国债期货市场：久旱再度来袭

History Is Repeating Itself:Get Ready for a Long Dry Spell

国债在金融市场上扮演着重要角色,国债的供给短缺和市场操纵是债券市场参与者的重要考量因素,因为国债的价格扭曲会对现货市场、回购市场、期货市场以及长期国债基差交易市场的定价和流动性造成严重影响。本文研究表明,长期国债期货市场的当前情况将会大大鼓励市场操纵,增加未来五年发生空头挤压的可能性。

Treasury bonds play an important role in financial markets. Bond market participants need to be particularly alert to the potential for shortages of treasury bonds and market manipulation. These can mean price distortions which seriously affect the spot, repo and futures markets. This paper demonstrates that the current environment in the long-term treasury futures market will greatly encourage market manipulation and increase the risk of a short squeeze over the next five years.