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stc group is an engine of digital transformation in the region,offering advanced solutions and driving digitisation process.
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who we are
at stc we are recognized for creating and bringing greater dimension and richness to people’s personal and professional lives.
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the group comprises over 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa and Europe.
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digital and telco leader, enabling the society and economy to thrive, in KSA and beyond
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our vision of stc inspired us with our DARE strategy that outlines the key pillars to create value with greater efficiencies, for a better future.
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sustainability is at the core of stc's commitment as a leading telecom and ICT company dedicated to enriching people's lives.
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stc Group revenues and bottom line for the year 2023 reached SAR 72.3 billion
stc revenues for the year 2023 reached SAR 72,337m with an increase of 7.3% as compared to 2022. The growth of revenue was mainly attributed to the increase in commercial unit revenues by 5.1%, carriers and wholesale unit revenues by 1.4% in stc KSA,
stc Group extends multi-year partnership with FORMULA 1® to drive stc SAUDI ARABIAN GRAND PRIX into the future
stc Group, engine of digital transformation, and Formula 1®, have today announced a multi-year extension of their strategic partnership, which is set to take the FORMULA 1® stc SAUDI ARABIAN GRAND PRIX into a new era of innovation.
KT, Hyundai E&C, and stc group jointly cooperate to take the lead in building digital infrastructure for Saudi Arabia’s next 50 years
KT, in collaboration with Hyundai Engineering & Construction (Hyundai E&C) and stc group, an engine of digital transformation, is poised to spearhead the establishment of a leading digital infrastructure in Saudi Arabia
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stc Group is the digital transformation engine in the region, offering advanced solutions and driving a role in the digitisation process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), artificial intelligence (AI), digital payments, digital media, and digital entertainment. The group comprises over 14 subsidiaries across the Kingdom of Saudi Arabia and the Middle and North Africa region and Europe.
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【专项研究】巴塞尔协议III框架下STC标准的梳理及其对我国资产证券化市场发展的启示|资产证券化_新浪财经_新浪网
【专项研究】巴塞尔协议III框架下STC标准的梳理及其对我国资产证券化市场发展的启示|资产证券化_新浪财经_新浪网
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【专项研究】巴塞尔协议III框架下STC标准的梳理及其对我国资产证券化市场发展的启示
【专项研究】巴塞尔协议III框架下STC标准的梳理及其对我国资产证券化市场发展的启示
2023年01月31日 09:00
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作者:韩易洋 沈柯燕 李玲珊一、巴塞尔协议III框架下STC标准出台背景2008年金融危机后,各主要证券化市场的资产证券化产品发行规模大幅下降,反映出全球对结构复杂、信息披露不充分的资产证券化产品信心缺失,同时暴露出巴塞尔协议II下资产证券化监管框架存在亟待弥补的缺陷。为重振市场,推动资产证券化市场可持续发展,在巴塞尔委员会(BCBS)和国际证监会(IOSCO)的共同筹备下,以识别阻碍资产证券化可持续发展因素以及制定简单、透明的资产证券化标准为目标的资产证券化市场专门工作组(TFSM)于2014年正式成立。2015年7月,BCBS-IOSCO发布了资产证券化“简单、透明、可比”(“Simple, Transparent and Comparable”,简称“STC”)的判定标准,以帮助市场参与者获得更多关于证券化产品交易结构及底层资产特征的信息,从而更好地识别资产证券化交易的风险。2016年7月,BCBS发布了一项更新的证券化风险敞口监管资本标准,正式将STC标准纳入资产证券化资本监管框架。截至2021年10月,巴塞尔委员会28个成员中已有22个完成了巴塞尔协议III项下的证券化框架建设和实施,自2023年1月1日起,巴塞尔协议III将在全球范围内落地,预计我国也将逐步实施。二、巴塞尔协议III框架下STC标准STC标准是对资产证券化产品简单性、透明度和可比性的评估规则。其中,“简单”是指资产支持证券基础资产特性简单、具有同质性且交易结构不过于复杂;“透明”是指向投资者充分披露资产、交易结构及参与机构信息,帮助投资者更全面深入地了解交易风险;“可比”是指在考虑各地司法实践差异的前提下,所提供的信息可以帮助投资者实现同一类型下资产证券化产品的直接比较。STC标准聚焦于资产证券化项目中可能会涉及的三类主要风险,即资产风险、结构风险和受托与服务风险,该标准涵盖了资产性质、资产筛选与转让、发行文件披露与审查、受托和契约责任等方面的要求,具体标准概要详见下表。值得注意的是,STC标准具有一贯性,其适用范围应覆盖资产证券化产品完整存续期,而非仅适用于STC标识申请时点。同时,附有循环购买结构的资产证券化产品需在各购买期对新入池资产的STC合格性进行动态检查,以确保交易整体满足STC标准。三、STC标准实施意义资产证券化监管框架纳入STC标准对于资产证券化市场及其参与者均具有重要意义。首先,实施STC标准为商业银行资产管理提供更全面的计量标准。商业银行作为资产证券化市场的重要参与者,在资产证券化业务的各环节中扮演着多种角色,这使得商业银行难以将资产证券化产品中包含的风险充分体现在资本计量中。STC标准细化了证券化资产质量和风险的判断要求,有助于商业银行增进对资产证券化产品交易结构及底层资产风险特征的理解,协助其做出更准确的风险评估并据此计提充足资本,从而降低风险。其次,与非STC产品相比,被认证为STC产品适用的监管资本计提要求更低,进而激励商业银行更多地将STC产品纳入资产组合管理中。STC框架下的监管资本优惠主要体现在资产证券化产品的风险权重选取上。在内部评级法、标准法、外部评级法这三种加权风险资产计算方法下,符合STC标准的产品所适用的风险权重下限为10%,不符合STC标准的产品适用的风险权重下限为15%。再次,STC框架的建立有利于提升金融监管政策对证券市场的风险敏感度,增强监管政策的有效性。STC资本激励的政策幅度根据证券化产品风险的不同而有所调整,对于风险相对较小的资产证券化产品在符合STC标准后可以享受更加优惠的监管资本政策,而风险相对较高的产品,资本优惠政策则相对保守。最后,新框架所引入的STC标准体现了BCBS对投资者需求的关注。随着金融创新的加深,资产支持证券产品种类日益丰富,部分资产证券化产品结构过于复杂,再加上信息不对称进一步限制了投资者对于资产证券化产品的了解程度,导致投资人无法评估资产证券化产品风险。针对这一痛点,STC标准的实施有利于投资者对资产证券化产品质量及其所涉风险进行有效评估,从而提高投资者信心并扩大资产证券化市场需求,增强市场流动性,降低发行成本,推动市场持续发展。四、STC标准对我国资产证券化市场发展的启示我国资产证券化市场自2012年重启以来,经历10余年发展,逐步形成了多类型的资产证券化市场。银行间市场信贷资产支持证券(简称“信贷ABS”)、以非金融企业为发起主体的企业资产支持证券(简称“企业ABS”)和银行间市场资产支持票据(简称“ABN”)发行总规模从2014年的3309.83亿元扩大到2022年的20117.12亿元,产品数量从104单上升至1742单。与此同时,我国资产证券化市场也出现了结构设计复杂、基础资产多层嵌套等产品,风险识别难度提高。中国资产证券化市场在高速发展的同时亟需持续性发展的监管和指引。提高市场透明度,加强信息披露是巴塞尔协议III的重要核心内容,也是我国资产证券化市场高质量可持续发展的必经之路。在资产证券化市场重启后的十余年间,我国监管不断加强和完善资产证券化产品在发行和存续期间的信息披露要求,为我国执行“简单、透明、可比”的标准奠定了一定基础。2012年发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》(银发〔2012〕127号,以下简称“127号文”),强调了信贷资产证券化产品结构要简单明晰,并要求各参与机构严格做好相关信息披露工作。2020年9月,中国银保监会下发《关于银行业金融机构信贷资产证券化信息登记有关事项的通知》(银保监办发〔2020〕99号),标志着国内开始实施信贷资产证券化信息登记而不再进行备案登记,该转变有利于提高信贷资产证券化信息的标准化程度,能有效地提升信息规范度和透明度。2022年3月,上海保交所在《资产支持计划登记业务回答(一)》中明确了资产穿透原则,要求受托人在登记申请材料中应提供底层资产清单。2022年6月,上海证券交易所发布《关于进一步发挥资产证券化市场功能支持企业盘活存量资产的通知》(上证函〔2022〕1011号)引导和鼓励专项计划管理人披露基础资产实际情况等信息,提升信息披露水平。2015年至2022年间,中国银行间市场交易商协会陆续发布和更新了个人汽车贷款、个人消费贷款、个人住房贷款、不良贷款、小微企业贷款等资产类型的信息披露指引,致力于为提升信贷资产支持证券标准化、透明化水平提供清晰明确的标准。2022年底,上海证券交易所发布《上海证券交易所资产支持证券挂牌条件确认规则试用指引第2号—大类基础资产》(上证发〔2022〕165号),明确了债权类、未来经营收入类和不动产抵押贷款这三大类基础资产类别的挂牌指引,为透明化挂牌条件确认工作提供了清晰的标准。综上所述,巴塞尔协议III在全球范围实施以及STC标准的推行,有利于加强监管,提高市场透明度,推动资产证券化市场发展。虽然我国资产证券化市场在监管及市场参与机构推动下信息披露不断完善,但也面临着诸如各市场信息披露口径及标准存在差异、二级市场和存续期信息披露欠缺、部分产品过于复杂等问题。因此,借鉴国际STC标准制定适用于国内证券化市场发展的“简单、透明、可比”标准,多维度评估资产证券化风险,有利于提高投资人风险识别能力,增加市场流动性,进而促进市场高效良性健康发展。
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资产证券化 资产 巴塞尔协议 证券化
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沙特电信公司联合华为完成SuperLink全球首个商用创新
SuperLink方案节省70%硬件,现网运行半年性能优异
2022年11月30日
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[沙特,利雅得,2022年11月30日] 今年5月,沙特电信公司(STC)联合华为在达曼地区完成全球首跳中频SuperLink链路商用创新。经过长达6个多月的现网运行,该链路运行稳定性能优异,达成设计要求。SuperLink方案单天线、单链路带宽达到10Gbps,节省了67%天面、70%硬件数量,为5G郊区覆盖提供了极简、大带宽解决方案。
沙特作为全球5G建设先行者之一,从2019年就开始大规模建设5G网络。现网60%的5G站点都使用微波承载,城区主要使用长距E-band承载,对于郊区和远郊,由于距离过远,无法使用E-band覆盖。而使用传统频段受限于频率资源、天面和铁塔承重,单链路容量不超过5Gbps,无法满足5G对回传带宽的需求,使得STC在郊区部署5G的速度大大降低。
针对以上问题,沙特STC 联合华为持续创新,开发SuperLink解决方案,避免平行链路,减少70%硬件数量,减少67%的天线运输、对调费用和铁塔租金,大幅节省TTM和TCO 。常规频段单天面、单管道带宽达10Gbps,在解决了铁塔空间承重问题的同时,可以大幅提升郊区5G部署速度。
业界首个中频SuperLink解决方案
SuperLink方案由业界首个多频天线和四合一载波聚合CA ODU组成:
多频天线可以覆盖6GHz、7GHz、8GHz或者13 GHz、15 GHz、18GHz三个大频段,解决了多个频段组合提供大带宽时,需安装多面天线组成平行链路的问题。在带宽演进过程中,运营商不需要为另一个频段增加一面天线,缓解了铁塔空间压力,无需重新对调,让部署、升级更容易。
四合一载波聚合CA(Carrier Aggregation) ODU,在一个硬件中集成了4个通道,可减少75%的ODU数量,同时支持更高调制模式和更大的波道带宽,单ODU容量提升500%。
沙特STC基础架构副总裁Eng. Bader A. Allhieb表示:“SuperLink方案解决了长距大容量微波硬件堆叠的难题,让部署更简,带宽更大,可有效覆盖5G郊区,结合长距E-band的城区覆盖能力,有利于加快STC的5G建设速度。”
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GitHub - stclib/STC: A modern, user friendly, generic, type-safe and fast C99 container library: String, Vector, Sorted and Unordered Map and Set, Deque, Forward List, Smart Pointers, Bitset and Random numbers.
