Bond Market: Trading Systems and Custody Settlement

Author: Yuan Dong
Publisher:
Publish Date: 2005-12-01
Features: This book, titled "Bond Market: Trading Systems and Custody Settlement," focuses on analyzing the evolution of trading organization systems and trading methods in the bond secondary market, particularly through a comparison of the current so-called "Exchange Bond Market" and "Interbank Bond Market." It examines the problems and impacts of the bond repurchase trading system within the exchange bond market. Of course, these issues in trading systems are inevitably linked to bond market clearing and settlement systems, an area that is often overlooked, especially by those who pride themselves on theoretical research. However, reality shows that custody and clearing settlement is not only a key link in determining the efficiency and risks of financial markets but also a highly valued aspect by regional economies, market self-regulatory organizations, and traders. Moreover, the analysis of this field by the great 20th-century economist Keynes set a precedent for economists to study these issues, as reflected in his theoretical and academic multi-volume work, "A Treatise on Money Reform." Therefore, custody and settlement is not only an important practical issue but also an academic matter with theoretical foundations and summaries. In light of this, the book proposes some ideas to address potential problems in the current and near future by analyzing the trading systems and custody and clearing settlement systems of the bond market.