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STP in Inter-bank bond
market , China
China Government Securities Depository Trust &
Clearing CO.,LTD
June,2008
Indonesia
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Contents
1. Introduction
2. STP in China
3. Development Objectives
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1.Introduction
1.1 The Business Scope of CDC
1.2 The Inter-bank bond market of China
consists “Trading System” of “China
Foreign Exchange Trade System (CFETS)”
and “Central Bond Book-entry System
(CBBS)” of CDC.
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1.1The Business Scope of CDC
● Registration, depository, settlement and principal redemption/interest payment
agency services for government bonds, financial debentures, corporate bonds and
other fixed-income securities
● Technical support for the Open Market Operation system and the bond issuing
system of People's Bank of China.
● Registration, depository and settlement services for bond funds and money market
funds.
● Information consultant and internet services for bond market and money market.
● Research, consultant service, training and media for bond market and money
market.
● Depository and cross-border settlement for fixed-income securities of foreign
currency, and services for related settlement and international business.
● Supervision over sub-depository of securities by approved of authorities.
● Other business approved by People's Bank of China and Ministry of Finance.
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1.2 CFETS and CBBS
Trading System of China Foreign Exchange Trade System
All client make their trading on this system.
The trading data has been packed and then sent to booking system
in every ten minutes.
Central Bond Book-entry System
Checked trading data on Booking system.
Feedback from booking system.
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2.STP in China
2.1 In order to minimize settlement risk, the settlement and
clearing to occur simultaneously, the straight-through
processing of data processing (Straight Through
Processing, STP) has been widely used in the financial
markets.
2.2 From 2004, PBOC start to cooperate between “trading
system” and “booking system”.
2.3 Oct 8, 2005, an union network has been implemented in
Inter-bank bond market.
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Flow Chart
Client
Client
...
Step 1
Trading
System
Step 3
Step 2
Packing and sending data, every
10 minutes
Booking
System
Step 4
Real-time
CNAPS,
PBC
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• The advantage of STP in Chinese Inter-bank
bond market
—— The efficiency of clearing has been
dynamically improved .
—— lower cost
—— higher operational speed
—— The “end to end” transaction,
it will minimize the entire trading
risk and prevent technique and
human-been mistakes.
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Market Overview
Year
Spot trading
Repo trading
Collateral
repo trading
Forward
Transactio
ns
Par Value
(100,000,000
RMB)
Transaction
s
Par Value
(100,000,00
0 RMB)
Transactio
ns
Par Value Transactio
(100,000, ns
000 RMB)
Par
Value
(100,000
,000
RMB)
2005
13863
18300
10162
35300
480
800
21
60
2006
79780
102500
68217
268200
1745
2900
381
760
2007
80618
161800
89515
452400
3507
7300
1267
2530
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3.Development Objectives
3.1 Strengthen laws and regulations
3.2 An union platform will be created between
trading system and booking system without human
been activities in middle ware. Eg. Currently, all
client need to recheck on booking system.
3.3 Some standard and global rules will be published
for trading data.
3.4 An universal system will be gradually
established in Inter-bank bond market.
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Thanks!
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Contact us:
Zhang WEI
[email protected]
8610 88086310
Fu Ying
[email protected]
8610 8807975
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