论文部分内容阅读
目前,熊猫债主要交易流通于银行间和交易所市场。银行间市场交易流通的熊猫债发行和交易主要依托于外汇交易中心和北金所两个前台交易平台,后台登记和托管主要集中于中央结算公司和上海清算所。交易所市场交易流通的熊猫债主要在上交所、深交所交易,并集中托管于中国证券登记结算公司。这种“多前台、多后台”的市场格局,令熊猫债的二级市场交易非常不活跃、流动性较差,而在制度建设、信息披露规范等方面有待进一步完善加强。
At present, Panda bonds are mainly traded in the interbank and exchange markets. The distribution and trading of Panda bonds traded in the interbank market mainly relied on the two forex trading platforms of the Foreign Exchange Trading Center and Beicuangtu. The background registration and custody mainly focused on CCDC and Shanghai Clearing House. Panda bonds traded in the exchange market are mainly traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and are centrally managed by China Securities Depository and Clearing Corporation. This “multi-front office, multi-back office” market structure makes the secondary trading of panda bonds very inactive and illiquidity, and needs to be further improved and strengthened in terms of system construction and information disclosure specifications.