“两商”联动:金融强国背景下完善做市商机制设想  

Improving the Market Maker Mechanism with a "Two Dealers" Link

作　　者：王屯 宋论升 WANG Tun;SONG Lunsheng(ICBC Wealth Management Co.)

机构地区：[1]工银理财有限责任公司党委 [2]工银理财有限责任公司研究部

出　　处：《金融市场研究》2025年第2期1-7,共7页Financial Market Research

摘　　要：我国银行间债券市场已建立初具规模的做市商体系,在提供市场流动性、平抑市场波动方面发挥了积极作用。不过,现行做市商制度与公开市场业务一级交易商制度相对分离,不利于做市功能有效发挥,尤其在债券市场大幅波动时缺乏快速稳定市场预期、阻断负向循环的工具。近期,人民银行提出鼓励做市商与一级交易商联动,并在二级市场与相关机构开展国债买卖操作。建议以此为基础,建立资格关联、权责匹配、考核引领、资源支持的“两商”联动机制,使做市商与一级交易商职能有机融合。可通过与其开展常态化债券买卖操作,提升货币政策传导效率,有效完善做市商机制,使其成为稳定金融市场的重要工具。China's interbank bond market has developed a substantial market-making system,which has contributed to enhancing market liquidity and mitigating volatility.However,the current market-making system operates independently from the primary dealer system for open market operations,and this inhibits the effective exercising of market-making capabilities.This separation is particularly problematic during significant bond market fluctuations,as it impedes the ability to swiftly stabilize market expectations and interrupt negative feedback loops.The People's Bank of China(PBOC)recently proposed encouraging coordination between market makers and primary dealers,including conducting treasury bond trading operations with financial institutions in the secondary market.It is therefore recommended that an integrated''two dealer''linkage mechanism be established in order to build on this initiative.This would be characterized by an alignment of participant qualifications,a balance of rights and responsibilities,and the addition of ample resource support.This would organically combine the roles of market makers and primary dealers.By engaging in routine bond trading operations with these market participants the PBOC could enhance the efficiency of monetary policy transmission and refine the market maker mechanism,thereby making it an effective tool for stabilizing financial markets.

关 键 词：国债买卖 做市商 公开市场业务一级交易商 “两商”联动 

分 类 号：F832.51[经济管理—金融学]