银行间债市推出远期利率协议正当其时

Time for FRA in the interbank bond market

随着我国债券市场规模的不断扩大以及利率市场化不断深化,债券市场的利率风险日益凸现,市场急需引入有效的利率风险管理工具。鉴于市场目前的状况以及利率衍生品自身的特性,作者认为当前在银行间市场引入远期利率协议品种正当其时。

With the expansion of market size and continual interest rate liberalization, China's bond market witnesses increasing interest rate risks and so needs effective instruments to manage these risks. Based on current conditions in the market and the characteristics of interest rate derivatives, this paper holds that now is the right time to introduce forward rate agreements (FRA) in the interbank bond market. Furthermore, when the FRA market has matured to certain extent, more complex interest rate derivatives may be introduced, including interest rate swap, interest rate futures and interest rate option.