Announcement No. 21  of the People's Bank of China—Announcement on Issues Regarding Improving the Administration of Spot Bond Market Makers in the Interbank Bond Market
- Document Number：Announcement No. 21  of the People's Bank of China
Area of Law： General Provisions on BankingLevel of Authority： Departmental Regulatory DocumentsDate Issued：12-23-2020Effective Date：04-01-2021Issuing Authority： People's Bank of ChinaStatus： Effective
- Announcement of the People's Bank of China
- (No. 21 )
- 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 , 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:
- 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.
- 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.
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