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本文通过研究国外商业银行参与国债期货的模式,探讨和分析我国商业银行参与国债期货的途径和模式。海外银行进入国债期货市场的途径主要直接和间接两大类,直接模式的国家往往采用全能银行的金融混业经营模式,间接模式的国家或者地区往往采用纯粹控股的金融混业模式。直接模式的风险隔离度较差,风险容易向银行业扩散,联合监管的难度也较大。我国商业银行参与国债期货的初期,以期货公司客户身份参与交易为较佳模式。但随着商业银行在衍生品市场参与力度的加大,通过集团控股期货公司的金融控股集团模式才是银行的长远选择。
This paper studies and analyzes the ways and modes of China’s commercial banks participating in the bond futures by studying the foreign commercial banks’ participation in the model of the national debt futures. The ways for overseas banks to enter the bond futures market are mainly direct and indirect. The countries with direct mode often adopt the financial mixed operation mode of universal banks, while the indirect mode countries or regions often adopt the purely controlled financial mixed mode. Direct mode of risk isolation is poor, the risk is easy to spread to the banking sector, joint supervision is also more difficult. China’s commercial banks to participate in the initial stage of government bonds, futures companies as customers participate in transactions as a better model. However, with the increasing involvement of commercial banks in the derivatives market, it is the bank’s long-term choice to adopt the financial holding group model of the Group’s controlling futures companies.