GitHub - stclib/STC: A modern, user friendly, generic, type-safe and fast C99 container library: String, Vector, Sorted and Unordered Map and Set, Deque, Forward List, Smart Pointers, Bitset and Random numbers.
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A modern, user friendly, generic, type-safe and fast C99 container library: String, Vector, Sorted and Unordered Map and Set, Deque, Forward List, Smart Pointers, Bitset and Random numbers.
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STC - Smart Template Containers
Version 5.0 beta 4
New shorthand template parameter i_TYPE lets you define i_type, i_key, and i_val all in one line.
c_filter(C, cnt, filters) replaces c_forfilter (it, C, cnt, filter) loop: Changed to a more "pure" functional programming call.
Renamed templated STC headers (old header names deprecated). Default container names corresponds to new header names:
vec.h (from cvec.h)
deq.h (from cdeq.h)
list.h (from clist.h)
stack.h (from cstack.h)
queue.h (from cqueue.h)
pque.h (from cpque.h)
hmap.h (from cmap.h)
hset.h (from cset.h)
smap.h (from csmap.h)
sset.h (from csset.h)
types.h (from forward.h)
NOTE: Deprecated headers will be removed from STC V5.0!
Description
STC is a modern, typesafe, fast and compact container and algorithms library for C99.
The API naming is similar to C++ STL, but it takes inspiration from Rust and Python as well.
The library handles everything from trivial to highly complex data using templates.
Containers
arc - (atomic) reference counted smart pointer`
box - unique smart pointer`
cbits - dynamic bitset
list - forward linked list
stack - stack type
vec - vector type
deq - double ended queue - deque
queue - queue type
pque - priority queue
hmap - hashmap (unordered)
hset - hashset (unordered)
smap - sorted binary tree map
sset - sorted binary tree set
cstr - string type (short string optimized)
csview - string view (non-null terminated)
czview - null-terminated string view
cspan - single and multidimensional span
Algorithms
Ranged for-loops - c_foreach, c_forpair, c_forlist
Range algorithms - c_forrange, crange, c_filter
Generic algorithms - c_init, c_find_if, c_erase_if, quicksort, lower_bound, ...
Coroutines - ergonomic portable coroutines
Regular expressions - Rob Pike's Plan 9 regexp modernized!
Random numbers - a very fast PRNG based on SFC64
Command line argument parser - similar to getopt()
List of contents
Highlights
STC is unique!
Performance
Naming conventions
Usage
Installation
Specifying template parameters
Specifying comparison parameters
The emplace methods
The erase methods
User-defined container type name
Forward declarations
Per container-instance customization
Memory efficiency
Highlights
Minimal boilerplate code - Specify only the required template parameters, and leave the rest as defaults.
Fully type safe - Because of templating, it avoids error-prone casting of container types and elements back and forth from the containers.
High performance - Unordered maps and sets, queues and deques are significantly faster than the C++ STL containers, the remaining are similar or close to STL in speed (See graph below).
Fully memory managed - Containers destructs keys/values via default or user supplied drop function. They may be cloned if element types are clonable. Also, smart pointers are supported and can be stored in containers. See arc and box.
Uniform, easy-to-learn API - Just include the headers and you are good. The API and functionality resembles c++ STL and is fully listed in the docs. Intuitive method/type names and uniform usage across the various containers.
No signed/unsigned mixing - Unsigned sizes and indices mixed with signed for comparison and calculation is asking for trouble. STC only uses signed numbers in the API for this reason.
Small footprint - Small source code and generated executables. The executable from the example below using four different container types is only 19 Kb in size compiled with gcc -O3 -s on Linux.
Dual mode compilation - By default it is a simple header-only library with inline and static methods only, but you can easily switch to create a traditional library with shared symbols, without changing existing source files. See the installation section.
No callback functions - All passed template argument functions/macros are directly called from the implementation, no slow callbacks which requires storage.
Compiles with C++ and C99 - C code can be compiled with C++ (container element types must be POD).
Forward declaration - Templated containers may be forward declared without including the full API/implementation.
Extendable containers - STC provides a mechanism to wrap containers inside a struct with custom data per instance.
STC is unique!
Centralized analysis of template parameters. The analyser assigns values to all
non-specified template parameters (based on the specified ones) using meta-programming, so
that you don't have to! You may specify a set of "standard" template parameters for each
container, but as a minimum only one is required: i_key (+ i_val for maps). In this
case, STC assumes that the elements are of basic types. For non-trivial types, additional
template parameters must be given.
Alternative insert/lookup type. You may specify an alternative type to use for
lookup in containers. E.g., containers with STC string elements (cstr) uses const char*
as lookup type, so constructing a cstr (which may allocate memory) for the lookup
is not needed. Hence, the alternative lookup key does not need to be destroyed after use,
as it is normally a POD type. Finally, the key may be passed to an emplace-function.
So instead of calling e.g. vec_str_push(&vec, cstr_from("Hello")), you may call
vec_str_emplace(&vec, "Hello"), which is functionally identical, but more convenient.
Standardized container iterators. All containers can be iterated in the same manner, and all use the
same element access syntax. E.g.:
c_foreach (it, MyInts, myints) *it.ref += 42; works for any container defined as
MyInts with int elements.
c_foreach (it, MyInts, it1, it2) *it.ref += 42; iterates from it1 up to not including it2.
Performance
STC is a fast and memory efficient library, and code compiles fast:
Benchmark notes:
The barchart shows average test times over three compilers: Mingw64 13.1.0, Win-Clang 16.0.5, VC-19-36. CPU: Ryzen 7 5700X.
Containers uses value types uint64_t and pairs of uint64_t for the maps.
Black bars indicates performance variation between various platforms/compilers.
Iterations and access are repeated 4 times over n elements.
access: no entryfor forward_list, deque, and vector because these c++ containers does not have native find().
deque: insert: n/3 push_front(), n/3 push_back()+pop_front(), n/3 push_back().
map and unordered map: insert: n/2 random numbers, n/2 sequential numbers. erase: n/2 keys in the map, n/2 random keys.
Naming conventions
Non-templated container names are prefixed by c, e.g. cstr, cbits, cregex.
Public STC macros and "keywords" are prefixed by c_, e.g. c_foreach, c_init.
Template parameter macros are prefixed by i_, e.g. i_key, i_type.
All owning containers can be initialized with {0} (also cstr), i.e. no heap allocation initially.
Common types for a container type Cont:
Cont
Cont_value
Cont_raw
Cont_iter
Functions that are available for most all containers:
Cont_init()
Cont_reserve(&con, capacity)
Cont_drop(&con)
Cont_empty(&con) // check if empty
Cont_size(&con)
Cont_clone(con)
Cont_push(&con, value)
Cont_emplace(&con, rawval)
Cont_erase_at(&con, iter)
Cont_front(&con)
Cont_back(&con)
Cont_begin(&con)
Cont_end(&con)
Cont_next(&iter)
Cont_advance(iter, n)
Usage
STC containers have similar functionality to the C++ STL standard containers. All containers except for a few,
like cstr and cbits are generic/templated. No type casting is used, so containers are type-safe like
templated types in C++. However, to specify template parameters with STC, you define them as macros prior to
including the container, e.g.
#define i_TYPE Floats, float // Container type (name, element type)
#include "stc/vec.h" // "instantiate" the desired container type
#include
int main(void)
{
Floats nums = {0};
Floats_push(&nums, 30.f);
Floats_push(&nums, 10.f);
Floats_push(&nums, 20.f);
for (int i = 0; i < Floats_size(&nums); ++i)
printf(" %g", nums.data[i]);
c_foreach (i, Floats, nums) // Alternative and recommended way to iterate.
printf(" %g", *i.ref); // i.ref is a pointer to the current element.
