Construction of Trade Reporting System in Bond Market:Global Characteristics and Inspirations for China
Trade reporting system is one of the important components of the financial market infrastructure.Strengthening trade supervision helps to enhance the inherent stability of the financial market.Developed economies have vigorously promot-ed the construction of trade reporting systems at both regulatory and practical levels.The fragmentation of financial infrastruc-ture and information opacity in China's bond market have become increasingly serious in the over-the-counter market.With the rapid expansion of China's bond market,the demand for timely and effective transaction data integration and information sharing is particularly urgent.This article analyzes the composition,definition,and characteristics of the trade reporting system,and compares similarities as well as differences between different components in the trade reporting system.This article finds that the trade reporting system in China's bond market is still facing practical challenges,Based on this,it is necessary to clarify the relevant concepts and components of the trade reporting system,improve the construction of the trade reporting system on the basis of the existing relevant databases,formulate a unified trade reporting system and carry out overall supervision,strengthen data standardization construction,optimize trading data management,and further improve the trade reporting system in bond market.
trade reportingtrade supervisionfinancial market infrastructurebond markettransaction data