银行间市场债券回购交易担保机制述评——以2013年版《中国银行间市场债券回购交易主协议》为视角  

A Review on the Guarantee Mechanism for Bonds Repo in the Inter-bank Market :from the Standpoint of the 2013 Agreement on Chinese Inter-bank Bonds Repo

作　　者：施明浩[1] 

机构地区：[1]华东政法大学,上海201824

出　　处：《南方金融》2013年第10期75-79,共5页South China Finance

摘　　要：2013年版的《中国银行间市场债券回购交易主协议》在框架设计上采用了"通用条款+特别条款"的模式,在核心担保机制安排上引入了"盯市调整与质押替换"等创新制度,以期在维护债券市场流动性和管控风险之间达到统一。目前场内外债券回购交易差异较大,对于场外债券回购交易而言,可以借鉴前者领先一步的担保架构,在现行法律框架下逐步引入账户质押等创新模式,发展出一套符合金融行业创新发展的体制。而这一担保制度的优化,亦对规范"代持养券"有着重要的现实意义。In the inter-bank bonds market, the 2013 Agreement on Chinese Inter-bank Bonds Repo uses ＂common and special clauses＂ in its frame structure, and introduce such ＂mark-to-market adjustment＂ and ＂pledge replacement＂ as innovative system in its core guarantee mechanism in order to balance the bonds market＇s liquidity and risk control. Recently, there is large difference between floor market and OTC market, the OTC market can use the former developed guarantee framework, and introduce innovative pattern such as account pledge in the current legal system, so that it will develop a set of suitable mechanism for innovation in the financial industry. However its optimization also has the practical significance for regulating the ＂nominal holding and cultivating of bonds＂ .

关 键 词：银行间债券市场 债券回购 担保机制 中国银行间市场债券回购协议 

分 类 号：F832.51[经济管理—金融学]