主持人:三方回购最早产生于美国,到2015年美国三方回购市场日均交易额已占到回购市场总量近一半。美国经验对于中国开展三方回购有哪些借鉴意义?新兴市场开展三方回购会遇到哪些挑战?O’Delle Burke:美国的三方回购经验是始终关注市场动向并积极应对,通过这种“观察—反应”机制不断完善金融体系。例如金融危机后,美国组织专门的工作组来研究市场上出现的问题。在回购市场也有专门的行动小组加强市场建设。 Moderator: Three-way repurchase originated in the United States by 2015, the United States three-way repo market daily average turnover accounted for nearly half of the repo market. What are the lessons of US experience in China’s tripartite repurchase? What challenges will emerging from the tripartite repurchase in emerging markets? O’Delle Burke: The US tri-nation repurchase experience always pays attention to the market trends and actively responds to this “ Observation - Response ”mechanism to continuously improve the financial system. For example, after the financial crisis, the United States organized a special working group to study the market problems. In the repo market also has a special action team to strengthen market construction.