我国银行间债券市场丙类账户监管问题研究

The Research on the Regulation of Class C Account in China's Inter-bank Bond Market

目前,我国债券市场交易主要集中在银行间债券市场,而开设丙类账户的机构投资者是该市场的主要参与力量,对其监管关系着债券市场整体监管的成败。我国银行间债券市场中丙类账户交易具有普遍性、隐蔽性、短时性、关联性等特点,给监管带来了很大的难度。本文对丙类账户的对敲、代持、内幕交易、利益输送等异常交易行为及风险进行探讨,从交易模式、信息披露模式、监管模式等方面分析了丙类账户交易问题产生的原因,提出发展做市商制度、建立信息披露制度、理顺监管体制等对策。

At present, China＇s bond market is mainly concentrated in the inter-bank bond market, and institutional investors with Class C account is mainly market forces involved in the market, therefore, its regulation relationship is playing an important role in the overall regulation of bond market. The Class C account in China＇s inter-bank bond market is with the nature of universality, concealment, short-term, relevance. Therefore, it brings a great deal of difficulty for regulators. The paper discusses the knock, behalf of the holders, insider trading, transfer of benefits, irregularities and risks, analyzes the causes of the Class C account transactions from transaction module, information disclosure module, regulation module, and gives the suggestion of the development of market-maker system, establishment of information disclosure system, and rationalize the regulatory regime and other countermeasures.