近期,“T+0/T+1”交易逐渐成为银行间债券市场较为活跃的一种交易模式,在形式上该交易模式与买断式回购无异。目前市场鲜见对这种交易模式的解读,本文以“T+0/T+1”交易为出发点,通过比较“T+0/T+1”交易模式与买断式回购,认为后者更有利于提升机构内控机制的有效性,并从机构的角度提出对买断式回购的再认识。 Recently, the “T + 0 / T + 1” transaction has gradually become a more active trading model in the inter-bank bond market, and the trading model is no different from the buy-back type in the form. The current market rarely seen on this trading model, this article to “T +0 / T +1 ” transaction as the starting point, by comparing the “T +0 / T +1” trading model and buy-back repo , Think the latter is more conducive to enhancing the effectiveness of the mechanism of internal control, and from the institutional point of view put forward to buy-back repurchase.