票据市场的监管套利

Regulatory Arbitrage in Bills Trading

票据市场存在大量的套利行为,归纳而言可分为两类,即内部管理漏洞或市场制度漏洞所致。究其根源,在于市场管理体系滞后于市场发展,针对二者的矛盾,有必要全方位地推动票据市场制度体系完善,同时加快发展债务融资市场,以实现金融市场协调发展。

There are lots of opportunities for arbitrage in the trading of bills and notes. These can be categorized into two types, namely vulnerabilities of internal management and market loopholes. The root cause is that market management lags behind market development. To solve this contradiction, it is necessary to push forward the improvement of bills trading, and at the same time, accelerate the development of the debt market overall. This is needed to achieve a more coordinated development of the nation's fnancial markets.