中债评论 | 发挥金融基础设施作用 筑牢金融安全防线（附英文版）
党的十九届五中全会要求把“统筹发展和安全”贯穿国家发展各领域和全过程。金融安全是国家安全的重要组成部分，防范金融风险是重大任务，需要常抓不懈。中央全面深化改革委员会第十次会议指出，金融基础设施是金融市场稳健高效运行的基础性保障，是实施宏观审慎管理和强化风险防控的重要抓手。面对错综复杂的国内外形势，应强化底线思维，完善金融基础设施建设，筑牢金融安全防线。
强化中央托管体系的透明机制。一级托管体制作为落实穿透式监管最高效、最有力的措施，不仅是金融安全发展的外在驱动力，也是金融稳定的内在需求。债券市场以大宗交易为主，机构投资特征明显，鼓励直接参与、一级托管是适宜的，也是先进的安排。对于机构投资者（包括金融机构法人和具有独立财产特征的资管产品），应坚持进行一级托管，加强全球通直接入市模式的主导地位。对于境外个别领域多级托管的需求，应实施以“中央确权、穿透监管、多级服务、合作共赢”为基础的中债方案，以低成本维护投资者权益，支持实现高效率的穿透式监管，妥善化解潜在风险。
发挥金融基础设施的风险防范作用。金融基础设施在金融风险管理方面的水平和所发挥的作用非常重要且极具特色。金融基础设施从专业角度做好相应服务，通过统一透明托管体系、实时全额结算体系、估值等价格指标体系、担保品管理体系、监测分析体系等安排，协助监管机构和市场防范、化解金融风险。中央结算公司基于先进的一级托管体系，服务穿透式监管，履行一线监测职责，承担众多监管支持功能；发展中债价格指标体系等估值服务，为市场的公允价值计量和风险测度提供有力工具；发展债券担保品管理服务，打造市场流动性中枢和风险管理中枢……通过发挥市场首创精神和机构专业优势，不断把风险管理水平和现代化建设推进到新阶段。
抓好金融基础设施的自身安全建设。金融基础设施是防范金融风险的重要屏障，如果其自身缺乏适当的管理，则可能诱发市场风险。“打铁必须自身硬”，金融基础设施必须把自身做优做强，才能避免成为系统性风险源。信息系统是金融基础设施的生命线，是中央登记托管体系的基础。中央结算公司一直高度重视信息系统建设，持续推进安全体系加固，全面提升网络与信息系统安全强度。公司推动新一代系统全面上线，确立两个“两地三中心”架构，构建信创技术体系，部署服务结算成员的中债骨干专网……这些都彰显了金融基础设施的硬实力。
注重安全和效率的协同提升。金融基础设施除提高风险管理水平，还需要积极开拓前瞻性领域，主动推动市场创新，全面提升服务质效。如研发基于金融基础设施中心化管理的区块链数字债券系统，加快数字化债券试点，实现对接多元支付体系的更快速度；持续构建指标丰富、覆盖面广、自主性强、国际影响力大的中国债券市场旗舰指数体系，提升中国债市的国际认可度和话语权；基于中央登记托管机构的服务，探索在岸的离岸债券业务创新，助力自贸区债券市场建设，掌握金融安全主导权，助力“双循环”新发展格局。
◇ 本文原载《债券》2022年8月刊
◇ 作者：钟言
◇ 责任编辑：刘爽 刘颖
ToPlayaBetterRoleasFMIandSafeguardFinancialStability
ZhongYan
TheFifthPlenarySessionofthe19thCPCCentralCommitteecalledfor“balancingdevelopmentandsecurity”throughoutallareasandtheentireprocessofnationaldevelopment.Financialsecurityisavitalpartofnationalsecurity.Forestallingfinancialrisksisamajortaskthatrequiresconstantefforts.TheCentralCommissionforComprehensivelyDeepeningReformpointedoutatits10thmeetingthatfinancialmarketinfrastructure(FMI)servesasanunderlyingguaranteeforsoundandefficientoperationofthefinancialmarket,andanimportanttoolformacro-prudentialmanagementandriskcontrol.Facingcomplexitiesathomeandabroad,weshouldstrengthenthebottom-linethinking,improveFMIdevelopmentandbuildastronglineofdefenseforfinancialsecurity.