Floats_drop(&nums); // cleanup memory
}
Note that i_val* template parameters can be used instead of i_key* for non-map containers.
Switching to a different container type, e.g. a sorted set (sset):
[ Run this code ]
#define i_TYPE Floats, float
#include "stc/sset.h" // Use a sorted set instead
#include
int main(void)
{
Floats nums = {0};
Floats_push(&nums, 30.f);
Floats_push(&nums, 10.f);
Floats_push(&nums, 20.f);
// print the numbers (sorted)
c_foreach (i, Floats, nums)
printf(" %g", *i.ref);
Floats_drop(&nums);
}
Comparison/lookup functions are enabled by default for associative containers and priority queue (hmap, hset, smap, sset, pque). To enable it for the remaining containers, define i_cmp or i_less (and optionally i_eq) on the element type. If the element is an integral type, simply define i_use_cmp to use < and == operators for comparisons.
Note that for #define i_key_class Type, defining i_use_cmp means that Type_cmp() function is expected to exist (along with Type_clone() and Type_drop()).
To summarize, i_use_cmp is only needed to enable comparison (sort/search) functions when defining stack, vec, queue, deq, arc, box. With built-in types, it enables the comparison operators, whereas for keyclass types, it binds comparison to its Type_cmp() function.
If an element destructor i_keydrop is defined, i_keyclone function is required.
Alternatively #define i_opt c_no_clone to disable container cloning.
Let's make a vector of vectors, which can be cloned. All of its element vectors will be destroyed when destroying the Vec2D.
[ Run this code ]
#include
#define i_TYPE Vec, float
#include "stc/vec.h"
#define i_type Vec2D
#define i_key_class Vec // Use i_key_class instead i_key when element type has "members" _clone(), _drop() and _cmp().
#include "stc/vec.h"
int main(void)
{
Vec* v;
Vec2D vec = {0}; // All containers in STC can be initialized with {0}.
v = Vec2D_push(&vec, Vec_init()); // push() returns a pointer to the new element in vec.
Vec_push(v, 10.f);
Vec_push(v, 20.f);
v = Vec2D_push(&vec, Vec_init());
Vec_push(v, 30.f);
Vec_push(v, 40.f);
Vec2D clone = Vec2D_clone(vec); // Make a deep-copy of vec
c_foreach (i, Vec2D, clone) // Loop through the cloned vector
c_foreach (j, Vec, *i.ref)
printf(" %g", *j.ref);
c_drop(Vec2D, &vec, &clone); // Cleanup all (6) vectors.
}
This example uses four different container types:
[ Run this code ]
#include
#define i_key int
#include "stc/hset.h" // hset_int: unordered/hash set (assume i_key is basic type, uses `==` operator)
struct Point { float x, y; };
// Define cvec_pnt and enable linear search by defining i_eq
#define i_TYPE vec_pnt, struct Point
#define i_eq(a, b) (a->x == b->x && a->y == b->y)
#include "stc/vec.h" // vec_pnt: vector of struct Point
#define i_key int
#define i_use_cmp // enable sort/search. Use native `<` and `==` operators
#include "stc/list.h" // list_int: singly linked list
#define i_TYPE smap_int, int, int
#include "stc/smap.h" // sorted map int => int
int main(void)
{
// Define four empty containers
hset_int set = {0};
vec_pnt vec = {0};
list_int lst = {0};
smap_int map = {0};
c_defer( // Drop the containers at scope exit
hset_int_drop(&set),
vec_pnt_drop(&vec),
list_int_drop(&lst),
smap_int_drop(&map)
){
enum{N = 5};
int nums[N] = {10, 20, 30, 40, 50};
struct Point pts[N] = { {10, 1}, {20, 2}, {30, 3}, {40, 4}, {50, 5} };
int pairs[N][2] = { {20, 2}, {10, 1}, {30, 3}, {40, 4}, {50, 5} };
// Add some elements to each container
for (int i = 0; i < N; ++i) {
hset_int_insert(&set, nums[i]);
vec_pnt_push(&vec, pts[i]);
list_int_push_back(&lst, nums[i]);
smap_int_insert(&map, pairs[i][0], pairs[i][1]);
}
// Find an element in each container
hset_int_iter i1 = hset_int_find(&set, 20);
vec_pnt_iter i2 = vec_pnt_find(&vec, (struct Point){20, 2});
list_int_iter i3 = list_int_find(&lst, 20);
smap_int_iter i4 = smap_int_find(&map, 20);
printf("\nFound: %d, (%g, %g), %d, [%d: %d]\n",
*i1.ref, i2.ref->x, i2.ref->y, *i3.ref,
i4.ref->first, i4.ref->second);
// Erase all the elements found
hset_int_erase_at(&set, i1);
vec_pnt_erase_at(&vec, i2);
list_int_erase_at(&lst, i3);
smap_int_erase_at(&map, i4);
printf("After erasing the elements found:");
printf("\n set:");
c_foreach (i, hset_int, set)
printf(" %d", *i.ref);
printf("\n vec:");
c_foreach (i, vec_pnt, vec)
printf(" (%g, %g)", i.ref->x, i.ref->y);
printf("\n lst:");
c_foreach (i, list_int, lst)
printf(" %d", *i.ref);
printf("\n map:");
c_foreach (i, smap_int, map)
printf(" [%d: %d]", i.ref->first, i.ref->second);
}
}
Output
Found: 20, (20, 2), 20, [20: 2]
After erasing the elements found:
set: 40 10 30 50
vec: (10, 1) (30, 3) (40, 4) (50, 5)
lst: 10 30 40 50
map: [10: 1] [30: 3] [40: 4] [50: 5]
Installation
STC is primarily a "headers-only" library, so most headers can simply be included in your program. By default,
all templated functions are static (many inlined). This is often optimal for both performance and compiled
binary size. However, if container type instances, e.g. a vec_int is used used in several translation units,
(e.g. more than 3-4 TUs), consider creating a separate header file for them and link it shared as described here. In this case, one (of the) c-file must implement the templated container, e.g.:
#define i_implement // define shared symbols
#include "vec_int.h"
Note that the non-templated string types cstr, csview uses shared linking by default (may use static linking by
#define i_static before include). Most functions in csview are inlined though, and the zero-terminated string view,
czview is fully inlined.
Conveniently, src\libstc.c implements all the non-templated functions with shared linking for cstr,
csview, cregex, utf8, and crand.
Additionally, #define i_import works as i_implement for cregex or cstr, but it will also implement
the dependent utf8 functions (utf8 case conversions, etc.). Or you can simply link with libstc.
Specifying template parameters
Each templated type requires one #include, even if it's the same container base type, as described earlier.
The template parameters are given by a #define i_xxxx statement, where xxxx is the parameter name.
The list of template parameters:
i_TYPE ConType, KeyType[, ValType] is a shorthand for defining i_type, i_key and i_val on one line.
i_type ConType - Custom container type name.
i_key Type - Element key type. [required]. Note: i_val may be used instead for non-maps (not recommended).
i_val Type - Element value type. [required for] hmap/smap as the mapped value type.
i_cmp Func - Three-way comparison of two i_keyraw* - [required for] non-integral i_keyraw elements, but also see i_use_cmp.
i_hash Func - Hash function taking i_keyraw* - defaults to c_default_hash. [required for] hmap/hset with non-POD i_keyraw elements.
i_eq Func - Equality comparison of two i_keyraw* - defaults to !i_cmp. Companion with i_hash.
Properties:
i_opt Flags - Boolean properties: may combine c_no_clone, c_no_atomic, c_is_forward, c_static, c_header with the | separator.
Key:
i_keydrop Func - Destroy map/set key func - defaults to empty destructor.
i_keyclone Func - [required if] i_keydrop is defined (exception for arc, as it shares).
i_keyraw Type - Convertion "raw" type - defaults to i_key.
i_keyfrom Func - Convertion func i_key <= i_keyraw.
i_keyto Func - Convertion func i_key* => i_keyraw. [required if] i_keyraw is defined
Val: (hmap/smap mapped value only)
i_valdrop Func - Destroy mapped or value func - defaults to empty destruct.
i_valclone Func - [required if] i_valdrop is defined.
i_valraw Type - Convertion "raw" type - defaults to i_val.
i_valfrom Func - Convertion func i_val <= i_valraw.
i_valto Func - Convertion func i_val* => i_valraw.
Specials: Meta-template parameters. Use instead of i_key / i_val.
i_key_class Type - Auto-set standard named functions: Type_clone(), Type_drop(), Type_cmp(), Type_eq(), Type_hash().
If i_keyraw is defined, it sets i_keyto = Type_toraw() and i_keyfrom = Type_from().
Only functions required by the container type is required to be defined. E.g.:
Type_hash() and Type_eq() are only required by hmap, hset and smart pointers.
Type_cmp() is not used by stack and hmap/hset.
Type_clone() is not used if #define i_opt c_no_clone is specified.
i_key_str - Sets i_key_class = cstr, i_tag = str, and i_keyraw = const char*. Defines both type convertion
i_keyfrom, i_keyto, and sets i_cmp, i_eq, i_hash functions with const char** as argument.
i_key_ssv - Sets i_key_class = cstr, i_tag = ssv, and i_keyraw = csview*. Defines both type convertion
i_keyfrom, i_keyto, and sets i_cmp, i_eq, i_hash functions with csview* as argument.
i_key_arcbox Type - Use when Type is a smart pointer arc or box. Defines i_key_class = Type, and i_keyraw = Type*.
NB: Do not use when defining arc/box types themselves.
i_val_class Type, i_val_str, i_val_ssv, i_val_arcbox - Similar rules as for key.
Notes:
Instead of defining i_*clone, you may define i_opt c_no_clone to disable clone functionality.
