全国银行间同业拆借中心银行间债券交易规则（试行）
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(Promulgated on 3 November 1998, and effective as approved by the People's Bank of China.) PART ONE GENERAL PRINCIPLES Article 1 These Rules have been formulated in accordance with related regulations, such as the People's Bank of China, Interbank Bond Buy-Back Business Tentative Provisions, the People's Bank of China, Halting by Commercial Banks of Bond Buy-Back and Cash Bond Transactions on the Bond Market Circular and the People's Bank of China, Operation of Interbank Cash Bond Transactions Circular, in order to standardize interbank bond transactions and to protect the legal rights and interests of those involved. Article 2 For the purposes of these Rules, the terms listed below have the following meanings: 1. Bonds mean national debt and policy bank debentures approved for trading by the People's Bank of China, central bank capital bonds and other bonds. 2. Trading members mean financial institutions approved by the People's Bank of China to conduct bond transactions on the national interbank loans market. 3. Bond transactions mean bond trading and bond buy-back. Bond trading means the buying and selling of a certain sum in bonds at an agreed price by trading members and the settlement of the sum involved within the stipulated settlement period. Bond buy-back means that when the bond holder (principal buy-backer) sells bonds to the bond buyer (converse buy-backer), the two parties agree that the principal buy-backer will buy back from the converse buy-backer an equivalent number of the same type of bonds at a particular date in the future and at an agreed price. Principal buy-backer means the party selling the bonds in the first trade in a bond buy-back. The converse buy-backer means the party buying the bonds in the first trade in a bond buy-back. 4. Transaction systems mean computer processing systems, data communications systems and communications network systems administered and operated by the National Interbank Loans Centre (hereafter referred to as the "Loans Centre"). Article 3 Trading members must abide by the principles of voluntary, sincerity and self-discipline in bond transactions. Trading members shall quote their own prices, select their own opponents in transactions, carry out their own settlements, and take responsibility for the risk. Article 4 The Loans Centre shall provide services for trading members' bond transactions and shall be supervised by the People's Bank of China. PART TWO BASIC TRANSACTION RULES Article 5 Business days for transaction systems shall be every Monday to Friday, excepting statutory holidays. Article 6 The shortest buy-back period shall be one day and the longest one year. Trading members can choose their own buy-back period within these limits but may not extend the period. Article 7 The Loans Centre shall announce the listing date, delisting date, and the starting and ending date of trading for listed bonds in accordance with the transaction bond guidelines provided by the Central National Debt Registration and Settlement Company Limited (hereafter referred to as the "Central Settlement Co"). Article 8 The minimum sum for bond transactions shall be bonds of a face value of Rmb 100,000 and the trading unit shall be bonds of a face value of Rmb 10,000. PART THREE TRANSACTION PROCEDURES Article 9 Bond transactions shall use the price inquiry method, including the three steps of transactions of independent price quotation, format price inquiry and confirmation of completion of transaction. Article 10 There shall be two types of independent price quotation by trading members: public price quotation and dialogue price quotation. Public price quotation means that a trading member shall make a price quotation on the market without confirmation of sale in order to obtain price inquiries from other trading members. Dialogue price quotation means that in the course of a price inquiry a trading member shall make a price quotation to the opponent in the transaction, and the transaction can be completed immediately with the confirmation of the opponent. Article 11 Format price inquiry means that a trading member must fill in a form of the stipulated format stating his own intention to trade. Price quotations not made in accordance with the regulations shall be invalid. Article 12 Confirmation of completion of transaction must go through the process of "dialogue price quotation - confirmation", i.e. the transaction shall be completed after one party issues a dialogue price quotation which the other party confirms and the transaction systems feed back the completed transaction in a timely fashion. Article 13 Before a transaction is completed both parties in a dialogue price quotation may take turns to quote prices to each other within the stipulated number of times. A dialogue in which the stipulated number of quotations has been exceeded but the transaction still not completed must go through another price inquiry process. Article 14 Before completion of a transaction is confirmed, trading members may amend or rescind a price quotation. A transaction shall be valid once the completion is confirmed and trading members may not re-amend or rescind the price quotation. Article 15 Once completion of a bond transaction is confirmed, both parties involved in the completed transaction shall each stamp a notice of completion in accordance with the transaction system transaction completion