非银机构拿下债券通“南向通”入场券 券商跨境业务迎新机遇 呼吁优化系统衔接

Core Viewpoint - The expansion of the "Southbound Bond Connect" allows non-bank financial institutions to participate, presenting both opportunities and challenges in the context of a low-interest-rate environment [1][2]. Group 1: Opportunities for Non-Bank Financial Institutions - The inclusion of non-bank financial institutions in the "Southbound Bond Connect" meets their diversified investment needs while testing their research, risk control, and overseas bond investment capabilities [1][3]. - The expansion of "Southbound Bond Connect" provides a strategic platform for domestic brokers to internationalize, enhancing their collaborative service capabilities in both domestic and foreign markets [2][3]. - Non-bank institutions can now purchase multi-currency bonds in the Hong Kong bond market, increasing their investment flexibility and potentially improving self-operated investment returns [2][3]. Group 2: Challenges and Requirements - The participation in "Southbound Bond Connect" raises the bar for brokers' research and risk control capabilities, necessitating a global perspective and international research capabilities [3][4]. - Cross-border investments introduce variables such as exchange rate fluctuations and overseas credit risks, prompting brokers to upgrade their risk control systems [3][4]. Group 3: Development of Overseas Bond Investment Capabilities - Brokers are accelerating the development of their overseas bond investment capabilities, focusing on establishing a comprehensive risk control framework [4][5]. - Institutions with robust risk control mechanisms and talent reserves are expected to seize opportunities and expand their growth trajectories in overseas bond investments [4][5]. Group 4: System Optimization and Regulatory Coordination - There are calls for optimizing system connectivity, enhancing derivative hedging tools, and improving participation mechanisms to fully unleash the potential of "Southbound Bond Connect" [6][7]. - The need for improved cross-border regulatory coordination and dispute resolution mechanisms is highlighted, particularly regarding differences in information disclosure and investor protection between the mainland and Hong Kong [7].