债券市场交易报告体系建设:国际特征及对我国启示

Construction of Trade Reporting System in Bond Market:Global Characteristics and Inspirations for China

完善的交易报告体系是金融市场健康运行的基础之一。加强交易监管,有助于增强资本市场内在稳定性。国际发达经济体已在监管层面和实践层面大力推进交易报告体系的建设。我国债券市场对及时有效的交易数据整合以及跨平台、全视角交易信息共享的需求尤为迫切。本文在深入分析发达经济体债券市场交易报告体系构成及特征的基础上,发现我国债券市场的交易报告体系目前还面临诸多现实挑战。基于此,应厘清交易报告体系相关概念及构成,在已有相关数据库基础上完善交易报告体系建设,制定统一的交易报告制度并进行统筹监管,加强数据标准化建设,优化交易数据管理,进一步完善债券市场交易报告体系。

Trade reporting system is one of the important components of the financial market infrastructure.Strengthening trade supervision helps to enhance the inherent stability of the financial market.Developed economies have vigorously promot-ed the construction of trade reporting systems at both regulatory and practical levels.The fragmentation of financial infrastruc-ture and information opacity in China's bond market have become increasingly serious in the over-the-counter market.With the rapid expansion of China's bond market,the demand for timely and effective transaction data integration and information sharing is particularly urgent.This article analyzes the composition,definition,and characteristics of the trade reporting system,and compares similarities as well as differences between different components in the trade reporting system.This article finds that the trade reporting system in China's bond market is still facing practical challenges,Based on this,it is necessary to clarify the relevant concepts and components of the trade reporting system,improve the construction of the trade reporting system on the basis of the existing relevant databases,formulate a unified trade reporting system and carry out overall supervision,strengthen data standardization construction,optimize trading data management,and further improve the trade reporting system in bond market.