大额可转让定期存单

大额可转让定期存单 大额可转让定期存单(Large Negotiable Certificate of Deposit，NCDs)在国际上对金融市场的发展曾经产生了非常重要影响。随着各项条件的日益成熟，重建我国NCDs市场对加快金融市场基础建设将发挥一 定的促进作用。 一、美国NCDs市场的发展回顾 NCDs是20世纪60年代初产生的年轻的货币市场工具,它是银行和其他存款机构为了增强在货币市场上的竞争力,扩大资金的吸收能力,防止存款流失和满足市场投资者对短期投资工具的需求而发行的一种可以在 市场上转让的定期存款凭证。 (一)NCDs的诞生背景 1929年—1933年的大萧条重创美国金融业，9600多家银行倒闭。为阻止美国财政信贷体系的彻底崩溃， 一系列旨在促进银行业安全性和稳健性的法律被国会通过[1]。 新交易法体系的严格监管，特别是《Q条例》禁止银行对活期存款支付利息，对银行储蓄存款和定期存款规定了利率上限。当时美国所有的存单都是记名，不可转让的，同时受到利率上限的限制，商业银行在金融服务市场中的份额不断下降。为了避开利率管制并使存单更具流动性，1962年纽约的城市国民银行(现为花旗银行)推出第一张10万美元以上、可在二级市场上转卖的NCDs。为了保证市场的流动性，花旗银行还特地请专门办理政府债券的贴现公司第一波士顿公司为NCDs提供二级市场。NCDs一问世即受到市场的追捧，其他银行相继效仿,给整个美国银行业带来了巨大影响，被誉为“美国银行业的一场革命”。 (二) NCDs的基本特征 NCDs的面额固定且一般金额较大，多数NCDs的面额超过100万美元，在次级市场中整额交易量的范围为500万美元至1000万美元。到期期限从14天至12个月，以3个月居多。随着品种丰富，期限有延长趋势。如1975年出现的可变利率NCDs，期限一般为5年;1976年纽约的摩根保证信托公司发行了滚动 的NCDs，它由一系列的6个月期限CDs组成，期限超过两年。 NCDs利率比同档定期存款高，是银行出于规避利率管制而进行的金融创新产品，其推出迎合了利率市场化的趋势。NCDs利率通常低于企业债券利率，但要高于同业拆借利率、国库券利率和票据贴现率。 NCDs另一重要特点是可转让性，存单的持有人不能中途解约或由发行金融机构买入，但却可以通过市场卖出而进入流通，有活跃的二级市场，银行在到期日对最后持有人付款。NCDs的流动性对其市场发展至 关重要。 多数NCDs是以到期期限之前固定的利息支付为特征的。不过，一些NCDs具有浮动利率，而时间短也被分割成相等的子时间段。在每个时间段开始时，利率被重新设定，并且在每一个子时间段结束的时候支付 利息。重新设定的利率是以货币市场相同期限的放款或证券利率为基数，另加息差。 美国市场上有四种类型的NCDs，它们具有不同的利率、风险和流动性:1.国内存单，由美国银行在国内发行的，它是最重要也是最古老的一种。2.欧洲美元存单，由美国银行的外国和离岸分支机构在国外发行的，到期期限从1个月到12个原，并且大多数是固定利率，利率一般高于同期限的国内可转让存单(因免交法定准备金和联邦存款保险公司的保费)。3.“扬基”存单，由外国银行在美国境内的分支机构在美国发行的，以美元计值，可对投资机构发行，但不得对美国公民发行。其利率也高于国内可转让存单，买卖免纳交易税，但须提交法定存款准备金。4.互助储蓄存单，近年来由一些非银行的存款机构开始发行，特别是储蓄和贷款协会，国内CD面额一般为10万美元至100万美元，在二级市场交易最少为100万美元面额，发行方式采取记名和不记名两种，期限一般为30天至12个月，但现在也有14天的，利率固定或浮动， 其新发行利率称为第一市场率。 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain NCDs的投资者主要是货币市场基金、银行信托部门、非金融公司、保险公司和一些商业银行和其他存款机构等机构投资者。NCDs对投资者来说主要有两种风险，即信用风险和市场风险。信用风险主要指发行NCDs的银行的拒付风险，即使参加了联邦存款保险公司的银行也存在此类风险，因为NCDs发行面额大而存款保险额只有10万美元。市场风险主要指NCDs购买者需要资金时NCDs无法立即在市场上兑现。虽然NCDs的一级市场非常发达，但终究略逊国库券市场一筹。市场风险使NCDs的收益率高于国库券。 (三)NCDs的发展演进 起初10年，NCDs市场发展迅速。1969年末，因为当时公开市场利率超过Q条例规定的利率上限，NCDs发行一度受挫。银行转而借助欧洲美元和商业票据市场融资。1970年6月发生的宾州中央货运公司倒闭使企业发行票据的难度加大。美联储取消了3个月期限内NCDs的利率上限，因此银行重返NCDs市场为发 行商业票据困难的企业融资。