南方金融
南方金融
남방금융
South China Finance
2013年
2期
67~69
,共null页
金融监管 债券市场 银行间市场 丙类账户
金融鑑管 債券市場 銀行間市場 丙類賬戶
금융감관 채권시장 은행간시장 병류장호
Financial Regulation ; Bond Market; Inter-bankMarket; Class C Account
目前,我闰债券市场交易主要集中在银行间债券市场.而开设丙类账户的机构投资者是该市场的主要参与力量,对其监管关系着债券市场整体监管的成败。我国银行间债券市场中丙类账户交易具有普遍性、隐蔽性、短时性、关联性等特点,给监管带来了很大的难度。本文对丙类账户的对敲、代持、内幕交易、利益输送等异常交易行为及风险进行探讨,从交易模式、信息披露模式、监管模式等方面分析了丙类账户交易问题产生的原因,提出发展做市商制度、建立信息披露制度、理顺监管体制等对策。
目前,我閏債券市場交易主要集中在銀行間債券市場.而開設丙類賬戶的機構投資者是該市場的主要參與力量,對其鑑管關繫著債券市場整體鑑管的成敗。我國銀行間債券市場中丙類賬戶交易具有普遍性、隱蔽性、短時性、關聯性等特點,給鑑管帶來瞭很大的難度。本文對丙類賬戶的對敲、代持、內幕交易、利益輸送等異常交易行為及風險進行探討,從交易模式、信息披露模式、鑑管模式等方麵分析瞭丙類賬戶交易問題產生的原因,提齣髮展做市商製度、建立信息披露製度、理順鑑管體製等對策。
목전,아윤채권시장교역주요집중재은행간채권시장.이개설병류장호적궤구투자자시해시장적주요삼여역량,대기감관관계착채권시장정체감관적성패。아국은행간채권시장중병류장호교역구유보편성、은폐성、단시성、관련성등특점,급감관대래료흔대적난도。본문대병류장호적대고、대지、내막교역、이익수송등이상교역행위급풍험진행탐토,종교역모식、신식피로모식、감관모식등방면분석료병류장호교역문제산생적원인,제출발전주시상제도、건립신식피로제도、리순감관체제등대책。
At present, China's bond market is mainly concentrated in the inter-bank bond market, and institutional investors with Class C account is mainly market forces involved in the market, therefore, its regulation relationship is playing an important role in the overall regulation of bond market. The Class C account in China's inter-bank bond market is with the nature of universality, concealment, short-term, relevance. Therefore, it brings a great deal of difficulty for regulators. The paper discusses the knock, behalf of the holders, insider trading, transfer of benefits, irregularities and risks, analyzes the causes of the Class C account transactions from transaction module, information disclosure module, regulation module, and gives the suggestion of the development of market-maker system, establishment of information disclosure system, and rationalize the regulatory regime and other countermeasures.