21独家｜“债券报价方式将受限”？多家机构：暂未收到新通知

Core Viewpoint - Recent rumors suggest that "small and medium-sized institutions are not allowed to open dialogue quotes, and those that have opened will be canceled," raising concerns about restrictions on bond trading methods [1] Group 1: Trading Methods - The interbank bond market commonly uses two trading methods: "dialogue quotes" and "request quotes," which have distinct procedural mechanisms [1] - Request quotes involve the initiator sending a non-price trading request to multiple potential trading counterparts, while dialogue quotes involve sending a complete quote with all trading elements and prices to a specific counterparty [1] Group 2: Market Concerns - There are concerns that one-on-one inquiry trading, due to its relatively non-public nature, may exacerbate short-selling risks during market volatility [1] - If dialogue quotes are banned, small and medium-sized institutions may find it difficult to trade directly with each other and will have to rely on market makers [1] Group 3: Industry Responses - Industry insiders from various small bond investment institutions, including a city commercial bank's fund company and a regional securities firm's asset management, reported that they have not received any new notifications regarding changes [1] - A bond investment professional from a rural commercial bank noted that the term "small and medium-sized institutions" lacks clarity regarding the specific bond business volume range [2] - It was mentioned that some smaller rural commercial banks previously could only initiate request quotes, but no new requirements have been heard recently [2]