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        万融配资网

        债市互联互通再进一步 利于货币政策传导和直接融资|债券市场

        摘要:   我国长期分割的债市将迎来一个里程碑事件:互联互通。  据7月19日央行官网消息,为进一步便利债券投资者,促进我国债券市场高质量发展,近日,央行、证监会联合发布《中国人民 ...

          我国长期分割的债市将迎来一个里程碑事件:互联互通。

          据7月19日央行官网消息,为进一步便利债券投资者,促进我国债券市场高质量发展,近日,央行、证监会联合发布《中国人民银行 中国证券监督管理委员会公告(〔2020〕第7号)》,同意银行间与交易所债券市场相关基础设施机构开展互联互通合作。

          央行表示,债市基础设施实现互联互通,有利于形成统一市场和统一价格,为货币政策顺畅传导和宏观调控有效实施奠定坚实基础。“一直以来,客户比较关心的一个事项就是银行间债市和交易所债市费率是不是统一。”一位券商固收分析师对新京报贝壳财经记者表示。另有业内人士表示,互联互通有利于为发债企业营造出规范统一、低成本的融资环境,让债市更好地发挥直接融资功能。

          债市曾长期分离

          所谓互联互通,是指银行间与交易所债券市场的合格投资者通过两个市场相关基础设施机构连接,买卖两个市场交易流通债券的机制安排。互联互通遵守投资者适当性等人民银行、证监会有关监管规定。人民银行、证监会将加强监管合作与协调,共同对通过互联互通开展的债券发行、登记、交易、托管、清算、结算等行为实施监督管理。

          为何会有两个市场?公开资料显示,1997年6月,为防止银行资金违规流入股市,保障金融业的稳定运行,相关部门决定停止商业银行在证券交易所从事债券交易活动。自此以后,中国债券市场被分割为银行间市场与交易所市场。

          “银行间市场、交易所市场两大市场间长期存在着相互独立的审批、托管、交易、清算、监管等两套体系。虽然后来发展的转托管为部分债券品种在两市间的融通提供了通道,但其非电子化的申请方式并没有真正打通两市间交易藩篱,两市整体上仍处分离状态。”上海证券研究所固收首席分析师胡月晓分析称。

          市场分离状态下也出现一些问题。胡月晓表示,首先是债券市场的定价效率不高,市场上存在两套存在差异的用于估值定价的利率曲线;其次,市场隔离使得市场竞争异化,由于市场参与者、规模和交易规则等的差异,使得同一品种在不同市场上流动性不同。市场分离还对过去长期存在的刚兑有着潜在影响,使得风险释放程度在两市间存在差异。

          作为直接融资的一个重要载体,债市也关系着实体经济发展。胡月晓称,中国资本市场发展中债券市场发展一直相对落后,这使得中国债务式直接融资发展相对滞后,直接制约了我国经济转型的推进。

          近年债市互联互通提速

          两个分离的市场各有优势。银行间债市在国债、地方债、金融债、中票等券种上占据主导地位,交易所债市在公司债、资产支持证券等券种方面具有优势。而从投资者结构来看,银行是债券市场的绝对投资主体。

          “银行对于交易所债券市场的参与程度理应提高和深入,这也是深化金融供给侧改革,提升金融资源互联互通和推动金融要素自由流动,服务直接融资需求的客观要求。”业内人士称。

          2009年,证监会和原银监会联合发布《关于上市商业银行在证券交易所参与债券交易试点有关事宜的通知》,上市银行被允许有限度地参与国债、企业债、公司债等债券品种的现券交易,以及经监管部门批准的其他品种交易。

          从2018年开始,债市互联互通进一步提速。2018年9月,央行和证监会联合发文,就逐步统一银行间债券市场和交易所债券市场评级业务资质、加强对信用评级机构监管等问题进行了规范;2019年5月,央行和证监会拟推出以跨市场债券品种为投资标的、可在交易所上市交易或在银行间市场协议转让的债券指数公募基金。

          2019年8月,证监会、央行及银保监会联合下发通知,明确除农商行和农信社外,所有银行均可参与交易所债券市场交易。扩大在交易所债券市场参与现券交易的银行范围,这被不少业内人士视为是银行间和交易所市场协同发展的关键一步。

          央行本次公告中也提到,银行间债券市场和交易所债券市场互联互通实现的同时,国家开发银行和政策性银行、国有商业银行、股份制商业银行、城市商业银行、在华外资银行以及境内上市的其他银行,可以选择通过互联互通机制或者以直接开户的方式参与交易所债券市场现券协议交易。

