本报记者 万涛 北京报道 Our reporter WanTao reports from Beijing

　　“对焦私募化的互联网金融，打造中国的金融资产超市。”

"Focusing private change of Internet financial,Build China's financial assets supermarket."

　　北京金融资产交易所（下称“北金所”）董事长熊焰在接受本报记者采访时给出关于北金所的未来定位。

Beijing financial assets exchange(Hereinafter referred to as"The north gold")The chairman yan xiong in accepting our newspaper reporter to interview about north are the future orientation of gold.

　　成立于2010年5月30日，目前北金所的业务范围主要涵盖金融企业国有资产交易、信贷资产交易、信托产品交易、债券产品交易、私募股权交易、黄金交易等。

Established in May 30, 2010,At present north gold in the scope of business mainly covers the financial transactions of state-owned assets of enterprises/Credit assets transaction/Trust products trading/Bond products trading/Private equity transactions/Gold trading, etc.

　　“未来北金所的互联网金融之路主要立足于产品端。”熊焰表示，接下来北金所的业务架构将由目前单一的非标准化的基础资产交易，扩充到结构化产品、金融衍生品和资产证券化。

"The future north gold of Internet financial road is mainly based on the product end."Yan xiong said,North of the gold business structure will be the current single the standardization of the underlying assets transaction,Extended to structured products/Financial derivatives and asset securitization.

　　事实上，从传统的基础资产交易向结构化产品和衍生品业务推进，登记制度是一道不可逾越的鸿沟。“电子化金融产品的前提是登记制度，如果没有登记，根本无法交易。”据熊焰透露，目前北金所已经在积极推动信托产品和保险资产管理产品的登记。

In fact,From the traditional foundation assets transaction to structured products and derivatives business propulsion,Registration system is an insurmountable gap between them."Electronic financial products is the premise of registration system,If there is no registration,Can't deal."According to yan xiong said,At present the north gold has been actively promoting trust products and the insurance assets management product registration.

　　数据显示，2012年，北金所累计挂牌金额8766.38亿元，同比增长237.99%。成交金额6378.49亿元，同比增长271.70%，其中，委托债权投资计划交易额5873.58亿元。

Data display,In 2012,,The total amount listed north gold 876.638 billion yuan,Year-on-year growth of 237.99%.Clinch a deal amount is 637.849 billion yuan,Year-on-year growth of 271.70%,the,Entrust debt investments plan turnover is 587.358 billion yuan.

　　金改和城镇化机遇 Gold change and urbanization opportunities

　　《21世纪》：如何看待下一步金融改革的趋势？

[The 21st century]:How to look at the next financial reform trend?

　　熊焰：我认为，接下来经济领域最大的改革红利将来自金融改革与城镇化。

Yan xiong:I think,The next largest economy reform bonus will come from the financial reform and urbanization.

　　金融行业的体量足够大，渗透性足够强，改革的可能落差所产生的影响也较大。城镇化的核心是两大产业部类，即城市基础建设和房地产。如果不激活，放在市场上运营，在原来的财政模式下这些吸金产业是与市场割裂的，效率太低。

The financial industry's dimension is big enough,Permeability is strong enough,Reform may drop the impact of large also.Urbanization is the core of the two big industry category,That is the city infrastructure construction and real estate.If you don't activate,In the market operation,In the original financial mode these suction gold industry is separated with the market,Efficiency is too low.

　　近些年中国的财富好像一下子突然冒出来了，实际上这些财富本来就存在，只不过在原来的金融体制下没有货币化、权益化，是隐性、不可流动的，不是一个产权状态。接下来拉动中国经济下一轮增长的一条主线，就是金改和城镇化的贯通融合和相互激励，把城镇化、基础设施与房地产这种吸金的行业拉入大循环中来。过去这块是被行政管制给割裂开了，现在把它连接上，中国的财富就相应扩大一圈。

In recent years China's wealth like suddenly burst out,In fact these wealth was there,Just in the original financial system not monetization/Rights change,Is recessive/Not flow of,Is not a property right status.The next pull China's economic growth next round a main,Is gold change and urbanization through fusion and mutual encouragement,The urbanization/Infrastructure and real estate the suction gold industry pull into the systemic circulation to.The past is the administrative controls to split open,Now put it on the connection,China's wealth is corresponding to expand a circle.

　　《21世纪》：这些金融资产的规模有多大，可以通过什么方式对其加以激活，这其中金融资产交易所的机会有哪些？

[The 21st century]:These what is the size of the financial asset,Through what way can activate them,The chance of a financial asset exchange what?

