Core Viewpoint - The recent notice issued by the interbank market trading association aims to regulate the bond issuance and underwriting process, addressing issues such as pricing distortions and non-market-based issuance practices [1][4]. Group 1: Regulatory Measures - Strengthening underwriting quote management in the interbank bond market, requiring main underwriters to establish internal management systems and not to participate in bidding with quotes below cost [1][2]. - Standardizing the subscription requirements for bond bookkeeping, encouraging early submission of subscription demands and ensuring compliance with communication tool regulations [2][3]. - Improving the pricing mechanism for debt financing tools, ensuring that the pricing range reflects comparable bond rates or market fair price levels [2][3]. Group 2: Information Disclosure and Management - Enhancing information disclosure for debt financing tools, with main underwriters required to improve service quality and disclose relevant details regarding balance underwriting and self-investment [2][4]. - Strengthening distribution management for debt financing tools, ensuring that distribution-related information is accurately recorded [2][3]. Group 3: Complaint and Reporting Mechanism - Establishing a complaint and reporting mechanism for violations during the issuance and underwriting process, including interference in pricing and malicious exclusion of market-based subscription orders [4][5]. - The association has noted ongoing issues in the market, such as extreme low pricing for underwriting services, which has sparked discussions about excessive competition and its impact on market pricing [5]. Group 4: Market Dynamics - The recent regulatory actions are seen as a response to long-standing issues in the bond underwriting market, where firms engage in irrational competition by offering extremely low fees to gain market share [5]. - The association's measures aim to eliminate non-market-based practices in the bond issuance process and enhance transparency in pricing [5].