CCDC serves CDB's first CDB bond market-making support operation
Source: China Finance News Network Release time: 2019-12-10
贺利娟报道 1 2月9日，国开行开展首次国开债做市支持操作，操作方向为随卖，操作金额共计60亿元，中央结算公司配合完成信息披露、资金结算、债券登记、债权确认等操作。 China Finance News Network reporter He Lijuan reported on February 9 that China Development Bank launched the first CDB bond market-making support operation. The operation direction was to sell with a total amount of 6 billion yuan. CCDC cooperated to complete information disclosure, fund settlement, Registration of bonds, confirmation of claims, etc. In order to further shorten the operation process, CCDC cooperated with China Development Bank to introduce DVP settlement in this market-making operation, which effectively improved business processing efficiency and reduced market makers' capital occupation.
Cooperating with the CDB bond market-making support business is another important achievement of CCDC and CDB in further consolidating and deepening the educational effect of the theme of “Don't forget the original heart and remember the mission” and actively carry out cooperative innovation. For a long time, CCDC and CDB have worked together to provide CDB with comprehensive comprehensive support services in bond issuance, registration and custody, transaction settlement and market construction, etc., and cooperated with CDB to launch current issuance, replacement bidding, and flexible bidding. And many other innovative businesses. Especially since the launch of the theme education of “Do n’t forget the original heart and keep the mission in mind”, the two sides have further strengthened communication and close cooperation through two-way research and other forms to promote CDB ’s first sustainable development thematic green finance bond and the first LPR floating rate policy finance. Innovative products such as bonds have successively landed, actively assisting financial supply-side and interest rate marketization reforms, and providing strong support for reducing corporate financing costs and supporting the development of the real economy.
Cooperating with the establishment of a bond market-making support mechanism is an important measure for CCDC to actively play its financial infrastructure functions and focus on servicing the construction of the bond market. 完善债券市场运行机制， 健全国债收益率曲线，截至2 019年 11月，共支持开展国债做市支持操作30次，操作金额419.9亿元。 In 2017, we actively cooperated with the Ministry of Finance and the People's Bank of China to establish a government bond market-making support mechanism in the interbank bond market, effectively improved the bond market operation mechanism, and improved the national bond yield curve. As of November 2019 , we have supported the implementation of government bond market-making support operations. 30 operations with an operating amount of 41.99 billion yuan. 建立国开债做市支持机制， 中央结算公司进一步扩大做市支持服务券种范围， 助力 改善国开债做市券种供求不平衡状况，在 降低做市商头寸风险，提高市场流动性的同时，有效完善国开债收益率曲线，更好发挥债券市场的价格发现功能。 This time in cooperation with the China Development Bank to establish a CDB bond market-making support mechanism, CCDC further expanded the range of market-making support service bonds , helping to improve the imbalance between the supply and demand of CDB bond market-making bonds, and reducing the risk of market maker positions and increasing At the same time of market liquidity, the CDB bond yield curve was effectively improved, and the price discovery function of the bond market was better brought into play.
贯彻落实党中央、国务院决策部署，在主管部门指导下，多措并举积极推动金融基础设施互联互通、确保安全高效的重要体现。 This time, through the straight-through processing with the payment system and the CDB bond market-making support operation platform, the DVP efficient processing was successfully implemented. CCDC actively implemented the decision-making and deployment of the Party Central Committee and the State Council. Financial infrastructure is an important manifestation of interoperability and ensuring safety and efficiency. 与上海期货交易所、郑州商品交易所、大连商品交易所、中国金融期货交易所、上海国际能源交易中心股份有限公司等机构联合签署合作备忘录， 促进债券市场与期货市场互联互通，进一步深化金融要素市场联动 发展与功能提升。 In terms of the bond market, CCDC, as the general registration and custodian of corporate bonds, also issued the “Notice on Optimizing the Cross-Market Transfer Process of Corporate Bonds” during the year, launching the cross-market electronic transfer of corporate bonds to corporate bonds, and facilitating market members ’development. Cross-market transaction financing; in the spot market linkage, CCDC has recently joined forces with institutions such as Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, China Financial Futures Exchange, Shanghai International Energy Trading Center Co., Ltd. Sign a memorandum of cooperation to promote the interconnection between the bond market and the futures market, and further deepen the coordinated development and functional enhancement of the financial factor market .
The introduction of the CDB bond market-making support mechanism will help improve the liquidity of the CDB bond market, further meet the allocation and trading needs of foreign investors, and effectively serve the opening of China's bond market. In recent years, CCDC, as an important gateway for the opening up of the bond market, has always adhered to the principle of penetration, and under the guidance of competent authorities, has continuously strengthened regulatory support and international service capacity building to provide basic support for the opening of the bond market. Signed memorandums of cooperation with international central custodians such as Ou Qing Bank and Ming Xun Bank to promote the interconnection of domestic and overseas markets; timely build and improve the English-language China Bond comprehensive service platform to provide operational convenience for overseas investors; and the China Banking Association Established a UK representative office to extend customer service to the European market. .9 万亿元，同比增长25.3%，境外投资者服务取得积极成效。 As of the end of November, the amount of debt held by foreign investors under the custody of CCDC was close to 1.9 trillion yuan, a year-on-year increase of 25.3%, and foreign investor services had achieved positive results.
落实党中央决策部署 ，在主管部门指导下，积极履行金融基础设施职责，集中精力办好自己的事，不断提升科技实力和创新能力，为境内外机构提供安全、高效、专业的一体化综合服务，坚定不移支持我国债券市场向高质量开放型发展新阶段迈进。 CCDC will continue to consolidate and deepen the educational achievements on the theme of “Do n’t forget the original heart and remember the mission”, thoroughly implement the Party ’s central decision-making and deployment , and actively perform its financial infrastructure responsibilities under the guidance of competent authorities, focus on doing its own business, and continuously improve Scientific and technological strength and innovation capabilities provide safe, efficient and professional integrated services for domestic and overseas institutions, and unswervingly support China's bond market to enter a new stage of high-quality and open development.