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近来,打通银行间债券市场与交易所债券市场的呼声再度强烈。困境在债券市场大力发展的背景下,交易所债市流动性好的优势正在渐渐消失。“无券也无市”、“价格代表性降低“,似乎成了当前的”写照”。据分析,造成近期新上市国债品种不能进入交易所债市的原因,主要是银行持券量占了绝大部分,虽然也有部分券商拿了一些券,但也主要是替客户拿的,这些客户出于对债券安全性的考虑和对交易所债市风险的担忧,要求券商把债券托管在银行间市场。
Recently, the call to get through the interbank bond market and the exchange bond market was once again strong. Dilemma In the context of the bond market to develop vigorously, the advantages of good liquidity in the bond market are gradually disappearing. “No coupons and no cities,” “lower prices,” seems to be the current “portrayal.” According to the analysis, the reason why the newly listed treasury bonds can not enter the bond market in the near future is mainly because the banks hold the vast majority of the securities they hold. Although some brokers also took some vouchers, they are mainly for customers. These customers Out of concerns about the security of the bond and the risk of the bond market in the exchange, the bond dealer is required to host the bond in the interbank market.