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CSRC out of depth in money market

(Global Times)

09:58, June 06, 2013

A string of scandals in China's interbank bond market calls into question the ability of the China Securities Regulatory Commission (CSRC) to police this portion of the capital market.

In general, many of the regulator's problems stem from a lack of staff. And in these matters specifically, the commission's limited access to information isn't helping.

By the end of 2011, the CSRC had 2,745 employees, according to its own records. By that time though, the mainland capital market had swollen to include 2,342 listed firms, 109 brokerages and 135 foreign institutions. The commission's eyes can't be looking everywhere at once, so it's hardly surprising that so many companies and institutions have been emboldened to try their hand at fraud.

Concerning the above-mentioned scandals, Chinese banking regulators still don't share all of their data on bond transactions in the interbank market. Despite its experience with bond trading, the CSRC is left groping in the dark.

The author is Jiang Daxing, a researcher with Law School of Peking University.

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