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In recent years, China's bond market continued to promote interconnection and new initiatives, after 10 years of pilot, commercial banks entered the exchange bond market and eventually expanded their forces, and non-listed banks such as policy banks, city commercial banks and foreign banks were included. Despite the further relaxation of the policy, at this stage, only open-ended securities bidding is allowed, fearing to curb the enthusiasm of banks to participate.
Market participants pointed out that from the previous situation of pilot banks participating in the exchange bond market, the overall size is generally small, and more emphasis on the primary market, less secondary transactions. On the one hand, limited by the small volume of the exchange market, and the way of bidding does not fit in with the trading habits of banks, there is also a great relationship. To enhance the willingness of banks to enter the market, it is necessary to open the fixed income platform and bulk trading system to them as soon as possible.
They also believe that, referring to the successful experience of local bonds in expanding the tendering of exchanges since last year, we can consider further increasing the supply of financial bonds on exchanges, providing more investment targets for banks, and further activating secondary liquidity.
Guo Wei, investment manager of Nanjing Bank (601009.SS), which was the first listed bank to enter the stock exchange as a pilot, said that at present, the bank participates more in the primary market of credit bonds in the stock exchange bond market, and holds most of them for a long time after subscription. Relatively speaking, it seldom trades in the secondary market because the bidding system is based on bulk trading. Master, it is not suitable for the trading mode of the whole quantity in and out of the institution. "I think the most important thing is to open up the bulk and consolidation platforms."
In terms of interest-rate bonds, bonds have little room for banks to participate because of the small amount of trusteeship on exchanges, she added. However, with the rapid increase of the tender scale of local government bonds in the exchange, the custody volume of local government bonds in the exchange has also increased significantly, and its transactions have become more active.


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