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促进价格发现 交易商协会完善信用违约互换信息服务
Xin Hua Cai Jing· 2025-08-04 13:53
交易商协会相关负责人表示,将持续优化市场配套机制建设,加强真实成交价格应用,提高市场透明 度,持续激发市场活力,推动信用风险缓释工具市场高质量发展。 新华财经北京8月4日电为推动银行间市场信用风险缓释工具业务发展,完善市场价格发现机制,中国银 行间市场交易商协会(以下简称"交易商协会")日前发布《关于完善银行间市场信用违约互换信息服务 有关事项的通知》(以下简称《信息服务通知》)。 《信息服务通知》结合国内外市场发展趋势和市场成员实际需求,将真实成交价格和报价机制优化相结 合,一是发布合约类信用风险缓释工具成交价格信息,增设可转化为真实成交的意向型报价,培养市场 定价能力;二是明确报价机构权利义务,丰富业务信息便利,强化自律管理要求,提升报价质量;三是 优化曲线生成方法,提高报价曲线质量;四是聚焦实际需要,减轻报价机构负担,通过系统便利报价操 作。 (文章来源:新华财经) ...
中国银行间市场交易商协会发布《关于完善银行间市场信用违约互换信息服务有关事项的通知》
智通财经网· 2025-08-04 11:52
Core Points - The China Interbank Market Dealers Association (NAFMII) has issued a notice to enhance the information services for credit default swaps (CDS) in the interbank market, aiming to promote the development of credit risk mitigation tools and improve market price discovery [1][16] - Quoting institutions are required to submit quotes on the NAFMII platform during specified hours and must provide bilateral quotes for a list of 36 reference entities [1][10] - The notice outlines the rights and obligations of quoting institutions, including the establishment of internal control mechanisms and compliance with self-regulatory management by the association [4][7] Summary by Sections Information Services - The notice defines credit default swap information services as comprehensive services provided to market participants based on transaction and quote information [2] - Transaction information refers to the actual transaction reporting of CDS and credit risk mitigation contracts, while quote information pertains to the bilateral quotes formed by quoting institutions on the NAFMII platform [2] Quoting Institutions - Quoting institutions must open access to the NAFMII platform and submit required registration forms, ensuring the accuracy and completeness of their application materials [2][8] - Institutions have the right to access transaction and quote information conveniently and their quoting performance can serve as a reference for market evaluations [4][5] Obligations of Quoting Institutions - Quoting institutions are required to establish internal control mechanisms, appoint qualified personnel, and develop a comprehensive pricing mechanism for CDS [7][8] - They must submit their pricing methods to the association within one year and ensure the integrity of the information provided [8] Quoting Process - Quotes must be submitted daily between 8:30 AM and 4:30 PM, with institutions able to choose between intention quotes and reference quotes [10] - Institutions must provide bilateral quotes for standard contracts linked to the 36 reference entities, with specified minimum durations [10][11] Reference Entities - The list of reference entities will be dynamically updated based on industry, rating, debt stock, trading scale, and debt maturity distribution [11][12] - Entities that do not receive quotes for four consecutive weeks may be removed from the list, while new entities can be added based on specific criteria [11][12] Data Processing and Reporting - The association will process quoting data to create pricing curves, which will be published on the NAFMII platform [13] - Quoting institutions must report transaction information to the association the next business day after a trade is executed based on intention quotes [14] Compliance and Evaluation - Quoting institutions must adhere to principles of fairness, integrity, and must not manipulate market prices [12][15] - The association will evaluate quoting performance based on various metrics, including timeliness and price variation [14]
交易商协会完善信用违约互换信息服务
Xin Lang Cai Jing· 2025-08-04 10:54
Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to enhance the information services related to credit default swaps in the interbank market, aiming to improve market pricing capabilities and transparency [1] Group 1: Enhancements to Credit Default Swap Information Services - The notice combines real transaction prices with an optimized quoting mechanism to better meet market demands [1] - It introduces transaction price information for contract-based credit risk mitigation tools and adds intention-based quotes that can be converted into actual transactions [1] - The rights and obligations of quoting institutions are clarified, enhancing business information convenience and strengthening self-regulatory requirements to improve quote quality [1] Group 2: Methodology and Operational Improvements - The curve generation method is optimized to enhance the quality of quoting curves [1] - The focus is on actual needs to reduce the burden on quoting institutions, facilitated by system improvements for quoting operations [1] Group 3: Future Developments - The association plans to continue optimizing the supporting mechanisms for the market, enhance the application of real transaction prices, and improve market transparency [1] - There is an ongoing effort to stimulate market vitality and promote the high-quality development of the credit risk mitigation tools market [1]
交易商协会完善银行间市场信用违约互换信息服务
Xin Hua Cai Jing· 2025-08-04 10:06
