交易商协会出手！

Core Viewpoint - The China Interbank Market Dealers Association is intensifying penalties for violations related to bond trading record-keeping, highlighting widespread issues in internal controls and compliance among institutions [1][2]. Group 1: Regulatory Actions - The association will impose stricter penalties on institutions that fail to establish proper internal control systems for bond trading record-keeping [2]. - Specific violations include inadequate internal controls, failure to maintain complete trading records, and inability to provide records for serious violations [2][3]. - The association emphasizes the importance of accurate and comprehensive record-keeping as a fundamental requirement for the bond market [2]. Group 2: Market Context - There has been a rise in low-price bidding and "price competition" in the bond underwriting sector, which affects industry quality and investor rights [3]. - The bond underwriting business should focus on providing professional services for pricing, distribution, and risk control, reflecting "technical content" and "value creation" [3]. - As of November 2025, the interbank bond market's custody balance reached 173 trillion yuan, accounting for 88.1% of the total bond market custody balance [3].