债券跨市场转托管:机制、影响和展望

Cross-Market Custodial Transfers and their Impact on the Bond Market

目前我国债券市场体系由银行间市场、交易所市场和柜台市场三个子市场有机构成,三个子市场的登记托管机构各不相同。投资者可以对符合条件的债券进行跨市场转托管并开展债券交易。本文研究了债券市场转托管机制及其影响。研究发现,由于交易所标准券回购机制等方面原因,债券转托管行为基本呈现从银行间市场到交易所市场的单边趋势,且近年来这种转托管趋势更加明显。

China＇s bond market system is composed of three sub-markets -- the inter-bank market, the exchange-based market and the bank counter market -- and each has its own registration custodians. Investors can make cross-market transfers on eligible bonds for custody and trading. This paper examines the bond market transfer mechanism and its impact on the market＇s performance. The study found that because of the standard instrument size for exchange-traded repos, that market＇s custody activities are developing largely independently from the interbank market. Moreover, this trend has become more obvious in recent years.