Listed banks returned to the exchange bond market, expanding direct financing channels for the Internet
Released on 2011-10-24 15:00 | readings
证监会主席尚福林在2011年全国证券期货监管工作会议上提出，2011年将深入推进债券发行监管改革，积极支持上市商业银行到交易所债券市场开展交易，显著增加债券融资规模。
交易所债券市场拥有多样化的交易结算机制——既有集合竞价，也有通过电子平台实施的协议成交机制，还选择了一部分交易品种，实施了一级交易商机制。在结算方面，既支持净额（轧差）清算，也支持逐笔清算。交易所债券市场的交易价格也相对连续。由于市场上有数量众多的个人和中小机构投资者，因此交易相对活跃和连续，有利于形成比较客观的国债收益率曲线，从而为其他债券和金融产品的定价提供基准。同时，由于交易所市场支持记名和匿名交易，可以降低交易过程中的人为干扰，因此价格形成相对更加客观。
经过几年的准备，目前上市商业银行重返交易所债券市场的制度方面的问题已基本理顺。根据规定，已经在证券交易所上市的商业银行，经中国银行业监督管理委员会核准后，可以向证券交易所申请从事债券交易。商业银行可以在证券交易所固定收益平台，从事国债、企业债、公司债等债券品种的现券交易，以及经相关监管部门批准的其他品种交易。
银监会和证监会将在完善相关制度的基础上，逐步扩大参与证券交易所债券交易的商业银行范围，以及扩大商业银行在证券交易所从事相关债券业务的范围。
目前已有14家商业银行被列入回归交易所市场试点考虑范围。然而，在试点初期，商业银行真正进入交易所债券市场的新增资金规模仍然有限。据某国有大型商业银行交易员透露，目前该行还没有启动交易所债券市场业务，而其他商业银行目前在这方面的交易也很少
中国债券市场包括银行间债券市场、交易所债券市场和商业银行柜台债券市场三个子市场。银行间债券市场的债券存量和交易量约占市场总量的90%。相对于银行间市场，交易所债券市场一直处于边缘化状态，在债券发行、债券成交量、债券品种、投资者结构上都与银行间市场有着差距。银行重回交易所债券市场将成为交易所债券市场大发展的契机。因此市场普遍认为，允许上市银行进入交易所债券市场，将解决交易所债券市场严重缺乏流动性的问题，促进交易所债券市场的大发展。
CSRC Chairman Shang Fulin proposed that the work in 2011 shall further promote the regulatory reform of bond issue, actively support the listed commercial banks to return to the exchange bond market to carry out the transaction, and significantly increase the size of bond financing at the 2011 National Securities and Futures Supervision meeting.
Exchange bond market has a variety of clearing mechanism – such as auction, and electronic transaction platform to implement the protocol mechanisms with selected part of the transaction types, which implements of a primary dealer system. In the settlement, both net (netting) liquidation and transaction-clearing will be supported. Exchange trading price of the bond market is relatively continuous. As the market has a large number of individuals and small institutional investors, the trading is relatively active and continuous, which is conducive to the formation of the relatively objective treasury yield curve, so as to provide the basis of pricing for bonds and other financial products. Meanwhile, since the exchange market supports registered and anonymous transactions, therefore it can reduce anthropogenic interference with the transaction process, and the price formation is relatively more objective.
After several years of preparation, the current regulations on the return of listed commercial banks to exchange bond market have been basically straightened out. According to regulations, commercial banks listed on stock exchanges, after China Banking Regulatory Commission approval can be made, can apply for bond trading to the stock exchange. The commercial banks can cash trade in bonds, corporate bonds, corporate debts and other types of bond on the fixed-income platform, as well as other varieties of transactions approved by the relevant regulatory authorities.
CBRC and SFC will improve the relevant system, take steps to increase participation of commercial banks and the trading range of stock exchange bond, and expand the range of business-related bonds of commercial banks in the stock exchange.
Currently there are 14 commercial banks were listed for the consideration of return to the exchange market as the pilots. However, at the beginning of initiating pilot, the new funds flowing into the exchange bond market are still limited. According to the dope from traders of a large state-owned commercial bank, that the bank now has not yet started exchange bond market business, and other commercial banks currently are also rarely trading in this area.
China's bond market includes the inter-bank bond market, the exchange bond market and the commercial bank bar bond markets as the major three sub-markets. The inter-bank bond market stock and trading volume accounted for about 90% of the total market. Compared to the inter-bank market, the exchange bond market has been marginalized for the lower-leveled bond issuance, bond trading volume, bond products, and the structure of investors. Banks’ return to the exchange bond market will become a big development opportunity. So it‘s been generally believed that allowing listed banks to enter the exchange bond market, will solve the serious lack of exchange liquidity and promote the development of bond market transactions.
