开放式回购条件下债券市场交易模式探讨

On the Transaction Modes of the Bond Market under the Condition of Open Repurchase

开放式回购是指资金融入方先将持有的债券卖给资金的融出方,并约定在未来的某一交易日以协议价格赎回债券的交易。这种交易方式解冻了现行封闭式回购中处于质押状态的现券,同时通过逆回购后以立即卖出现券的方式来引入规范的作空机制。种种迹象表明,开放式回购的推出已进入后期阶段,这将改变我国目前只能做多不能做空的单边市场交易模式,对我国债券市场乃至金融的深化改革必将产生深远的影响。

Open repurchase refers to the transaction in which the party which finances the funds sells its bond to that which produces the funds, appointing to buy back the bonds with an agreed price on a particular transaction date in the future. This type of transaction sets free the under-mortgage in the current closed repurchase, at the same time, it introduces normalized selling mechanism through selling the bonds on hand after reverse purchase. All kinds of evidence indicates that it is in the later period for that type to be put into practice, which will change the current one-side transaction mode of forward buying without forward selling in China, and will be profoundly significant to the bond market and even the further financial reform in China.