information disclosure

In 1981 the Ministry of Finance issued recovery since the debt, China's bond market has experienced the real ticket counter early market stage, exchange market stage, as well as interbank bond market phase. Statistics show that by the end of September 2011, managed China's bond market volume was 21.1 trillion yuan, including interbank market bonds managed account for total amount of managed 97.1%, At $ 20.5 trillion, and the data at the beginning of 2002 while, however $ 2 trillion. History dating back 30 year bonds market in China, along the way is not going to be easy, to have today's achievements to come by, was to follow the market, the results of the occasion. China's bond market dominated by interbank market, by the interbank market, the stock exchange market and businessBank of over the counter form, is the development of China's financial markets, especially bond markets the fruits of development, was also strongly supported China's solid economic performance in the bond market, meeting the specific embodiment of the investment and financing needs of residents, businesses. Diversified bond market is the result of artificial administrative intervention, but the bond market participants in the inevitable result, diversification of financial instruments,Conducive to perfection in the bond market development, but also conducive to optimal allocation of resources in the bond market and further promote the stable and rapid development of the real economy. First, the need to meet many different needs of investors in the bond market. Bonds are fixed-income products, investors can choose to either hold expired get the yield to maturity of trading strategies, you can also select flexibility strongerMortgages swtor power leveling, lending, repo and other means to configure a portfolio of trading strategies. Bond investors can be an individual, and an agency, but a combination of investment should differ. Because more flexible types of bond investments and the related investment in knowledge and skill requirements are higher, and return on investment comes from the large amount of capital, so coexistence of bond markets should maintain a variety of markets, The interbank market as the main body of the existing pattern. Second, bond issuers complexity requires more than one type of bond markets. Bonds involving issuers of credit ratings, bond pricing, release process, as well as investor property, and many other market factors. Which factors in different times and in different stages with different properties. Pinning its hopes on a rigid model for bond goldThaw product constraints, it is not realistic. Therefore, there are several forms of debt products, has more than one place for perfection bond market, the bond trading platform, a lot of good. However, at present China's bond market there are many shortcomings in concentrated form in the information disclosure system of the issuer and investors need to further improve protection of the interests of the two. Whether it's risk identificationCapacity and ability of risk pricing between banks risk management ability of market participants are weaker exchange market participant, you will need to continuously improve the quality and timeliness of issuer disclosure, to protect the vital interests of the investors, this is the basis for the development of the bond market. In fact, the development of China's bond market is on an upward phase, the size of the market, bondsVariety, hedging instruments and trading mechanisms, information disclosure, and more are under development is insufficient rather than excessive development, particularly with regard to financial innovation, you also need to explore a meet market needs, features roads that meet investor demand. Healthy development of bond markets, depends on the issuer disclosure and protection of the interests of investors, and core should be the issuer of the bond market risk supervisionIncome disclosure mechanism for continuous improvement. From this perspective, during the construction of information disclosure as the core, in order to protect investors ' interests on the basis of the regulatory framework, is the bond market risk prevention, promoting bond markets key to the development of faster and better. In my view, whether it is promoting the development of bond markets, or prevent bond market risk, always requires "innovation, service, self-discipline"Philosophy. First, the bond market in our country there are many empty area waiting for the research, development, should be based on innovative awareness work. Especially cross-border use of RMB needs solid money market and bond market as a basis, in relation to this mission, we need to do innovative work there are many, but these innovations will also focus on promoting the growth of financial markets as a whole, solid serviceEconomic expansion. Secondly the old republic power leveling, the bond market and the capital markets to serve investors, protect investors ' interests above all else, instead of simply monitor the market risk. Financial markets are highly sensitive and innovative places of investment and financing, the entire market is central to the Publisher authenticity and accuracy of the information disclosure and protect investors ' interests under this precondition. Should market in depth, listeningMarketing voices on market behavior from the perspective of service markets by standardizing the effective protection of investors ' interests. Finally, the Government management market, should self-regulation into full play the role of regulatory bodies. Self-discipline management flexibility, professionalism, three had a clear advantage in low-cost, and to enhance the professionalism and expertise of market participants, providing help for market development.To sum up, establishing China's bond market management coordination mechanisms, in particular credit rating, information disclosure, settlement custody and other aspects of interaction is necessary, but our starting point should always be how to better protect investors ' interests, how to better serve the financial markets, how to better promote the development of China's financial market.