Notice of Shanghai Stock Exchange on the Dual Listing of Government Bonds

上海证券交易所关于国债双边挂牌交易的通知

Promulgating Institution: Shanghai Stock Exchange

Document Number: Shang Zheng Zhai Zi [2010] No. 196

Promulgating Date: 10/25/2010

Effective Date: 10/25/2010

颁布机关: 上海证券交易所

文      号: 上证债字[2010]196号

颁布时间: 10/25/2010

实施时间:10/25/2010

To all market participants,

In order to increase the liquidity of the government bond market and promote the development of the bond market, Shanghai Stock Exchange (SSE) intends to make adjustment to the government bonds that are only listed and traded in the fixed income platform (security code segments are "019***" and "020***") and government bonds that are only listed and traded in the centralized auction system (including block trade system) (security code segment is "010***") (hereinafter referred to as the "government bonds listed in one system") and allow such government bonds to be listed and traded in the above two trading systems (hereinafter referred to as the "dual listing") from November 5, 2010. The relevant issues of the government bonds after dual listing are hereby notified as follows:

    各市场参与者:

    为提高国债市场流动性,促进债券市场发展,本所拟于2010年11月5日将现仅在固定收益平台挂牌交易的国债(证券代码段为“019***”和“020***”)和仅在集中竞价系统(含大宗交易系统)挂牌交易的国债(证券代码段为“010***”)(以下简称“单边挂牌国债”)调整为同时在上述两个交易系统挂牌交易(以下简称“双边挂牌”)。现将双边挂牌后国债的有关事项通知如下:

1. Dual listing of government bonds will be implemented from now on. The traders in the fixed income platform may select on their own whether to conduct the spot trading of government bonds in the fixed income platform or the centralized auction system. Other market participants may conduct the spot trading of government bonds through the centralized auction system.

       一、国债今后均实行双边挂牌。固定收益平台交易商可自主选择固定收益平台和集中竞价系统进行国债现货交易;其他市场参与者可通过集中竞价系统进行国债现货交易。

2. The methods through which the government bonds for spot trading are declared and traded in the fixed income platform and the centralized auction system remain unchanged.

       二、国债现货在固定收益平台和集中竞价系统的申报和交易方式维持不变。

3. Pledge-style repurchase transactions shall be conducted in the centralized auction system and its methods of transaction and declaration of the entry and exit of the pledge-style bonds into or from the pledge pool remain unchanged. The fixed income platform still accepts the declaration of the entry and exit of the pledge-style bonds into or from the pledge pool.

       三、质押式回购交易在集中竞价系统进行,其交易及质押券出入库申报方式维持不变。固定收益平台仍接受质押券出入库申报。

4. The traders in the fixed income platform shall establish a sound business management system and risk control mechanism and strictly prohibit short selling in spot trading. In the case of short selling, SSE is entitled to declare that the trading in the fixed income platform is invalid. In serious cases, SSE may restrict or suspend bond trading by such traders in the fixed income platform.

       四、固定收益平台交易商应建立完备的业务管理制度及风险控制机制,严禁现货交易卖空。出现卖空的,本所有权宣布其在固定收益平台上的交易无效。情节严重的,本所可限制或暂停其在固定收益平台上的债券交易。

5. Following the dual listing of the government bonds, the fee charging standard for trading of government bonds represented by all the code segments remains unchanged. Securities management fee will continue to be charged for the trading of government bonds with the code segment 010. The trading of government bonds with the code segments 019 and 020 will still be temporarily exempted from securities management fee. The handling charge for trading is temporarily exempted.

       五、国债双边挂牌后,各代码段国债的交易收费标准不变。010代码段国债交易的证管费继续征收,019、020代码段国债交易的证管费仍暂免征收;交易经手费均暂免征收。

6. Members shall manage properly the market publicity and technical adjustment work regarding investors' participation in the trading of newly-issued government bonds and shall carry out brokerage business and assume the corresponding trading and settlement responsibility in accordance with the relevant business rules of SSE.

       六、会员应当做好投资者可参与新发行国债交易的市场宣传和技术调整工作,按照本所相关业务规则开展经纪业务,并承担相应的交易、交收责任。

7. SSE and China Securities Depository and Clearing Corporation Limited will conduct testing for the entire market from 9:00 to 15:00 on October 30, 2010 (Saturday) and the specific arrangement will be notified separately.

Contact person: Sun Zhishan, telephone: 021-68809228.

The notice is hereby given.

Shanghai Stock Exchange

October 25, 2010

       七、本所和中国证券登记结算有限责任公司将于2010年10月30日（周六）9:00至15:00进行全市场测试，具体安排另行通知。

    联系人:孙治山，电话:021-68809228。

    特此通知。

    上海证券交易所

    二○一○年十月二十五日