For i_key_class, if i_keyraw is defined along with it, i_keyfrom may also be defined to enable the emplace-functions. NB: the signature for cmp, eq, and hash uses i_keyraw as input.
Specifying comparison parameters
The table below shows the template parameters which must be defined to support element search and sort for various containers versus element types.
For the containers marked optional, the features are disabled if the template parameter(s) are not defined. Note that the (integral type) columns also applies to "special" types, specified with i_key_str, i_key_arcbox, and i_key_class, and not only true integral types like int or float.
Container
find (integral type)
sort (integral type)
|
find (struct elem)
sort (struct elem)
optional
stack, queue
n/a
n/a
n/a
n/a
n/a
vec, deq, list
i_use_cmp
i_use_cmp
i_eq
i_cmp / i_less
yes
box, arc
i_use_cmp
i_use_cmp
i_eq + i_hash
i_cmp / i_less
yes
hmap, hset
n/a
i_eq + i_hash
n/a
no
smap, sset
i_cmp / i_less
i_cmp / i_less
no
pque
n/a
n/a
i_cmp / i_less
no
The emplace methods
STC, like c++ STL, has two sets of methods for adding elements to containers. One set begins
with emplace, e.g. vec_X_emplace_back(). This is an ergonimic alternative to
vec_X_push_back() when dealing non-trivial container elements, e.g. strings, shared pointers or
other elements using dynamic memory or shared resources.
The emplace methods constructs / clones the given element when they are added
to the container. In contrast, the non-emplace methods moves the element into the
container.
Note: For containers with integral/trivial element types, or when neither i_keyraw/i_valraw is defined,
the emplace functions are not available (or needed), as it can easier lead to mistakes.
non-emplace: Move
emplace: Embedded copy
Container
insert(), push()
emplace()
hmap, smap, hset, sset
insert_or_assign()
emplace_or_assign()
hmap, smap
push()
emplace()
queue, pque, stack
push_back(), push()
emplace_back()
deq, list, vec
push_front()
emplace_front()
deq, list
Strings are the most commonly used non-trivial data type. STC containers have proper pre-defined
definitions for cstr container elements, so they are fail-safe to use both with the emplace
and non-emplace methods:
#define i_implement // define in ONE file to implement longer functions in cstr
#include "stc/cstr.h"
#define i_key_str // special macro to enable container of cstr
#include "stc/vec.h" // vector of string (cstr)
...
vec_str vec = {0};
cstr s = cstr_lit("a string literal");
const char* hello = "Hello";
vec_str_push(&vec, cstr_from(hello); // make a cstr from const char* and move it onto vec
vec_str_push(&vec, cstr_clone(s)); // make a cstr clone and move it onto vec
vec_str_emplace(&vec, "Yay, literal"); // internally make a cstr from const char*
vec_str_emplace(&vec, cstr_clone(s)); // <-- COMPILE ERROR: expects const char*
vec_str_emplace(&vec, cstr_str(&s)); // Ok: const char* input type.
cstr_drop(&s)
vec_str_drop(&vec);
This is made possible because the type configuration may be given an optional
conversion/"rawvalue"-type as template parameter, along with a back and forth conversion
methods to the container value type.
Rawvalues are primarily beneficial for lookup and map insertions, however the
emplace methods constructs cstr-objects from the rawvalues, but only when required:
hmap_str_emplace(&map, "Hello", "world");
// Two cstr-objects were constructed by emplace
hmap_str_emplace(&map, "Hello", "again");
// No cstr was constructed because "Hello" was already in the map.
hmap_str_emplace_or_assign(&map, "Hello", "there");
// Only cstr_lit("there") constructed. "world" was destructed and replaced.
hmap_str_insert(&map, cstr_lit("Hello"), cstr_lit("you"));
// Two cstr's constructed outside call, but both destructed by insert
// because "Hello" existed. No mem-leak but less efficient.
it = hmap_str_find(&map, "Hello");
// No cstr constructed for lookup, although keys are cstr-type.
Apart from strings, maps and sets are normally used with trivial value types. However, the
last example on the hmap page demonstrates how to specify a map with non-trivial keys.
The erase methods
Name
Description
Container
erase()
key based
smap, sset, hmap, hset, cstr
erase_at()
iterator based
smap, sset, hmap, hset, vec, deq, list
erase_range()
iterator based
smap, sset, vec, deq, list
erase_n()
index based
vec, deq, cstr
remove()
remove all matching values
list
User-defined container type name
Define i_type instead of i_tag, or i_TYPE to define both i_type and i_key:
#define i_type MyVec
#define i_key int
// #define i_TYPE MyVec,int // shorthand
#include "stc/vec.h"
MyVec vec = {0};
MyVec_push(&vec, 42);
...
Forward declarations
There are two ways to pre-declare templated containers in header files:
Include the templated container type instance as a header file. This also exposes all container
functions, which can be used by client code. It requires that the element type is complete.
Or, pre-declare the container type only. In this case, the container can be a "private" member of a
user struct (the container functions will not be available to the user).
1. Include as a header file
Create a dedicated header for the container type instance:
#ifndef PointVec_H_
#define PointVec_H_
// Do not to include user defined headers here if they use templated containers themselves
// NB! struct Point must be complete at this point!
#define i_TYPE PointVec,struct Point
#define i_header // Do not implement, only expose API
#include "stc/vec.h"
#endif
Usage from e.g. other headers is trivial:
#ifndef Dataset_H_
#define Dataset_H_
#include "Point.h" // include element type separately
#include "PointVec.h"
typedef struct Dataset {
PointVec vertices;
PointVec colors;
} Dataset;
...
#endif
Implement PointVec in a c-file:
#include "Point.h"
#define i_implement // define immediately before PointVec.h
#include "PointVec.h"
...
2. Forward declare only
// Dataset.h
#ifndef Dataset_H_
#define Dataset_H_
#include "stc/types.h" // include various container data structure templates
// declare PointVec. Note: struct Point may be an incomplete/undeclared type.
forward_vec(PointVec, struct Point);
typedef struct Dataset {
PointVec vertices;
PointVec colors;
} Dataset;
void Dataset_drop(Dataset* self);
...
#endif
Define and use the "private" container in the c-file:
// Dataset.c
#include "Dataset.h"
#include "Point.h" // Point must be defined here.
#define i_is_forward // flag that the container was forward declared.
#define i_type PointVec
#define i_val struct Point
#include "stc/vec.h" // Implements PointVec with static linking by default
...
Per container-instance customization
Sometimes it is useful to extend a container type to store extra data, e.g. a comparison
or allocator function pointer or a context which the function pointers can use. Most
libraries solve this by adding an opaque pointer (void*) or function pointer(s) into
the data structure for the user to manage. This solution has a few disadvantages: the
pointers are not typesafe, and they take up space when not needed. STC solves this by letting
the user create a container wrapper struct where both the container and extra data fields can
be stored. The template parameters may then access the extra data using the "container_of"
technique.
The example below shows how to customize containers to work with PostgreSQL memory management.
It adds a MemoryContext to each container by defining the i_extend template parameter followed
the by inclusion of "stc/extend.h". Note that pgs_realloc and pgs_free is also passed the
allocated size of the given pointer, unlike standard realloc and free.
// stcpgs.h
#define pgs_malloc(sz) MemoryContextAlloc(c_extend()->memctx, sz)
#define pgs_calloc(n, sz) MemoryContextAllocZero(c_extend()->memctx, (n)*(sz))
#define pgs_realloc(p, old_sz, sz) (p ? repalloc(p, sz) : pgs_malloc(sz))
#define pgs_free(p, sz) (p ? pfree(p) : (void)0) // pfree/repalloc does not accept NULL.
#define i_allocator pgs
#define i_no_clone
#define i_extend MemoryContext memctx;
#include "stc/extend.h"
To use it, define both i_type and i_base (the container type) before including the custom header:
#define i_type IMap
#define i_base smap
#define i_key int
#define i_val int
#include "stcpgs.h"
// Note the wrapper struct type is IMap_ext. IMap is accessed by .get
void maptest()
{
IMap_ext map = {.memctx=CurrentMemoryContext};
c_forrange (i, 1, 16)
IMap_insert(&map.get, i*i, i);
c_foreach (i, IMap, map.get)
printf("%d:%d ", i.ref->first, i.ref->second);
IMap_drop(&map.get);
}
Memory efficiency
STC is generally very memory efficient. Memory usage for the different containers:
cstr, vec, stack, pque: 1 pointer, 2 intptr_t + memory for elements.
csview, 1 pointer, 1 intptr_t. Does not own data!
cspan, 1 pointer and 2 * dimension * int32_t. Does not own data!
list: Type size: 1 pointer. Each node allocates a struct to store its value and a next pointer.
deq, queue: Type size: 2 pointers, 2 intptr_t. Otherwise like vec.
hmap/hset: Type size: 2 pointers, 2 int32_t (default). hmap uses one table of keys+value, and one table of precomputed hash-value/used bucket, which occupies only one byte per bucket. The closed hashing has a default max load factor of 85%, and hash table scales by 1.5x when reaching that.
smap/sset: Type size: 1 pointer. smap manages its own array of tree-nodes for allocation efficiency. Each node uses two 32-bit ints for child nodes, and one byte for level, but has no parent node.
arc: Type size: 1 pointer, 1 long for the reference counter + memory for the shared element.
box: Type size: 1 pointer + memory for the pointed-to element.
Version History
Version 4.3
Breaking changes:
cstr and csview now uses shared linking by default. Implement by either defining i_implement or i_static before including.
Renamed "stc/calgo.h" => "stc/algorithm.h"
Moved "stc/algo/coroutine.h" => "stc/coroutine.h"
Much improved with some new API and added features.
Removed deprecated "stc/crandom.h". Use "stc/crand.h" with the new API.
Reverted names _unif and _norm back to _uniform and _normal.
