Credit Transfer Gate

In the trillions of credit asset transfer markets, the Tianjin financial assets Exchange drank "head soup". But for future financial asset transactions, all is just beginning "caijing" intern reporter understand reporter dong want to xiao "first deal success involves a lot of summary, promotion, further innovation."　　"Talking about successful transactions in the transfer of credit assets, Zhou Liyao, vice president of the Great Wall Asset Management company and chairman of the Tianjin Financial Assets Exchange (hereinafter called Tian Jin), was not able to conceal his excitement. September 6, the trading capital of 250 million yuan of credit assets in the implementation of the public transfer, this is the first time the bank's credit assets in the two-tier market open transactions.　　Although the amount is small, the completion of the deal marks China's long-awaited credit asset transfer market. The other long-awaited credit-transfer markets are also making big moves in the run-up to the day. For example, Beijing's financial Assets Exchange (hereinafter called the North Gold Institute) is preparing a total of hundreds of billions of dollars in credit transfer projects.　　It is understood that the North Gold Institute is actively seeking the relevant regulatory authority and release, if approved, will not only the North Gold credit transfer of the first single, it is expected to become the current China's credit transfer market the largest transaction. "Head Soup" days Gold was established May 21, by the Great Wall Asset management company and Tianjin Property Rights Trading Center, the shareholding ratio of 51% and 49% respectively.　　The company currently provides banks with non-performing assets, credit assets, financial enterprises, state-owned property and other financial products listed transactions. August 17, the first batch of three total of 1.9 billion yuan of credit assets listed transfer, of which 1 billion items for mortgages, loan bank from Tianjin, the borrower is located in Tianjin, the government financing platform, the transfer method for the buyout, the transfer period of 21 months, transfer rate of 4.86%, management fee 0.2%.　　The other two projects were from Zhejiang and Beijing, respectively, with a guaranteed loan of $700 million and a pledge loan of 200 million yuan. Subsequently, Tian Jin Institute added eight credit asset projects, the transfer of the principal amounted to 5.38 billion yuan. Credit assets involved in the expansion of the borrower to Shenyang, Handan, Dalian and other areas, a total of investment, infrastructure construction and other industries.　　The loan term is mostly over one year. The transfer of bank credit assets is part of the first batch of credit assets.　　Zhou Liyao accepted the "financial" interview revealed that the transaction has a total of two transactions, the principal of the transaction is 250 million yuan, and is a cross-regional transactions between banks. Tianjin Gold Exchange has established a nationwide financial asset trading market, which solves the regional limitations of the trading platform.　　"Zhou Liyao that the Golden House" is not only the way of trading innovation, more important is to establish an open, fair, impartial, with credibility of the professional financial assets trading platform. More details cannot be disclosed due to confidentiality requirements. According to the introduction, gold has adopted membership services, and has a strict information confidentiality agreement to prevent the disclosure of credit transfer assets of the detailed information.　　Currently there are tens of thousands of members, but the credit transfer market is still limited to the transactions between banks and banks. Although the firstThe success of the transfer of single credit assets is "more symbolic than practical meaning". But in Zhou Liyao's view, the preemptive advantage has emerged. "More and more banks are now interested in this and want to be part of it."　　"Tian Jin people introduced." Tianjin is more daring, after all, in the field. "A senior personage in the industry believes that although the relevant policies and regulations are still blank, but the days of the test of the scale of the expansion step by step."　　With the help of the State Council to give Tianjin Binhai New area financial reform first-try policy, gold after the first to, less than four months time, completed from the creation to the first single transaction of the whole process. As the business expands, Tian Jin also began the strategic layout of the business: on the one hand, the establishment of a nationwide remote electronic auction system; On the other hand, August 29, the days of gold Beijing, Shanghai and Shenzhen, three regional headquarters and distribution in Shijiazhuang and other provinces and cities of the 28 trading services officially set up,　　Gold has become a national "marketing and network auction platform." In an interview, Zhou Liyao said that the new product research and Development Center, established in Tianjin, is making innovations in financial products and trading models.　　Next will develop nine kinds of products, focusing on credit, trust, financial leasing and other fields. 2 trillion of the market China's credit asset transfer began in July 1998, the Bank of China Shanghai Branch and GF Bank Shanghai Branch signed the transfer of bank loan creditor's rights agreement, become the first single credit transfer, 2002 credit assets transfer business officially launched.　　Since then, banks have been required to trade credit assets.　　However, due to the lack of trading norms, but also lack of trading market, the previous credit asset transfer business for banks and banks "one-on-one" private negotiations, has been completed in the state of the agreement. Zhou Liyao introduced that 2009 China's credit assets transfer scale of 2 trillion yuan.　　These include the transfer of non-performing assets, inter-bank credit transfers and cooperation with the Bank letter. This trend was further strengthened in 2010. Information shows that the first half of this year through the Bank Letter cooperation loan scale reached 2 trillion yuan. However, with the implementation of the new rules, credit asset transfer channels are also narrowing.　　In this case, the credit transfer of the two-tier market comes naturally.　　In October 2009, people close to the central bank told Caijing that in response to the rapid growth in domestic loan transfers, the central bank intended to set up a nationwide credit transfer market at the centre of foreign exchange trading to increase liquidity of credit assets and strengthen effective regulation of financial markets.　　The central bank's credit-transfer market has been slow to roll over, while other channels of credit-transfer platforms have come first. The Great Wall Asset Management company has regarded the financial assets exchange as one of the important signs of its commercialization transformation. "Tian Jin hopes to be able to achieve in addition to SSE, SSE, China's financial assets in full trading market."　　