“T+0/T+1”交易与买断式回购的比较研究

Comparison Analysis between “T+0/T+1” Transaction and Outright Transfer Repo

近期,"T+0/T+1"交易逐渐成为银行间债券市场较为活跃的一种交易模式,在形式上该交易模式与买断式回购无异。目前市场鲜见对这种交易模式的解读,本文以"T+0/T+1"交易为出发点,通过比较"T+0/T+1"交易模式与买断式回购,认为后者更有利于提升机构内控机制的有效性,并从机构的角度提出对买断式回购的再认识。

'T+0/T+1' has become increasingly popular on the interbank bond market. So far there has been relatively little analysis of the market impact related to this transaction method, however. This article compares 'T+0/T+1' and outright transfer repo, concluding that the latter method is more helpful to improving the effectiveness of internal controls for institutions. The author also puts forward ideas on outright transfer repo from the perspective of institutional investors, and this deserves careful consideration.