Release Commercial Banks and Other Participants in the Treasury Bond Futures Market as soon as possible

Source: Futures Daily

He Qiang, member of the CPPCC National Committee and professor of Finance College of the Central University of Finance and Economics, said in an interview with the media on March 12 that in order to improve the quality of bond market operation, promote macro-stability and prevent and control financial risks, he suggested that commercial banks and insurance funds should be released as soon as possible to participate in the treasury bond futures market.

In Heqiang's view, the main participants in the treasury bond futures market, such as commercial banks and insurance funds, have not yet entered the bond futures market, and the function of price discovery and risk management of bond futures is still inadequate. This also leads to the lack of interest rate risk management tools in commercial banks and insurance institutions.

He Qiang said that from the mature market experience, treasury bond futures is the most important interest rate risk management tool for commercial banks, and it is indispensable in the process of interest rate marketization. In addition, since the introduction of interest rate swap products in China, commercial banks have accumulated more than ten years'experience in interest rate derivatives trading, and the policy system is increasingly perfect. The regulatory capacity of regulatory authorities is compatible with the derivatives business of commercial banks. The prerequisites for commercial banks to participate in treasury bond futures market are all available.

At the same time, he said that at present, insurance funds have been able to participate in stock index futures, and accumulated some experience in derivatives trading. In view of the maturity of China's insurance industry, there is an urgent need for insurance funds to hedge the interest rate risk of bond assets by treasury bond futures, to better match the term structure of assets and liabilities, and to enhance the ability of third-party assets management, we should formulate relevant policies for insurance funds to participate in treasury bond futures market as soon as possible, and enrich the interest rate risk management tools of insurance institutions.

He Qiang also suggested that banks should be allowed to open accounts directly in the futures market and participate in treasury bond futures trading. First of all, bank financing is facing the transformation of breaking the rigid exchange and net value, which puts forward higher requirements for its risk management level. Bank financing urgently needs to make use of treasury bond futures to suppress the market value fluctuation risk caused by interest rate fluctuation, effectively enhance the ability of asset management and enhance market competitiveness. Secondly, the new regulations require regulators to give equal access and fair treatment to asset management business. Asset management products should enjoy equal status in account opening, property rights registration and legal proceedings. At present, fund products have participated in treasury bond futures market. In the future, under the trend of bank financial management compared with fund management, we should unify the standard of market access as early as possible. Thirdly, there are no obstacles in the supervision policy for banks to directly participate in treasury bond futures market. The relevant requirements have been clarified from the aspects of market access, investment management, risk management and investor protection.

He Qiang also said that from overseas practice, futures and options are the two pillars of risk management. At this stage, China has successfully listed treasury bond futures and achieved smooth operation. He suggested further speeding up the listing of treasury bond options products and giving full play to the function of the bond market in serving the real economy.

"The introduction of treasury bond options is conducive to enriching the risk aversion tools of the bond market, improving the efficiency of macro-prudential management of the bond market, and promoting the construction of the yield curve of the bond market. At present, China has all the conditions for the introduction of bond options. It is suggested that relevant departments make timely decisions and launch bond options as soon as possible, so as to further enrich the on-site interest rate derivatives system, provide more risk aversion tools for the market and better serve the overall situation of capital market and national economic development. He Qiang said.

全国政协委员、中央财经大学金融学院教授贺强3月12日接受媒体采访时表示，为提升债券市场运行质量，促进宏观稳定，防控金融风险，建议尽快放行商业银行及保险资金参与国债期货市场。

在贺强看来，商业银行、保险资金等债券现货市场最主要的参与主体尚未进入国债期货市场，国债期货价格发现和风险管理功能发挥仍不充分。这也导致商业银行、保险机构场内利率风险管理工具的缺失。

贺强表示，从成熟市场经验看，国债期货是商业银行最主要的利率风险管理工具，在利率市场化进程中更是不可或缺。另外，自我国利率互换产品推出以来，商业银行已积累了十余年的利率衍生品交易经验，且政策制度日益完善，监管部门的监管能力与商业银行的衍生品业务相适应，各项商业银行参与国债期货市场的先决条件皆已具备。

他同时表示，目前，保险资金已经可以参与股指期货，并积累了一定的衍生品交易经验。鉴于我国保险行业已日趋成熟，保险资金对运用国债期货对冲债券资产的利率风险、更好匹配资产负债的期限结构以及提升第三方资产管理能力存在迫切需求，应尽快制定保险资金参与国债期货市场相关政策，丰富保险机构利率风险管理工具。

贺强还建议，允许银行理财直接在期货市场开户参与国债期货交易。首先，银行理财面临打破刚兑和净值化转型，对其风险管理水平提出了更高的要求，银行理财迫切需要利用国债期货平抑利率波动带来的市值波动风险，切实提升资产管理能力，增强市场竞争力。其次，资管新规要求监管部门对资管业务实行平等准入、给予公平待遇，资产管理产品应当在账户开立、产权登记、法律诉讼等方面享有平等的地位。目前基金产品已参与国债期货市场，在未来银行理财比照基金进行管理的趋势下，应及早从市场准入方面统一标准。再次，目前银行理财直接参与国债期货市场在监管政策上没有障碍，各项配套制度也已从市场准入、投资管理、风险管理、投资者保护等方面明确了相关要求。

贺强还表示，从境外实践看，期货和期权是风险管理的两大支柱，现阶段我国已成功上市国债期货并实现平稳运行。他建议进一步加快上市国债期权产品，充分发挥债券市场服务实体经济的功能。

“推出国债期权有利于丰富债券市场避险工具、提升债券市场宏观审慎管理效率、推动债券市场收益率曲线建设。我国目前已具备推出国债期权的各项条件，建议有关部门及时决策，尽快推出国债期权，从而进一步丰富场内利率衍生品体系，为市场提供更多避险工具，更好地服务于资本市场和国民经济发展的大局。”贺强说。