　　熊焰：中国金融市场总量按静态算已达150万亿元，其中，以股票等为代表的具有较好流动性制度和平台的品种仅占百分之十几。其次是具备一定流动性的资产如国债，但是产品结构简单、不够丰富，投资人不够多。其余三分之二左右的金融资产几乎没有流动性安排，也没有投资人，静态规模大概在七八十万亿元左右。

Yan xiong:China's financial market according to the static calculation amount has reached 150 trillion yuan,the,With the stock as representative has a good liquidity system and platform variety accounted for only of the more than ten.The second is have liquidity assets such as bonds,But the product structure is simple/Is not abundant enough,Investors are not enough.About two-thirds of the financial assets almost no liquidity arrangement,No investors,Static scale about 780 trillion yuan.

　　我们交易所现在所参与推进的就是金融产品市场的建立。我们从三年前就一直瞄着这个话题，巨量的金融资产流速极低，而金融本身是一个能量传输、要素资源配置和风险分散的系统，流动是金融的天性，当然这个流动有一个合理的速率是金融健康的最重要标志。

Now we exchange in advance is the establishment of financial products market.We from three years ago has been aiming to this topic,A huge amount of financial assets flow rate is extremely low,And financial itself is an energy transmission/Elements of the allocation of resources and risk dispersion system,Flow is a financial nature,Of course, this flow have a reasonable rate is the financial health of the most important marks of.

　　中国整个金融体系流速明显偏慢，以票据资产为例，国内等额票据一年的流转速率，只相当于台湾地区的三分之一到四分之一。如果国内金融资产速率能提升到与成熟市场相近似的水平，将会释放出巨大的金融效率。

The whole valley of China's financial system velocity distinctness slow,To bill assets as an example,Domestic bill a year equal flow rate,Only the equivalent of a third of the Taiwan area to a quarter.If domestic financial assets rate can ascend to mature markets or similar level,Will release huge financial efficiency.

　　双层业务架构 Double business structure

　　《21世纪》：北金所未来的整体定位和业务规划是怎样的？

[The 21st century]:The north gold future overall positioning and business planning is what kind of?

　　熊焰：中国金融资产超市。对焦私募化的互联网金融，立足基础资产努力向结构化产品、衍生产品、证券化产品推进。

Yan xiong:China's financial assets supermarket.Focusing private change of Internet financial,Based on the underlying assets to structured products/derivatives/Securitisation propulsion.

　　我们未来的作业结构主要分为三层。第一层是基础资产业务。基础资产就是原始状态的、未经包装的金融类资产，包括信贷、票据、PE股权等原始状态的金融资产，还有金融不良资产。交易特征为：基本是一对一交易，不用登记托管，线上信息披露、线下谈判成交，场外结算。这块是我们的基础业务。

Our future work structure is mainly divided into three layers.The first layer is the foundation assets business.Underlying asset is the original state/The financial assets without packaging,Including credit/bill/PE equity and original state financial assets,There are financial bad assets.Transaction characteristics for:Basic is one to one transaction,Don't trust registration,Online information disclosure/Offline negotiation clinch a deal,Street settlement.This is the foundation of our business.

　　第二层为结构性金融产品。由金融机构对基础资产进行选择、分类、包装，加一些法律关系，比如破产隔离制度等，就形成了包括信托、保险资产管理计划、券商资管计划、基金资管计划等结构性金融产品。

The second is structured financial products.The financial institutions to choose to underlying assets/classification/packaging,Add some legal relationship,Such as bankruptcy isolation system, etc,It formed a including trust/Insurance asset management plan/Brokers endowment pipe plan/Fund information, such as pipe plan structured finance products.

　　第三层为衍生品、资产证券化产品。通过对第一层中的部分基础资产或部分结构性产品中的某些特征进行抽象和再次隔离包装，就形成了资产证券化和金融衍生品。

The third layer for derivatives/Asset securitization products.Based on the first floor of the part of the underlying assets or part of the structured products of some characteristics of abstract and isolated packing again,It formed a asset securitization and financial derivatives.

　　北金所现在基本上，做的还只是基础资产业务。

North gold have now basically,Do is just basic assets business.

