아시아 채권시장의 인프라 구축 : 예탁결제 및 신용평가기구 설립 방안
Building Infrastructures for the Asian Bond Markets: Settlement and Credit Rating
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최근 ASEAN+3 국가를 중심으로 아시아 채권시장 활성화를 위한 정책 공조가 구체화되고 있으며 이를 위해 6개 실무작업단이 다양한 주제를 연구 중이다. 본고는 이들 실무작업단이 추진 중인 6개 과제 중 역내 예탁결제기구 및 신용평가기관 구축에 대해 분석하고 있다. 본고는 아시아 역내 예탁결제기구로서 각국의 중앙은행과 NCSD를 연결하여 AsiaSettle이라 불리는 역내 ICSD를 설립할 것을 주장한다. 비록 아시아 역내에 이미 국제예탁결제기구가 활동하고 있지만, 시차문제(time-zone problem), 민간 CSD의 한계 등을 고려할 때 공적기구로서 역내 ICSD를 새로이 설립하는 것이 바람직함을 설명하였다. 또한 현재 아시아 채권의 신용등급이 낮은 현실을 고려할 때 회사채 시장을 통한 역내 채권시장 활성화에는 많은 시간이 필요할 것이다. 따라서 우선 AsiaSettle을 통해 각국 국채의 국제 예탁결제를 담당하게 하면, 아시아 채권시장 육성의 촉매 역할을 할 수 있음을 주장하였다. 또한 AsiaSettle이 국채의 예탁결제를 위해 중앙청산기구로서 기능하고 전자장내거래 시스템을 구축한다면 역내 채권시장 발전에도 크게 기여할 수 있을 것이다. 또한 본고는 아시아 채권 시장의 발전을 위해 역내 표준화된 신용평가 시스템이 존재해야 함을 주장하였다. 하지만 청산 및 결제 시스템과는 달리, 역내 신용평가 기관을 각국 정부 주도 하에 구축하는 것은 바람직해 보이지 않는다. 왜냐하면 각국별로 데이터베이스 및 전문 인력을 갖추는 데 막대한 비용이 필요할 뿐아니라, 정부의 지원을 통해 설립된 기관이 시장에서 공정성에 관해 인정을 받기 어려울 것이기 때문이다. 따라서 본고는 표준화된 신용평가 시스템이 각국의 민간신용평가기관 및 국제신용평가기관의 협력을 통해 구축되어야 함을 강조하고 있다.
Abstract
This paper discusses the issues of building infrastructures for Asian bond markets, such as establishing regional security settlement system and credit rating agencies. As for a clearing and settlement institution for the Asian bond market, we propose to establish a regional ICSD dubbed as AsiaSettle by linking the central banks and NCSDs(National CSDs) of each country. At the initial stage, AsiaSettle would perform as the clearing and settlement system for local currencydenominated government bonds of Asian countries. The focus in the early stages on government bonds is extremely important; i.e., because the supply of high-quality bonds in the private sector is low, high-quality government bonds would be an indispensable catalyst for the development of the Asian bond market. We also discuss the necessity for AsiaSettle to also function as the Central Counter Party(CCP) for the exchange of government bonds, and to possess Electronic Communication Networks(ECN) platform capabilities. As for a regional credit rating system, there is a great need for a common credit rating system amongst the Asian countries to develop the Asian bond market. However, unlike the clearing and settlement system, it is not recommended that the regional credit rating agency be established through government supports. This is due to the high costs of building a centralized agency that is equipped with extensive database and local human resources to handle the credit rating of local bonds. Moreover, it is questionable whether an agency established through government supports can compete with private agencies on the grounds of retaining a reputation of impartiality. Therefore, this paper emphasizes the importance of harmonization where local credit rating agencies and global credit rating agencies coordinate in building a common credit rating system.
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