⊙记者 王媛 ○编辑 枫林

Reporter WangYuan ⊙ ○ edit maple's woods

　　记者日前从交易商协会在长春举办的“制度创新与银行间市场流动性”专题研讨会上获悉，为进一步激活债市流动性，“三方回购”成了市场讨论热点，这或成为未来银行间回购制度的创新方向。

A reporter from dealers association held in changchun“System innovation and interbank market liquidity”That conference，To further activate the bond market liquidity，“Three party repurchase”As market hot discussion，This or become future between bank repurchase system innovation direction。

回购提升市场流动性 The buyback promoting the market liquidity

　　近年来，随着公司债的规模飞速扩张，交易所回购市场悄然出现跨越式发展。上交所数据显示，在刚刚过去的6月，回购月度成交金额继续保持在历史高位，达28453.04亿元，较去年同期增加近7成。

In recent years，With the rapid expansion of the size of the debt，Exchange repurchase market appear sadly the great-leap-forward development。ShangJiaoSuo data shows，In the past six months，The buyback clinch a deal amount to remain at monthly historic highs，Up to $2.845304 trillion，Compared to the same period last year increased nearly。

　　这种发展速度是银行间市场暂无法企及的。中债登数据显示，2011年，国债和企业债在交易所市场的托管量仅为银行间市场托管量的5%，但其回购交易量却占到银行间回购市场的55%。

This development speed is interbank market temporarily not possible。In data that shows up debt，2011 years，National debt and QiYeZhai in exchange market is only for the custody of the inter-bank market custody amount of 5%，But the repurchase volume has between Banks to buy back 55% of the market。

　　与此同时， 2005至2011年，银行间市场上国债和企业债现券和回购交易的总换手率从3.3%上升至6.4%。与之对应的是，同期交易所市场上，上述两品种的总换手率从2005年的2.4%上升到2011年的54%，约为银行间市场的9倍。

At the same time， From 2005 to 2011，The inter-bank market Treasury bonds and QiYeZhai on XianQuan repo trading, and the total rate of changing hands up from 3.3% to 6.4%。And the matching is，In the same period exchange market，The two varieties of total rate changing hands, up from 2.4% in 2005 to 54% in 2011，About nine times the interbank market。

　　这将交易所回购市场流动性强于银行间市场这一事实表露无遗。而在一些资深业内人士看来，银行间回购市场制度创新缺位，是出现这一现象的主要原因。

This will exchange repurchase market liquidity is better than the inter-bank market the fact shows。And in some senior industry looks，Between the bank repurchase market system innovation vacancy，There is the main cause of this phenomenon。

　　中央国债登记结算有限责任公司副总经理白伟群指出，交易所市场凭借标准券折算制度，回购到期后连续交易的特点，令信用债能充分用于回购质押，而银行间市场上，由于92%的质押债券是国债、央票和政策性金融债，因此用信用债在银行间市场做质押较为困难。

The central government securities depository and clearing corporation limited deputy general manager BaiWeiQun said，Exchange market with standard coupon convert system，The buyback deal expires the characteristics of continuous，Make credit debt can be fully used to repurchase pledge，And the interbank market，Because 92% of the pledge bonds is national debt、Camp JinRongZhai tickets and policy，So with credit debt in the inter-bank market do pledge more difficult。

　业界呼吁建立“三方回购” Industry calls for a“Three party repurchase”

　　为进一步激活银行间回购市场的流动性，“三方回购”制度逐渐浮出水面，成了市场成员讨论的焦点。

To further activate between bank of repurchase market liquidity，“Three party repurchase”System gradually emerging，The focus of the discussion as market members。

　　“我们给三方回购取了一个更符合国情的名字，叫自动质押式回购。”白伟群表示，有了三方回购后，回购双方不需再谈论质押品是什么，第三方托管机构作为中间人，负责提供一整套的估值风控手段，自动管理质押的债券。在此过程中，零散的信用债也可以方便用于质押。

“We give three party repurchase took a more with the situation of China's name，Call to be automatic repo。”BaiWeiQun said，With three party after the buyback，Don't need to talk about the repurchase pledge product is??????，The third party hosting organization as a middleman，Responsible for providing a set of valuations wind control method，Automatic management pledge bonds。In the process，Scattered credit debt could also facilitate used to pledge。

　　事实上，我国金融市场在发展的过程中，加强对市场流动性问题的研究，已成为各方共识。

In fact，China's financial market in the process of development，To strengthen market liquidity problems，All parties has become a consensus。

　　交易商协会副秘书长杨农在研讨会上表示，当前，中国金融市场的发展面临着前所未有的机遇和挑战，为了落实金融服务实体经济的要求，当前不仅要进一步加强金融工具的创新力度，丰富金融工具和产品，而且要尽快推动形成以做市商为核心，以金融机构为主体，其他各类投资人共同参与的多层次的金融市场结构。

Dealers association deputy secretary-general YangNong in the conference said，The current，China's financial market development is facing unprecedented opportunities and challenges，In order to carry out the financial services to the real economy requirements，The current not only to further strengthen the innovation of financial tools strength，Rich financial tools and products，And as soon as possible to promote formation market maker as the core，With financial institutions as the main body，Other investors of all kinds, with participation of multi-level financial market structure。

　　“未来要针对银行间市场波动性较大的特点，研究和创新对冲金融风险的有效工具，进一步探索建立有效的风险管理机制。”杨农指出，要在大力发展和培育机构投资者，丰富投资人结构的同时，还要推动监管协调，防范金融风险，推动金融市场更有效地服务国民经济的发展。

“The future for bank to between the characteristic of the large market volatility，Research and innovation of financial risk hedge effective tool，To further explore to establish an effective risk management mechanism。”YangNong points out that，To develop and cultivate in institutional investors，Rich investors structure at the same time，To promote supervision coordination，Guard against financial risks，Promoting financial markets more effectively serve the development of national economy。

　资料链接 Material link

　　何为“三方回购” What is“Three party repurchase”

　　三方回购是指在回购交易中，通过第三方进行相关债券担保品的专业管理，替代由交易双方自行管理担保品的做法，可进一步提高回购交易的安全性和效率性。

Three party repurchase is to point to in repo trading，Through the third party for related bond collateral professional management，Replace by trade both sides to manage the collateral practices，Can further improve the safety of repo trading, and efficiency。

　　近两年，中央国债登记结算有限责任公司已逐步建立了一个管理系统，可高效实现担保品的估值等管理，若引进三方回购制度创新，把回购改造成一种更加标准化的货币市场工具，可大幅提高银行间市场的流动性。

Nearly two years，The central government securities depository and clearing corporation limited has gradually establish a management system，Can achieve high efficiency of the collateral management valuations，If introduce three party repurchase system innovation，The repurchase transformed into a more standardized money market instruments，Can dramatically improve the inter-bank market liquidity。