债券只适合场外交易吗?

Is only OTC Suitable for Bonds?

交易所市场没有按照不同于股票市场的内在发展规律发展债券市场是形成国外债券传统交易格局的根本原因,而电子交易技术的飞速发展,作为新生因素,打破了国外债券传统交易格局,促使形成了以交易所式的交易市场为主、传统场外市场为辅的新的债券交易格局。名为场外市场,实为场内市场的银行间市场意味着我国债券市场不是场内、外市场的竞争,而是两个场内市场的竞争。因此在政策和制度资源分配公平的前提下,交易所市场按照债券市场内在发展规律,发挥自身优势,走与银行间市场差异化的发展道路。这可能更符合我国交易所债券市场的发展方向。

The basic reason for forming the traditional structure of bond market in foreign countries is that the exchange market didn＇t develop the bond market according to the intrinsic discipline of bond which is different from equity market. But the rapid growth of electronic trading technology, as a new factor, breaks down the traditional market structure, and forms new market structure which is mainly the exchange-like market, assisted by the traditional OTC market. Inter-bank bond market in our country which is more like exchange market means the competition of our bond market is between two exchanges markets. Therefore, given fair policies and regulations, our exchange should take its advantages and develop the bond market in different way from inter-bank market according to the intrinsic discipline of bond market, which may also be more suitable for the development of our exchange bond market.