The central bank takes the lead in preparing for the establishment of a "bill exchange", and several commercial banks jointly conceive of a brand name for quick deposits

Issues such as the frequent occurrence of major bill risk cases and illegal operations by bill intermediaries have also attracted the attention of regulatory authorities. The call for the establishment of a unified bill exchange by promoting electronic bills and accelerating the electronic process of paper bills has become increasingly louder. Many people in the bill industry have recently told reporters from Century Business Herald that the central bank is communicating with commercial banks or taking the lead in preparing to establish a bill exchange. The preliminary plan is that the stock exchange will operate in a corporatized and market-oriented manner, with the central bank leading a number of commercial banks to jointly establish the stock exchange.
It is reported that the central bank began to investigate and demonstrate the establishment of a national unified bill exchange as early as last year. It has held multiple meetings and plans to implement it as soon as the end of the year. The most recent communication meeting was held at ICBC on March 1, with nearly ten commercial banks participating. The meeting mainly discussed whether commercial banks' intention to invest in shares or not. Each bank is also in the internal demonstration stage.
Banks jointly promote the electronicization of bills
The person in charge of the bill business department of a major bank in a certain country told a reporter from the Century Business Herald that Internet technology has developed so rapidly that it is important to use the Internet + bill approach to realize the electronicization of bills and establish a unified trading platform. The general trend is the general trend. In addition, some recent incidents in the bill industry have accelerated the establishment of bill exchanges.
After all, bills have become an important payment tool and financing method in the financial system, but the supply and demand information and transaction prices of bills are in a state of fragmentation. Over-reliance on bill intermediaries also gives some criminals the opportunity to forge and alter bills. The construction of a bill exchange can effectively break geographical restrictions and achieve a unified bill market across the country, which has many disadvantages such as information asymmetry, low transaction efficiency, and high transaction risks.
Many people from commercial banks revealed to Century Economic Report reporters that the People's Bank of China began to visit various commercial banks last year to investigate and demonstrate the establishment of a bill exchange. The person in charge of the aforementioned major state-owned bank said that several banks have submitted different plans because everyone has different understandings of bill exchanges. Bill trading is a chain consisting of bank bill issuance, corporate endorsement and transfer, bank discount, rediscount, and rediscount. There is still some controversy as to which link the bill exchange intervenes.
Some banks with a high degree of electronic invoices suggest that the bank should electronically enter the exchange platform as soon as the invoice is issued. However, some companies believe that the popularity of electronic bills is not that high and paper bills should be allowed to exist within a certain range. In the process of invoicing and intermediate endorsement transfer, the paper bills go to the bank for electronic discounting and then enter the exchange platform. The trading platform is mainly a trading platform between banks.
The relevant person in charge of the aforementioned large state-owned bank also said that no matter which method is adopted, the People's Bank of China will ultimately decide. What can be determined is that the exchange must be an electronic trading platform.
In terms of electronic tickets, the bill exchange may be connected to the central bank’s existing electronic ticket system (D). The system includes an acceptance system, a check registration system and a rediscount quotation system. In this regard, the central bank has also investigated banks and considered improving the electronic process of bills through policy guidance or mandatory means. It is required that bills reaching a certain denomination must be processed using the electronic bill system, and each commercial bank is required to increase the proportion of electronic bills, especially the amount of bill acceptance, at a certain rate every year.
If paper tickets are involved, a corresponding registration and escrow agency is required. People familiar with the matter believe that banks can serve as custodians because commercial banks are also major participants in the bill market and are fully capable of identifying the authenticity of bills, and taking custody and collection of bills.
Concept of shares of the bill exchange
Regarding the establishment of the bill exchange, Xiao Xiaohe and others from the Bills Professional Committee of the Shanghai Finance Society have also published many articles on the construction plan and implementation path of the bill exchange. Conducted in-depth analysis and research.
The article suggested that the bill exchange should be built into a comprehensive financial services exchange that unified the country's Internet bill transactions and should be led by the central bank. Consider using a joint-stock system to structure the shares. The shareholding methods can be divided into two types: investment shares and policy shares. The central bank can adopt policy investment methods and take a controlling position, while state-owned and joint-stock commercial banks, city commercial banks, rural commercial banks, and rural credit cooperatives can adopt cash investment methods.
A person from a joint-stock bank also told a reporter from Century Economic Report that the stock exchange will adopt a corporatized and market-oriented operation method and the initial planned registered capital is 100 million yuan. The central bank is currently communicating with the five major state-owned banks and major commercial banks such as Industrial Bank, Ping An, China Merchants Bank, Minsheng Banking, CITIC and Shanghai Pudong Development Bank about their intention to take shares.
As for the nature of the stock exchange, there is still some controversy. If it is defined as a non-financial institution, there may be certain obstacles for banks to directly acquire shares and require special approval from regulatory authorities. It is reported that whether banks will take shares is still under internal research and demonstration.
The establishment of a stock exchange is a complex and systematic project. Xiao Xiaohe and others also suggested that a gradual implementation path can be adopted. For example, the bill exchange can first carry out secondary market transactions of inter-bank bills and then carry out various bill transactions between banks and enterprises. Or start nationwide electronic bill transactions and then promote paper bill transactions.
According to the idea of Xiao Xiaohe and others, the stock exchange mainly relies on Internet information technology to connect business and information systems with regulatory agencies, commercial banks and other relevant departments. On the one hand, it realizes the bidding and matching of transactions throughout the life cycle of the bill business, simplifies the transaction process and establishes unified transaction rules; on the other hand, it realizes the integration of bill market transaction information, risk information, research information and regulatory information resources to form big data of national bill resources for the central bank. Monetary policy decision-making, providing support for commercial bank bill operations and business innovation.
Therefore, the stock exchange will design basic business rules such as customer access, business authorization, business review, transaction bidding and bulk matching, product management, bill custody, and information mining.
Article source: Kuaishu