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Announcement No. 21 [2020] of the People's Bank of China—Announcement on Issues Regarding Improving the Administration of Spot Bond Market Makers in the Interbank Bond Market

中国人民银行公告〔2020〕第21号—关于完善银行间债券市场现券做市商管理有关事宜的公告

  • Announcement of the People's Bank of China
  • 中国人民银行公告

  • (No. 21 [2020])
  • (〔2020〕第21号)

  • For the purposes of implementing the Decision of the State Council to Cancel or Delegate to Lower-level Authorities a Group of Administrative Licensing Items (No. 13 [2020], the State Council), making a better system transition after the cancellation of the approval of the administrative licensing for two-way quoters in the interbank bond market, strengthening interim and ex-post management, and promoting the sound development of the bond market, in accordance with the Law of the People's Republic of China on the People's Bank of China, the matters concerning improving the administration of spot bond market makers in the interbank bond market are hereby announced as follows:
  • 为贯彻落实《国务院关于取消和下放一批行政许可事项的决定》(国发〔2020〕13号),做好取消银行间债券市场双边报价商行政许可审批后的制度衔接,加强事中事后管理,推动债券市场健康发展,根据《中华人民共和国中国人民银行法》,现就完善银行间债券市场现券做市商管理有关事宜公告如下:
  • I. For the purpose of this Announcement, “spot bond market maker (hereinafter referred to as the market maker)” means any of commercial banks, securities companies, and other domestic incorporated financial institutions that conduct the market-making business in the interbank bond market. A market maker shall have great pricing power and capital strength and risk management capability commensurate with the proposed market-making business, and the business system and professional personnel team that support the market-making business.
  •   一、本公告所称现券做市商(以下简称做市商)是指在银行间债券市场开展做市业务的商业银行、证券公司等境内金融机构法人。做市商应当具有较强的定价能力和与拟开展做市业务相匹配的资本实力和风险管理能力,具备支持做市业务开展的业务系统和专业人才队伍。
  • The market-making business means any activity of providing liquidity to the market by continuously offering the two-way quotation for spot bond trading and responding to the request for book building.
  • 做市业务是指通过持续向市场提供现券双边买卖报价、回复市场询价请求等为市场提供流动性的行为。
  • II. The People's Bank of China shall supervise and administer the market-making business in the inter-bank bond market and conduct on-site and off-site inspections of the market-making business in accordance with relevant regulations.
  •   二、中国人民银行对银行间债券市场做市业务进行监督管理,根据有关规定对做市业务开展现场和非现场检查。
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