为什么可转债被托管？

可转债是一种具有特殊特性的金融工具，它像债券一样具备固定的票面利率和还本付息的特点，但又具有股票一样可以转换成公司股票的权利。作为一种独特的资产类别，可转债在交易和持有方面有着一些独特的操作要求和管理需求，因此需要通过托管机构来进行有效管理。

首先，可转债的托管有助于确保交易的安全和透明度。托管机构作为独立的第三方，负责保管可转债证券以及相关的交易文件和记录。这种托管机制可以提供高度的安全性，防止证券丢失或被篡改，并确保交易信息的准确性和完整性。此外，托管机构会提供交易报告和结算确认，使投资者能够清晰地了解自己的持仓和交易情况。

Secondly, the custody of convertible bonds helps facilitate the conversion process. When investors decide to exercise their right to convert the bonds into company stocks, the custodian plays a crucial role in managing the conversion process. They ensure that the necessary procedures and documentation are followed, coordinate with the issuer and relevant parties, and facilitate the transfer of securities between the bondholders and the company. This helps streamline the conversion process and ensures its smooth execution.

其次，可转债的托管有助于为投资者提供便利的服务。通过与托管机构合作，投资者可以享受多项服务，如资金清算、股份变动调整、利息付款等。托管机构还能为投资者提供专业的咨询和指导，帮助他们做出明智的投资决策。此外，托管机构还会向投资者提供关于市场动态和风险提示的信息，以帮助他们更好地管理自己的投资组合。

Finally, the custody of convertible bonds is required by regulatory authorities. In many jurisdictions, regulators impose strict requirements on the custody of securities to ensure investor protection and market integrity. By mandating the use of custodians for convertible bonds, regulators can monitor and audit the transactions and holdings, detect and prevent potential fraud or misconduct, and safeguard the interests of investors. This regulatory oversight helps maintain a fair and transparent market environment for convertible bond trading.

总之，可转债被托管是为了确保交易安全、促进转换流程、为投资者提供便利服务，并满足监管要求。托管机构在可转债市场中发挥着重要作用，为投资者提供保障和支持，同时也有助于维护市场的稳定和健康发展。

In conclusion, the custody of convertible bonds is necessary to ensure the safety and transparency of transactions, facilitate the conversion process, provide convenient services to investors, and meet regulatory requirements. Custodians play a vital role in the convertible bond market by providing protection and support to investors, while also helping to maintain a stable and healthy market environment.

注：英文翻译对照

Why are convertible bonds custodized?

Convertible bonds are a unique financial instrument that combines the characteristics of fixed-rate bonds with the option to convert into company stocks. As a result of these unique features, convertible bonds require specific operational and management requirements, which are achieved through custodian services.

Firstly, the custody of convertible bonds helps ensure transaction security and transparency. As an independent third party, custodians are responsible for safeguarding the convertible bond securities, as well as related transaction documents and records. This custodial mechanism provides a high level of security, preventing the loss or tampering of securities, and ensuring the accuracy and integrity of transaction information. Additionally, custodians provide trade reports and settlement confirmations, allowing investors to have a clear understanding of their holdings and transaction activities.

Secondly, the custody of convertible bonds facilitates the conversion process. When investors decide to exercise their right to convert the bonds into company stocks, custodians play a crucial role in overseeing the conversion process. They ensure that the necessary procedures and documentation are followed, coordinate with the issuer and relevant parties, and facilitate the transfer of securities between bondholders and the company. This streamlines the conversion process and ensures its smooth execution.

Furthermore, the custody of convertible bonds provides convenient services to investors. By working with custodians, investors can enjoy various services such as fund clearing, adjustment of share changes, interest payments, and more. Custodians also offer professional advice and guidance, helping investors make informed investment decisions. Additionally, custodians provide investors with information on market trends and risk warnings to assist them in managing their investment portfolios effectively.

Lastly, custodianship of convertible bonds is required by regulatory authorities. In many jurisdictions, regulators impose stringent requirements for the custody of securities to ensure investor protection and market integrity. By mandating the use of custodians for convertible bonds, regulators can monitor and audit transactions and holdings, detect and prevent potential fraud or misconduct, and safeguard investors' interests. This regulatory oversight helps maintain a fair and transparent market environment for convertible bond trading.

In conclusion, the custodianship of convertible bonds is necessary to ensure transaction security, facilitate the conversion process, provide convenient services to investors, and meet regulatory requirements. Custodians play a crucial role in the convertible bond market, providing protection and support to investors while also contributing to the stability and healthy development of the market.