report. Bond trading notices of completion shall include: date transaction was completed, serial number of the completed transaction, trading members' code name, titles of both parties in the transaction, bond type (bond type code name and abbreviated name), price of the completed transaction, total face value of bonds, sum involved in the completed transaction, settlement date, opponent's bond trust account and Renminbi capital account etc. Bond buy-back notices of completion shall include: date transaction was completed, serial number of the completed transaction, trading members' code name, titles of both parties in the transaction, bond type (bond type code name and abbreviated name), buy-back interest rate, buy-back time limit, total face value of bonds, sum involved in the completed transaction, sum involved in due date repayment, first payment date, due date payment date, opponent's bond trust account and Renminbi capital account etc. Article 16 Bond trading notices of completion shall be contract documents confirming the validity of bond trading transactions. Bond buy-back notices of completion and Interbank Bond Buy-Back Principal Agreements signed by trading members shall be contract documents confirming the validity of bond buy-back transactions. If trading members query or disagree with a notice of completion, the record of completion in the transaction system shall be definitive. Article 17 The timing of bond settlement and capital settlement shall use the "T + 0" or "T + 1" system. Trading members of both parties shall decide the timing of bond and capital settlement on their own. In interbank bond transactions "T + 0" means that trading members shall carry out bond and capital settlement on the date the bond transaction is completed; "T + 1" means that trading members shall carry out bond and capital settlement on the first business day after the date the bond transaction is completed. Bond settlement and capital settlement for bond buy-back must take place on the same day. Bond settlement shall be carried out in accordance with the Interbank Bond Transactions Settlement Rules (Trial Implementation). Capital settlement shall be carried out in accordance with the relevant People's Bank of China regulations. PART FOUR TRANSACTION INFORMATION Article 18 The Loans Centre shall issue the following information to trading members: 1. the previous trading day's closing price and weighted average price for bond trading, and that day's opening price for trading, highest, lowest and most recent completion price, weighted average price, volume of transactions completed and sum involved in transactions completed, for each type of bonds; 2. the previous trading day's weighted average interest rate and closing interest rate for bond buy-back, and that day's opening interest rate for bond buy-back, the highest, lowest and most recent interest rates for completed transactions, weighted average interest rate, volume of transactions completed and sum involved in transactions completed, for each time limit; 3. trading members' market announcements; 4. information which trading members have authorized to be made public; 5. notices of violations of the regulations by trading members; and 6. other market information which the People's Bank of China has authorized to be made public. Article 19 The Loans Centre shall report to the higher authorities in a timely fashion information on bond transactions by trading members in accordance with the requirements of the People's Bank of China. PART FIVE PENALTIES FOR VIOLATIONS OF THE REGULATIONS Article 20 The Rules recognize the following behaviour by trading members as violations of the regulations: 1. infringement of the operating procedures and damage to the transaction system; 2. disruption of transaction procedures and adversely affecting the proper operation of transactions; 3. non-payment of service charges in accordance with the regulations; and 4. other violations of the regulations as recognized by the People's Bank of China. Article 21 In order to protect proper transaction procedures, the Loans Centre may issue warnings or notifications of how a transgression shall be dealt with, dependent upon the seriousness of trading members' violations of the regulations, and report these to be put on file with the People's Bank of China. Article 22 As well as imposing penalties as stipulated in Article 21, the Loans Centre must report trading members who seriously violate the regulations, and those directly responsible, to the People's Bank of China and notify the Central Settlement Company. After examination and approval by the People's Bank of China, a trading member's qualifications can be temporarily suspended or be revoked. Article 23 The Loans Centre shall report all violations by trading members of the relevant provisions of the People's Bank of China to the People's Bank of China in a timely fashion. PART SIX SUPPLEMENTARY PROVISIONS Article 24 Trading members should pay service fees in accordance with the regulations. The specific methods and standards for these shall be implemented by the Loans Centre after approval by the People's Bank of China. Article 25 Force majeure or special circumstances must be handled by trading members in accordance with the Interbank Bond Transactions Emergency Rules approved by the People's Bank of China. Article 26 These Rules shall be implemented on the date they are approved by the People's Bank of China. |
