开放式回购:债券市场的机遇和挑战

Open-ended repo: Opportunities and challenges of the bond market

我国银行间债券市场的封闭式回购交易制度产生了单边助涨的效果;而现行的没有标准化协议约束的"开放式回购"则存在着违约风险,对市场的危害极大。随着债券市场正式推出开放式回购,虽然可能存在信用违约和倍数放大风险,但它能促进二级市场的交易,降低债市利率风险。

The close-ended repo system in China's interbank bond market led to unilaterally rising bond prices. The on-going 'open-ended repo', without binding standardized contracts, may present default risks and harm the bond market. Though it may involve credit default and multiplied risks, the introduction of the open-ended repo with standardized contract can promote the transaction in the secondary market and reduce the interest rate risk of the bond market.