Thetransparencyofthecentraldepositorysystemshouldbeenhanced.Asthemostefficientandeffectivemeasuretoimplementsee-throughsupervision,thecentraldepositorysystemisnotonlyanexternaldrivingforceforfinancialsecurity,butalsotheinternaldemandoffinancialstability.Thebondmarketisdominatedbyblocktradingwithaprominentfeatureofinstitutionalinvestment.Itisappropriateandadvancedtoencouragedirectparticipationandcentraldepository.Forinstitutionalinvestors(includingfinanciallegalentitiesandassetmanagementproductswithindependentpropertycharacteristics),weshouldadheretothecentraldepositorymodeandstrengthenthedominanceofCIBMDirect.Forthedemandformulti-tiereddepositoryserviceinafewoverseasfields,theChinaBondSolutionbasedon“centralconfirmationofownership,see-throughsupervision,multi-tieredserviceandwin-wincooperation”shouldbeimplemented,soastosafeguardinvestors’rightsandinterestsatlowcost,supportthepushforefficientsee-throughsupervisionandmitigatepotentialrisks.
FMIshouldunleashitsroleinforestallingrisks.FMIplaysaveryimportantanddistinctiveroleinfinancialriskmanagement.Byprovidingrelevantservicesfromaprofessionalperspective,FMIassistsregulatorsandthemarketinforestallingandmitigatingfinancialrisksthroughaunifiedandtransparentdepositorysystem,real-timegrosssettlement(RTGS),valuationandotherpricingservices,collateralmanagementservices,andthemonitoringandanalysissystem.Basedonthecentraldepositorysystem,CCDCfacilitatessee-throughsupervision,performsthedutyoffirst-linemonitoringandundertakesregulatorysupportfunctions.ItkeepsimprovingtheChinaBondpricingservicestoprovideeffectivetoolsforfairvaluemeasurementandriskmeasurementinthemarket.Itworksoncollateralmanagementservicestobuildamarketliquidityhubandariskmanagementhub...CCDCkeepsachievingnewmilestonesinriskmanagementandprofessionalismbybringingintofullplayitscreativityandexpertise.
FMIshouldenhanceitsownsecurity.FMIisanimportantbarrieragainstfinancialrisks.InadequateFMImanagementmayentailmarketrisks.Asanoldsayinggoes,ittakesagoodblacksmithtomakesteel.FMImustmakeitselfbetterandstrongertoavoidbecomingasourceofsystemicrisks.ITsystemsarethelifelineofFMIandthefoundationofthecentralregistrationanddepositorysystem.CCDCalwaysattachesgreatimportancetoitsITsystems.ItkeepsreinforcingthesecuritysystemandenhancingthesecuritylevelofnetworksandITsystemsacrosstheboard.IThasputtheNext-Generationsysteminfulloperation,establishedthetwosetsof“threedatacentersattwolocations”,developedtheITinnovationtechnologysystem,anddeployedtheChinaBondbackboneprivatenetworkforsettlementmembers…AllofthesehaveenhancedthesecurityofCCDCasaFMI.
Emphasisshouldbelaidonthecoordinatedenhancementofsecurityandefficiency.Inadditiontoenhancingriskmanagement,FMIshouldalsoexploreforward-lookingareas,pursuemarketinnovationandimprovethequalityandeffectivenessofservices.AtCCDC,weareworkingonablockchaindigitalbondsystembasedoncentralizedFMImanagement,tryingtospeedupthedigitalbondpilotprogramandenablefasterconnectiontodiversepaymentsystems.PersistenteffortshavebeenbemadetobuildaflagshipindexsystemforChina’sbondmarketfeaturingdiversifiedindicators,broadcoverage,independenceandglobalinfluence,soastoenhancetheinternationalrecognitionandvoiceofChina’sbondmarket.Basedonthecentralregistrationanddepositoryservice,weexploreoffshorebondbusinessthatislocatedonshoreandsupportthebondmarketdevelopmentinthefreetradezone,soastogaintheupperhandinfinancialsecurityandhelpshapeanewdevelopmentpatternthattakesthedomesticmarketasthemainstaywhilelettingdomesticandforeignmarketsboosteachother.
◇Editorsincharge：LiuShuang,LiuYing