Bond trading rules
Chapter I General Provisions
Article 1 In order to regulate inter-bank bond transactions and safeguard the legitimate rights and interests of the parties, these Rules are formulated in accordance with the Interim Provisions of the People's Bank of China on Inter-bank Bond Repurchase Business, the Notice on Commercial Banks Stopping Securities Repurchase and Cash Trading in Stock Exchanges and the Notice on Opening Cash Trading in Inter-bank Bonds.
Article 2 The meanings of the following terms in these Rules are:
(1) Bonds refer to government bonds, policy financial bonds, central bank financing bonds and other bonds approved by the People's Bank of China.
(2) Trading members refer to financial institutions that enter the national interbank lending market for bond trading with the approval of the People's Bank of China.
(3) Bond trading refers to bond buying and selling and bond repurchase.
Bond trading refers to a transaction in which trading members buy and sell a certain amount of bonds at an agreed price and handle bond delivery within a specified settlement time.
Bond repurchase means that when the bondholder (the repurchase party) sells bonds to the bondbuyer (the reverse repurchase party), the buyer and the seller agree that the repurchase party will repurchase the same amount of similar bonds from the reverse repurchase party at an agreed price on a specified date in the future.
Repurchase refers to the party that sells bonds in the first transaction of bond repurchase, and reverse repurchase refers to the party that buys bonds in the first transaction of bond repurchase.
(4) The trading system refers to the system established by the National Interbank Funding Center (hereinafter referred to as? Lending center? Manage the operation of computer processing system, data communication system and communication network.
Article 3 Trading members shall follow the principles of voluntariness, honesty and self-discipline when engaging in bond trading. Trading members make their own quotations, choose their own counterparties and close their positions at their own risk.
Article 4 The lending center shall provide services for the bond trading of trading members and accept the supervision of the People's Bank of China.
Chapter II Basic Rules of Trading
Article 5 The business days of the trading system are from Monday to Friday every week, except legal holidays.
Article 6 The shortest repurchase period is 1 day and the longest is 1 year. Trading members can freely choose the repurchase period within this range and cannot extend it.
Article 7 A lending center shall register and clear a limited liability company (hereinafter referred to as? Central Clearing Company? ) announcement of listing date, delisting date and transaction start and end date.
Article 8 The minimum transaction amount of bonds is 1 10,000 yuan, and the transaction unit is110,000 yuan.
Chapter III Trading Procedures
Article 9 Bond trading adopts inquiry trading method, including three trading steps: independent quotation, formatted inquiry and transaction confirmation.
Article 10 The independent quotation of trading members can be divided into two categories: public quotation and dialogue quotation.
Public quotation refers to the quotation made by trading members to the market where the transaction cannot be confirmed in order to obtain the inquiry from other trading members.
Dialogue quotation refers to the quotation made by the trading member in the inquiry that the counterparty can confirm the transaction.
Article 11 Format inquiry means that trading members must fill in the trading intention in the prescribed format. Quotations that do not meet the requirements are invalid.
Article 12 The confirmation of a transaction must go through? Dialogue quotation-confirm? Process, that is, the dialogue quotation issued by one party is confirmed by the other party, and the trading system feeds back the trading situation in time.
Article 13 Before a transaction is concluded, both parties to the dialogue may make an offer to the counterparty in turn within a specified number of times. Sessions that have not been closed more than the specified number of times must enter another query process.
Fourteenth trading members can modify or cancel the quotation before confirming the transaction. Once the transaction is confirmed, it will take effect, and trading members may not modify or cancel it.
Article 15 After the bond transaction is confirmed, both parties to the transaction return to print the transaction notice according to the transaction of the trading system.
The contents of the bond transaction notice include: transaction date, transaction number, dealer code, names of both parties to the transaction, bond type (bond type code and abbreviation), transaction price, total bond amount, transaction amount, delivery date, counterparty bond custody account, RMB fund account, etc.
The contents of the bond repurchase transaction notice include: transaction date, transaction number, dealer code, names of both parties to the transaction, bond type (bond type code and abbreviation), repurchase interest rate, repurchase period, total bond amount, transaction amount, due repayment amount, first payment date, due payment date, counterparty bond custody account, RMB fund account, etc.
Article 16 The notice of bond transaction is a contract document to confirm the effectiveness of bond transaction. Sign a bond repurchase transaction notice with the trading member. Inter-bank bond repurchase master agreement is a contract document to confirm the effectiveness of bond repurchase transactions. If a trading member has doubts or ambiguities about the contents of the trading notice, the trading record of the trading system shall prevail.
Article 17 When are the bond settlement and fund settlement? T+0？ Or? T+ 1？ In the method, the trading members decide the time of bond settlement and fund settlement by themselves, during the inter-bank bond transaction? T+0？ Refers to the bond settlement and fund settlement of trading members on the trading day of bond trading. T+ 1？ Refers to the bond settlement and fund settlement conducted by trading members on the first trading day after the bond trading day. Bond settlement and fund settlement of bond repurchase must be carried out on the same day. Bond settlement shall be handled in accordance with the Rules for Settlement of Inter-bank Bond Transactions (Trial), and fund settlement shall be handled in accordance with the relevant provisions of the People's Bank of China.
Chapter IV Transaction Information
Article 18 A loan center shall release the following information to trading members:
(1) Announce the closing price, weighted average price, opening price, highest price, lowest price, latest transaction price, weighted average price, volume and transaction amount of bonds traded in the previous trading day according to the types of bonds;
(2) Announce the weighted average interest rate, closing interest rate, opening interest rate, highest, lowest and latest trading interest rate, weighted average interest rate, volume and transaction amount of the bond repurchase on the previous trading day according to each period;
(3) Market announcements of trading members.
(4) Information authorized to be disclosed by trading members.
(5) Notice of violation by trading members.
(6) Other market information authorized by the People's Bank of China.
Article 19 A lending center shall, according to the requirements of the People's Bank of China, report the bond transactions of trading members in a timely manner.
Chapter V Penalties for Violation of Regulations
Article 20 The violations of trading members identified in these Rules include:
(a) violation of operating rules, destruction of the trading system;
(2) Disrupting the trading order and affecting normal trading;
(3) Failing to pay the service fee as required;
(four) other violations identified by the People's Bank of China.
Twenty-first in order to maintain the normal trading order, the lending center may give a warning according to the seriousness of the illegal behavior of trading members and report it to the People's Bank of China for the record.
Twenty-second trading members and persons directly responsible for serious violations shall be punished by the lending center in accordance with the provisions of Article 21, and the relevant information shall be reported to the People's Bank of China and notified to the Central Clearing Company. With the approval of the People's Bank of China, the trading membership can be suspended and cancelled.
Twenty-third trading members in violation of the relevant provisions of the people's Bank of China, the loan center will promptly report to the people's Bank of China.
Chapter VI Supplementary Provisions
Twenty-fourth trading members shall pay the service fee according to the regulations, and the specific measures and standards shall be implemented after the lending center reports to the People's Bank of China for approval.
Article 25 In case of force majeure or special circumstances, the trading members shall handle it in accordance with the relevant provisions of the Emergency Rules for Inter-bank Bond Trading approved by the People's Bank of China.
Article 26 These Rules shall come into force as of the date of approval by the People's Bank of China.