银行间债市估值业务迎新规

Core Viewpoint - The release of the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" aims to enhance the professionalism, transparency, and competitiveness of bond valuation services in China’s interbank market [1][2][3]. Group 1: Regulatory Framework - The "Valuation Guidelines" are based on the "Management Measures for Bond Valuation Business in the Interbank Bond Market" issued by the People's Bank of China in 2023, which set basic conditions for valuation institutions and emphasized internal governance, data source selection, valuation methods, and information disclosure [1]. - The guidelines aim to improve the scientific nature of the entire valuation production process and address transparency issues in the market [1][2]. Group 2: Valuation Institution Requirements - Valuation institutions are required to adhere to principles of independence, objectivity, and prudence, ensuring the reliability of data and the scientific nature of valuation models [2]. - Institutions must maintain complete records of the valuation process for no less than 20 years and are encouraged to introduce independent auditing mechanisms for external supervision [2]. Group 3: Market Impact - The guidelines are expected to create a more favorable financing environment for private enterprises by ensuring fair valuation results that consider both secondary and primary market prices, potentially reducing the cost of bond issuance [3]. - The guidelines emphasize the importance of transparency in valuation processes, allowing for better communication with users and reducing the "black box" nature of bond valuations [3].