券商中国·2025-10-12 08:30Core Viewpoint - The launch of the centralized bond lending business by the Central Clearing Company and the Interbank Lending Center aims to enhance market liquidity, improve settlement efficiency, and mitigate settlement risks in the bond market [1][2][3]. Group 1: Business Launch and Participation - On the first day of launch, 78 institutions participated, including 21 securities firms such as CITIC Securities, Guotai Junan, and Huatai Securities [2]. - The centralized bond lending service is designed to provide automatic lending services in the interbank bond market, allowing institutions to manage their positions more effectively [4]. Group 2: Bond Pool and Market Impact - The bond pool for lending exceeded 1.3 trillion yuan, covering various types of bonds including government bonds, corporate bonds, and asset-backed securities [3]. - The top ten institutions contributing to the bond pool include major banks such as Industrial and Commercial Bank of China and China Construction Bank [3]. Group 3: Operational Mechanism - The lending process involves voluntary participation from lenders, who set parameters and establish available bonds for lending, creating a bond pool [4]. - The lending period is set between a minimum of 1 day and a maximum of 3 days, with rates based on historical transaction fees [4].