Notice on the Pilot Launch of When-issued Trading of Treasury Bonds

关于开展国债预发行试点的通知

 

Promulgating Institution: Ministry of Finance; People's Bank of China; China Securities Regulatory Commission

Document Number: Cai Ku [2013] No.28

Promulgating Date: 03/13/2013

Effective Date: 03/13/2013

颁布机关: 财政部; 中国人民银行; 中国证券监督管理委员会

文      号: 财库[2013]28号

颁布时间: 03/13/2013

实施时间: 03/13/2013

 

To the National Interbank Funding Center, the China Central Depository & Clearing Co., Ltd., the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the China Securities Depository and Clearing Corporation Limited, and members of the underwriting syndicate for book-entry treasury bonds,

  全国银行间同业拆借中心，中央国债登记结算有限责任公司，上海证券交易所、深圳证券交易所，中国证券登记结算有限责任公司，记账式国债承销团成员:

With a view to promoting the healthy development of the market of treasury bonds, it has been decided to launch the pilot program of when-issued trading of treasury bonds. Relevant issues are hereby notified as follows:

    为促进国债市场健康发展,决定开展国债预发行试点。现将有关事宜通知如下:

1. The when-issued trading of treasury bonds shall refer to bond trading activities with the upcoming issue of book-entry treasury bonds as underlying bonds.

When-issued trading of treasury bonds is open from the fourth statutory working day prior to the auction day of the treasury bonds and will be closed on the statutory working day immediately preceding the auction day. When-issued trading of treasury bonds shall be fully settled prior to the listing of the treasury bonds.

       一、国债预发行,是指以即将发行的记账式国债为标的进行的债券买卖行为。

    国债招标日前4个法定工作日至招标日前1个法定工作日可进行国债预发行交易。国债预发行必须于上市日前完成结算。

2. The national interbank bond market and the bond markets of stock exchanges shall be the designated trading places for the pilot program of when-issued trading of treasury bonds.

       二、全国银行间债券市场、证券交易所债券市场为开展国债预发行试点的指定交易场所。

3. The Ministry of Finance ("MOF") shall, in conjunction with the People's Bank of China ("PBOC") and the China Securities Regulatory Commission ("CSRC"), announce in advance the specific types of bonds eligible for the pilot program of when-issued trading of treasury bonds.

       三、财政部会同中国人民银行、中国证券监督管理委员会提前公布开展国债预发行试点的具体券种。

4. Participants in the when-issued trading of treasury bonds shall have certain securities investment experience and risk tolerance.

       四、国债预发行参与者应当具备一定的证券投资经验和风险承担能力。

5. The net balance of treasury bonds shorted during when-issued trading by a Grade-A member of the underwriting syndicate for book-entry treasury bonds shall not exceed 6% of the planned volume for this issue of treasury bonds, while that figure shall not be larger than 1.5% for a Grade-B member. Those who are not members of the underwriting syndicate for book-entry treasury bonds are not allowed to short via when-issued trading of treasury bonds.

       五、每家记账式国债承销团甲类成员国债预发行净卖出余额不得超过当期国债当次计划发行量的6%。每家记账式国债承销团乙类成员国债预发行净卖出余额不得超过当期国债当次计划发行量的1.5%。非记账式国债承销团成员不得在国债预发行中净卖出。

6. A performance guarantee system shall apply to the when-issued trading of treasury bonds.

       六、国债预发行交易实行履约担保制度。

7. In principle, underlying treasury bonds shall be effectively delivered during when-issued trading. Where actual delivery is not feasible, relevant markets may handle the situations pursuant to pertinent rules.

       七、国债预发行原则上应实际交割标的国债。在无法实际交割的情况下,各市场可按相关规则进行处理。

8. It is prohibited to manipulate the when-issued trading prices of treasury bonds in any form.

       八、禁止以任何形式操纵国债预发行价格。

9. Trading places for when-issued trading of treasury bonds and registration, depository and clearing institutions shall establish and improve risk management systems such as a system to limit the position holdings of trading participants.

       九、国债预发行交易场所、登记托管结算机构应当建立健全参与者持仓限额等风险管理制度。

10. Trading places for when-issued trading of treasury bonds and registration, depository and clearing institutions shall conduct day-to-day monitoring of when-issued trading of treasury bonds and settlement, promptly handle and report to the MOF or competent market departments abnormal situations or circumstances prescribed thereby, and report relevant information in writing to the MOF or competent market departments upon completion of each when-issued trading of treasury bonds.

       十、国债预发行交易场所、登记托管结算机构负责国债预发行交易、结算的日常监控工作,出现异常情况或财政部、市场主管部门规定的其他情况,应及时处理并向财政部、市场主管部门报告;每期国债预发行结束后,向财政部、市场主管部门书面报告有关情况。

11. If the formal issuance of treasury bonds is cancelled, transactions already conducted under the when-issued trading of the treasury bonds shall be nullified, unless otherwise agreed upon by the transaction parties on the national interbank bond market.

       十一、如当次国债发行取消,已发生的国债预发行交易作无效处理,全国银行间债券市场交易双方另有约定的除外。

12. Trading places for when-issued trading of treasury bonds and registration, depository and clearing institutions shall formulate business rules on when-issued trading of treasury bonds in accordance with this Notice and pertinent market provisions, and implement the same after reporting to the MOF or competent market departments for approval.

       十二、国债预发行交易场所、登记托管结算机构依照本通知和市场有关规定制定国债预发行业务规则,上报财政部、市场主管部门同意后组织实施。

13. All entities and individuals shall comply with this Notice when engaging in when-issued trading of treasury bonds. Please refer to applicable provisions of the MOF, the PBOC and the CSRC for matters not covered herein.

Ministry of Finance

People's Bank of China

China Securities Regulatory Commission

March 13, 2013

       十三、任何单位或个人从事国债预发行应当遵守本通知规定。本通知未尽事宜参照财政部、中国人民银行、中国证券监督管理委员会有关规定执行。

    财政部

中国人民银行

中国证券监督管理委员会

    2013年3月13日