthen the calculation method of credit risk outburst, improve the method of Risk-Based Capital Charge, use risk credit measure properly and elevate the professional quality in every risk management view continuously. For domestic financial institutions and competent authorities, set up Credit Valuation Adjustment control system, establish domestic Over-the-counter markets centralized trading system and improve financial education of consumers constantly are recommended.

一、 中文部分
1. 台灣金管會銀行局（2012），「銀行資本適足性及資本」管理辦法」及「銀行自有資本與風險性資產之計算方法說明及表格」Basel III 版。
2. 沈中華（2014），「BASEL III新風險管理概念與對我國銀行業未來可能衝擊」。
3. 沈中華（2016），「TRF之相關問題探討」，台灣金融管理學會。
4. 巫春洲譯（2013），《風險管理與金融機構》，台北指南書局。
5. 李堪（2003），「交易對手信用風險管理探析」，銀行家（中國）
6. 林淑貞編譯（2003），《衍生性金融商品風險管理手冊》，台北台灣金融研訓院。
7. 林貴卿（2016），「淺述目標可贖回遠期契約爭議及其訴訟外紛爭解決途徑」。
8. 章友馨（2013），「全球結算機構遵循國際規範（Basel III, EMIR,Dodd Frank Act）與縮短交割週期之近期發展」，證交資料616期。
9. 郭彥彤（2015），「金融海嘯後之我國金融市場規範：以衍生性金融商品為核心」。
10. 黃富櫻（2009），「本次金融危機之五個重要個案分析」，中央銀行全球金融危機專題」。
11. 翟如君（2008），「ISDA對店頭衍生性金融商品的影響」，證券櫃檯。
12. 劉邦海（2010），「店頭衍生性商品集中交易對手結算之研究」，中央銀行季刊。
13. 鄭琇霙（2012），「美國2010金融改革法店頭衍生性商品集中結算之研究」。
14. 臺灣銀行經濟研究處譯（2014），「非集中結算衍生性商品保證金規定」，金融研究發展基金管理委員會。
15. 蔡德發（2010），「美國金融改革法案對店頭衍生性商品市場監理－之變革及其全球性影響」，證交資料582期。
16. 蔡鴻璟（2015），「店頭衍生性商品集中結算近期發展概況」，證券服務635期。
17. 寰宇證券投資顧問公司（1999），《金融風險管理（下）》，台北 美商麥格羅.希爾國際股份有限公司.台灣分公司。
18. TriResolve（2016），「OTC衍生性金融商品清算機制與抵押品應用國際最新趨勢」，金融研訓院研討會。
二、 英文部分
1. Basel Committee on Banking Supervision (BCBS) (1994). "Amendment to the Capital Accord of July 1988." from https：//www.bis.org/publ/bcbs12b.htm.
2. Basel Committee on Banking Supervision (BCBS) (1995). " treatment of potential exposure for off-balance-sheet items." from https：//www.bis.org/publ/bcbs18.htm.
3. Basel Committee on Banking Supervision (BCBS) (2004). " Basel II： International Convergence of Capital Measurement and Capital Standards： a Revised Framework." from https：//www.bis.org/publ/bcbs107.htm.
4. Basel Committee on Banking Supervision (BCBS) (2010). " Basel III： A global regulatory framework for more resilient banks and banking systems." from https：//www.bis.org/publ/bcbs189_dec2010.htm.
5. Basel Committee on Banking Supervision (BCBS) (2010a). " Basel III： A global regulatory framework for more resilient banks and banking systems." from www.bis.org.
6. Basel Committee on Banking Supervision (BCBS) (2010a). " Basel III ： counterparty credit risk frequently asked questions." from www.bis.org.
7. Basel Committee on Banking Supervision (BCBS) (2014). " Foundations of the standardised approach for measuring counterparty credit risk exposures." from www.bis.org.
8. Basel Committee on Banking Supervision (BCBS) (1988). " International convergence of capital measurement and capital standards." from https：//www.bis.org/publ/bcbs04a.htm.
9. Basel Committee on Banking Supervision (BCBS) (1993). " Supervisory Recognition of Netting for Capital Adequacy Purposes." from https：//www.bis.org/publ/bcbs11c.htm.
10. Basel Committee on Banking Supervision (BCBS) (2014). The standardized & approach for measuring counterparty credit risk exposures." from https：//www.bis.org/publ/bcbs279.htm & https：//www.bis.org/publ/bcbs_wp26.htm.
11. BCBS FSB IOSCO(2017). " Analysis of Central Clearing Interdependencies." from https：//www.bis.org/publ/bcbs11c.htm.
12. BCBS FSB IOSCO(2017). " Margin requirements for non-centrally-
cleared derivatives." from https：//www.bis.org/publ/bcbs261.pdf
13. Charles W. Smithson (1998), " Managing Financial Risk： A Guide to Derivative Products, Financial Engineering, and Value Maximization. ", McGraw-Hill.
14. Gregory Jon(2013), " Chapter 3 Defining Counterparty Credit Risk" Counterparty credit risk and credit value adjustment,　Willey Finance,21-40.
15. John C. Hull(2012), " Risk Management &Financial Institutions Third Edition", John Wiley & Sons.
16. Jorion Philippe(2011), " Financial Risk Manager Handbook, sixth edition. "
17. Office of the Comptroller of the Currency(1997), "Risk Management of Financial Derivatives： Comptroller's Handbook."
18. Seyoum Zeleke Bekele(2009), "COUNTERPARTY CREDIT RISK."
三、 網路部分
1. 財團法人金融聯合徵信中心，http：//www.jcic.org.tw/main_ch/index.aspx。
2. 證券櫃檯買賣中心，http：//www.tpex.org.tw/web/。