通知显示，近一段时间以来，交易商协会在相关业务检查和自律调查过程中发现，部分机构内控缺失、合规风控流于形式，且一些机构未按要求保存债券 交易记录的问题较为普遍，严重阻碍还原交易真相，不利于有效监管和打击违法违规。 【导读】交易商协会加大对债券交易记录相关违规行为惩戒力度 1月5日，中国银行间市场交易商协会（以下简称交易商协会）发布关于提示做好债券交易记录保存相关工作的通知。 针对上述情形，交易商协会将加大对相关违规行为的惩戒力度。对存在以下问题的机构将从严从重处理，根据具体违规行为的情节轻重给予相应自律处 分，具体包括： 一、未按规定建立健全债券交易记录保存相关内控制度； 二、合规风控流于形式，未有效落实债券交易记录保存相关内控制度； 三、债券交易记录未按规定全程留痕； 四、对涉嫌严重违法违规的交易，无法提供完整交易记录还原交易真相； 五、其他违反债券交易记录保存相关要求的行为。 交易商协会表示，健全夯实内控，按要求完整、准确、全面保存交易记录是债券市场的基本制度要求，也是市场参与者的重要义务，各市场参与者务必高 度重视，切实提高合规意识和履职水平。交易商协会将持续强化相关管理，促进市场健康有序发展。 回顾2 ...

Core Viewpoint - The interbank bond market in China has been experiencing irrational price wars among underwriters, leading to extremely low underwriting fees that disrupt market order. The China Interbank Market Dealers Association has issued new regulations to strengthen self-discipline in underwriting fee management [1][5]. Group 1: Market Conditions - Since last year, there has been a severe "involution" in the interbank bond market, with underwriters willing to accept losses to secure deals, resulting in frequent occurrences of "bargain prices" and "floor prices" [1]. - On July 17, a report highlighted that the underwriting fees for a 350 billion yuan bond project were as low as 700 yuan, with several major underwriters being investigated for abnormal pricing [3][4]. Group 2: Regulatory Actions - The China Interbank Market Dealers Association previously issued a notice on June 16 to address issues related to low underwriting fees and other unethical practices, emphasizing that underwriters should not quote fees below cost [4][5]. - On August 7, a new notice reiterated the need for underwriters to establish internal management systems for pricing and to ensure that underwriting costs cover all necessary expenses, including personnel, travel, and operational costs [5][6]. Group 3: Compliance and Reporting - Underwriters are required to report their underwriting costs to the association within ten working days after the annual financial report is disclosed, with specific guidelines on what costs should be included [5]. - The new regulations also encourage issuers to maintain fair competition and to set reasonable evaluation criteria for selecting underwriters, while increasing the penalties for violations of these self-discipline rules [5][6].

Core Viewpoint - The recent regulatory notice from the China Interbank Market Dealers Association aims to address issues in the bond underwriting market, particularly focusing on the prohibition of below-cost bidding practices and ensuring a more market-oriented pricing mechanism [1][2]. Group 1: Regulatory Changes - The notice emphasizes that main underwriters in the interbank bond market must establish internal management systems for pricing, ensuring that bids do not fall below cost [2][4]. - This is the second notice issued within a month addressing the low-cost underwriting phenomenon, indicating a strong regulatory stance against such practices [2][3]. Group 2: Market Practices - A recent case involving a bank's selection of underwriters for its 2025-2026 capital bond issuance raised concerns, as the estimated underwriting fees were significantly low, prompting self-regulatory investigations [3][4]. - The association has found evidence of issuers potentially guiding pricing, which will lead to stricter regulations and penalties for such behaviors [3][4]. Group 3: Pricing and Bidding Mechanisms - The notice encourages early submission of subscription requests by investors and mandates that underwriters maintain clear records of the subscription process [4][5]. - It outlines a pricing mechanism that requires underwriters to determine interest rates based on comparable bond rates or market fair prices, ensuring a more transparent and fair pricing process [4][5]. Group 4: Underwriter Selection Criteria - The notice sets limits on the number of main underwriters based on the scale and type of bond issuance, with specific guidelines for different categories of bonds [5][6]. - It also establishes a framework for reporting and monitoring complaints regarding violations in the underwriting process, aiming to enhance market integrity [6].

Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-discipline investigation into six main underwriters due to concerns over their bidding fees for a bond issuance project by Guangfa Bank [1] Group 1: Regulatory Actions - The Dealers Association released a notice to strengthen the self-regulation of underwriting practices in the interbank bond market, particularly targeting non-compliant behaviors such as low underwriting fees and low-price underwriting [1] - The investigation is based on the self-discipline rules of the interbank bond market, which allows for disciplinary actions against institutions that violate these rules during their business operations [1] Group 2: Bond Issuance Details - Guangfa Bank announced a competitive procurement project for selecting underwriters for its 2025-2026 secondary capital bond issuance, with a total project scale of 35 billion yuan [1] - The selected underwriters include China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Construction Investment Securities, and CITIC Securities, with estimated service fees ranging from 700 yuan to 35,000 yuan [1] - The total estimated underwriting service fee for the project amounts to 63,448 yuan, with a 6% VAT applicable [1]

Core Viewpoint - The article discusses the self-regulatory investigation initiated by the Trading Association against six main underwriters due to concerns over low underwriting fees in the bond issuance project for Guangfa Bank's 2025-2026 secondary capital bonds [1][6]. Group 1: Underwriting Fee Details - The total underwriting fee for the six selected financial institutions in the Guangfa Bank bond project is RMB 63,448, with the average income for each underwriter being just over RMB 10,000 [2][5]. - The individual underwriting fees for the six institutions are as follows: China Galaxy Securities RMB 700, Guangfa Securities RMB 1,050, Industrial Bank RMB 700, Guotai Junan Securities RMB 4,998, CITIC Jinshi RMB 35,000, and CITIC Securities RMB 21,000 [5]. Group 2: Regulatory Actions - The Trading Association launched a self-regulatory investigation on July 11, following market concerns regarding the low underwriting fees, which may violate self-regulatory rules [6]. - The association's notification on June 16 emphasized the need for fair market practices, prohibiting underwriters from quoting below cost and ensuring compliance with payment obligations [6]. Group 3: Market Context - The bond underwriting market has become increasingly competitive as securities firms shift focus to bond financing due to a downturn in equity financing [7]. - As of July 11, 90 securities firms have underwritten a total of 24,844 bonds, amounting to RMB 80,435.08 billion, compared to 18,730 bonds and RMB 66,518.02 billion in the same period last year [7]. - The top ten firms in the bond underwriting ranking are all large securities firms, with the top six firms holding a combined market share of 55% [7].

Group 1 - A joint statement from 21 Arab and Islamic countries condemns Israel's attacks on Iran, emphasizing the need for respect for sovereignty and peaceful dispute resolution [2] - The U.S. President Trump announces a temporary halt on sanctions against Russia to facilitate negotiations, while Russia expresses hope that this pause will not last long [3] - A fireworks explosion in Hunan, China, results in one death, six missing, and nine injuries, with ongoing rescue efforts [4][5] Group 2 - The Central Social Work Department and the Ministry of Housing and Urban-Rural Development in China are promoting measures to address urgent issues faced by new employment groups [6][7] - Gree Titanium responds to the freezing of 1.806 billion shares, attributing it to the previous actual controller's unauthorized guarantees, while assuring that business operations remain normal [8] - OpenAI executives are discussing potential antitrust actions against Microsoft, their main supporter, regarding competitive behavior during their collaboration [15] Group 3 - GAC Aion confirms that its production and operations are normal, refuting rumors about employee stock ownership plans [12] - Huawei's executive explains the HarmonyOS, highlighting its capability to connect hardware and software, with over 1 billion devices currently connected [10][11] - The People's Bank of China plans to issue 30 billion yuan in central bank bills in Hong Kong, with 20 billion yuan maturing this month [20] Group 4 - The China Interbank Market Dealers Association issues a notice to regulate bond underwriting practices, addressing issues like low underwriting fees and market competition [21] - Trump announces a new mobile phone service under his brand, promising value for American consumers and including various support services [26][27][28] - A trade agreement between the U.S. and the U.K. includes quotas on car imports and tariffs on steel and aluminum, aiming to strengthen supply chains in aerospace [29]