交易商协会：启动自律调查！

Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-regulatory investigation into Guangfa Bank for allegedly guiding prices in the issuance of its 2025-2026 secondary capital bonds [2][5]. Group 1: Investigation Details - On July 21, the Dealers Association announced the investigation after discovering potential price manipulation during the selection of underwriters for Guangfa Bank's bond issuance [2][5]. - The investigation was triggered by the unusually low underwriting fees proposed by some of the selected underwriters, with China Galaxy Securities and Industrial Bank quoting only 700 yuan [5][8]. Group 2: Market Context - The bond underwriting market has seen frequent low-price competition, which disrupts healthy market development. For instance, in 2021, China International Capital Corporation won a bid with a fee of only 10,000 yuan, raising similar concerns [7][8]. - In response to these issues, the Dealers Association issued a notice on June 16 to strengthen self-regulatory management of low-price underwriting and other non-compliant behaviors [7][8]. Group 3: Regulatory Measures - The notice mandates that underwriters must not quote fees below their costs and emphasizes fair treatment of all investors without pre-agreed bond issuance rates [8]. - The Dealers Association will monitor bond issuance and underwriting activities regularly and impose self-regulatory measures or penalties for violations, with serious cases being referred to relevant authorities [8][9].