◇ 作者：明讯银行亚太、中东和非洲区域总裁 罗伯特·塔贝特（Robert Tabet） ◇ 本文原载《债券》2025年10月刊 在全球金融市场波动加剧的背景下，担保品管理作为资本市场稳健运行的核心要素，其作用日益凸显。 欧洲央行及明讯银行的统计数据显示，2023年，仅欧洲市场的三方担保品管理服务业务日均规模就已超 过3万亿欧元；2025年第一季度，在欧元体系内作为合格担保品的证券资产已达到195亿欧元，较10年前 增长25%。这些数据不仅体现出担保品已成为市场运行、流动性保障及金融稳定的核心要素，更表明随 着合格担保品规模扩大，担保品业务的复杂性上升，高效担保品管理机制的重要性日益凸显。 变化的市场环境 在上述背景下，欧洲债券回购市场呈现三大发展趋势。一是欧元区整体的超额流动性收缩，二是市场对 担保品稀缺的担忧明显缓解，三是买方参与集中清算的债券回购交易规模增长趋于稳定。此外，非集中 清算的三方回购交易正呈现大幅增长趋势。这也证明，在流动性不断变化的市场环境下，三方担保品管 理机制的灵活高效安排具有较大的吸引力。 在欧洲市场，明讯银行的协作理念延伸至监管机构与各国央行。2025年7月，欧元体系担保品管理系统 ...

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]