主题：zt, 资产支持票据揭开发行序幕 三企业获25亿注册额度 -- parishg

copied from America are used to tap non-banking deposit--which is not subject to overall credit control by the gov.

They tap certain money under "wealth management" section inside various institutions. In effect, it is a shadow banking system instrument.

Even in USA, all regulators had a hard time understanding, regulating and managing the shadow banking system. SEC has discussed several options for reform and none of them could easily pass through.

中国缺少对此类复杂的bond-like 证券监管的经验与机构。而且这类缺乏透明度的复合债券很容易搞出灾难性的结局。