欧洲债市将迎“数据革命”，新规或引爆电子交易新浪潮

智通财经网10-21

智通财经APP获悉，华尔街的各大银行认为，欧洲债券市场数据的质量和可获取性若能得到改善，将推动电子交易迎来新的增长浪潮。摩根大通公司、美国银行以及摩根士丹利表示，新的规定要求对债券交易进行更详细的报告，并建立一个能够追踪实时市场活动的数据池，这将提高透明度，并改善基于计算机的交易模式。摩根士丹利欧洲利率销售、产品及市场结构部门主管Ruchi Gawri表示：“这将‘有助于改变我们对债券交易的思考...

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trading","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1,"BAC":0.65},"content_text":"智通财经APP获悉，华尔街的各大银行认为，欧洲债券市场数据的质量和可获取性若能得到改善，将推动电子交易迎来新的增长浪潮。摩根大通公司、美国银行以及摩根士丹利表示，新的规定要求对债券交易进行更详细的报告，并建立一个能够追踪实时市场活动的数据池，这将提高透明度，并改善基于计算机的交易模式。摩根士丹利欧洲利率销售、产品及市场结构部门主管Ruchi  Gawri表示：“这将‘有助于改变我们对债券交易的思考方式’。这将成为电子交易增长的重要推动力之一。”针对债券交易后报告的修订标准将于 12 月 1 日在英国生效，3 月 2  日在欧盟生效。随后，将推出两个所谓的综合债券记录系统——一个适用于英国，另一个适用于欧盟。银行代表们在阿姆斯特丹举行的年度固定收益行业大会上发表了讲话。美国银行估计，按交易数量计算的公司债券实时透明度在英国和欧盟将分别从目前的 3%和 23%提高到 84%和  88%。对于主权债券，这一比例在英国和欧盟将分别从 37%和 83%提高到 75%和 96%。摩根大通全球固定收益、外汇及大宗商品市场结构与流动性策略主管Kate  Finlayson表示：“数据可能是实现进一步电子化的重要先决条件。它有助于构建交易模型和算法。在交易完成之后，数据也是评估算法表现所必需的。”与美国相比，欧洲债券市场在采用某些算法策略方面进展较为缓慢。在美国，债券交易数据早就通过 TRACE 系统进行了整合。“我们见证了诸多创新，但有时在固定收益领域(尤其是这一领域)的感觉却像是在浓稠的糖浆中艰难前行。”MarketAxess欧洲、中东及亚太地区交易产品主管Gareth  Coltman说道。“准确获取数据至关重要。”虽然更优质的债券数据将有助于提高效率，但这也可能会侵蚀银行的利润空间。在美国，引入 TRACE  系统后，交易双方的买卖价差缩小，投资者每年的交易成本降低了近 10 亿美元。在买方阵营中，也有一些人对人类交易员作用下降所带来的后果感到担忧。据景顺公司欧洲、中东及亚太地区宏观交易主管Karim  Awenat称，自动化技术导致交易部门人员配备不足。他说：“这确实存在一些优化空间，也有改进之处，能够减少一些粗心的错误。但说实话，它被用作了一根用来鞭策交易员以更少的投入获取更多收益的‘棍子’。自动化和电子化已经做得太过头了。”不过，整合后的债券数据集可能还需要一段时间才能投入使用。英国的债券数据因英国金融行为监管局(FCA)的筛选流程存在法律质疑而被推迟，而欧盟的这一举措则在等待授权，并且尚未公布发布日期。近年来，固定收益市场结构发生了巨大变化，这得益于交易所交易基金的兴起、投资组合交易的增多以及非银行流动性提供者的增长。但由于缺乏一个集中式的交易平台以及以询价为主的交易模式，使得报价交易仍占据着重要地位。美国银行欧洲、中东及非洲地区固定收益、外汇及大宗商品交易及市场结构部门主管David Camara  Iniesta认为，该地区统一债券交易记录系统的开发将是一个非常必要的推动因素。他说道：“干净的数据将会是重大的变革，尤其是借助人工智能技术，我们再也不需要编写代码来从系统中提取数据了。”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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