Analysis of Construction of National Instrument Market
- 厦门大学－已发表论文 
2016年,中国人民银行加速推进全国票据交易所筹建工作,计划于今年10月挂牌落户上海。当前我国票据业务颇具规模,专业化经营,稳健发展,但同时也存在区域割裂、监管缺位等弊病。而票据交易所的成立,是对现有问题的一个极具可行性的解决方案,也将推动票据市场乃至货币市场的深度变革与发展。对于以商业银行为代表的票据市场参与主体来说,票据交易所主导下的市场变革对于旧有经营模式带来了较大的冲击,也为新阶段的业务转型和发展带了机遇。因此,分析票据交易所的建设路径,预判市场发展方向,并进行有针对性的经营策略调整、业务产品创新及管理制度完善,对票据经营机构尤为重要。In 2016, the People's Bank of China accelerated the construction of national instrument exchange which was planed to be open in Shanghai in October. At present, the instrument business has large scale, operates specialized and develops steadily.Meanwhile, the business has the problems of district restriction or supervision vacancy. The establishment of the clearinghouse would be a highly applicable schema to solve current problems, which would also enhance the the further reform and development of both instrument market and currency market. As far as commercial banks which are the representatives of main participant are considered, clearinghouse will lead the reform and generate obvious impact to traditional operation model, which creates the opportunities for business reform and development in new era. So. It is especially important to analyze the construction routine of clearinghouse, to predict market development tendency and to pertinently adjust the operation strategies, innovate product and improve management.