债券市场场内外微观交易结构的趋势分析

A Study on the Bond Microstructure:Comparison between On-the-floor and OTC Market

债券电子交易平台的出现和交易所内外日趋激烈的竞争,使得国际场内外债券市场融合趋势日趋明显,中国债券市场更是"有过之而无不及"。如果国家政策统一,我国银行间债券市场与交易所债券市场的唯一区别就是市场组织形式。因此,债券交易场所的适合程度不是以名义上划分的场内外市场为准的,而是视各市场提供的基础设施是否合适为准。当前中国债券场内外市场竞争的根本点就是政策的公平性而不是二级市场交易制度的完善与否。

The emergence of electronic trading platform and more fierce competition make the merging of floor market and OTC market. This is especially the case for China. The only difference between Interbank bond market and exchange bond market is the market organization, given consistent policy. Thus the adaptive degree is not determined by the nominal ＂floor market＂ or ＂OTC market＂ , rather, it depends on the adaptability of infrastructure provided. The fundamental focus is the fairness of policy, rather than the mechanism of secondary market.