1973年，美联储进一步解除了更长期限NCDs的利率上限。 除了1974至1976年期间因经济萧条贷款需求疲软以外，NCDs余额从1970年到1982年稳定增长。1970年代后期NCDs增长的一个重要因素是货币市场基金(MMFs)的兴起。虽然1973年取消了大额定期存款的利率上限，但小额定期和储蓄存款仍受管制。小额储户通过投资货币市场基金博取市场利率得以规避上限 管制。货币市场基金增长迅速，其投资的大部分是NCDs。 为了阻止储蓄从银行流向货币市场基金，国会授权银行和储贷协会提供两种不受利率上限管制的账户:货币市场存款账户(MMDA)和超级可转让支付命令(Super NOW)。两个产品，特别是货币市场存款账户，获得极大成功，1983年底超过4000亿美元流回商业银行和储贷协会。这也使得货币市场基金的资产下降，并使银行削减 NCDs的发行。1983年底NCDs余额比上年下降了700亿美元，只有1400亿美元。 1984到1990年间，随着经济增长和贷款增加，大银行发行的NCDs规模不断扩大。由于1990年开始出现经济衰退，贷款需求减少和不良上升，NCDs发行量也因而萎缩。再加上1990年以后资本充足率要求提高，一些大银行放慢甚至收缩了资产扩张。上述因素综合起来导致NCDs余额从1991年高达2150亿美元 大幅下降到1992年的1140亿美元。 图1:美国NCDs市场发行规模(1961-1993) 美联储1987年以后不再单独统计NCDs。目前NCDs仍然在货币市场上占有重要地位。 二、中国NCDs的发展历程及经验教训 (一)发展历程 中国的NCDs业务随着相关政策的变化经历了曲折的发展历程。早在1986年交通银行即首先发行NCDs，1987年中国银行和工商银行相继发行NCDs。当时NCDs作为一种新型金融工具，利率比同期存款上浮10%，同时又具有可流通转让的特点，集活期存款流动性和定期存款盈利性的优点于一身，因而深受欢迎。由于全国缺乏统一的管理办法，市场曾一度出现混乱，中央银行于1989年5月下发了《大额可转让定期存单管理办法》，对NCDs市场的管理进行完善和规范。但是，鉴于当时对高息揽存的担心，1990年5月中央银行下达通知规定，向企事业单位发行的NCDs，其利率与同期存款利率持平，向个人发行的NCDs 利率比同期存款上浮5%。NCDs的利率优势尽失，市场开始陷于停滞状态。 1996年，央行重新修改了《大额可转让定期存单管理办法》，对NCDs的审批、发行面额、发行期限、发行利率和发行方式进行了明确。然而，由于没有给NCDs提供一个统一的交易市场，同时由于盗开和伪造银行存单进行诈骗等犯罪活动十分猖獗，中央银行于1997年暂停审批银行的NCDs发行申请。NCDs淡 出人们的视野至今已近10年。 (二)经验教训 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain 从NCDs在美国的发展以及对其在中国发展历程的回顾，可以看到，NCDs市场的发展必须具备一定的条 件。 1、利率市场化程度尚未成熟是以前发展NCDs市场的最大障碍。过去由于中国资金供求关系紧张，出于对高息揽存问的担心，中央银行对NCDs利率进行的严格管制，导致NCDs的吸引力尽失。由于利率管制，中国以前NCDs市场的发展并非由银行出于自身的需要而进行创新所主导，而更大程度上是由监管机 构所主导，银行的创新活动受到严重的限制。 2、无法保证流动性是NCDs无法发展的重要原因。由于10多年以前，中国二级证券市场还没有完全形成，人们的投资意识不强，NCDs在很大程度上欠缺流动性，形成“可转让”存单难以转让的状况。而且，由于存单难以转让还导致很多问题，例如一些人利用持有人遇有特殊情况急需兑现的心理，乘机低价买进，或进 行倒买倒卖的投机活动。 3、金融基础设施难以满足存单市场发展的需要。例如，按NCDs管理有关规定，记名大额存单可办理挂失，10天后补发新存单。而记名存单转让时由买卖双方和证券交易机构背书即可生效，由于技术条件所限 原发行银行无法掌握NCDs的转让情况，以NCDs为媒介的各种犯罪活动相当猖獗。 三、新形势下发展NCDs市场的可行性与必要性分析 与市场上现有的协议存款、金融债等类似品种相比，NCDs有一定优势。见表1和表2。 表1 NCDs与协议存款的比较 NCDs 协议存款 发行对象 不限制发行对象 只针对部分特殊性质的资金。目前有邮政储蓄资金、保险资金、社保资金、养老保险基金。 