Inter-bank bond market expected to enhance SME financing
Source: Liu Ming
Date: 2011-4-28 11:57:00

National Association of Financial Market Institutional Investors works with Beijing Financial Assets Exchange to develop innovative financial products, including debt financing tools, private equity financing tools, assets securitization of local financing platform, and medium- to small-sized enterprises financing tools.
Recently, National Association of Financial Market Institutional Investors (NAFMII) signed a cooperative memorandum with Beijing Financial Assets Exchange (BFAE) in Beijing, which designated the latter as the official transaction platform for the former.

Liu Shiyu, vice president of the People's Bank of China, said that he hoped the cooperation between BFAE and NAFMII would be conducive to the macro control of finance, the development of the financial market, delivery of more choices for investors, and the coordinated development among the credit market, the money market, and the capital market.

NAFMII is a self-regulatory financial organization that has the largest number of members, the largest volume of products transaction, and the biggest market influence in China's financial market. Since its foundation, it has been making vigorous efforts in promoting inter-bank voluntary administration, initiating innovations of products and systems, promoting the release of financing tools for non-financial enterprises, researching, developing and introducing financing tools products such as medium-term notes, short-term financing bonds, medium- to small-sized enterprises collection notes, ultra-short-term financing bonds, and credit risk mitigation agreement and warrant. It has made outstanding contributions to the development of China's financial market.

BFAE is a novel transaction platform that is born in a time when China's economy development has reached a certain stage, domestic financial assets lacks liquidity, and market structure of financial resources is in great need of reinforcement. Since its foundation, besides doing its job in conventional state-owned financial assets transactions, BFAE has also been actively exploring new businesses such as credit assets transaction, trust assets transaction, private equity transaction, and insurance assets transaction. BFAE has been making rapid and healthy development, under the guidance of the municipal Party committee and municipal government of Beijing, and supported by regulatory authorities including the People's Bank of China and China Banking Regulatory Commission. As of the end of 2010, the transaction volume of all assets amounted to RMB 36.8 billion Yuan, making it a leading professional financial assets transaction platform in China.

Shi Wenchao, vice chairman and secretary-general of NAFMII, pointed out that, as an important part of the financial market system, the inter-bank bond market has made great headway in recent years. The market volume has increased rapidly. As of the end of 2010, China's balance of bond amounted to RMB 20.4 trillion Yuan. As the bond market expands rapidly, the proportional imbalance between direct finance and indirect finance has somewhat improved, and the social financing structure has been gradually optimized. The inter-bank bond market is playing a more and more important role in promoting the implementation of the governments' macro economy policies, optimizing resources configuration, and strengthening finance's support to economic development.

Xiong Yan, chairman of the board of Beijing Financial Assets Exchange said that BFEA would actively work under the guidance of NAFMII in the future, commit to the cooperation with the association and jointly develop new financial products, carry out R&D and bring solutions to key issues and industrial difficulties that regulatory authorities are concerned of, such as debt financing tools and private equity financing tools. BFEA would endeavor to work with NAFMII to formulate and unify products transaction procedure and standardized agreements, improve the market's acceptance and recognition of standardized transaction so as to reduce transaction cost. It will also be committed to reducing credit risk during transactions and establishing a complete credit system; constructing a transactions record database, and promoting basic work such as the pricing of financial products and indices compilation. Also, it will make efforts to carry out R&D on the self regulation of the market and credit record mechanism.


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