2024-09-29-国际清算银行-政府债券市场的中央清算_确保_安全资产_的安全_（英）_8页_324kb

Central Clearing in Government Bond Markets: Keeping the “Safe Asset” Safe?

Key Findings

• Government bond trading is typically over the counter, with dealers as intermediaries, and increasing government debt strains their capacity.
• Enhancing central clearing can mitigate risks by reducing counterparty exposure and settlement failures, but it cannot fully eliminate systemic risks.
• Additional margin requirements pose challenges, potentially exacerbating leveraged unwind episodes.

Background

Government bond markets serve as safe havens but face stress due to high debt levels and one-sided flows. Central clearing is promoted for improved market resilience.

Benefits

• Reduces strain on dealers' balance sheets by netting trades and lowering credit risk exposure.
• Improves liquidity and promotes "all-to-all" trading, making markets less fragmented and more resilient during stress events.

Challenges

• Increased margin costs in cash and repo markets could add financial burden, especially in volatile periods.
• Central counterparties may become systemically critical entities, necessitating enhanced resilience, supervision, and recovery planning.
• Current reforms face issues like operational risks and potential monopolization, requiring robust safeguards.