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《Financial Market Research》 2017-11
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Cross-Market Custodial Transfers and their Impact on the Bond Market

China's bond market system is composed of three sub-markets--the inter-bank market,the exchange-based market and the bank counter market--and each has its own registration custodians.Investors can make cross-market transfers on eligible bonds for custody and trading.This paper examines the bond market transfer mechanism and its impact on the market's performance.The study found that because of the standard instrument size for exchange-traded repos,that market's custody activities are developing largely independently from the interbank market.Moreover,this trend has become more obvious in recent years.
【CateGory Index】: F832.51
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