Core Viewpoint - The article highlights that while short-term low-price competition in bond underwriting may provide institutions with market share, long-term consequences arise when underwriting fees fall below cost, leading to a "shrinkage effect" in professional services that can have a series of detrimental chain reactions [1] Group 1 - To break the low-price competition dilemma in bond underwriting, collaboration among regulators, issuers, and other stakeholders is necessary to implement targeted solutions [1] - The focus of market competition should shift from "who quotes lower" to "who creates more value," allowing financial intermediaries to escape the fee-based constraints and rebuild a competitive landscape centered on quality and compliance [1] - This shift aims to return bond underwriting services to their fundamental purpose, promoting the long-term healthy development of the bond market from the source [1]
证券日报头版评论:金融机构承销业务竞争应跳出“费率”围城
news flash·2025-07-14 23:06