金融市场利率基准改革箭在弦上

Urgent Reforms for Benchmark Interest Rates

巴克莱操纵LIBOR案曝光后,国际金融市场对改革LIBOR机制的呼声日益高涨,各国际监管组织纷纷重新审视LIBOR等市场利率基准的形成机制,陆续酝酿或推出相关改革方案,以期加强场外市场监管、维持市场正常交易秩序。我国正处于利率市场化的关键时期,研究国际场外金融市场利率基准改革动态和经验,对进一步培育发展SHIBOR、推进利率市场化具有借鉴意义。

Since Barclays LIBOR-rigging scandal unfolded, calls have grown for reforms to the LIBOR mechanism internationally. Financial regulators across the world start to look into rate-setting system of interest rate benchmarks such as the LIBOR, and plan to launch a series of reforms to strengthen OTC market regulation and ensure trading activities are conducted in an orderly fashion. China’s interest rate liberalization has come to a crucial point, and thus need us to closely follow what is going on internationally. Updates and experiences of benchmark reforms in international OTC financial markets can serve as a valuable reference for China to further foster the development of SHIBOR and promote interest rate liberalization.