          利于货币政策传导和直接融资

          央行表示,债券市场基础设施实现互联互通,有利于切实便利债券跨市场发行与交易,促进资金等要素自由流动,形成统一市场和统一价格,为货币政策顺畅传导和宏观调控有效实施奠定坚实基础,也有利于提升我国债券市场基础设施服务水平和效率,推动构建以客户为中心、适度竞争的债券市场基础设施服务体系,更好地服务实体经济。

          “两大债市开启互联互通,对债市本身的意义比较大,之前银行不参与交易所市场,想买企业债的话一般是用通道买;然后就是银行可以买转债了,客户比较关心两边是不是费率等都统一了。”一位券商固收分析师对新京报贝壳财经记者表示。

          胡月晓分析称,两市互联互通机制显然会提高市场的有效性,在便利了交易和资金流动的同时,使得债券的风险体现和定价效率提高。债券市场有效性的提高,为未来债市进一步发展准备了条件;债券市场的扩容和深化,对中国资本市场的深化完善有着显著影响——经济转型需要资本市场发挥更大作用,债券市场的深化发展是发挥资本市场功能的关键环节。

          光大证券固收首席分析师张旭也认为,债券市场的互联互通、信息披露标准的统一、债券违约处置机制的完善,有利于为发债企业营造出规范统一、低成本的融资环境。在互联互通基础上的跨市场创新交易有助于盘活存量债券,提高债券流动性,降低跨市场的政策套利行为。

          张旭表示,在一些具体的业务上,互联互通也可以为机构提供更多便利。比如,当下参与债券市场交易,由于两市隔离,机构参与者不得不多处开户,而互联互通之后有助于减少机构参与债市障碍,特别是对于境外交易者而言,可以吸引境外资金更多进入中国债券市场。

        英文阅读:

        Debt city will greet our country long-term intersected incident of a milepost: Interconnection each other is connected.

        According to on July 19 news of network of Central Bank official, for investor of farther convenience bond, high quality of market of bond of stimulative our country develops, recently, inspect of the Central Bank, card can be released jointly " announcement of committee of supervisory management of negotiable securities of China of Chinese people bank (〔 2020 〕 the 7th) " , agree with a bank related to bourse bond market infrastructure orgnaization begins interconnection each other to connect collaboration.

        The Central Bank expresses, each other of interconnection of debt city infrastructure implementation is connected, be helpful for forming unified market and uniform price, for monetary policy smooth conduct and macroscopical adjusting control is carried out effectively lay solid foundation. "All the time since, an item that the client cares quite is city of the debt between the bank and bourse debt city cost rate is unified. " firm of merchant of a certificate closes an analyst to sign up for reporter of conch finance and economics to express to new capital. Additionally the personage inside course of study expresses, interconnection each other knows the financing environment that is helpful for building a normative and unified, low cost to send debt company, city letting debt develops direct financing function better.

           Debt city ever departed for a long time

        Alleged interconnection each other is connected, it is to show the with bourse bond market eligible investor between the bank carries two markets join of relevant infrastructure orgnaization, buying and selling two markets trade the mechanism arrangement of current bond. Interconnection each other is connected abide by investor inspect of the people bank such as proper sex, card can concern superintendency provision. Meeting general strengthens inspect of people bank, card superintendency collaboration and harmonious, issue to connecting the bond that launch through interconnection each other jointly, register, trade, the behavior such as mandatory, liquidation, settle accounts carries out supervisory management.

        Why can you have two markets? Public data shows, in June 1997, enter the stock market to prevent bank financing to violate compasses shedding, the stability that ensures financial industry moves, relevant section decides to stop a commercial bank to be engaged in bond trading in the stock exchange activity. Henceforth, chinese bond market is broken up to be the market between the bank and exchange market.

        "The market between the bank, exchange market is the examination of the long-standing mutual independence between two big markets, mandatory, trade, liquidation, superintend wait for two systems. Although the canal of ask someone else to do what is asked of one of development is partial bond breed later,the be in harmony between two city is connected offerred a channel, the application way that Dan Jifei electron changes does not have true get through hedge trades between two city, separate state still handles on two city whole. " firm closes institute of Shanghai negotiable securities Hu Yuexiao analysis weighs chief analyst.

        A few problems also appear below market depart condition. Hu Yuexiao expresses, the price efficiency that is bond market above all is not tall, the is used at appraise to be worth a price interest rate curve that two existence difference exists on the market; Next, market segregation makes market competition dissimilation, because market participator, dimensions is mixed,trade regular the difference that wait, make same breed differs in the fluidity on different market. Market depart returns long-standing to going firm add to having potential effect, make the risk releases degree to be put in difference between two city.

        As a of direct financing main carrier, debt city also is concerning hypostatic economy grows. Hu Yuexiao says, development of market of the bond in development of Chinese capital market lags behind relatively all the time, this makes Chinese debt form direct financing develops opposite lag, restricted the propulsion of transition of our country economy directly.

