Strict supervision to keep a watchful eye on credit debt leverage in sorrow widcomm

Strict supervision to keep a watchful eye on leverage in credit debt fund exposure table: Sina in its letter Phi behind false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click [I want to complain], Sina help you expose them! Reporter Zhang Qinfeng – in addition to the fundamentals of risk, liquidity risk, credit risk, in the ups and downs of the bond market, the people deeply feel there is a risk even more can not be ignored, that is regulatory risk. From the regulators thoroughly bond lever to the Securities Industry Association set up the "eight line", and then to the 14 day reverse repurchase restart, corporate debt financing of local policy tightening, adjustment of a series of financial leverage to the supervision on the main line. The day before, the card board is the stock exchange bond pledged repo transaction rules to solicit opinions, the core thought is still regulate and restrict the exchange bond market leverage. Analysts pointed out that the current debt deleveraging pressure is generally small, the exchange is expected to repurchase the new regulations do not have a similar impact that December 2014 pledge rate adjustment, but the financial control lever, anti risk intentions increasingly clear. The new regulations or to stimulate the market to worry about deleveraging, short-term bonds or the continuation of the weak, the credit debt in the margin of extreme compression after the margin of safety is becoming increasingly inadequate, adjust the pressure is more worthy of attention. Strict supervision to leverage on though from the environment point of view, the bond market is still in the process of interest rates down, but the interest rate downward this year and will be repeated tortuous than the past two years is intense, but behind the adjustment of prices punctuated, frequent flash regulatory policy figure. Haitong Securities research team received the latest survey showed that regulatory policy risk has become the most worried about the bond market investors risk point. From the beginning of the regulators thoroughly bond leverage, the securities industry association to set up the "eight line" to the central bank to restart the 14 day reverse repo exchange, local tightening of corporate debt financing, although the financial supervision measures, but has always been around to the main line of financial leverage. The recent initiative is the implementation of the new regulations, such as the implementation of the stock exchange bond repo repo regulation. 9, the card board with Shanghai and Shenzhen Stock Exchange issued a "bond repurchase transaction settlement risk control guidelines (Draft)", the obvious adjustment and improvement in 2011 based on the version. Institutional review report pointed out that the draft from the brokerage, custody, proprietary three business lines, respectively on the three line of the participating organizations, repurchase financing subject put forward a clear risk control requirements, including clearly qualified investors appropriate management requirements, establish a risk control index system, and guide the participating institutions strengthen the appropriate management of repurchase financing subject and continuous risk management etc.. The main points include: first, emphasize the clearing participants received responsibility for the registration certificate; two, clear pledge repurchase standard of qualified investors, canceled qualified individual investors financing transactions qualifications; three, provisions of brokerage customers using standard coupon repurchase rate shall not exceed 90%, further limiting the use of leverage degree; four, regulations the bond trustee unearned repurchase financing ratio and the balance in the securities account shall not exceed 70%, to leverage all direct financing subject theory相关的主题文章: