新华财经北京2月9日电市场制度松绑激发活力、创新品类精准浇灌科创领域，一个高效服务于实体融资 的银行间信用风险分担"网络"正日趋成熟。 业内人士认为，市场结构的多元化是其功能有效发挥的基石。东方金诚首席宏观分析师王青指出，信用 风险缓释工具的核心价值在于构建风险分担机制，有效解决企业特别是民营企业"发债难、融资贵"的痛 点。通过市场化方式分散信用风险，能够实质性降低企业的发行成本，并提振投资者的认购信心。 从具体分类来看，合约类与凭证类产品各司其职，满足不同需求。其中，信用风险缓释合约（CRMA） 作为最活跃的品种，2025年共交易149笔，名义本金291.5亿元，同比增长49%。增速冠军则属于信用违 约互换（CDS）品种，其交易额77.9亿元、同比激增92%，显示出市场对标准化风险对冲工具的旺盛需 求。 与之相对，凭证类产品则直接作用于融资端。2025年，银行间市场共创设CRMW 90笔，规模128.7亿 元，为债券发行保驾护航；另有信用联结票据（CLN）创设105笔，规模85.1亿元，也为不同主体丰富 了多元化选择。 数据显示，证券公司、股份制商业银行和外资银行构成了CRM交易端的三大支柱，交易占比分别为 ...

Core Viewpoint - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance the quality of the interbank credit derivatives market and improve the convenience of market participants [1][2]. Group 1: Service Launch and Features - The new online service allows market institutions to apply for entry through the Credit Default Swap (CDS) clearing system after signing a bilateral clearing agreement with the Shanghai Clearing House [1]. - This service provides a "one-stop" online processing for the entire lifecycle of credit derivatives, including business entry, clearing and settlement, collateral management, and valuation management [1]. Group 2: Market Coverage and Efficiency - Since its introduction in 2017, the Shanghai Clearing House has achieved full coverage of contract-based credit derivatives, capturing approximately 89% of the market share [2]. - The online clearing service has increased the efficiency of clearing and settlement, reduced disputes, and improved market transparency [2]. Group 3: Future Developments - The Shanghai Clearing House plans to continue collaborating with the People's Bank of China, the Trading Association, and various market institutions to enrich the product spectrum of credit derivatives and enhance clearing service quality [3]. - The focus will be on promoting reasonable pricing in the bond market, supporting financing for real enterprises, and improving risk management efficiency [3].

Core Viewpoint - The development of credit risk mitigation tools (CRM) in China's financial market infrastructure is enhancing the innovation and effectiveness of credit derivatives, particularly benefiting the financing needs of technology enterprises [1][2][7]. Group 1: Credit Risk Mitigation Tools and Technology Board - The integration of CRM tools with the "Technology Board" is helping to increase debt financing scale and reduce costs, addressing the financing difficulties faced by private enterprises [2][10]. - Since the launch of the "Technology Board," credit risk mitigation certificates (CRMW) have supported the issuance of technology innovation bonds, with a total of 6 registrations amounting to 395 million yuan, facilitating the issuance of 1.25 billion yuan in technology innovation bonds [1][7]. Group 2: Market Infrastructure and Business Models - The CRMW creation and bond issuance model has created approximately 150 billion yuan in support for over 340 billion yuan in bond issuances since its introduction in 2018 [3][6]. - Major banks such as Zheshang Bank, Ping An Bank, and Bank of Communications have been leading in CRMW creation, with amounts of 1.215 billion yuan, 1.056 billion yuan, and 410 million yuan respectively in the first half of 2025 [4][3]. Group 3: Regulatory and Operational Enhancements - Recent revisions to the CRM business guidelines have streamlined processes and improved operational efficiency, allowing for a more comprehensive regulatory framework for CRM activities [6][7]. - The Shanghai Clearing House has enhanced its services for CRM, enabling online processing for credit events and early termination of CRMW, significantly improving operational convenience [6][7]. Group 4: Broader Economic Impact - CRM tools are increasingly recognized as effective financing aids, helping to mitigate credit risks in the bond market and ensuring smooth financing for the real economy [10][11]. - Local financial institutions are expected to play a crucial role in the creation of CRMW, leveraging their regional knowledge to provide credit risk protection for local enterprises [10][11].