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市场分割是我国债券市场的基本特征,银行间市场和交易所市场在交易主体、交易产品、托管结算体系等方面的人为割裂已经成为了制约债券市场发展的瓶颈。从制度起源上看,债券市场分割主要源于我国债券市场功能定位的偏差、多头监管主体的博弈以及债券市场法制基础的割裂。因此,债券市场互联互通的实质在于统一托管结算体系的基础上,实现交易主体、交易产品等市场要素在不同债券市场之间的自由流动和充分竞争,从而通过市场化发展真正发挥债券市场的融资功能,而这又离不开债券市场监管体系重构和法制统一为其提供制度保障。
Market segmentation is the basic feature of the bond market in our country. The fragmentation of the interbank market and the exchange market in the transaction subjects, trading products and custody settlement system has become a bottleneck restricting the development of the bond market. From the point of origin of the system, the bond market segmentation mainly comes from the deviation of the functional orientation of the bond market in our country, the game of the long regulatory body and the fragmentation of the legal basis of the bond market. Therefore, the essence of interconnection and interdependence in the bond market lies in the unified custody settlement system, which realizes the free flow and full competition between the market elements such as trading subjects and trading products in different bond markets, so that the bond market financing can be brought into play through market-oriented development Function, which in turn is inseparable from the reconstruction of the regulatory system of the bond market and the unity of the legal system to provide institutional protection.