Removed default comparison for list, vec and deq:
Define i_use_cmp to enable comparison for built-in i_key types (<, ==).
Use of i_key_class still expects comparison functions to be defined.
Use of i_key_arcbox compares stored pointers instead of pointed to values if comparison not defined.
Renamed input enum flags for cregex-functions.
cspan: Added column-major order (fortran) multidimensional spans and transposed views (changed representation of strides).
All new faster and smaller queue and deq implementations, using a circular buffer.
Renamed i_extern => i_import (i_extern deprecated).
Define i_import before #include "stc/cstr.h" will also define full utf8 case conversions.
Define i_import before #include "stc/cregex.h" will also define cstr + utf8 tables.
Renamed c_make() => c_init() macro for initializing containers with element lists. c_make deprecated.
Removed deprecated uppercase flow-control macro names.
Other smaller additions, bug fixes and improved documentation.
Version 4.2
New home! And online single headers for https://godbolt.org
Library: https://github.com/stclib/STC
Headers, e.g. https://raw.githubusercontent.com/stclib/stcsingle/main/stc/vec.h
Much improved documentation
Added Coroutines + documentation
Added new crand.h API & header. Old crandom.h is deprecated.
Added c_const_cast() typesafe macro.
Removed RAII macros usage from examples
Renamed c_flt_count(i) => c_flt_counter(i)
Renamed c_flt_last(i) => c_flt_getcount(i)
Renamed c_ARRAYLEN() => c_arraylen()
Removed deprecated c_ARGSV(). Use c_SV()
Removed c_PAIR
Version 4.1.1
Major changes:
A new exciting cspan single/multi-dimensional array view (with numpy-like slicing).
Signed sizes and indices for all containers. See C++ Core Guidelines by Stroustrup/Sutter: ES.100, ES.102, ES.106, and ES.107.
Customizable allocator per templated container type.
Updates on cregex with several new unicode character classes.
Algorithms:
crange - similar to boost::irange integer range generator.
c_forfilter - ranges-like view filtering.
csort - fast quicksort with custom inline comparison.
Renamed c_ARGSV() => c_SV(): csview print arg. Note c_sv() is shorthand for csview_from().
Support for uppercase flow-control macro names in common.h.
Some API changes in cregex and cstr.
Create single header container versions with python script.
API changes summary V4.0
Added cregex with documentation - powerful regular expressions.
Added: c_forfilter: container iteration with "piped" filtering using && operator. 4 built-in filters.
Added: crange: number generator type, which can be iterated (e.g. with c_forfilter).
Added back coption - command line argument parsing.
New + renamed loop iteration/scope macros:
c_forlist: macro replacing c_forarray and c_apply. Iterate a compound literal list.
Updated cstr, now always takes self as pointer, like all containers except csview.
Updated vec, deq, changed *_range* function names.
Changes version 3.8
Overhauled some cstr and csview API:
Changed cstr_replace*() => cstr_replace_at*(self, pos, len, repl): Replace at specific position.
Changed cstr_replace_all() cstr_replace*(self, search, repl, count): Replace count occurences.
Renamed cstr_find_from() => cstr_find_at()
Renamed cstr_*_u8() => cstr_u8_*()
Renamed csview_*_u8() => csview_u8_*()
Added cstr_u8_slice() and csview_u8_slice().
Removed csview_from_s(): Use cstr_sv(s) instead.
Added back file coption.h
Simplified cbits usage: all inlined.
Updated docs.
Changes version 3.7
NB! Changed self argument from value to const pointer on containers (does not apply to cstr):
CNT_size(const CNT *self)
CNT_capacity(const CNT *self)
CNT_empty(const CNT *self)
Now both stack and cbits can be used with template i_capacity parameter: #define i_capacity
Renamed cstr_rename_n() => cstr_rename_with_n() as it could be confused with replacing n instances instead of n bytes.
Fixed bug in smap.h: begin() on empty map was not fully initialized.
Changes version 3.6
Swapped to new cstr (short string optimized, aka SSO). Note that cstr_str(&s) must be used, s.str is no longer usable.
Removed redundant size argument to i_hash template parameter and c_default_hash. Please update your code.
Added general i_keyclone/i_valclone template parameter: containers of smart pointers (arc, box) now correctly cloned.
Allows for i_key* template parameters instead of i_val* for all containers, not only for hset and sset.
Optimized c_default_hash(). Therefore c_hash32() and c_hash64() are removed (same speed).
Added .._push() and .._emplace() function to all containers to allow for more generic coding.
Renamed global PRNGs stc64_random() and stc64_srandom() to crand() and csrand().
Added some examples and benchmarks for SSO and heterogenous lookup comparison with c++20 (string_bench_*.cpp).
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A modern, user friendly, generic, type-safe and fast C99 container library: String, Vector, Sorted and Unordered Map and Set, Deque, Forward List, Smart Pointers, Bitset and Random numbers.
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华为与沙特电信(stc)签署全光战略合作备忘录,加速迈向F5.5G - 华为
华为与沙特电信(stc)签署全光战略合作备忘录,加速迈向F5.5G - 华为
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华为与沙特电信(stc)签署全光战略合作备忘录,加速迈向F5.5G
2023年03月03日
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[西班牙,巴塞罗那,2023年3月3日] 在2023世界移动大会(MWC2023)期间,沙特电信(Saudi Telecom Company, stc)与华为签署了迈向F5.5G时代构建全光战略合作伙伴关系的合作备忘录,其包含在F5G及F5.5G产业标准下的共识和产品与解决方案合作。该合作备忘录旨在帮助stc建设满足超大带宽、超高速率、品质体验和自动驾驶要求的全光基础网络,在加速数字化转型战略实施的同时实现固定网络商业繁荣。
华为与stc签署全光战略合作备忘录
在2022年9月,ETSI发布了Fixed 5th Generation Advanced and Beyond白皮书,定义了F5.5G的核心能力。F5.5G时代带来了四大改变:
用户体验达到10Gbps:F5.5G引入FTTR、Wi-Fi 7、50G PON、800G等下一代技术,实现10Gbps 的无处不在;
业务边界超越联接:光纤感知技术应用于火灾地震预警、气体检测、水质检测等场景;
网络保障:从电信级向工业级提升,加快产业数字化升级;
网络更加环保:光纤传输技术相比EXC可减少90%的能耗、全光接入技术与铜相比可以减少80%的能耗。
华为和stc未来将在50G PON、FTTR、OXC、城域池化波分、波分400G/800G和超高速1.2T等领域加强包括技术研究、技术测试、商业部署和宣传方面的合作,并组建联合团队在F5.5G领域创新。华为表示将全力支持stc固定网络建设。同时,stc表示愿意加入ETSI/WBBA等标准或行业组织,在为F5.5G标准提供价值案例、技术和架构等的同时,提升stc的行业影响力。
stc基础设施设计部总经理Hisham A.Alabdaly表示:“借着此次F5.5G备忘录的签署,stc会更好地推进固网端到端的创新和商业化,保持在固网产业的持续领先。”
华为光产品线总裁靳玉志表示:“华为将携手stc在F5.5G的发展道路上持续进行技术突破和产品创新,帮助stc网络不断向前演进、不断提升最终用户体验和网络运营效率,创造更大的商业价值,助力沙特2030愿景实现。”
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公司简介:
赛普拉斯公司能够为客户提供高性能、可编程的混合信号解决方案,以实现产品的快速上市和系统的出众价值。赛普拉斯的产品包括PSoC?可编程片上系统?、USB控制器、通用可编程时钟和内存。此外,公司还提供从WirelessUSB?射频片上系统到West Bridge?和EZ-USB? FX2LP控制器等多种有线和无线连接解决方案,以增强多媒体手机的连通性和性能。赛普拉斯服务于诸多市场领域,包括消费电子、计算、数据通信、汽车、工业、太阳能等。赛普拉斯在纽约证券交易所上市,股票代码为CY。更多信息,请访问赛普拉斯网站 www.cypress.com 。
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中国区销售联系信息
Cypress Sales Offices
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Room 1413,International Chamber of
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phone: 86-755 3398 9001, fax: 86-755 33989002
Nikkie Zhang, xnz@cypress.com
Cypress Semiconductor Corporation
Unit 706, Building C South Tower
Raycom Infotech Park,
#2 Ke Xue Yuan Road South, Haidian
Beijing, Beijing 100080 China
phone: +86 10 8286 2826, fax: +86 10 8286 2827
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Cypress Semiconductor Corporation
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phone: +86 21-28932000, fax: +86 21-28932333
Michael Zhang, michael.zhang@arrowasia.com
Arrow Electronics Pte. Ltd.
http://www.arrowasia.com
20/F Tower Two, Ever Gain Plaza
88 Container Port Road
Kwai Chung, 00000 Hong Kong
phone: +852 2484 2484, fax: +852 2484 2122
Arrow/Components Agent Ltd.
http://www.arrowasia.com
20/F Tower Two, Ever Gain Plaza
88 Container Port Rd.
Kwai Chung, 123 Hong Kong
phone: 852 2484 2484, fax: 852 2484 2122
Avnet Asia Pte Ltd.
http://www.avnet.com
16/F Spectrum Tower, 53 HungTo Rd
Kwun Tong, Kowloon
Hong Kong, 1 Hong Kong
phone: 011-852-2376-1882, fax: 011-852-2790-2182
Stanley Ho, stanley.ho@avnet.com
Avnet Asia Pte Ltd.
http://www.avnet.com
21/22F Strength Plaza, No 3 Lane 60
Tien Shen Rd.
Shanghai, Shanghai 200051 China
phone: +86 21 5206 2288, fax: +86 21 5206 2200
Ian Ye, ian.ye@avnet.com
Avnet Asia Pte Ltd.
