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香港交易所:将优化旗下证券及衍生产品结算所的按金抵押品安排
Xin Lang Cai Jing· 2025-09-01 09:53
Core Viewpoint - Hong Kong Stock Exchange is enhancing its collateral arrangements for securities and derivatives clearinghouses to improve market efficiency and reduce costs for participants [1] Group 1: Changes in Collateral Arrangements - The exchange will adjust the interest calculation method for cash collateral, aligning it with international market standards and calculating it daily based on the overnight reference rate minus fees [1] - The new fee structure for cash collateral will set the fee at 0.8% from October 2025 to December 2026, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The financing cost for non-cash collateral will be reduced from 0.5% per year to 0.25% [1]
南财快评|债券税收安排调整,促进债市长期健康发展
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-08 15:12
Group 1 - The restoration of VAT on newly issued government bonds, local government bonds, and financial bonds starting from August 8 aims to enhance fiscal sustainability and prevent financial risks while promoting market efficiency and the development of the bond market [1][2]. - This policy adjustment is expected to improve the transparency and compliance of bond issuance and trading, reducing speculative arbitrage and enhancing the risk-return matching in the market [1][2]. - The tax treatment of different bond types will become more consistent, leading to improved pricing efficiency and resource allocation in the bond market, ultimately directing funds towards high-quality development sectors such as technology innovation and green economy [2][3]. Group 2 - The implementation of the VAT policy will adopt a "new and old distinction," allowing existing bonds to continue enjoying the previous tax exemption until maturity, which aims to avoid drastic impacts on the current bond market while gradually moving towards a more transparent and efficient development phase [3]. - The adjustment aligns China's bond market tax arrangements more closely with international practices, enhancing market comparability and institutional transparency, which is crucial for high-level financial opening [2][3]. - Future reforms may include improvements in tax administration details, market expectation guidance, and the development of supporting systems such as credit rating and investor protection, contributing to the sustainable and high-quality development of China's bond market [3].