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。 北京商报讯（记者 孟凡霞 周义力）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》称，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。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：未按规定建立健全债券交易记录保存相关内控制度；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；债券交易记录未按规定全程留痕；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；其他违反债券交易记录保存相关要求的行 为。 ...

新华财经北京1月5日电中国银行间市场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。通知称，近一段时间以来，中国银行间市场交易商协会（以下简称交易商协会）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。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。 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。 （文章来源：新华财经） ...

人民财讯12月2日电，中国银行间市场交易商协会发布关于优化并购票据相关工作机制的通知，其中指 出，并购票据是指非金融企业在银行间市场发行的，募集资金用于企业并购活动，约定在一定期限内还 本付息的债务融资工具。募集资金中拟用于并购交易用途的占比应不低于发行金额的50%，并存放于募 集资金监管账户，不得擅自挪作他用。其余部分可用于企业其他生产经营活动，但不得用于上市公司二 级市场股票投资。用于并购的募集资金占并购交易价款的比例不得高于70%，权益性资金占并购交易价 款的比例不得低于30%。企业发行并购票据用于参股的，并购后持有目标企业的股权比例不得低于 20%。企业发行科技创新债券的，募集资金用途及比例从其规定。 ...

Core Viewpoint - The China Interbank Market Dealers Association has revised the "Credit Risk Mitigation Warrant (CRMW) Creation Instruction Manual (2025 Edition)" to promote the standardized development of CRMW business and enhance creation efficiency for market participants [1] Group 1: Revision Details - The revised manual builds on previous guidelines and aims to align with the latest business system requirements [1] - It expands the creation elements of CRMW linked to entities and includes arrangements for inquiry creation and early cancellation [1] - The update optimizes information disclosure and provides additional document templates for market participants [1] Group 2: Future Directions - The association plans to continuously improve the operational mechanism of CRMW business and enhance service levels [1] - The goal is to better serve the needs of the real economy through credit derivatives and promote high-quality market development [1]

Core Viewpoint - The announcement by the People's Bank of China, China Securities Regulatory Commission, and State Administration of Foreign Exchange outlines the regulations for foreign institutional investors to conduct bond repurchase transactions in China's bond market [1] Group 1: Regulatory Framework - Domestic financial market infrastructures are required to formulate or revise business rules and operational details, and report to the People's Bank of China and China Securities Regulatory Commission [1] - Relevant trading, custody, settlement, and clearing services must be monitored, with significant issues and anomalies reported to the appropriate financial management departments [1] Group 2: Compliance Requirements - Foreign institutional investors must sign a master agreement for bond repurchase transactions in accordance with relevant regulations [1] - Self-regulatory organizations and industry associations are required to file the standard version of the master agreement with the People's Bank of China and China Securities Regulatory Commission [1]

Core Insights - The China Foreign Exchange Trading Center announced measures to enhance the "Swap Connect" market to better meet the needs of foreign investors in managing RMB interest rate risks [1] - The measures include establishing a dynamic adjustment mechanism for quote providers and expanding the number of quote providers [1] - The daily net limit for transactions will be increased to 45 billion RMB starting from October 13, 2025 [1] Group 1 - "Swap Connect" has facilitated efficient interest rate risk management for foreign investors since its launch on May 15, 2023 [1] - As of August 31, 2025, 82 foreign investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] - The Trading Center aims to continue optimizing the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants [1]

Core Insights - The offshore RMB market in Hong Kong has significantly grown over the past 20 years, with daily foreign exchange trading volume increasing over sixfold to $670 billion last year, elevating its global ranking from 6th to 4th [1] - The total amount of outstanding bonds denominated in HKD has risen from HKD 664 billion in 2005 to over HKD 2.8 trillion last year [1] - The Hong Kong Treasury Markets Association, celebrating its 20th anniversary, has played a crucial role in promoting practices, enhancing industry collaboration, and improving market competitiveness [1] - A newly announced "Fixed Income and Currency Market Development Roadmap" aims to coordinate efforts to make Hong Kong's fixed income and currency markets more competitive, reflecting extensive communication with the industry [1]

Core Viewpoint - The Chinese Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1] Group 1: Mechanism Optimization - The new measures include establishing a dynamic adjustment mechanism for "Swap Connect" quote providers and expanding the number of quote providers [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit raised to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated RMB asset allocation for foreign investors, serving as an efficient tool for interest rate risk management [1] - As of August 31, 2025, 82 foreign investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] Group 3: Future Collaboration - The trading center will continue to work closely with domestic and foreign market participants and infrastructure under the guidance of the People's Bank of China to further optimize the "Swap Connect" mechanism [1] - This initiative aims to support the high-level opening of China's financial market and the internationalization of the RMB [1]

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 China Foreign Exchange Trading Center announced on September 25 measures to enhance the "Swap Connect" market's vitality and better meet the needs of overseas investors in managing RMB interest rate risks [1] Group 1: Operational Enhancements - A dynamic adjustment mechanism for "Swap Connect" quote providers will be established, and the pool 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 Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated efficient interest rate risk management for overseas investors in RMB asset allocation [1] - As of the end of August 2025, 82 overseas investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal amount of 8.15 trillion RMB [1] Group 3: Future Outlook - The trading center will continue to optimize the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants, supporting the high-level opening of China's financial market and the internationalization of the RMB [1]