Unit 2402, Tower B, Zhongshangplaza
7 Zhongnan Road, Wuchang
Wuhan, 430071 China
phone: 86-27-87305735, fax:
Justin Zhao, justin.zhao@avnet.com
Avnet Asia Pte Ltd.
http://www.avnet.com
10/F., Block A, Electronics Science
& Technology Building
2070 Shennan Road Central
Shenzhen, Guangdong 518031 China
phone: +86 755 8378 1886, fax: +86 755 8378 3136
Stanley Ho, stanley.ho@avnet.com
Avnet Asia Pte Ltd.
RM805, Gaoke Building,
52 Gaoxin Road
Xian, 710075 China
phone: 86-29-88311055, fax:
Belo Zou, belo.zou@avnet.com
Avnet Asia Pte Ltd.
RM1201-1207 Twr A Chengjian Plaza
18 Beitaipingzhuang Rd, Haidian Dis, Beijing 9 China
phone: +86 10 82062488, fax: +86 10 82062417
Orlando Kang, orlando.kang@avnet.com
Avnet Asia Pte Ltd.
Block H, 25F, FirstCity Plaza
No.3,Shuncheng Avenue
Chengdu, Sichuan 610017 China
phone: 86 28 8652 8003, fax: 86 28 8652 8379
Dong Mei Li, dongmei.li@avnet.com
DRAGON China
3-1 12F E-Sun International Buildin
No 27 Keji Road
Hi-TECH-Industrial Dev Zone
Xian, Xian 710075 China
phone: ., fax:
DRAGON CHINA
Rm703, TowerB Horizon International
No.6 Zhichun Road
Beijing, Beijing 100088 China
phone: ., fax:
DRAGON China
A1903#,Zhonshangplaza,
7#ZhongNanRoad,
WuChangDistrict
Wu Han, Wu Han 430071 China
phone: ., fax:
DRAGON China
13/F, Sanda Science &tech building
No.1 Ki Road
Hi-tech Industrial Nanshan District
Shenzhen, Shenzhen 518057 China
phone: 0755-26532288, fax: 0755-26532026
DRAGON CHINA
Rm 1315-1316, TianFeng Mansion
No.26 HongWu Road
Jiangsu
Nanjing, Nanjing 210005 China
phone: +86 25-84202353, fax:
Irene Wang, irenew@dragonhk.com
DRAGON CHINA
Rm1201,A,Zhonghui Building
No.1 jia xianxialing Rd
laoshan Borough
Qingdao Shandong, Shandong 266001 China
phone: ., fax:
Dragon China
Rm20E,Heart of City
Ren Min South Road
1th Block, No86
ChengDu, Sichuan 610016 China
phone: 86-28-86203119, fax: 86-28-86203123
Irene Wang, irenew@dragonhk.com
Dragon China
A1903#,Zhonshangplaza
7#ZhongNanRoad,WuChangDistrict
Wuhan, 430071 China
phone: 86-27-87322753, fax:
Irene Wang, irenew@dragonhk.com
Dragon China
3-112FE-SunInternationalBuilding
No 27KejiRoad Hi-TECH-Industrial
DevelopmentZone
Xian, 710075 China
phone: 86-29-88323769, fax:
Irene Wang, irenew@dragonhk.com
DRAGON CHINA
Room A-B3, 28F,
Junyao International Plaza,
No.789 Zhaojiabang Road
Shanghai, Shanghai 200032 China
phone: +86 21 5496 2929, fax:
Irene Wang, irenew@dragonhk.com
FE Global China
http://www.fe-electronics.com
5/F, Invesment Base
No. 2 Kefa Road, Middle Division,
Hi-tech Park of Nanshan District
Shenzhen, Guangdong 518057 China
phone: 86-755-2601-4538, fax: 86-755-2653-2040
Irene Wang, irene.wang@fe-electronics.com
FE Global China
http://www.fe-electronics.com
Room A-B3, 28F,
Junyao International Plaza,
No.789 Zhaojiabang Road
Shanghai, Shanghai 200032 China
phone: +86 21 5496 2929, fax: +86 21 5410 9772
Irene Wang, irene.wang@fe-electronics.com
FE Global China
http://www.fe-electronics.com
Unit D, 5/F Hong Kong
Spinners Industrial Bldg
Phase 5, 760-762 Cheung Sha Wan Rd
Kowloon, HK Hong Kong
phone: +852 24810223, fax: +852 24810826
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Irene Wang, irene.wang@fe-electronics.com
FE GLOBAL CHINA
Room703, Tower B
Horizon International Building
No.6 Zhichun Road, Haidian District
Beijing, Beijing 100088 China
phone: 010-82961023/24/25, fax: 010-82961027
Summer Xu, summer.xu@feg-china.com
Future Electronics Co. Ltd.
102#, Yulin West Road
Chengdu, Sichuan 610000 China
phone: 86-28-85182803, fax: 86-28-85182803
Hongen Zhang, hong-en.zhang@future.ca
Future Electronics Co. Ltd.
http://www.futureelectronics.com
2101-16 & 21/F Metro Plaza Tower 1
223 Hing Fong Road
Kwai Fong, New Territories, 00000 Hong Kong
phone: +852-2420 6238, fax: +852-2423-0767
Kelvin Chong, Kelvin.Chong@futureelectronics.com
Future Electronics Co. Ltd.
http://www.futureelectronics.com
Room I 6/F, Tower A,
East Gate Plaza
9 Dong Zhong St. Dong Cheng Dist.
Beijing, Beijing 100027 China
phone: (86)10-6418 2335, fax: (86)10-6418 2290
Daisy Liu, daisy.liu@futureelectronics.com
Future Electronics Co. Ltd.
http://www.futureelectronics.com
RM 2701-02, 05-06 Huaihai Plaza
1045 Huaihai Rd Xu Hui District
Shanghai, Shanghai 200031 China
phone: +86-21-2412 2222, fax: +86-21-5465 8699
Peter Peng, peter.peng@futureelectronics.com
Future Electronics Co. Ltd.
http://www.futureelectronics.com
18/F, Liantai Building, Avenue 7,
Zizhu, Zhuzilin, Futian District
Shenzhen, Guangdong 518031 China
phone: 86-755-83669286, fax: 86-755-83669280
Gilen Liu, gilen.liu@futureelectronics.com
G.M.I.Technology Inc
Rm 3-9 units, 18/F
Jingguang Business Building
1002, Yanhe North Rd,
Luohu District, Shenzhen, Shenzhen . China
phone: ., fax:
GMI
Rm.3-9 units,18/F.,Jingguang Busine
No.1002,Yanhe North Road,Luohu Dist
shenzhen, 518048 China
phone: 755-33388324, fax:
Princeton Technology Corporation
http://www.ptcc.com.tw
Room 1401, 14/F Treasure Center
42 Hung To Road, Kwun Tong
Kowloon, 123 Hong Kong
phone: 852 24131936, fax: 852 24939284
Tekcomp Electronics Ltd.
http://www.tektron.com.hk
Room H, 25th Floor,
Shanghai Industry Investment Bldg.
18 Cao Xi Bei Road, Xu Jia Hui
Shanghai, Shanghai 200030 China
phone: (86)21-6427 8232, fax: (86)21-6427 0992
tekchina@tek.com.hk
Tekcomp Electronics Ltd.
http://www.tektron.com.hk
Unit 703 West Wing, 7/F.,
10 Science Park West Ave
HK Science Park
HK Science Park, Shatin HK Hong Kong
phone: +852-2710-8121, fax: +852-2710-9220
Eddie Chan, tekcomp@tek.com.hk
Tektron Electronics (HK) Ltd.
6-5-9, Group3 ShangDong Garden
JinJiang Area
Chengdu, Sichuan 610066 China
phone: 86-28-8595 5297, fax: 86-28-8595 5297
Reky Chang, rekychang@tekprc.com
Tektron Electronics Ltd
http://www.tektron.com.hk
Rm 601A Water Bldg 1019,
ShenNan Zhong Rd, Shenzhen
shenzhen, Guangdong 518031 China
phone: +86-755-8213 9902, fax: +86-755 8213 9907
tekchina@tek.com.hk
Tektron Electronics(HK) Ltd.
http://www.tektron.com.hk
Rm 1611, HuBei Building
36, the South Street
Zhong Guan Chun
Beijing, Beijing 100081 China
phone: 86 10 6212 6506, fax: 86 10 6212 6507
Jacky Chang, tekchina@tek.com.hk
Weikeng International Company Ltd.
http://www.weikeng.com
7D, Huan Tai Plaza, No.12A,
Nan Avenue, Zhong Guan Cun,
Hai Dian District
Beijing, Beijing 100081 China
phone: (86)10 62128866, fax: (86)10 62121670
Harry Wang, harry.wang@weikeng.com.cn
Weikeng International Company Ltd.
http://www.weikeng.com
Unit 02,12/F,Bldg B, United Plaza
No. 5022 Binhe Road
Futian Centre
Shenzhen, Guangdong 51008 China
phone: +86-755-8294 3322, fax: +86-755-8296 6606
Grace, grace@weikeng.com.cn
Weikeng International Company Ltd.
7B,Jinxue Building, Xuefu Garden,
No.12, South Section 1,
1st Ring Road
Chengdu, Sichuan 610041 China
phone: 86-28-85257498, fax: 86-28-85250768
Charlie Liao, charlie@weikeng.com.cn
Weikeng International Company Ltd.
RM2811, UnitA, Pengchengguoji,
1 Luoyu Road, Wuchang
Wuhan, 430070 China
phone: 86-27-87652783, fax:
Renee Zhang, renee.zhang@weikeng.com.cn
Weikeng International Company Ltd.
http://www.weikeng.com
Rm202, 2/F, Cheung Fung Ind. Bldg
No.23-39 Pak Tin Par,Tsuen Wan,N.T., Hong Kong 99999 Hong Kong
phone: 852-2-799-9035, fax: 852-2-796-6968
Joey Lin, joey.lin@weikeng.com.cn
WEIKENG INTERNATIONAL COMPANY LTD.