　　第二层为结构性金融产品和衍生品、资产证券化产品。由金融机构对基础资产进行选择、分类、包装，加一些法律关系，比如破产隔离制度等，就形成了包括信托、保险资产管理计划、券商资管计划、基金资管计划等结构性金融产品。另外，通过对第一层中的部分基础资产或部分结构性产品中的某些特征进行抽象和再次隔离包装，就形成了资产证券化和金融衍生品。北金所现在做的还只是基础资产业务。

The second is structured financial products and derivatives/Asset securitization products.The financial institutions to choose to underlying assets/classification/packaging,Add some legal relationship,Such as bankruptcy isolation system, etc,It formed a including trust/Insurance asset management plan/Brokers endowment pipe plan/Fund information, such as pipe plan structured finance products.In addition,Based on the first floor of the part of the underlying assets or part of the structured products of some characteristics of abstract and isolated packing again,It formed a asset securitization and financial derivatives.North gold have to do now is just basic assets business.

　　《21世纪》：也就是未来北金所自身将深度参与这些非标准化业务？

[The 21st century]:Also is the future north gold have their own will to participate in these depth not standardized business?

　　熊焰：是的。我们的定位就是私募、非标准化的互联网金融交易平台。北金所今年的业务主基调为“放量升级上系统”，“放量”是指交易量破万亿，“升级”就是指产品线要升到第二层。

Yan xiong:yes.Our position is private/The standardization of Internet financial trading platform.The north gold this year advocate fundamental key for business"Measures to upgrade the system","measures"Refers to the volume of one trillion,"upgrade"Refers to product line will ascend to the second floor.

　　第一层基础资产业务作为我们的特色，会一直保持。它是一个金融资产超市，可以提供大量用于生产第二层产品的原材料。升级到第二层，也就是财富管理的这一层上来，其中一部分就升级到了衍生品和资产证券化。而资产证券化，将是根本解决之前所说的中国城镇化和金融互动问题的一个核心方式。

The first layer foundation assets business as our characteristics,Will always keep.It is a financial asset supermarket,Can provide a large number of used in the production of the second product raw material.Upgrade to the second floor,Is this a layer of wealth management up,Part of it was upgraded to the derivatives and asset securitization.Asset securitization and,Will be fundamentally solved said before China's urbanization and financial interaction problem of a core mode.

　　《21世纪》：委托债权投资业务在这个“超市”中处于一个什么样的位置？

[The 21st century]:Entrust debt investments in this business"supermarket"In a what kind of position?

　　委债业务目前处在第一层与第二层之间的一个位置，我们希望通过集中登记、信息披露、投资人细分等手段，把它继续向第二层级升级。委债这个产品本质上就是在银行理财客户与融资企业之间搭建一座桥梁，从而在一定程度上缓释银行的净资本约束，增加银行在规模管理上的弹性。由于产品的风险可控，成本偏低，受到了各方的接受与认可，有效地支持了实体企业发展。2012年，北金所通过委债共为中央企业融资1555亿元，为市属企业融资314亿元。

The debt service is in the first layer and the second a position between,We hope that through concentrated registration/Information disclosure/Investors segmentation, and other means,Put it continue to upgrade the second level.The debt is essentially the product in the bank financing customer and financing to build a bridge between enterprises,In order to a certain extent slow-release bank net capital constraint,Increase the size of the bank management elastic.Because of the risk of product of controllable,Low cost,By the parties accept and recognition,Effective support for the entity enterprise development.In 2012,,North gold through which were the debt for the central enterprise financing is 155.5 billion yuan,Under the enterprise financing for 31.4 billion yuan.

　　《21世纪》：围绕这双层业务，未来运行的机制框架是怎样的？

[The 21st century]:Around this double business,The future operation of the mechanism framework is what kind of?

　　熊焰：我们今后将设立几个大的管理系统或者数据库，“金融资产超市”就是这个产品数据库。

Yan xiong:We will set up a few big management system or database,"Financial assets supermarket"Is this product database.

　　交易所将基础资产里的国有股权、城商行股权、农信社股权等股权资产，或不良资产、优良的信贷资产等都进行分类，每一类都设定一些参数标准。交易所不负责资产质量的尽职调查，而是进行合规性审核，制定一些标准来进行分层。比如你要找票据，需要多长期限，多少收益率，发行人资质情况等等。标准越分越细，越有利于购买人来识别。当我们的产品足够多时，对购买人而言，就自动形成了一个产品序列。这就是所谓金融资产超市，实际上就是一个巨大的电子货架。北金所的互联网金融之路主要是立足于产品端，在交易角色上我们更多是大宗批发交易。

Exchange will base in the assets of state-owned equity/City business equity/The equity and equity assets,Or bad assets/Good credit assets and so on all are classified,Every kind of some parameters are set standard.Exchange is not responsible for the quality of the assets due diligence investigation,But for compliance audit,Make some standard for stratified.For instance you want bill,Need long time,Many yield,The issuer's qualification, and so on.The standard the fine points,The better the purchaser to identify.When our products big enough,As to the purchaser,,Automatically formed a product series.This is called the financial asset,Is actually a huge electronic shelf.North gold of Internet financial road is mainly based on the product end,In trade role us more is bulk wholesale trading.

