银行同业业务模式的演化、风险特征和监管启示

Interbank Business:Evolution of Business Model,Risk Features, and Regulation

银行同业业务经过演化,已经从早期的资产负债管理工具转变为一种多元化投资和盈利方式,由此也导致传统银行业务的风险框架向复合型风险转化,风险不易识别、难以准确计量,存在监管套利空间,并且风险传导渠道更加多元化,风险扩散速度更快,范围更广,金融体系系统性风险指标上升,部分资金存在空转套利现象。对此,监管机构应坚持'实质重于形式'的原则,穿透业务本质实施风险监管;加强政策协调,有序化解局部风险、维护全局稳定;针对创新业务的监管应回归本源、有保有压。

The interbank business has evolved from an asset-liability management tool in the early days to a method of diversified investment and profit making,which has made the risks of traditional bank servicesmore complex.The risks are difficult to identify and measure,and there is room for regulatory arbitrage.Risks can be transmitted through more channels,at a faster space,and reach a wider range.Systemic financial risksare on the rise,some funds circulate within the banking system seekingarbitrage.To deal with this,the regulatory authority should adhere to the principle of“the substance is more important than the form”.Policy coordination needs to be strengthened to maintain the overall stability of the financial system.Regulation of financial innovation should strike a balance between controlling risks and encouraging innovation.