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 [2][3]. Group 1: Regulatory Actions - The association has identified common problems such as failure to establish proper internal control systems for bond trading record retention [3]. - Institutions that do not effectively implement these internal control systems will face severe disciplinary actions based on the severity of the violations [4]. - Specific violations include inadequate record-keeping, inability to provide complete trading records for serious violations, and other breaches of bond trading record requirements [4]. Group 2: Market Context - The association emphasizes the importance of robust internal controls and accurate record-keeping as fundamental requirements for the bond market, urging participants to enhance compliance awareness and performance [4]. - Recent regulatory efforts have aimed to standardize bond underwriting practices, addressing issues like low-price underwriting and non-compliant behaviors [5]. - 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, with a monthly trading volume of 30.5 trillion yuan [5].