央行拟规范经纪业务：经纪机构不得参与债券一级发行和柜台债券业务

Core Viewpoint - The People's Bank of China has drafted and released the "Interbank Market Brokerage Business Management Measures (Draft for Comments)" to regulate brokerage activities in the interbank market, emphasizing the prohibition of certain activities by brokerage institutions [1][2]. Group 1: Regulatory Framework - The draft consists of 26 detailed provisions aimed at regulating brokerage institutions, including prohibiting them from participating in primary bond issuance and OTC bond business [1]. - The measures highlight the increasing influence of brokerage firms in the interbank market, with a total transaction volume of 433 trillion yuan in the past year, accounting for 20% of the overall market transactions [1]. Group 2: Brokerage Institution Requirements - Brokerage institutions are allowed to provide services for transactions in bonds, repos, and derivatives but must not engage in primary bond issuance or OTC bond activities [2]. - Institutions entering the interbank market must report to the central bank, and non-specialized brokerage firms must establish independent brokerage departments, ensuring strict separation from proprietary trading [2]. Group 3: Information Disclosure and Compliance - The draft mandates real-time, complete, and accurate disclosure of optimal brokerage quotes and transaction information, enhancing transparency in the matching process [2]. - It specifies that communication tools used by brokerage firms must be strictly separated from personal communication tools, with records retained for at least five years [2]. Group 4: Prohibited Activities - The draft outlines 13 prohibited activities for brokerage firms, including the ban on proprietary trading, providing services to unqualified clients, and using information advantages for improper gains [2]. Group 5: Supervision and Enforcement - The central bank and its branches are authorized to supervise and enforce compliance in the interbank market brokerage business, with penalties for violations including warnings, public criticism, or fines [3]. - Infrastructure institutions will conduct frontline monitoring, while self-regulatory organizations in the interbank market will manage self-discipline [3].