沪深交易所联合中国结算发布通知 支持境外机构投资者开展债券回购业务

Core Viewpoint - The recent notifications from the Shanghai and Shenzhen Stock Exchanges, along with China Securities Depository and Clearing Corporation Limited, aim to enhance the internationalization of the bond market by allowing foreign institutional investors to engage in bond repurchase transactions [1][2]. Group 1: Business Scope and Regulations - The notifications specify the types of bond repurchase transactions that foreign institutional investors can participate in, including pledged repo agreements and tri-party repos, as well as reverse repos in the Bond Connect program [1]. - Foreign institutional investors must comply with relevant laws, regulations, and exchange rules when conducting these transactions, with differentiated requirements based on participation channels [2]. - Direct participants must follow the implementation rules for foreign institutional investor bond trading and registration, while those using QFII and RQFII channels must adhere to the respective guidelines [2]. Group 2: Risk Management and Compliance - The notifications require foreign institutional investors to appoint domestic securities firms with exchange membership as transaction participants and to sign necessary agreements before engaging in repurchase transactions [2]. - Transaction participants are responsible for managing the trading behavior of foreign institutional investors and must report any violations to the exchanges [3]. - The exchanges will conduct regular monitoring of transactions and may impose self-regulatory measures or disciplinary actions for violations, escalating serious cases to the China Securities Regulatory Commission [3].