　　此外，还有参与人管理。我们的参与人将包括两类，一类是高净值自然人客户，另一类是机构，包括法人机构、非法人机构、金融企业和非金融企业等，这些都可以成为我们的会员。交易所的参与人这一块我们实行的是宽进严选，会员宽进，谁都可以申请加入，但是购买哪类资产需要我们内部审核。因为我们是私募交易，只能对特定的投资人定向推送信息，隔离风险。比如一个信贷资产，只能卖给银行类金融机构，我就把这个信息告诉这一组银行类金融机构。

In addition,Participants and management.Our participants will include two kinds,One kind is high net worth clients of natural person,Another kind is mechanism,Including legal institutions/Entity institutions/The financial enterprise and non-financial enterprises, etc,These can become our member.Exchange participants this one we practise wide into severe choose,Member wide into,Who can apply for,But to buy what kind of assets we need internal audit.Because we are the private transaction,Only certain investors directional delivery information,Isolation risk.Such as a credit assets,Can only be sold to bank kind financial institutions,I'll give this information to this group of bank kind financial institutions.

　　《21世纪》：这个“超市”会采取什么样的创新管理模式？

[The 21st century]:this"supermarket"Will take what kind of innovation management mode?

　　熊焰：超市与自由市场的差别就在于，超市是以一种有标准、有指标控制的体制运行。北金所的金融资产超市也有标准，有质量控制体系，比如我们对金融产品的描述、各类产品之间是如何划分的、不同产品处在超市货架上的什么位置等等。在产品的售卖方式上，会建立一种汇聚和吸引的机制，比如通过会员来汇聚项目，进而让北金所与会员形成共赢机制。未来还可能会引入像“维基金融”这样的创新服务模式像维基百科一样建设一个开放的平台，让各种各样的中介服务机构以这个平台为依托，通过开放、自助、自补偿的机制为客户提供服务。

Yan xiong:The supermarket and the free market is the difference,The supermarket is a standard/A quality control system operation.North gold of financial assets supermarket also have standard,A quality control system,Such as we have the description of the financial products/All kinds of products are how to divide/Different products in the supermarket shelves of what position, etc..In product sales in the way,Will establish a convergent and attract mechanism,Such as through the members to gathering project,Then let the north with gold members form a win-win mechanism.The future may introduce like"Wiki financial"This innovative service mode like wikipedia construction as an open platform,Let all kinds of intermediary service institutions in this platform to rely on,Through the open/self-help/Since the compensation mechanism for customers.

　　《21世纪》：交易所的优势在哪里？

[The 21st century]:Exchange advantage in where?

　　熊焰：优势就在于，一方面，我们是一个横跨金融各个领域的公共交易平台，有大量各类的基础资产和金融产品，也有大量的投资人资源，交易成本会相对较低。另一方面，我们的风控经验远远高于一些小的交易所和只有一两次偶发交易的金融机构。此外，交易所基于大量的历史经验数据，可以提供延续的数据服务功能。对于交易所而言，对具体的单个项目的情况可能并不清楚，但是对于某一类项目的共性，尤其是共性风险则相对更为了解，因为交易所一直对共性风险特别在意。

Yan xiong:Advantage lies in,On the one hand,We are a across all areas of public financial trading platform,Have a large number of all kinds of underlying assets and financial products,Also have a large number of investors resources,Transaction costs will be relatively low.On the other hand,Our wind control experience is far higher than a few small exchange and only one or two times fortuitous trading financial institutions.In addition,Exchange based on a large amount of historical empirical data,Can provide continue data service function.As for exchange,The specific individual program may not clear,But for one kind of common project,Especially common risk is rather more understanding,Because the exchange has been to common risk special care.

　　《21世纪》：目前推进这些构想还有哪些障碍？

[The 21st century]:Now these ideas are the obstacles and promote?

　　熊焰：我们业务架构中的第二层是电子化金融产品，如果没有登记就根本没法交易。我们现在推动无纸化登记，这是交易的基础，实现全流程的交易升级。目前我们正在推进信托产品和保险资产管理产品的登记。

Yan xiong:Our business structure of the second layer is electronic financial products,If there is no registration just couldn't deal.Now we promote paperless registration,This is the basis of the transaction,To realize the whole process of trading upgrade.Now we are promoting trust products and the insurance assets management product registration.