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Bond Connect Highlights(by 2017.6.27)

 

Release Date

Announcement

Content

Link

2017/5/16

 

Joint Announcement of the People’s Bank of China and the Hong Kong Monetary Authority

Northbound Trading will commence first in the initial phase, i.e. overseas investors from Hong Kong and other countries and areas (overseas investors) to invest in the China Interbank Bond Market through mutual access between the Hong Kong and Mainland Financial Infrastructure Institutions in respect of trading, custody, settlement etc. Southbound Trading will be explored in due course.

Bond Connect will abide by the relevant laws and regulations of the bond markets of the two places. Northbound Trading will follow the current policy framework for overseas participation in the China Interbank Bond Market and at the same time respect international norms and practices. The scope of eligible investors and products under Northbound Trading will be consistent with the scope specified in the relevant notices promulgated by PBoC.

There will be no investment quota for Northbound Trading.

     Regulators of the Hong Kong and Mainland bond markets will enter into a memorandum of understanding on supervisory cooperation to establish effective supervisory cooperation arrangements and liaison mechanisms in order to maintain financial market stability and fair trading.

http://www.

pbc.gov.cn/g

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2017/5/16

Answering media questions relating to mutual bond market access between Hong Kong and Mainland China (Bond Connect).

Bond connect will abide by regulations of the current capital account management, qualification requirements for medium and long term institutional investors and comprehensive collection of investment transaction information etc.

http://www.

pbc.gov.cn/g

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2017/6/7

China Foreign Exchange Trade System (CFETS) and Hong Kong Exchanges and Clearing Limited (HKEX) announced  the formation of a joint venture company in Hong Kong, Bond Connect Company Limited (BCCL)

BCCL will support and assist admission and registration for Northbound investors, and liaise closely with the global access platforms through which Northbound investors will trade CIBM instruments.

 

http://www.

chinamoney.

com.cn/fe/In

fo/38438362

2017/6/21

Interim Administrative Measures for the Interconnection and Cooperation of the Bond Markets in the Mainland and Hong Kong

     The Northbound Trading Link shall be subject to the existing laws and regulations on trading and settlement applicable to the Mainland and Hong Kong bond markets, and relevant trading and settlement activities shall be in compliance with the regulatory provisions and business rules applicable in the place where trading and settlement take place, unless otherwise prescribed herein.

     Foreign Investors who meet the requirements of the People's Bank of China ("PBOC") may invest in the interbank bond market via the Northbound Trading Link. The underlying bonds shall be all bond types that are tradable and transferrable on the interbank bond market.

    The electronic trading platforms and other agencies recognized by the PBOC may go through registration with the Shanghai Head Office of the PBOC on behalf of Overseas Investors.

     Overseas Investors may invest with their proprietary RMB funds or foreign exchange funds. Overseas Investors that invest with foreign exchange funds may exchange foreign currency funds through bondholders with RMB clearing banks in Hong Kong and overseas RMB participating banks in Hong Kong that may enter the Mainland interbank foreign exchange market for trading upon approval (hereinafter collectively referred to as the "Hong Kong Settlement Bank").

After the bonds invested by an Overseas Investor with foreign exchange funds fall due or are sold, the Overseas Investor shall exchange relevant funds back to foreign currencies.

     Overseas Investors may handle foreign exchange risk hedging business under the Northbound Trading Link through bondholders with Hong Kong Settlement Banks.

http://www.

pbc.gov.cn/g

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Chinese version available only

2017/6/22

Trading rules of China Foreign Exchange Trade System (CFETS)  on Bond Connect

CFETS may, on behalf of qualified foreign investors, go through record-filing to the entry of interbank bond market and open a trading account. After opening a trading account, foreign investors become members of CFETS.

Quotation institutions for Northbound Trading provide quotes for overseas investors through CFETS. The minimum amount for quotation requests shall be 1 million rmb, and the minimum change unit is 1 million RMB.

The trading days for Northbound Trading are the dates when both mainland interbank bond market and the Hong Kong market are trading days and can meet the need for settlement arrangements.

The settlement method for Northbound Trading is Delivery-versus-Payment (DvP).

The transaction fees for Northbound Trading are subject to the interbank bond market transaction fee rules.

Overseas Investors shall send trading instructions to the CFETS system via the overseas electronic trading platforms, and conclude transactions with the counterparty at the CFETS system.

CFETS has the right to investigate investors whose trading or information disclosure violate the rules of CFETS or the rules of China's interbank bond market.

http://www.

chinamoney.

com.cn/fe/In

fo/38770812

Chinese version available only

2017/6/23

The Shanghai Clearing House( "SHCH")- Implementing Rules on the Registration, Custody, Liquidation and Settlement for the Collaboration in the Mutual Bond Market Access between Mainland China and Hong Kong

1. Shanghai Clearing House and the Central Moneymarkets Unit of Hong Kong Monetary Authority (hereinafter referred to as HKMA CMU) jointly provide registration, custody, clearing and settlement services to overseas investors through a connection between the two infrastructures by using the nominee holding arrangement. Shanghai Clearing House is the ultimate central securities depository (CSD) and HKMA CMU is the nominee holder of the bonds.

2. Two parties provide services of bond issuance and distribution, registration and custody, clearing and settlement, coupon payment and redemption, corporate actions and other relevant businesses through electronic book-keeping.

3. The HKMA shall open a nominal holder account at the SHCH, through which Overseas Custody Institution shall handle bond depository and custody for bondholders who have opened with it nominal holder bond accounts and proprietary bond trading accounts.

4. SHCH provides the settlement service on a Delivery-versus-Payment (DvP) and gross settlement basis for overseas investors investing in the CIBM through the Bond Connect.

http://www.

shclearing.co

m/cpyyw/tzg

g/201706/t2

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1924.html

 

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