以高效的担保品管理赋能债券融通市场高质量发展（附英文版）

Core Insights - The article emphasizes the increasing importance of collateral management in bond financing, highlighting its role in stabilizing financial markets and enhancing resource allocation efficiency [1][4] - The bond financing market has rapidly expanded post-2008 financial crisis, with a shift from interbank lending to bond repos, leading to a significant increase in market scale and product diversity [2][5] - Efficient collateral management is identified as a key driver for the development of the bond financing market, necessitating refined, multi-dimensional management services [3][5] Market Trends - The bond financing market has seen a shift towards tri-party repos and centralized bond lending due to their low costs and high efficiency, becoming mainstream trading varieties [2][5] - The Secured Overnight Financing Rate (SOFR) has emerged as a new market benchmark interest rate, replacing the London Interbank Offered Rate (LIBOR) [2][5] - In China, the scale of bond repo and bond lending transactions has been increasing annually, with ongoing improvements in trading infrastructure and product innovations [2][5] Collateral Management - The demand for sophisticated collateral management services has grown, requiring services such as valuation, daily mark-to-market, automatic replenishment, and default disposal [3][5] - Financial institutions are increasingly seeking cross-market connectivity and cross-regional cooperation in collateral management, especially in tri-party repos and centralized bond lending [3][5] - Central securities depositories (CSDs) play a crucial role in enhancing efficiency and risk control through automatic selection and management of collateral [3][5] Future Directions - There is a call to enhance collateral management services to support the high-quality development of the bond financing market, including the acceleration of tri-party repos and centralized bond lending [4][5] - Emphasis is placed on integrating into the global financial market and promoting cross-border collaboration in financial market infrastructure [4][5] - The article advocates for embracing digital and green transformations, with advancements in blockchain and green bonds positioning China at the forefront of international developments [4][5]