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Settlement

Bond settlement is the key part of the realization of bond transactions. A uniform, efficient and modern settlement system is of great significance to improving the efficiency and security of bond settlement and reducing the credit risk and liquidity risk thereof.

Straight Through Processing

ChinaBond Integrated Operation System of CCDC is connected to the China Foreign Exchange Trading System and the trading systems of stock exchanges, thus allowing Straight Through Processing (STP) of the settlement back office with the trading front offices of the inter-bank bond market and bond markets of stock exchanges.

ChinaBond Integrated Operation System is also connected with major payment systems. The connection with the China National Advanced Payment System (CNAPS) enables CCDC to provide market participants with real-time, gross-amount Delivery versus Payment (DVP) settlement services guaranteed by the central bank money, which can effectively reduce settlement risks. The Connection with the Cross-border Inter-bank Payment System (CIPS) enables CCDC to automatically process DVP settlement of “Bond Connect” between the mainland and Hong Kong bond markets.

Bond Settlement Service

CCDC is exploring to enhance application of the DVP settlement model:

- Provide transaction settlement services for the bond market, and support various transaction types such as cash bond trading, pledged repo, outright repo, bond forward and bond lending.

- Conduct DVP settlement in bond ownership transfer and proceeds collection & payment during pre-issuance, bond distribution and issuance payment.

- Assist foreign investors to gain direct access to the bond market and settles the “Bond Connect” business using DVP model.

- Support Chinese investors to invest in foreign bond markets, and provide them with safe, convenient and low-cost agency settlement channels.

Other Settlement Support

- Support the use of new monetary policy tools by the People’s Bank of China, and realize the DVP settlement of open market operations, Medium-term Lending Facility and Standby Lending Facility.

- Provide BEPS pledge management services. A member institution may obtain financing by pledging the bonds to the People’s Bank of China through BEPS (Bulk Electronic Payment System) pledge business system and distribute the fund to itself or its branches as guarantee for BEPS netting. Authorized by the People’s Bank of China, CCDC provides pledge limit management and pledged bond custody services.

- Provide automatic pledge financing business management services. A member institution may apply for temporary financing by pledging the bonds to the People’s Bank of China in order to complete the settlement of its payment business. Authorized by the People’s Bank of China, CCDC provides financing settlement, pledged bond custody and other related services.

- Support DVP settlement of Treasury bond futures’ physical delivery. CCDC has connected with the system of the China Financial Futures Exchange to provide a safe and efficient delivery service platform for Treasury bond futures dealers. This mechanism provides partial delivery and improves the success rate and flexibility of delivery.

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