近年来，银行间人民币衍生品市场快速发展，产品序列持续丰富，市场规模和参与机构持续增长，在服 务市场风险管理、促进债券市场合理定价等方面发挥着越来越重要的作用。作为银行间市场唯一的中央 对手清算机构和中国首家监管机构认定的合格中央对手方，上海清算所在中国人民银行的指导下，积极 发挥基础设施专业优势和桥梁纽带作用，与中国人民银行系统建立政策落实协同机制，共同推动银行间 人民币衍生品市场高质量发展。 本报讯 记者张弛报道 为进一步加强银行间衍生品市场培育，推动金融机构合理利用人民币衍生品管理 风险，近日，上海清算所联合中国人民银行天津市分行在天津共同举办环京津冀区域银行间人民币衍生 品业务发展交流会。 本次会议聚焦银行间人民币衍生品市场发展，旨在促进区域内金融机构使用人民币衍生品管理利率及信 用风险。会上，交易商协会、外汇交易中心和上海清算所分别从自律组织和金融基础设施的角度，就信 用衍生品发展及衍生品标准协议文本、利率衍生品及利率风险管理、人民币衍生品中央对手清算机制及 业务实务进行介绍。交通银行和招商银行作为活跃市场机构代表，围绕信用风险缓释工具打通企业融资 通道、利率衍生工具助力利率风险管理多目标平衡的主题开 ...

Financial Data and Key Metrics Changes - Home BancShares reported record net income of $123.6 million and record EPS of $0.63 for Q3 2025, with revenue of $277.7 million and pre-tax, pre-provision net revenue of $162.8 million, achieving a profit percentage of 58.64% [4][5] - The efficiency ratio improved to 40.21%, marking the best performance in 12 months, while the net interest margin increased by 12 basis points to 4.56% [5][21] - Return on tangible common equity (ROTCE) remained strong at 18.28% [5] Business Line Data and Key Metrics Changes - Loan production was robust, reaching nearly $1.3 billion, with $800 million coming from the community bank footprint, particularly strong in Florida [21][26] - The lending portfolio showed organic loan growth of $105 million for Q3, marking eight times in the last nine quarters of linked quarter loan growth [26] - Centennial Commercial Finance Group originated over $1 billion in new loans through Q3, although total assets decreased by about $60 million due to payoffs outpacing new funding [30] Market Data and Key Metrics Changes - Deposits decreased by $161 million in Q3, primarily due to customer tax payments made in July, but the company continues to focus on growing core deposits [21] - Wholesale deposits comprised only 2.3% of total liabilities, indicating a strong focus on core deposit relationships [21] Company Strategy and Development Direction - The company is preparing for potential acquisitions, with management indicating readiness to pursue large transactions or several smaller ones [11][64] - Home BancShares has been conservative in its growth strategy, focusing on resolving existing issues before pursuing new opportunities [6][10] - The company aims to maintain its strong performance metrics while exploring growth avenues, with a target of $500 million in income for 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain net interest margin despite potential rate cuts, emphasizing a proactive approach to adjusting rates [36][38] - The company has not yet seen significant impacts from the government shutdown, with management indicating a willingness to offer deferments if necessary [42][44] - Overall asset quality remains stable, with management reporting low levels of potential losses in their asset quality meetings [53][54] Other Important Information - The Texas lawsuit has been settled, with the company receiving a partial payment and expecting the remainder in Q4 [5][91] - The company opened a new branch in San Antonio, indicating expansion into new markets [13] Q&A Session Summary Question: How is the company thinking about NIM and NII trends going forward? - Management indicated that they react quickly to rate changes and have historically maintained margins better than peers [36][38] Question: How does the company view deposit growth in a lower-rate environment? - The company does not run CD ads and focuses on maintaining strength in deposits, with a preference for core deposits over wholesale [39][40] Question: What is the company's perspective on credit quality amid broader market concerns? - Management reported a positive outlook on credit quality, with minimal concerns noted in their asset quality meetings [52][54] Question: Can the company provide insights on M&A activity and challenges? - Management confirmed they are actively looking for acquisition opportunities and have signed a letter of intent for a potential deal [64][68] Question: What are the expectations for profitability moving into 2026? - Management believes there is still room for improvement in expenses and profitability metrics, with a focus on maintaining efficiency [70][72]