Rm.1206 Bldg.B, Zhengfa Apartment
No.75 Fuzhou South Road
Shinan District
Qingdao, 266071 China
phone: 0532 85764850, fax:
Joey Lin, joey.lin@weikeng.com.cn
Weikeng International Company Ltd.
RM503, Zhijian Building
26 Keji Rd, West High-tech
Industry Zone
Xian, 710065 China
phone: 86-29-88258704, fax:
Bill Zhao, bill.zhao@weikeng.com.cn
Weikeng International Company Ltd.
http://www.weikeng.com
18/F Cloud Nine Plaza 2
1018 Chang Ning Road,
Shanghai, Shanghai 200042 China
phone: 86 21 33727700, fax: 86 21 33727033
Joey Lin, joey.lin@weikeng.com.cn
Zenitron (H.K.) Ltd.
http://www.zenitron.com.tw
Rm. 1401, 14F, No. 19 Nanfong
Business Center, Lam Kok St
Kowloon Bay, Hong Kong HK Hong Kong
phone: 852 2759 8002, fax: 852 2759 3067
Eric Chen, eric_chenpw@zenitron.com.tw
Zenitron Corporation
18A, No 1088
West Yan An Road
Changning District
Shanghai, Shanghai 200023 China
phone: +86 21 62076661, fax: +86 21 62076616
Vincent Chen, vincent_chen@zenitron.com.tw
Zenitron Corporation
http://www.zenitron.com
A301, Skyworth Building
Technological South District
Nanshan District
Shenzhen, Guangdong 518000 China
phone: +86 755 8347 5869, fax:
Tony Sun, tony_sunt@zenitron.com.tw
Zenitron Corporation
http://www.zenitron.com.tw
Room B-316,CEC Plaza,
No.3 Danling Street
Hai Dian District
Beijing, Beijing BJ China
phone: 86-10-82607468-254, fax: 86-10-82607469
Alin Lin, alin_lin@zenitron.com.tw
Zenitron Corporation
http://www.zenitron.com.tw
4-1021#, Saige Building
No.29, Tongzi Street
Qingyang Area
Chengdu, Sichuan 610000 China
phone: 86-28-6675 9697, fax: 86-28-6675 9277
Frank Wang, frank_wang@zenitron.com.tw
赛普拉斯公司能够为客户提供高性能、可编程的混合信号解决方案,以实现产品的快速上市和系统的出众价值。赛普拉斯的产品包括PSoC?可编程片上系统?、USB控制器、通用可编程时钟和内存。此外,公司还提供从WirelessUSB?射频片上系统到West Bridge?和EZ-USB? FX2LP控制器等多种有线和无线连接解决方案,以增强多媒体手机的连通性和性能。赛普拉斯服务于诸多市场领域,包括消费电子、计算、数据通信、汽车、工业、太阳能等。赛普拉斯在纽约证券交易所上市,股票代码为CY。更多信息,请访问赛普拉斯网站 www.cypress.com 。
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the PSoC® Programmable System-on-Chip™, USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB™ radio system-on-chip, to West Bridge™ and EZ-USB® FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY.
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资产证券化STC标准国内外比较分析及其在国内的实践探索
资产证券化STC标准国内外比较分析及其在国内的实践探索
2023年10月23日 12:45
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摘 要
STC标准是对资产证券化产品简单性、透明度和可比性的评估规则,将STC标准纳入资产证券化监管框架对于证券化市场及其参与者具有重要意义。2015年巴塞尔银行监管委员会将STC判定标准纳入资产证券化资本监管框架。自2019年起,欧盟STS标准正式开始实施。2023年2月18日,我国在《商业银行资本管理办法(征求意见稿)》中引入了STC标准。巴塞尔协议Ⅲ(BaselⅢ)STC标准推出、欧盟STS标准的实践以及国内STC标准的出台为我国探索实施STC标准奠定了基础。
关键词
STC标准 EU STS标准 CN STC标准
资产证券化“简单、透明、可比”的国际标准
(一)资产证券化国际监管标准出台的背景
2007年美国次贷危机爆发并引发全球金融危机暴露出巴塞尔协议II下资产证券化监管框架存在亟待弥补的缺陷。为恢复市场信心,巴塞尔银行监管委员会(BCBS)和国际证监会组织(IOSCO)制定了简单、透明的资产证券化结构标准,以推动证券化市场可持续发展。2015年7月,BCSC与IOSCO联合发布资产证券化“简单、透明、可比”(STC)判定标准,并于2015年将其纳入资产证券化资本监管框架。
欧盟委员会和理事会于2017年12月颁布了《证券化条例》(2017/2402)和《CRR修正案》(2017/2401),制定了统一的监管框架(EU STS标准)。EU STS标准自2019年1月1日起正式适用于新发行的证券化交易。
(二) Basel III STC标准介绍
在BCBS的推动下,STC标准于2015年末被纳入Basel III监管框架,是对资产证券化产品简单性、透明度和可比性的评估规则。其中,“简单”是指资产支持证券(ABS)基础资产特性简单、具有同质性且交易结构不过于复杂;“透明”是指向投资者充分披露资产、交易结构及参与机构信息,帮助投资者更全面、深刻地理解交易风险;“可比”是指在考虑各地司法实践差异的前提下,所提供的信息可以帮助投资者实现同一类型下资产证券化产品的直接比较。
Basel III STC标准聚焦于三类主要风险,即资产风险(关注入池资产通用标准)、结构风险(关注交易结构透明度)、受托和服务风险(关注各参与方的履职能力),基于上述三个风险维度,Basel III STC标准覆盖了资产性质、资产筛选与转让、发行文件披露与审查、受托和契约责任等方面的要求。
由于一般资产证券化(Term Securitsation, Non-ABCP)和短期资产证券化(Short-term Securitisation, ABCP/ABCP Programme)产品结构上存在差异,Basel III STC标准可进一步划分为适用于一般资产证券化产品和适用于短期资产证券化产品的标准(见表1)。其中,适用于一般资产证券化产品的Basel III STC标准共计16条,分为14条一般标准和2条适用监管资本优惠的附加标准;符合STC标准的资产证券化产品在满足2条监管资本附加标准后,所适用的风险权重下限为10%,其他产品适用的风险权重下限为15%。
(三)EU STS标准
1. EU STS标准介绍
EU STS标准自2019年1月1日起正式实施,从简单、透明、标准化三个层面对资产证券化的相关参与方、基础资产、交易结构及信息披露等进行约束。以一般证券化产品为例,EU STS标准的主要内容见表2。
2. STS标识的申请流程
根据《证券化条例》(2017/2402),欧洲证券和市场管理局(ESMA)负责在其官网上公布STS产品清单目录及相关数据;只有被登记列入清单的证券化产品才能宣称其满足了STS标准。
从具体的申请流程来看,发行参与方应准备合格公告资料提交至ESMA,并有权自行决定是否引入监管机构授权的独立第三方验证机构进行STS合格认证。目前,欧洲市场上主要有STS Verification International GmbH(SVI)和Prime Collateralised Securities(PCS)两家STS验证机构为证券化产品提供EU STS标准认证服务。截至2020年末,96%的公募STS资产证券化产品接受了独立第三方验证机构提供的认证服务。
3. EU STS标准的实施现状
截至2022年5月末,欧盟已有659单证券化产品获得STS标识,其中约57.21%为私募产品(377单),基础资产类型以贸易应收款(34.60%)、汽车抵押贷款和汽车租赁(27.01%)、个人住房抵押贷款(17%)为主。
国内“简单、透明、可比”(STC)认可标准
(一)中国STC标准(CN STC标准)出台的背景
2023年2月18日,原银保监会、中国人民银行发布《商业银行资本管理办法(征求意见稿)》,正式引入了“简单、透明、可比”标准,符合CN STC标准的证券化风险暴露可以享受相关资本优惠。
(二)CN STC标准与Basel III STC标准的比较分析
CN STC标准与Basel III STC标准整体框架基本一致。不同的是,Basel III STC标准划分为一般标准和监管资本附加要求/标准;CN STC标准则未作如上划分,证券化产品需要满足全部16条细则才可以被认定为符合STC标准,商业银行才可以采用“简单、透明、可比”规则计算风险加权资产。
1. CN STC标准与Basel III STC标准的相似性分析
(1)基础资产筛选及其披露
在基础资产状态方面,两个标准均要求入池资产需满足同质性要求,不得包含违约、逾期、已有证据表明预期损失将明显增加、将被采取强制执行措施的资产,均将不良贷款ABS排除在外。
在基础资产主动管理的限制方面,两个标准均要求封包后不应对入池资产进行主动选择、管理或挑选。这项要求旨在避免代理风险的增加,确保证券化产品的偿付能力取决于基础资产的回收表现。国内ABS市场中存在一些证券化产品赋予原始权益人在出现或可能出现逾期/违约基础资产时回购基础资产的选择权,这种回购权的行使可能被认为是主动管理,因此此类证券化产品可能不符合CN STC标准的要求。
