债券市场“清算-结算”模式发展趋势

Global Trends in Clearing and Settlement in Major Bond Markets

本文比较分析了全球主要债券市场的"清算-结算"模式,发现国际发达债券市场日渐呈现出国债和信用债的登记托管(CSD)系统相分离的专业化特征,以及场内市场的清算所正从服务于单一交易所集团向服务多种交易平台,与场外市场中央对手方(CCP)清算机构竞相拓展大宗商品市场的发展趋势。

A comparative study of clearing and settlement in major bond markets has shown the prevalence of a clearer division of these key functions even as there is closer integration of market infrastructure overall. Given distinct risk profles of treasuries and other fxed-income products, independent central securities depository(CSD) systems have been established in more developed over-the-counter markets. Some clearing houses no longer confne themselves to affliated exchanges. Central counterparty clearing services are also being explored for exchange trading and off-exchange trading in the commodities markets.