信用衍生品

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多家机构线上化入市信用衍生品双边清算业务
Jin Rong Shi Bao· 2025-08-05 02:29
Core Points - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance market participation convenience and support market expansion [1][2] - The first batch of institutions to complete the online application includes China Construction Bank, Changsha Bank, Southwest Securities, and Zhongyu Guarantee [1] - The clearing services provided cover various aspects such as cash flow calculation, fund settlement, credit event settlement, valuation management, and counterparty credit risk management [1] - Currently, there are 47 participants in the credit derivatives clearing, accounting for 96% of the trading scale in the interbank market for contract-based credit derivatives [1] Future Plans - The Shanghai Clearing House plans to continue enhancing clearing service capabilities and product offerings under the guidance of the People's Bank of China [2] - The aim is to support various institutions in managing risks with credit derivatives and to improve the effectiveness of credit derivatives in serving the real economy [2] - The initiative is part of efforts to effectively prevent and resolve financial risks, thereby supporting high-quality development of the real economy [2]
信用衍生品“加持”科创债发行 市场呼吁加快完善制度释放增信潜力
Shang Hai Zheng Quan Bao· 2025-06-15 17:58
Core Viewpoint - The expansion of credit derivatives in the technology bond market is accelerating, serving as both a "risk mitigator" and a "confidence amplifier" for financing [1][2][6] Group 1: Role of Credit Derivatives - Credit derivatives are becoming a key mechanism to address financing challenges for technology enterprises by reducing credit risk through external mechanisms [2][6] - They enhance market confidence and improve financing efficiency by connecting issuers and investors, thereby alleviating concerns about repayment capabilities [2][3] - The use of credit derivatives allows for better risk management for investors, enabling them to hedge against valuation risks associated with high-volatility technology bonds [3][6] Group 2: Recent Developments - Several financial institutions, including Bank of Communications and Shanghai Pudong Development Bank, have successfully completed credit derivative transactions linked to technology enterprises, marking a significant step in the development of the technology bond market [4][5] - The first credit derivative transaction involving a technology enterprise was completed by Bank of Communications, providing credit risk protection through a credit default swap (CDS) [4] - The issuance of a 300 million yuan credit derivative transaction by Shanghai Pudong Development Bank demonstrates the growing acceptance and implementation of these financial instruments [4][5] Group 3: Challenges and Recommendations - Despite the growing application of credit derivatives, there are still institutional shortcomings in capital relief, pricing mechanisms, and legal applicability that need to be addressed [6][7] - The current market shows a lack of participation from commercial banks in credit derivatives due to accounting treatment issues, which may increase capital requirements instead of reducing them [6][7] - Recommendations include clarifying the capital savings potential of credit derivatives, developing a valuation system suited to the Chinese market, and enhancing legal training to mitigate disputes [7][8]