在基础资产分散度方面,Basel III STC标准适用于监管资本优惠的附加标准以及CN STC标准,两个标准均要求单一债务人的风险暴露值不得超过基础资产池全部风险暴露合计值的1%。对信贷资产证券化,如果发起方或支持方自持次级档且覆盖至少10%的第一损失,单一债务人风险暴露占比上限可以提高到2%。该要求将资产集中度高的证券化产品排除在外。
在资产池数据披露方面,两个标准均要求在产品发行前需向潜在投资者披露逐笔贷款数据,但若资产池非常分散,则可以提供资产池分类汇总数据。此外,也规定了投资者报告的频率下限为季度。目前主流的汽车抵押贷款ABS、住房抵押贷款ABS、个人消费贷款ABS、小微企业贷款ABS等分散度较高的产品基本符合相关要求,但数据披露范围、程度方面仍需细化政策进行标准化约束。
(2)交易结构设计及交易文件内容
在证券偿付来源方面,两个标准均明确规定,证券化产品的偿付不应依赖于基础资产出售或再融资,除非基础资产足够分散且还款分布足够分散。这是为了避免增加投资者在评估产品信用风险时面临的流动性风险、市场风险和期限转换风险。需要注意的是,“不应依赖”并不意味着将所有抵押担保类别的产品都排除在外。
在证券端信息披露方面,两个标准均要求在发行前和存续期间向投资者提供产品现金流模型或与现金流有关的充足信息,以使投资者能够对证券化产品的现金流瀑布进行建模。然而,这两个标准并未明确定义现金流模型的内容或必须提供的信息。参考EU STS标准的要求:该模型应准确体现基础资产现金流入和“发起机构、支持机构、投资者、其他第三方及资产证券化特殊目的实体之间”的现金流出的合同关系。根据该定义,现金流模型或其相关信息可能至少需要包含动静态池历史数据、还款计划表以及其他相关信息(日期设置、参与机构费用、分层方案等)。就市场实践而言,当前证券化产品的信息披露涵盖部分上述内容,但仍需进一步完善信息披露以满足投资人的建模需求。
在支付顺序方面,两个标准均强调证券化产品应按照预先规定的支付优先顺序进行偿付,并要求发行文件中不得包含基础资产按市场价值立即清算的条款,除非触发违约或加速清偿事件。这是为了避免增加投资者在进行风险分析和尽职调查时面临的市场风险,并确保ABS的收益表现不依赖于基础资产的清算价值。目前国内ABS产品从偿付顺序看基本符合这一要求。而EU STS标准对支付顺序的要求较为宽松,其适用范围包括未采用严格优先级顺序偿付的证券化项目,仅要求此类项目设置触发机制并在触发后恢复为优先级顺序偿付。
此外,两个标准在利率与币种错配、投票权和执行权转让、发起机构自留风险敞口、发行文件披露与审查、参与机构履职能力方面的要求基本一致。
2. CN STC标准与Basel III STC标准的差异分析
(1)基础资产的性质及转让
在基础资产的同质性评估方面,CN STC标准提出了更明确的要求,要求“支持基础资产具有同质性的证明信息应对外公开披露”。
在资产真实出售认定方面,Basel III STC标准考虑了基础资产转让的特殊形式,比如需要通知与该转让相关的所有债务人的转让,要求如果基础资产转让存在这些特殊形式,应当在发行时就明确披露可能影响资产真实出售的法律风险以及向最终债务人追索的方式。相比之下,CN STC标准未单独说明这些特殊情况,当基础资产通过其他方式进行转移、真实出售被延迟或者取决于某些特定事件时,一般不符合国内基础资产真实出售的认定,也并非国内ABS产品主流结构设置。
(2)历史数据的信息披露
在资产历史表现方面,CN STC标准更为严格,要求公开披露基础资产的相关损失数据、数据来源和数据获取方式。相比之下,Basel III STC标准仅要求向投资者披露与基础资产相关的损失数据;只有此类数据的来源、获取途径以及历史数据与入池资产风险特征具有相似性的判定依据需要向所有市场参与者披露。另外,EU STS标准则只要求向潜在的投资者披露上述信息,因此某些私募ABS也可以被认证为STS产品。根据目前国内的情况,信贷ABS和公募资产支持票据(ABN)能够满足CN STC标准关于公开披露数据的要求。未来需要进一步明确相关数据公开披露的要求,以确定其他资产证券化产品是否适用CN STC标准。
(3)独立第三方的审查评估及验证服务
CN STC标准除了与Basel III STC标准类似规定了基础资产信息披露和发行前披露文件需要由独立第三方进行审阅外,还额外强调了服务机构为非银行机构的,信息系统和报告机制应由独立第三方进行评估。然而,具体由哪些机构来履行这些职责仍需要进一步明确。
此外,欧盟允许发起机构和证券化特殊目的载体聘请经监管授权的独立第三方机构对产品是否满足STS标准进行验证。CN STC标准除第三方审阅外,尚未具体提及独立第三方验证相关事项,监管部门是否会参照EU STS标准引入第三方验证服务以推动STC标准的统一落地实施有待探索。
CN STC标准实施的建议
(一)考虑扩大适用范围
CN STC标准在银行间信贷市场实施的可操作性较强,主流的分散类正常资产更容易满足要求。目前国内信贷ABS市场各类资产在“信息披露指引”的约束下公开披露信息,信息披露相对完善、标准,与当前CN STC信息披露要求更为接近。因此,前期CN STC在银行间信贷市场实施的可操作性较强。与此同时,依照CN STC标准,不良资产及分散度不足的资产未被纳入STC认证范围,主流的以分散度较高的正常类资产为基础资产的ABS产品更容易满足要求。
参照国际实践,CN STC标准在国内私募发行的ABS产品市场实施具有一定可行性且意义重大。参考Basel III STC标准,其在证券化产品的适用范围上并未限制证券化产品发行方式是公开发行还是私募发行,且根据EU STS标准的实践情况,一些仅向潜在投资人提供数据信息的产品也可被认证为EU STS产品。国内后续可参照国际实践研究对私募发行的ABS产品实施STC标准的可能性。国内私募市场发行量较大,如能纳入STC认证范围,可提升市场透明度和信息披露水平。
(二)强化信息披露
建立或指定满足CN STC标准的产品信息披露渠道,细化适配CN STC标准的信息披露要求。虽然目前国内ABS市场信息披露制度不断完善,但是信息披露指引等制度内容尚待细化。以《个人住房抵押贷款ABS信息披露指引(修订)》为例, 要求对资产证券化涉及的每一笔基础资产的核心要素信息进行持续披露,却尚未出台针对该项要求的具体文件(如需要明确披露的数据点、披露格式等)。此外,国内尚无专门适用于STC标准的信息披露指引或模板。基于该现实情况,我国应尽快明确细化STC合格认证的信息披露要求,以及参照国外实践建立或者指定CN STC标准的信息披露渠道,以更好地推动STC标准落地。
(三)完善证券化数据服务设施
完善证券化数据服务设施,鼓励建立跨机构、跨市场的数据存储服务机构。在数据的公共服务上,国内证券化市场缺少可供投资人进行数据对比、分析的数据渠道,数据的储存、检索、校验等要素并不完善,目前仅银行业信贷资产登记流转中心(银登中心)在信贷资产证券化领域为证券化产品提供信息登记服务,对相关产品的基础资产明细和ABS信息实施初始登记和存续期变更登记。参考欧盟资产证券化市场经验,欧洲建立了欧洲数据仓库(EDW),用于提供证券化交易的数据储存、验证和下载等服务。建议国内完善证券化数据服务设施,在监管授权下提供跨机构、跨市场的数据存储服务,向符合监管要求的投资者及市场参与机构开放,并规范机构数据披露形式。
(四)建立健全STC标准第三方验证服务体系
尽快明确CN STC标准中涉及的第三方机构的服务职责以及可履职的机构范围,建立健全STC标准第三方验证服务体系。借鉴EU STS标准的实施经验,为保障STS标准的统一落地实施,可引入第三方验证服务体系,但提供CN STC标准的第三方验证服务所需的监管授权、机构资质、认证流程等方面亟待监管部门进一步明确。银登中心为信贷资产证券化产品提供信息登记服务,发挥了监管支持作用,第三方验证服务中可充分发挥银登中心等机构的积极作用。
结论
尽管我国证券化市场起步较晚,但CN STC标准相关监管政策的制定已在很大程度上吸收了国际经验。国内STC标准出台、Basel III STC标准的推出以及欧盟STS标准的实践,对国内探索实施STC标准具有很大的借鉴意义。
CN STC标准与Basel III STC标准的框架和内容大致相同。CN STC标准是基于对中国经济、司法环境和证券市场情况的综合考虑制定的,细则内容更符合国内证券化市场实际情况。CN STC额外强调了对非银行机构的服务机构进行信息系统和报告机制的独立第三方评估,其对基础资产的同质性评估要求,以及对资产历史数据信息披露的要求都较Basel III STC更严格。
随着国内ABS信息披露不断完善,在进一步提高自身信息披露水平后,大部分主流产品能满足CN STC标准要求。参照国际实践,推动国内STC标准落地仍需进一步通过细则给予指导以及加强配套服务设施、服务体系建设。目前,国内ABS市场仍面临着诸如各市场信息披露口径及标准存在差异、二级市场和存续期信息披露欠缺等问题。为此,需要加快证券化市场信息披露、交易数据储存管理等基础服务设施的建设;研究不同发行场所的证券化产品STC标准的适用性,制定STC产品认证指导细则;尽快建立STC标准第三方验证服务及相关管理体系,帮助投资者更有效地评估资产证券化产品的质量及其所涉及的风险1。
注:
1.联合资信评估股份有限公司总裁助理、结构部总监罗伟成,资深分析师杨润泽,分析师沈柯燕对本文亦有贡献。
参考文献
[1] Basel Committee on Banking Supervision. Basel III Document. Revisions to the securitisation framework [R/OL]. (2016-07-11)[2023-06-15]. https://www.bis.org/bcbs/publ/d374.htm.
[2] Basel Committee on Banking Supervision. Board of the International Organization of Securities Commissions. Criteria for identifying simple, transparent and comparable securitisations [R/OL]. (2018-05-14)[2023-06-02]. https://www.bis.org/bcbs/publ/d332.pdf.
[3] Joint Committee. Report on the implementation and functioning of the securitisation regulation (article 44) [R/OL]. (2021-05-17)[2023-06-02]. https://www.esma.europa.eu/sites/default/files/library/jc_2021_31_jc_report_on_the_implementation_and_functioning_of_the_securitisation_regulation_1.pdf.
◇ 本文原载《债券》2023年9月刊
◇ 作者:联合资信评估股份有限公司结构部总经理 王娟
联合资信评估股份有限公司结构部技术总监 赵晓丽
银行业信贷资产登记流转中心有限公司证券化信息登记部 黄丹
◇ 编辑:印颖 鹿宁宁
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