           In recent years each other of debt city interconnection is connected carry fast

        Two detached markets have an advantage each. City of the debt between the bank is in national debt, place debt, finance debt, medium the certificate such as the ticket is planted on hold dominant position, bourse debt city is planted in the certificate such as negotiable securities of support of debenture, capital the respect has an advantage. And from the point of investor structure, the bank is the absolutely investment main body of bond market.

        "The bank participation to bourse bond market degree behoove rises and thorough, this also is to deepen reform of financial supply side, each other of interconnection of promotion finance natural resources is connected and drive financial element freedom to flow, serve the external demand of direct financing demand. " the personage inside course of study says.

        2009, card inspect is met and former silver-colored inspect can be released jointly " about appearing on the market the commercial bank participates in bond to trade in the stock exchange the announcement of pilot concerned matters concerned " , appear on the market the bank is allowed those who limit ground participates in the bond breed such as debt of national debt, company, debenture to show certificate to trade, and the other breed that approves via superintending a branch trades.

        Begin from 2018, city interconnection each other connects debt to be carried further fast. September 2018, the Central Bank and card inspect can combine dispatch, market of the bond between progressively and unified bank and aptitude of business of grade of bourse bond market, strengthen pair of credit grade orgnaizations to superintend waited for a problem to have a standard; In May 2019, the Central Bank and card inspect can plan to roll out what be investment mark in order to cross market bond breed, the fund of bond index fair collect that can appear on the market to trade or be made over in agreement of the market between the bank in bourse.

        In August 2019, meeting, Central Bank and combination of the silver-colored meeting that keep watch allot card inspect announcement, divide clearly farming outside commercial firm and farming letter company, all banks all can participate in bourse bond market to trade. Expand in bourse bond market to share the bank range that shows certificate to trade, this is regarded as to be the key that develops in coordination with exchange market between the bank by the personage inside many course of study one pace.

        The Central Bank also is mentioned in this second announcement, while market of the bond between the bank and each other of interconnection of bourse bond market connect implementation, national development bank and policy sex bank, state-owned commercial bank, share-holding system commercial bank, city commercial bank, be in China the other bank that foreign capital bank and churchyard appear on the market, can choose to connect a mechanism to perhaps participate in bourse bond market to show certificate agreement to trade with the means that opens an account directly through interconnection each other.

           Benefit is conducted at monetary policy and direct financing

        The Central Bank expresses, bond market infrastructure realizes interconnection each other to connect, be helpful for cogent and convenience bond crossing the market to issue with trade, the element freedom such as stimulative capital flows, form unified market and uniform price, for monetary policy smooth conduct and macroscopical adjusting control is carried out effectively lay solid foundation, also be helpful for promoting infrastructure of market of our country bond service level and efficiency, drive compose to build the bond market infrastructure that is center, measurable competition with the client to serve a system, serve hypostatic economy better.

        "Each other of interconnection of open of city of two old debt is connected, bigger to the meaning of debt city itself, the bank does not share exchange market before, think to if buying company debt, be to use a passageway to buy commonly; It is the bank can be bought next turn debt, the client cared both sides to be united cost rate quite. " firm of merchant of a certificate closes an analyst to sign up for reporter of conch finance and economics to express to new capital.

        Analysis of dawn of introduced from the northern and western nationalities or from abroad month says, each other of two city interconnection connects a mechanism to be able to enhance the effectiveness of the market apparently, in advantage trade and while capital flows, make the risk of bond is reflected and price efficiency rises. Of bond market effectiveness rise, for prospective debt city further progress planned a requirement; The enlarge of bond market is allowed and deepen, to Chinese capital market deepen perfect having distinct effect -- market of capital of economic transition need produces bigger effect, of bond market the crucial link that deepening development is function of play capital market.

           Smooth old negotiable securitiesFirm closes chief analyst Zhang Xu to also think, the interconnection each other of bond market is connected, beak a contract of the unity of information exposure level, bond deals with of the mechanism perfect, be helpful for building the financing environment that gives normative and unified, low cost to send debt company. Market innovation is crossed to trade in what interconnection each other connects a foundation to go up conduce to dish of vivid bond that put an amount, increase bond liquidity, reduce the policy that crosses the market to cover benefit action.

        Zhang Xu expresses, on a few specific professional work, interconnection each other is connected also can offer more advantage for the orgnaization. For instance, instantly participates in bond market to trade, because two city are kept apart, orgnaization participator must be in more open an account, and after interconnection each other is connected, conduce to reduce an orgnaization to participate in debt city obstacle, especially to the negotiant outside the condition character, can attract more of gold of condition foreign capital to enter Chinese bond market.

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