国债回购:制度、风险和对策

Government Bonds Repurchase: Institution, Risks and Countermeasures

对中国国债回购市场制度安排的回顾和分析表明,证券交易所市场国债回购风险的根源在于托管和结算制度;券商既是国债市场的自营商,又是其他国债投资者的监管者,这是券商屡屡挪用客户债券的制度黑洞。因此,应借鉴银行间市场经验,以账户清算制取代席位联合制,并继续完善融资回购质押比例制度,提高国债市场透明度。

The review and analysis of the institutional arrangements of China’s government bonds repurchase market indicates that the root-cause for government bonds repurchase risk on the stock exchange is the trusteeship and settlement system; securities dealers are both dealers on the government bonds market and supervisors of other investors, which is the institutional black hole for their repeated misappropriation of clients’ securities. Therefore, we should use for reference the experience of the inter-bank market, substitute the account settlement system for the seat coalition system, continuously improve the repurchase pledge proportion system in finance, and enhance the transparency of the market.