流动性 一般不记名，可以在到期之前转让 记名，不可以流通转让，只用于融资质押; 利率 既有固定的，也有浮动的 固定 支取 不可以提前支取，但可以在二级市场流通转让 可以提前支取，提前支取时要损失一部分利息 表2 NCDs与金融债的比较 NCDs 金融债 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain 性质 存款业务创新 非存款业务创新 作用 主动性负债，存款证券化工具 作为中长期贷款资金来源，有利于解决贷存比的不足和中长期贷款比例失调的问题 经过多年的发展，中国的金融基础设施日趋完善，发展NCDs市场的时机日益成熟，具体而言:一是目前中国银行业市场化程度已大大提高，在竞争压力下创新的意识和创新能力有所提高;二是证券市场发展已经达到一定水平，完全有能力提供NCDs市场发展所需的流动性;三是现有的市场技术手段足以保证大额存单在维持足够流动性前提下的安全性，NCDs被用于诈骗等犯罪活动的可能性已大大降低;四是当前中 国的资金比较充裕，现时由于NCDs而导致高息揽存等情况发生的可能性也相当低。 当前重建NCDs市场对中国金融市场来说，还有深层次含义: (一)是中国利率市场化下一步的突破口 近年来，中国的利率市场化改革不断加快。目前，利率市场化改革目前只剩最后一步，即允许人民币存款利率上浮和取消贷款利率下限。随着银行间市场短期融资券的发行，企业的短期融资成本已突破了法定贷款利率下限的约束，因此可以认为贷款利率下限在某种程度上已经被突破。至此，中国利率市场化剩下的仅仅只是存款利率上限了，而这正是利率市场化最关键和最重要的一步。如前所述，根据国外经验，大额存单可以作为存款利率上限的突破口。一旦NCDs在利率上放开，由投资者和银行通过市场机制定价，并且实现在大规模发行的基础上保证足够的市场流动性，那么在一定程度上，利率市场化改革已经取得最重 要的突破。 (二)是商业银行重要的主动性负债管理工具 1、稳定存款、扩大资金来源。在证券市场日益发达，直接融资不断扩充的形势下，稳定并扩大银行的资金来源，越显重要和紧迫。银行需要设立各种灵活便利并支付利息的存款帐户。兼具盈利性和流动性特点的 NCDs等新型存款形式应是商业银行大力开发的对象。 2、一种重要的主动负债管理工具。商业银行负债管理的目标是建立使负债业务与资产业务协调发展。负债方式的选择，不仅要考虑资金成本，还要使资产与负债结构相匹配。NCDs既克服了活期存款利率过低而定期存款又不能转让的局限，又突破了机构网点的制约，而且有发行者不能回购，购买者不能提前支取的 特点，是商业银行维持日常资金来源的重要短期借款工具。 四、中国发展NCDs市场的建议 当前NCDs的发展条件已经成熟，但如何克服其在中国发展历程中出现的种种问题至关重要。因此应采取 谨慎积极的态度，尽快研究发展NCDs市场的各项措施。 (一)确定科学的利率水平，适当放宽浮动幅度。经过多年的改革，商业银行的风险意识已经大大强化，恶性竞争的可能性已大大降低;另一方面，当前中国资金相当充裕也降低了这种风险。但也不能据此而完全忽视由于NCDs市场不规范可能带来的风险。当前应采取的对策是:适当提高大额可转让存单利率比同期银行存款利率上浮幅度，在推进可转让存单市场的发展中，逐步放宽利率浮动幅度，最终实现在科学界 定面额和期限上，取消法定利率，实现大额可转让存单利率完全市场化。 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain (二)拓展二级市场，增强流动性。只有保证市场流动性才能避免重蹈以前NCDs无疾而终的覆辙。笔者建议允许大额可转让存单进入银行间债券市场，除了发行银行不能回购外，市场上所有其他银行及金融机构均可从事现券交易和回购交易。在此基础上逐步建立统一的流通市场，实现银行间市场和柜台市场之间 跨市场发行和交易。 (三)实行扶持政策，免缴或少缴存款准备金。发行NCDs是否要缴存款准备金，国际上没有统一规定。然而，美国银行在美国发行的NCDs缴纳的准备金比例要明显低于同期存款。由于我国存款准备金不存在存款种类之分，实际NCDs的准备金比率与活期存款趋同。从扶持的角度来看，目前我国可实行NCDs不 缴纳或少缴纳准备金的优惠政策。 (四)提高发行效率,简化审批手续。NCDs最大优点在于主动负债管理工具，但其优势的发挥需满足发行便利性的条件。如果审批时间过长，势必丧失灵活性的特质。随着市场化程度和市场主体自律水平的提高，应加强监管机构之间的协调，逐步放松管制，使NCDs发行从项目审批转为业务资格的审批，获得业务资 格的银行在核定的总额度中可自主向人民银行申请发行。 评论这张 转发至微博 0人 | 分享到: 阅读(30)| 评论(0)| 引用 (0) |举报 不可单靠银行解决小企业融资问题thenorthfacejackets.org 中国金融创新改革步伐不应受累于美国金融危机thenorthfacejackets.org 历史上的今天 相关文章 最近读者 登录后，您可以在此留下足迹。 