强化债券承销报价管理！交易商协会：各主承销商应合理测算承销成本

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen self-discipline in underwriting pricing management in the interbank bond market, aiming to promote high-quality development in this sector [1][2]. Group 1: Strengthening Internal Management - Main underwriters are required to establish and improve internal management systems for bond underwriting pricing, ensuring that bids do not fall below cost [1]. - Underwriters must accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, including personnel, travel, operational, and system development costs [1]. Group 2: Cost Reporting and Compliance - Main underwriters must report their underwriting costs to the association within 10 working days after the annual financial report disclosure, with specific requirements for different types of bonds [1]. - The association will conduct key inspections and discussions if the reported underwriting costs appear to be subjective or unfair [2]. Group 3: Fair Competition and Reporting Violations - Issuers are encouraged to maintain fair competition by setting reasonable selection criteria for main underwriters, considering their professional level and market reputation [2]. - The association will handle complaints regarding underwriters quoting below cost or issuers interfering with pricing decisions, with potential self-discipline measures for violations [2].