证监会主席尚福林在2011年全国证券期货监管工作会议上提出，2011年将深入推进债券发行监管改革，积极支持上市商业银行到交易所债券市场开展交易，显著增加债券融资规模。
交易所债券市场拥有多样化的交易结算机制——既有集合竞价，也有通过电子平台实施的协议成交机制，还选择了一部分交易品种，实施了一级交易商机制。在结算方面，既支持净额（轧差）清算，也支持逐笔清算。交易所债券市场的交易价格也相对连续。由于市场上有数量众多的个人和中小机构投资者，因此交易相对活跃和连续，有利于形成比较客观的国债收益率曲线，从而为其他债券和金融产品的定价提供基准。同时，由于交易所市场支持记名和匿名交易，可以降低交易过程中的人为干扰，因此价格形成相对更加客观。
经过几年的准备，目前上市商业银行重返交易所债券市场的制度方面的问题已基本理顺。根据规定，已经在证券交易所上市的商业银行，经中国银行业监督管理委员会核准后，可以向证券交易所申请从事债券交易。商业银行可以在证券交易所固定收益平台，从事国债、企业债、公司债等债券品种的现券交易，以及经相关监管部门批准的其他品种交易。
银监会和证监会将在完善相关制度的基础上，逐步扩大参与证券交易所债券交易的商业银行范围，以及扩大商业银行在证券交易所从事相关债券业务的范围。
目前已有14家商业银行被列入回归交易所市场试点考虑范围。然而，在试点初期，商业银行真正进入交易所债券市场的新增资金规模仍然有限。据某国有大型商业银行交易员透露，目前该行还没有启动交易所债券市场业务，而其他商业银行目前在这方面的交易也很少
中国债券市场包括银行间债券市场、交易所债券市场和商业银行柜台债券市场三个子市场。银行间债券市场的债券存量和交易量约占市场总量的90%。相对于银行间市场，交易所债券市场一直处于边缘化状态，在债券发行、债券成交量、债券品种、投资者结构上都与银行间市场有着差距。银行重回交易所债券市场将成为交易所债券市场大发展的契机。因此市场普遍认为，允许上市银行进入交易所债券市场，将解决交易所债券市场严重缺乏流动性的问题，促进交易所债券市场的大发展。
CSRC Chairman Shang Fulin proposed that the work in 2011 shall further promote the regulatory reform of bond issue, actively support the listed commercial banks to return to the exchange bond market to carry out the transaction, and significantly increase the size of bond financing at the 2011 National Securities and Futures Supervision meeting.
Exchange bond market has a variety of clearing mechanism – such as auction, and electronic transaction platform to implement the protocol mechanisms with selected part of the transaction types, which implements of a primary dealer system. In the settlement, both net (netting) liquidation and transaction-clearing will be supported. Exchange trading price of the bond market is relatively continuous. As the market has a large number of individuals and small institutional investors, the trading is relatively active and continuous, which is conducive to the formation of the relatively objective treasury yield curve, so as to provide the basis of pricing for bonds and other financial products. Meanwhile, since the exchange market supports registered and anonymous transactions, therefore it can reduce anthropogenic interference with the transaction process, and the price formation is relatively more objective.
After several years of preparation, the current regulations on the return of listed commercial banks to exchange bond market have been basically straightened out. According to regulations, commercial banks listed on stock exchanges, after China Banking Regulatory Commission approval can be made, can apply for bond trading to the stock exchange. The commercial banks can cash trade in bonds, corporate bonds, corporate debts and other types of bond on the fixed-income platform, as well as other varieties of transactions approved by the relevant regulatory authorities.
CBRC and SFC will improve the relevant system, take steps to increase participation of commercial banks and the trading range of stock exchange bond, and expand the range of business-related bonds of commercial banks in the stock exchange.
Currently there are 14 commercial banks were listed for the consideration of return to the exchange market as the pilots. However, at the beginning of initiating pilot, the new funds flowing into the exchange bond market are still limited. According to the dope from traders of a large state-owned commercial bank, that the bank now has not yet started exchange bond market business, and other commercial banks currently are also rarely trading in this area.
China's bond market includes the inter-bank bond market, the exchange bond market and the commercial bank bar bond markets as the major three sub-markets. The inter-bank bond market stock and trading volume accounted for about 90% of the total market. Compared to the inter-bank market, the exchange bond market has been marginalized for the lower-leveled bond issuance, bond trading volume, bond products, and the structure of investors. Banks’ return to the exchange bond market will become a big development opportunity. So it‘s been generally believed that allowing listed banks to enter the exchange bond market, will solve the serious lack of exchange liquidity and promote the development of bond market transactions.