一、自通知发布之日起，备案CRM核心交易商、一般交易商、信用风险缓释凭证（CRMW）创设机构 以及信用联结票据（CLN）创设机构（以下统称"CRM交易商"），应通过NAFMII投资者备案服务系统 （以下简称"系统"）向交易商协会秘书处提交相关信息和材料。备案系统网址为https://nafmii- filingservice.cfae.cn，也可通过点击交易商协会官网首页底部"综合平台快速入口"投资者备案服务系统图 标访问。 新华财经北京11月3日电交易商协会3日向信用风险缓释工具市场参与者发布通知称，为进一步便利银行 间市场信用风险缓释工具（CRM）交易商备案，NAFMII投资者备案服务系统新增CRM交易商模块， 通过线上提交材料提高备案效率。 二、市场参与者对备案材料的真实性、准确性、完整性负责。备案材料纸质文件由市场成员妥善保管。 三、CRM交易商应于2025年11月30日前登录系统，核验存量备案信息，若备案信息已发生变更或未来 发生变更，应及时按照系统的信息变更流程进行更新。因不可抗力原因无法通过系统提交更新信息的， 应及时联系交易商协会秘书处。 四、CRM核心交易商、一般交易商和CLN创设机构的备案 ...

Core Viewpoint - The development of credit risk mitigation tools (CRM) in China's financial market infrastructure is enhancing the innovation and effectiveness of credit derivatives, particularly benefiting the financing needs of technology enterprises [1][2][7]. Group 1: Credit Risk Mitigation Tools and Technology Board - The integration of CRM tools with the "Technology Board" is helping to increase debt financing scale and reduce costs, addressing the financing difficulties faced by private enterprises [2][10]. - Since the launch of the "Technology Board," credit risk mitigation certificates (CRMW) have supported the issuance of technology innovation bonds, with a total of 6 registrations amounting to 395 million yuan, facilitating the issuance of 1.25 billion yuan in technology innovation bonds [1][7]. Group 2: Market Infrastructure and Business Models - The CRMW creation and bond issuance model has created approximately 150 billion yuan in support for over 340 billion yuan in bond issuances since its introduction in 2018 [3][6]. - Major banks such as Zheshang Bank, Ping An Bank, and Bank of Communications have been leading in CRMW creation, with amounts of 1.215 billion yuan, 1.056 billion yuan, and 410 million yuan respectively in the first half of 2025 [4][3]. Group 3: Regulatory and Operational Enhancements - Recent revisions to the CRM business guidelines have streamlined processes and improved operational efficiency, allowing for a more comprehensive regulatory framework for CRM activities [6][7]. - The Shanghai Clearing House has enhanced its services for CRM, enabling online processing for credit events and early termination of CRMW, significantly improving operational convenience [6][7]. Group 4: Broader Economic Impact - CRM tools are increasingly recognized as effective financing aids, helping to mitigate credit risks in the bond market and ensuring smooth financing for the real economy [10][11]. - Local financial institutions are expected to play a crucial role in the creation of CRMW, leveraging their regional knowledge to provide credit risk protection for local enterprises [10][11].