Core Insights - The floating rate bond market is experiencing a revival driven by policy guidance and market innovation, with nearly 300 billion yuan issued this year, an 80% increase compared to last year's total issuance [1][2]. Market Growth - The floating rate bond market has seen significant growth, with 103 bonds issued and a total scale of 292.57 billion yuan as of October 9, 2025, compared to 161.81 billion yuan in the previous year [2][4]. - The issuance in 2025 has already surpassed the total issuance of approximately 490.1 billion yuan from 2022 to 2024, marking a notable recovery since the peak in 2021 [4]. Market Structure - The floating rate bond market has diversified, with participation expanding from policy banks to commercial banks and non-financial enterprises, creating a richer market structure [1][4]. - The majority of floating rate bonds issued since 2022 have been dominated by policy banks, accounting for over 80% of the total issuance [4]. Investment Demand - Floating rate bonds provide a stable investment return and are increasingly seen as a tool for managing interest rate risk, particularly beneficial during periods of declining interest rates [1][5]. - The bonds are appealing to commercial banks for optimizing their liability structure amid pressures on net interest margins due to LPR reductions and declining bond market yields [5][7]. Innovation and Future Potential - The market is innovating with products that combine floating rate bonds with policy support areas such as technology and green finance, with a total of 332.5 million yuan issued in these categories this year [5][6]. - The establishment of a diversified benchmark interest rate system, including DR007 and LPR, enhances the market's ability to connect short-term rates with long-term financing costs [6][9]. Regulatory Support - Regulatory bodies are actively promoting the development of the floating rate bond market, creating a favorable environment for its growth [2][8]. - The ongoing market reforms and the deepening understanding of floating rate bonds among investors are expected to lead to a steady increase in supply and participation [8][9].

Core Viewpoint - Fifth Third Bank is acquiring Comerica in an all-stock deal valued at $9 billion, creating the ninth largest bank in America [1]. M&A Strategy - The company has been patient and deliberate regarding mergers and acquisitions (M&A), emphasizing that any deal must align with strategic priorities and provide a return premium to justify execution risks [3][4]. - The acquisition is expected to yield a 22% internal rate of return (IRR) and approximately 9% earnings per share (EPS) accretion for Fifth Third shareholders, with no impact on tangible book value per share at closing [4]. Market Position and Expansion - The acquisition allows Fifth Third to expand into Texas, enhancing its retail franchise, which has been a key growth driver in the Southeast [5][6]. - The combined company will leverage Comerica's strong middle-market and commercial banking franchise, unlocking significant opportunities across a broader footprint [6]. Regulatory Environment - The current regulatory environment appears to facilitate quicker M&A approvals, with recent deals being approved in less than 90 days [7][8]. - Fifth Third has previously been approved to bid on failed banks, indicating confidence in navigating the regulatory landscape [9]. Interest Rate Management - Comerica has faced challenges managing interest rate risk, leading to a reported $85 million in lost income in the second quarter due to hedging positions [12]. - Fifth Third's diversified balance sheet is expected to manage interest rate risk more effectively than Comerica's existing business model [13]. Future M&A Considerations - The company has been disciplined in its M&A approach, having only acquired one bank in the last decade, and will focus on ensuring operational effectiveness post-acquisition before considering further deals [16][17].

Core Insights - The People's Bank of China announced plans to expand the "Swap Connect" market, increasing the daily trading net limit from 20 billion to 45 billion yuan to facilitate interest rate risk management for investors [1] - The China Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the needs of foreign investors in managing RMB interest rate risks [1] - The introduction of new interest rate swap contracts linked to the one-year Loan Prime Rate (LPR) under the "Northbound Swap Connect" indicates strong market demand and aims to improve liquidity and price discovery [2] Group 1 - The "Swap Connect" will expand its quoting bank team and improve the management mechanism, with a dynamic adjustment mechanism for quoting banks [1] - As of August 2025, 82 foreign investors from 15 countries and regions have participated in over 15,000 transactions, with a nominal principal of 8.15 trillion yuan [1] - The launch of LPR-linked interest rate swap contracts is expected to enhance the risk management toolbox for domestic and foreign investors [2] Group 2 - Standard Chartered Bank noted that the "Swap Connect" has undergone multiple optimizations, increasing its market attractiveness and participant numbers [3] - The continuous improvement of the "Swap Connect" since its launch in 2023 has led to a more comprehensive product system, addressing diverse risk management needs [2] - The collaboration between mainland and Hong Kong financial markets is expected to support global clients in participating in "Swap Connect" transactions [3]

Core Viewpoint - The China Foreign Exchange Trading Center announced measures to enhance the "Swap Connect" market, aiming to better meet the needs of foreign investors in managing RMB interest rate risks [1] Group 1: Market Mechanism Enhancements - A dynamic adjustment mechanism for "Swap Connect" quote providers will be established, and the number of quote providers will be expanded [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit set to increase to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Participation and Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion RMB from 82 foreign investors across 15 countries and regions by the end of August 2025 [1] - The trading center will continue to collaborate closely with domestic and foreign market participants to optimize the "Swap Connect" mechanism, supporting the high-level opening of China's financial market and the internationalization of the RMB [1]

