This paper studies the effect of the factors such as underlying assets, exchange-traded derivatives, economic growth, monetary policy and government governance and so forth on the OTC derivatives market by using quarterly data of the United States during 1998—2011 based on multiple regression models and the results show that, in the United States, there are a strong motive of using OTC derivatives to hedge the risk, that the complementary effect of both the OTC derivatives and exchange traded derivatives is stronger than their replaceable effect, that the development of the derivative market breaks away from the substantial economy and monetary supply amount has negative effect on OTC derivatives transaction while government governance consolidation can have positive effect. Thus, in China, the derivative market must serve the substantial economy, the exchange traded derivative market should be given priority to, the supervision on OTC derivative market should be enhanced, and the internal control construction for the participants in derivative market should be pushed forward.