Core Viewpoint - The interbank market clearing house will continue to waive fees for credit derivatives clearing and credit event settlement to promote the development of the interbank credit derivatives market and reduce institutional costs [1][4] Group 1 - The fee waiver period will extend from January 1, 2026, to December 31, 2026, with further adjustments to be announced later [1][4]

人民财讯12月31日电，上海清算所发布关于继续阶段性暂免收取银行间合约类信用衍生品清算业务相关 费用的通知，为进一步发展银行间信用衍生品市场，降低机构成本，持续提升金融服务实体经济质效， 银行间市场清算所股份有限公司将继续免收合约类信用衍生品清算费与信用事件结算费，减免期自2026 年1月1日起至2026年12月31日，后续调整另行通知。 ...

Core Viewpoint - The recent transaction between CICC and Shenwan Hongyuan Securities marks the first interbank market contract-based credit derivative transaction linked to Total Loss Absorbing Capacity (TLAC) non-capital bonds, facilitated by Shanghai Clearing House, which supports the development of a multi-tiered bond market [1][2]. Group 1 - The transaction enhances the price discovery, risk management, and credit release functions of credit derivatives, improving the issuance efficiency of TLAC non-capital bonds in the primary market and increasing trading activity in the secondary market [1]. - This initiative is a significant step in expanding the types of underlying assets for interbank contract-based credit derivatives, which now include a wide range of instruments such as interbank certificates of deposit, financial bonds, panda bonds, sci-tech bonds, green bonds, and non-financial corporate debt financing tools [2]. - Shanghai Clearing House aims to continue fostering the credit derivatives market under the guidance of the People's Bank of China, focusing on product innovation and mechanism optimization to support various institutions in managing risks effectively [2].