"Zhou Liyao that the future of gold can encompass a variety of financial asset transactions, this market potential is very large." At the same time, other credit asset transfer markets are also in the title of gold. The fastest progress is the North goldThe。 North Gold by the letter Tatsu Investment Co., Ltd., Beijing Huarong integrated Investment Company, China Everbright Investment Management Company and the Beijing Equity Exchange to establish cooperation.　　Shortly after its establishment, it signed a comprehensive strategic cooperation agreement with ICBC and plans to extend the overall strategic cooperation to several other large state-owned commercial banks. "60% of China's financial assets are in Beijing, and the future of the Northern Gold Institute will not be overlooked."　　"The Financial Bureau of Beijing introduced.　　"Financial" reporters from various sources learned that the North Gold is brewing to launch the scale of hundreds of billions of credit asset transfer projects, is currently in consultation with the relevant regulatory authorities. The long-awaited Shanghai Credit transfer market has also made substantial progress. The Shanghai credit transfer market is led by the central bank and the China Foreign Exchange Trading Center is responsible for management. In August this year, Fang Xinghai, Director-General of the Shanghai Financial Office, said that the establishment of a credit transfer market in Shanghai had been approved.　　Recently, the Shanghai Gold Exchange participated in the signing of the market agreement between the participating members, will be formally launched.　　In addition, the market competitor also has the Shenzhen financial market transaction Service platform, as well as the Bank of China Association led to establish the syndicated loan transfer Transaction market. Asset securitization Outpost Although the credit asset transfer market provides a trading platform for both supply and demand, it can meet the needs of both parties, but because of the scale and quality of each credit asset, and the transaction still cannot get rid of the field due diligence and other links, is essentially "one-to-one" transaction.　　Therefore, the financial asset Exchange is only the transition phase of the credit asset trading form, the form of this transaction will gradually upgrade to the securitization of assets. This view is Zhou Liyao.　　In fact, after the completion of the first batch of credit assets, Tianjin Gold Exchange said that the Institute will jointly develop new standardized products with commercial banks and Non-bank financial institutions, make full use of the preferential policy of "first try" of financial innovation in Tianjin Binhai New area to compete for market with standardized product innovation. It is reported that the so-called standardized products are assets securitization products. But Zhou Liyao to avoid this, "innovation is always the people first, expert appraisal, the final supervision department out of policy recognition." "Therefore, Tian Jin will take advantage of the" first Test "in Tianjin, in the credit transfer market product innovation in the" in-depth development. " Considering the securitization of assets is the only way to the future of credit asset transfer platform.　　Any exploration, innovation and practice in this area by the financial asset exchange is not surprising. 2005, the central bank and the CBRC jointly issued the "Credit asset securitization pilot management measures", CCB, the National Development Bank became the first pilot of asset securitization.　　In 2007, Pufa, ICBC, Societe Generale, Zhejiang Merchants Bank and SAIC General Motors Financial Corporation became the second batch of pilots. According to media reports, this June, the central bank led the preparation of a pilot report reflecting regulatory advice, and reported to the State Council.　　Waiting for instructions. Regulators have yet to unify their attitudes towards asset securitization. According to regulators, there are currently three views on bank asset securitization, first, given the lessons of the financial crisis, the pilot should continue;Second, the current conditions are ripe, asset securitization should be liberalized; The third view is that the relevant legislation should be promoted first, and the asset securitization should be based on the basis, and then the business release. At present, the transaction of credit asset transfer is limited to the bank, and the risk is not dispersed in substance.　　If the asset securitization is to be implemented in the future, then "not only can the scope of the transaction be extended from the interbank to the full membership, but even beyond the membership".　　Policy vacuum Although the current credit asset transfer market is developing rapidly, it does not form a unified trading standard and evaluation system, the relevant contract texts and laws and regulations are not perfect, and the information asymmetry caused by the inconsistency of loan rating standards restricts the development of the industry. "It is not difficult to determine the rules of trading, the hardest problem is regulation."　　"The Beijing financial bureau said. In foreign countries, the transfer of financial assets by WHO management is not a problem. "Foreign financial market is very developed, very good financial asset pricing, property rights division and transaction is very clear, there are corresponding laws and regulations to make norms."　　"said Zhao Xijun, a professor at the School of Finance and Finance of Renmin University. "It is more customary in the country to regulate through departments, and it is difficult to define who is to be supervised when it comes to cross-sectoral divisions." "For example, the various product management departments of the North Gold department are different, so it is conceivable how difficult it is to establish a market," said the HKMA. "At present, the Gold Exchange has just been established, the internal and external environment is not mature," the person said, "The biggest problem now is the policy regulatory environment is not clear." "Zhou Liyao that the financial exchange should belong to a non-financial institution." But from the regulatory point of view, the relevant business scope of the Gold Exchange should be subject to the supervision of the Ministry of Finance, Central bank, CBRC, CIRC, SFC and other ministries. Where relevant areas are involved, that is, the corresponding regulatory bodies, that is, should be implemented "functional supervision."　　But "functional regulation" has been slow in China. On the one hand the technical difficulties to be solved, on the other hand the regulatory orders did not come out, the credit asset transfer market real mature and prosperous, still need more time.