进一步发展债券市场买断式回购业务的思考

Suggestions on Developing Bond Market Buyout Repos

与国际成熟市场相比,我国债券市场质押式回购业务占据绝对主导地位,市场对买断式回购的关注度和参与度不足。债券的质押冻结制约了交易活跃度,对流动性提升和债券市场进一步开放发展具有不利影响。转移抵押品所有权的“买断式回购”是国外债券回购市场的主流模式,其财产权利清晰、融券交易便利等特点对于保障债权人利益、完善市场交易功能、提高二级市场流动性、促进货币政策传导以及推进债券市场高水平对外开放具有积极意义。下一步,应着眼于完善基础制度建设、优化市场结构和交易结算体系,建立正向激励机制、激发市场活力,进一步推动债券回购业务和市场发展,同时不断强化风险管理,完善违约处置机制。

Pledged bond repos hold an overwhelmingly dominant position in China’s bond market,while buyout repos—unlike on more mature international markets—have gained inadequate market attention and participation.With pledge repos,the bonds are frozen,thereby restricting trading activity and negatively impacting liquidity and the opening of the market to foreign investors.Buyout repos,with transfer collateral,are the main manner of trading on foreign markets.Their characteristics of clear property rights and convenient bond lending are of significant value in safeguarding the interests of bondholders.They also improve the market’s trading function,boost market liquidity,promote the transmission of monetary policy and contribute to a high-degree of opening of the bond market.This paper puts forward policy suggestions,such as improving market infrastructure,establishing a positive incentive mechanism,stimulating market vitality,strengthening risk management and perfecting the default disposal mechanism.