外文翻译---新兴的东亚债券市场(编辑修改稿)

外文翻译---新兴的东亚债券市场(编辑修改稿)内容摘要：

lly active shortly after the initial offering and tapers off immediately after. Thus, secondary market activity tends to rise and fall with primary market activity。 Trading in bonds is mostly over the counter (OTC), as in the industrial countries, even though bonds are generally listed on stock exchanges.。 Exchange listing is often seen as a requirement for widening the investor base and enhancing the acceptability of bonds, particularly when institutional investors are prohibited from holding unlisted securities. The predominance of OTC trading is due to the relative ease of trading because of the absence of minimum trading amounts, less restrictive trading times, and expeditious and prompt settlements. For example, virtually 100 percent of trading in Korea takes place on the OTC market even though more than 80 percent of bonds outstanding are listed on the Korean Stock Exchange. There are several impediments to the development of a vigorous and vibrant secondary bond market in East absence of a critical mass of bonds and the relatively small size of issues tend to raise the transaction costs of trading. As fiscal deficits decline or disappear, the number and frequency of government bond issues are declining in the East Asian countries, except in China and the Philippines. Though the gap is being filled by corporate bonds, trading volume in the latter has not reached the threshold necessary for the development of secondary market trading. This reflects several related factors, such as a narrow eligibility criterion for bond issues by corporations, elaborate and long drawnout issuing procedures, the absence of a streamlined regulatory framework, and discriminatory taxation. Moreover, institutional holders, who form the backbone of the bond market, are ―buy and hold‖ investors whose main objective is to avoid or minimize mismatches in the maturities of their assets and liabilities. There is thus little incentive for secondary market trading in situation, however, is slowly changing, with greater autonomy being given to the managers of pension, provident, and insurance funds and more flexibility permitted in their operations. Other factors, such as a lack of market makers with access to liquidity support, also hamper bond market development. Bond dealers run highly leveraged operations, and their inventories usually represent a certain multiple of their capital can be market makers only if they obtain liquidity through the repurchase market or the central bank rediscount facilities of this type are presently unavailable in most East Asian countries. The secondary bond market also needs to be supported by an institutional infrastructure that includes, among other things, efficient clearing and settlement arrangements, creditrating agencies, and bond insurance. Clearing, settlement, and payment systems are either absent or not fully developed。 And, as a result, traders run many risks, such as those that may be created by the unreliability of counterparties, fraud, and multiple trades of the same securities. Except in Malaysia and Thailand, there are no respected and prestigious rating , except in Hong Kong, there are no marketbased benchmarks that can guide market participants to price bonds in both the primary and the secondary markets. Progress has been made in many of the areas of institutional infrastructure during the last few years, however. In Hong Kong, a Central Money Market Unit system now discharges the clearing and settlement。