金融危机后欧美回购市场的发展及借鉴意义

Repo market development in Europe and America post the financial crisis

受2008年全球金融危机和其后欧债危机的影响，欧美回购市场出现了一些新的趋势和特征，如短期融资渠道由无担保的信用拆借市场向有担保的回购市场转移，三方回购和自动交易系统交易占比稳步上升等。与欧美市场相比，我国回购市场起步较晚，在规模、交易后处理、抵押品管理以及交易工具等方面存在自身特点。文章对我国银行间回购市场的发展现状和不足进行了总结，并对照欧美回购市场发展的经验和教训，提出了改善我国银行间回购市场流动性、促进交易活跃度的建议。

Influenced by the global financial crisis in 2008 and the ensuing European debt crisis, new trends and characteristics are presented in the repo markets in Europe and America, such as the shift of short-term financing channel from unsecured credit lending market to secured repo market, and steadily growing trading from tri-party repo and automatic trading system. Compared with Europe and America, China＇s repo market developed at a later time, and bears its own unique features in terms of scale, post-trade processing, collateral management and trading instruments. The article reviews the current developments of China＇s interbank repo market and its deficiencies, and makes contrast with European and American experiences and lessons to make suggestions on improving the liquidity of China＇s interbank repo market and facilitating active trading.