panyutin rika 评论 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain 点击登录|昵称: 取消 ith. 3, fill embankment before base and completed the inspection and acceptance of works. 4, before the requirement level elevation sign layout according to the drawing, every nail on the level of a certain distance, elevation of forklift parts according to the design requirements set. 5, according to the site conditions determine the routes of earth-moving machinery, vehicles, and prior checks, reinforce and widen if necessary and other preparatory work. (B) construction processes and methods; 1, process: before filling, and statistics to the existing buildings and trees, the soil on the cave or on the surface of roots, trash and other debris to be cleared. 2, have the soil inspection work. Species of fill, size, check there is no debris, and soil moisture content control within the design range. Tier 3, fill casting: each layer thickness according to soil, density to determine requirements and equipment performance. 4, as needed when rolling, wheel (RAM) track lapping each other, prevent leaks RAM leakage. Aspect is high, filling segments. Each layer into slope-shaped seams, ground track about overlapping 0.5-1.0M, is less than the distance from the upper and lower joints 1M. 5, fill out the base surface, we will do the edge compaction quality assurance work. After the earth-moving, does not require trimming of the slope would be preferable to filling edge fill 0.5 m wide called slope rides on and shoot, wide filling 0.2m. 6, in machinery construction not rolling the filling position, manual blade filled with frog-type ramming machine or diesel hierarchical dynamic compaction-compacting. 9, rain during construction: (1) in the rain during embankment construction, we will be completed as soon as possible a continuous; face do not seek too large, hierarchical segment-by-film basis, important or special backfill, as completed by the rain. (2) in the rain at the time of construction, check all the rain