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美国、英国等债券市场发达的资本市场法域比较关注债券市场的内幕交易问题,并逐步加大打击与防范力度。从产品来看,高收益债券、市政债券、CDS是债券市场内幕交易规制的重点。从信息来看,影响发行人支付能力的信息、债券评级信息、债券发行人破产重整过程中的信息、宏观经济金融政策与数据信息是债券市场内幕交易规制的关键。建议我国从以下五个方面打击与防范债券市场内幕交易:完善《证券法》相关规定,拓展规制债券市场内幕交易的产品种类与信息范围;适度增强债券市场基本面与交易面信息的透明度,减少内幕交易发生的机会;督促有关机构健全内部信息隔离制度与跨墙监督程序,阻断内幕信息的不当扩散与使用;强化市场主体的自我约束,增强监管机构、自律组织的必要提示;基于债券的契约属性与机构参与特性,允许作出豁免或者减少内幕交易的自愿安排。
The capital markets jurisdictions with developed bond markets in the United States and Britain pay more attention to the issue of insider trading in the bond market and gradually step up their efforts to combat and prevent them. From the product point of view, high-yield bonds, municipal bonds, CDS is the focus of the bond market insider trading rules. Information from the point of view, the information that affects the issuer’s ability to pay, bond rating information, bond issuer bankruptcy and reorganization process information, macroeconomic and financial policies and data information is the key to the insider trading rules of the bond market. It is suggested that China should crack down on and prevent insider trading in the bond market from the following five aspects: perfecting the relevant provisions of the Securities Law, expanding the types of products and information scope for the insider trading in the bond market, appropriately increasing the transparency of the bond market fundamentals and transaction side information, Insider trading opportunities; urging the relevant agencies to improve the internal information isolation system and cross-wall monitoring procedures to block the insider information to prevent the inappropriate proliferation and use; strengthen the self-restraint of market participants, regulatory agencies, self-regulatory organizations to enhance the necessary hints; bond-based Contractual attributes and institutional engagement characteristics permitting voluntary arrangements to exempt or reduce insider trading.