Core Points - The announcement aims to promote the development of credit risk mitigation tools in the interbank market and enhance market price discovery [1][2] - The new rules require quoting institutions to submit quotes for standard contracts that meet specific criteria on the NAFMII comprehensive platform [1] - Quoting institutions must provide bilateral quotes for a mandatory list of 36 reference entities, covering various maturities [1][2] Group 1 - Quoting institutions are required to submit quotes daily from 8:30 to 16:30 on the NAFMII platform, with options for intention-based or reference-based quotes [1] - Intention-based quotes are displayed on approved trading platforms, allowing market participants to finalize contract terms, while reference-based quotes are used solely for generating credit default swap curves [1] - Institutions must select at least 24 reference entities from a supplementary list and provide bilateral quotes for these entities, with maturities including but not limited to 6 months, 1 year, 2 years, and 3 years [2]
“科技板”用好“稳定器” 金融基础设施协同推进信用风险缓释工具创新
Xin Hua Cai Jing· 2025-07-14 04:43
Core Viewpoint - The development of credit risk mitigation tools (CRM) in China's financial market infrastructure is enhancing the innovation and effectiveness of credit derivatives, particularly benefiting the financing needs of technology enterprises [1][2][7]. Group 1: Credit Risk Mitigation Tools and Technology Board - The integration of CRM tools with the "Technology Board" is helping to increase debt financing scale and reduce costs, addressing the financing difficulties faced by private enterprises [2][10]. - Since the launch of the "Technology Board," credit risk mitigation certificates (CRMW) have supported the issuance of technology innovation bonds, with a total of 6 registrations amounting to 395 million yuan, facilitating the issuance of 1.25 billion yuan in technology innovation bonds [1][7]. Group 2: Market Infrastructure and Business Models - The CRMW creation and bond issuance model has created approximately 150 billion yuan in support for over 340 billion yuan in bond issuances since its introduction in 2018 [3][6]. - Major banks such as Zheshang Bank, Ping An Bank, and Bank of Communications have been leading in CRMW creation, with amounts of 1.215 billion yuan, 1.056 billion yuan, and 410 million yuan respectively in the first half of 2025 [4][3]. Group 3: Regulatory and Operational Enhancements - Recent revisions to the CRM business guidelines have streamlined processes and improved operational efficiency, allowing for a more comprehensive regulatory framework for CRM activities [6][7]. - The Shanghai Clearing House has enhanced its services for CRM, enabling online processing for credit events and early termination of CRMW, significantly improving operational convenience [6][7]. Group 4: Broader Economic Impact - CRM tools are increasingly recognized as effective financing aids, helping to mitigate credit risks in the bond market and ensuring smooth financing for the real economy [10][11]. - Local financial institutions are expected to play a crucial role in the creation of CRMW, leveraging their regional knowledge to provide credit risk protection for local enterprises [10][11].
央行8项金融政策,释放哪些新信号?
21世纪经济报道· 2025-06-18 05:46
Core Viewpoint - The People's Bank of China (PBOC) announced eight financial opening measures aimed at enhancing financial regulation, digital finance, structural monetary policy tool innovation, and supporting cross-border trade, reflecting a deeper consideration of monetary policy to support the real economy and stabilize foreign trade development [1][2]. Financial Regulation - The first policy focuses on financial regulation, indicating the PBOC's heightened attention to potential risks in cross-market transactions within the banking system. A trading report database will be established to collect and analyze transaction data across various financial sub-markets [2]. - The current banking system, dominated by banks, necessitates a focus on their safety to ensure overall financial stability. As net interest margins narrow, banks are diversifying their asset allocations, which may increase cross-market risk contagion [2]. Structural Monetary Policy Tool Innovation - The PBOC's innovation in structural monetary policy tools includes pilot programs in Shanghai for blockchain letters of credit refinancing, cross-border trade refinancing, and expanding carbon reduction support tools [3][4]. - The use of rediscounting to support cross-border trade financing for import and export enterprises is emphasized, addressing the inefficiencies of traditional monetary policy tools [3][4]. - The focus on the bond market to support the development of technology innovation enterprises is highlighted, addressing the challenges these companies face in bond issuance and risk mitigation [4]. Currency and Exchange Rate Management - The PBOC, in collaboration with the China Securities Regulatory Commission, will research the promotion of RMB foreign exchange futures trading to help financial institutions and foreign trade enterprises manage exchange rate risks more effectively [5]. Overall Policy Focus - The overall focus of the PBOC's financial policies is on financial regulation and the use of structural monetary policy tools to support the real economy, indicating a shift towards a more nuanced understanding of monetary policy beyond just aggregate tools [5].