Core Insights - The introduction of interest rate swap contracts referencing the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors and promote the internationalization of the Renminbi [1][2] Group 1: Market Development - On the launch day, 31 domestic and foreign institutions participated, with a total of 53 transactions and a nominal principal amount of 6.46 billion RMB [1] - Since its launch on May 15, 2023, the "Swap Connect" has facilitated over 15,000 Renminbi interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal from 82 foreign financial institutions across 15 countries and regions by the end of August 2025 [1] Group 2: Investor Benefits - The addition of LPR as a reference rate allows international investors to seamlessly connect with the domestic interest rate derivatives market, enhancing their ability to manage interest rate risks associated with domestic investments [2] - The optimization measures of the "Swap Connect" are expected to attract more international investors to the domestic capital market, thereby accelerating the internationalization of the Renminbi [2] Group 3: Product Expansion - Starting from September 22, the maximum term for existing Renminbi non-deliverable interest rate swap (CNY NDIRS) contracts has been extended from 5.5 years to 11 years, providing better risk management options for overseas investors [3]

Core Insights - The introduction of interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors [1][2] - The first day of trading saw participation from 31 domestic and foreign institutions, with a total of 53 transactions and a nominal principal amount of 6.46 billion yuan [1] - Since its launch on May 15, 2023, the "Swap Connect" has facilitated over 15,000 transactions with a cumulative nominal principal of approximately 8.15 trillion yuan from 82 foreign financial institutions across 15 countries and regions [2] Group 1 - The "Northbound Swap Connect" was launched to provide overseas investors with diversified interest rate risk management tools [1] - The successful execution of the first day of trading and settlement indicates a smooth operation of the new business and system [1] - The "Swap Connect" has become a vital channel for foreign institutional investors to manage RMB interest rate risk [2] Group 2 - The initiative retains the regulatory rules, market structure, and trading habits of both regions, ensuring a seamless integration for international investors [2] - The platform has significantly increased trading activity, reflecting its growing importance in the financial derivatives market [2] - The introduction of LPR-based swaps is expected to further enrich the risk management options available to overseas investors [1]

Core Viewpoint - The issuance of floating-rate bonds in China has significantly increased, driven by the need for interest rate risk management and policy support, with a year-to-date issuance of 97 bonds totaling 275.57 billion yuan, representing a year-on-year increase of 123.5% [1][2][3] Group 1: Market Dynamics - The floating-rate bond market has seen a resurgence, with policy bank bonds accounting for over 80% of the issuance, while commercial bank bonds and subordinated bonds have also resumed issuance since June, totaling 38.9 billion yuan [1][2] - The newly issued floating-rate bonds exhibit a pattern of high initial trading activity followed by a significant drop in liquidity, with many bonds experiencing zero transactions after the first month [2][3] Group 2: Cost and Risk Management - The primary driver for commercial banks to restart floating-rate bond issuance is the pressure to reduce funding costs amid narrowing net interest margins and increasing market interest rate volatility [3][4] - Floating-rate bonds allow banks to dynamically adjust their funding costs in a declining interest rate environment, helping to alleviate the mismatch between high-interest liabilities and low-interest assets [3][4] Group 3: Future Outlook - Experts predict that floating-rate bond issuance will become normalized, with expectations for a complete yield curve to be established, catering to different institutional funding duration needs [5][6] - The introduction of floating-rate mechanisms in local government bonds could further stimulate demand from banks and other institutions, leading to substantial growth in the floating-rate bond market [6]

Core Viewpoint - The document outlines the foreign exchange and interest rate risk management system of Angel Yeast Co., Ltd, aiming to standardize and enhance the management of these risks to ensure asset safety and compliance with relevant laws and regulations [1][2]. Section Summaries Purpose - The purpose of the system is to regulate the foreign exchange and interest rate risk management work of the company, ensuring asset safety and compliance with laws and regulations [1]. Scope - The risk management activities are limited to major settlement currencies used in the company's international business, including but not limited to USD, EUR, RUB, and EGP. The company will utilize various financial instruments to manage these risks [2]. Roles and Responsibilities - The financial department's risk management team, led by the financial manager, is responsible for drafting transaction plans, which include transaction types, limits, and methods. The plans must be approved by the general manager after review by the responsible leader [3][4]. Business Authorization - The decision-making bodies for risk management include the shareholders' meeting, board of directors, and management. Transactions exceeding 30% of the company's audited total revenue must be approved by the shareholders' meeting [4]. Management Principles - The risk management activities must align with the company's operational principles, focusing on hedging to minimize risks. Speculative trading is prohibited, and all activities must be managed centrally by the financial department [5]. Additional Provisions - The company must conduct transactions only with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China. The company is required to establish its own trading accounts for these activities [5].