金融危机背景下国际回购市场的最新发展及其对我国的启示

一个国家或地区的回购市场健全成熟与否对于防范流动性危机至关重要。通过分析本次金融危机对国际回购市场的影响以及各国的应对措施,结合我国银行间回购市场的实际情况研究认为,有必要在我国银行间回购市场引入CCP清算和回购第三方服务,它们在危机时刻能够有效降低回购市场的整体信用风险,维持市场流动性。同时,还应该妥当协调抵押品变现问题,提高抵押品的利用率,以及建立应对金融危机的回购市场监管应急预案。

International repo market post-crisis developments and some indicative lessons

A sound and mature repo market is essential to prevent a liquidity crisis in a country or region.After an analysis of influences of the financial crisis on the international repo market and countermeasures of different countries,and considering the current situation of China＇s interbank repo market,it is believed that China＇s interbank repo market should introduce CCP clearing and third-party repo services,which could effectively reduce credit risks in the repo market during any crisis,and maintain market liquidity.Meanwhile,it is necessary to properly handle collateral liquidation,make the best use of the collaterals,and to establish an emergency plan of repo market supervision against any financial crisis.