多家信托公司人士表示，目前监管部门已批准10多家信托公司发行信贷资产支持证券（ABS）的申请，数家财务公司、汽车金融公司已上报发行计划。机构人士表示，未来ABS的发行速度将提升，发行主体也将多元化，信托公司、财务公司等机构有望继银行、保险等机构之后分食ABS市场。

Several trust company say,At present the supervision department approved more than 10 home trust company is to issue credit asset-backed securities(ABS)application,Several financial company/Auto finance company has reported the stock issue plan.Agencies say,The future of ABS issue speed will improve,Issue subject will be diversified,Trust company/Financial institutions such as the company is expected to the bank/Institutions such as insurance after points food ABS market.

　　非银行机构积极入场 The non-bank institutions actively

　　华宸信托公司人士介绍，公司也在考虑介入该业务，但由于近来公司股权人事可能发生变动，该业务暂时搁置。从信托公司自身的业务看，ABS属于创新业务，需要投入更多的人力、物力，对公司的风控能力提出了更高的要求。已获批的信托公司基本是资产规模较大或是参与过有关项目的公司，中小信托公司目前尚未得到批准。

HuaChen trust company personage introduction,The company is considering intervention in the business,But because of a recent company equity personnel may change,The business on the back burner temporarily.From the trust company's own business to see,ABS belong to innovation business,Need to put more human/material,For the company's wind control ability put forward higher request.Already approved the trust company is large scale basic assets or participated in the project company,Small and medium-sized trust company currently has not been approved.

　　从监管部门的要求看，ABS业务对信托公司设计产品的收益率、规模、资质等有一些门槛要求，同时对资产池中资产的行业分布、相关性等有一定的要求。因此，虽然许多公司有意愿，但审核非常严格。中国信托业协会人士介绍，目前许多非银行金融机构正在准备ABS业务，数家财务公司、汽车金融公司已上报了ABS发行计划，未来参与ABS发行的金融机构将超过20家。这与2008年以前银行、保险独占ABS发行的局面有天壤之别，未来非金融机构可能在创新业务上争取到更多机会。

From the regulatory requirements to see,ABS business to trust company design product yield/scale/Qualification have some threshold requirements,At the same time on asset pool assets industry distribution/Correlation and so on to have certain requirements.therefore,Although many companies have intend to,But audit is very strict.China's trust industry association personage introduction,At present a lot of non-bank financial institutions are preparing ABS business,Several financial company/Auto finance company has reported ABS issue plan,The future participates in the ABS issue of financial institutions will be more than 20.And this 2008 years ago bank/Insurance monopoly ABS issue of the situation there is much difference,The future non-financial institutions may be in innovation business get more opportunities.

　　国家开发银行定于7日发行总额超过100亿元的ABS。虽然目前债券发行提速，市场承压，但多家券商和基金看好国开行此次ABS发行。某保险公司人士表示：“有国开行的信用增级，资产都是大型基建项目贷款，有较高的安全边际。”某信托公司人士介绍，国开行此次发行ABS的市场认购情况在一定程度上将影响未来ABS的发行速度，预计其认购倍数可能在1.5倍附近，认购热情要超过2007年可能有一定难度。目前工行、交行、建行等银行类金融机构已获批近100亿元的ABS发行额度，国开行未来可能还会发行100亿元额度，非银行金融机构的额度大致在50亿元-80亿元。

China development bank is scheduled for 7 total issued more than 10 billion yuan of ABS.Although at present the speed bond issue,Market pressure,But several brokers and fund value countries operation the ABS issue.Some insurance companies say:"There was a nation operation credit enhancement,Assets are large infrastructure project finance,A higher margin of safety."A trust company personage introduction,Countries operation the issue ABS market subscribe to a certain extent in will influence the future issue of ABS speed,Expect their subscription ratio may be near 1.5 times,Subscribe enthusiasm to more than 2007 years may have certain difficulty.Currently icbc/Handing in travel/The construction bank and bank kind financial institutions has been batch of nearly 10 billion yuan of ABS issue quota,Countries operation possible future could issue 10 billion yuan limit,Non-bank financial institutions of the quota and the general is in 5 billion yuan - 8 billion yuan.

　　需确定最低收费标准 Needs to determine that the minimum charge standard

　　由于参与主体的增加，ABS发行认购的竞争或白热化。某信托公司人士介绍，虽然参与发行ABS可以根据不同的资产风险情况获取相应的收益，但由于竞争者太多，很多公司在发行阶段纷纷压低收费标准，这给业务的开展和公司的盈利造成了一定影响。目前监管部门要求参与该业务的信托公司签署行业自律协议，即通过确定最低收费标准以确保信托公司利益。但由于该业务发展处于起步期，不同的信托公司业务发展战略各异，行业自律的形式可能效果不佳。他建议，最好由监管部门指导出台关于该业务的收费标准。

Due to the increase of participation main body,ABS issue subscription competition or simmering.A trust company personage introduction,Although participation issue ABS may act according to the different assets risk situation get corresponding income,But as a result of too many competitors,Many companies in circulation stage have low fees,This to business development and the company's profits caused a certain influence.At present supervision department requires that participate in the business of the trust company sign self-discipline agreement,That is, through determine the minimum charge standard to ensure trust company interests.But due to the business development in the initial period,Different trust company business development strategy each different,Self-discipline form may be the effect not beautiful.He suggested that,Best by supervision departments issued guidance about the service fee standard.

　　此外，对于ABS等衍生金融产品，监管部门在逐步推广的同时，也应更好地规范业务标准和准入政策，例如，对于不同收益层的比例、风险资产的进一步界定以及对参与主体的资质要求等给予较细化的指导。

In addition,For ABS and derivative financial products,Regulators in the gradual spread of the at the same time,Also should better regulate business standards and access policy,For example,The proportion of income for different layers/Risk assets and further define to participate in the main body qualification requirements, etc give relatively refining guidance.