Group 1 - The core viewpoint of the news is the successful establishment of a contract-based credit derivative transaction linked to floating-rate sci-tech bonds by Pudong Development Bank, China International Capital Corporation, and Orient Securities, with Shanghai Clearing House providing bilateral clearing services [1] - The transaction is expected to enhance the fair pricing of floating-rate sci-tech bonds, support the issuance and trading of sci-tech bonds, and guide financial resources to support technological innovation [1][2] - Shanghai Clearing House has developed a comprehensive credit derivative clearing service system to improve market efficiency, covering various aspects such as cash flow calculation, fund settlement, credit event settlement, valuation management, and counterparty credit risk management [1] Group 2 - Shanghai Clearing House plans to continue fostering the credit derivative market under the guidance of the People's Bank of China, focusing on product innovation and mechanism optimization to enrich product supply [2] - The goal is to build a resilient and vibrant interbank credit derivative market that supports the development of a multi-tiered bond market [2]

Core Viewpoint - The collaboration between Pudong Development Bank, China International Capital Corporation, and Dongfang Securities to establish a contract-based credit derivative trading linked to floating-rate sci-tech bonds aims to enhance the pricing fairness of these bonds and support financing for real enterprises in the technology innovation sector [1]. Group 1: Market Development - The agreement on floating-rate sci-tech bonds as the underlying asset for contract-based credit derivatives will promote reasonable pricing in the bond market and improve risk management efficiency [1]. - The initiative is expected to stimulate innovation in financial products related to floating-rate bonds and support the issuance and trading of sci-tech bonds [1]. Group 2: Clearing Services - Shanghai Clearing House has established a comprehensive credit derivative clearing service system to provide various services for contract-based credit derivative trading, including bilateral clearing and central counterparty clearing [1]. - The services cover cash flow calculations, fund settlement, credit event settlement, valuation management, and counterparty credit risk management, enhancing market operational efficiency [1]. Group 3: Market Participants - Pudong Development Bank, China International Capital Corporation, and Dongfang Securities are active participants in the interbank credit derivative market, leveraging their professional advantages to innovate and expand the application scenarios of credit derivatives [1].

9月2日，上海清算所网站消息，为做好绿色金融大文章，推动绿色金融产品不断创新，国泰海通证券与 西南证券达成银行间市场挂钩碳中和债券的合约类信用衍生品交易，上海清算所提供双边清算服务。本 次业务落地，是上海清算所充分发挥金融基础设施优势，支持银行间合约类信用衍生品挂钩标的与市场 参与者多元化拓展、丰富绿色金融产品供给、服务"双碳"战略目标的重要举措。 ...

Core Viewpoint - The recent transaction between CICC and Shenwan Hongyuan Securities marks the first interbank market contract-based credit derivative transaction linked to Total Loss Absorbing Capacity (TLAC) non-capital bonds, facilitated by Shanghai Clearing House, which supports the development of a multi-tiered bond market [1][2]. Group 1 - The transaction enhances the price discovery, risk management, and credit release functions of credit derivatives, improving the issuance efficiency of TLAC non-capital bonds in the primary market and increasing trading activity in the secondary market [1]. - This initiative is a significant step in expanding the types of underlying assets for interbank contract-based credit derivatives, which now include a wide range of instruments such as interbank certificates of deposit, financial bonds, panda bonds, sci-tech bonds, green bonds, and non-financial corporate debt financing tools [2]. - Shanghai Clearing House aims to continue fostering the credit derivatives market under the guidance of the People's Bank of China, focusing on product innovation and mechanism optimization to support various institutions in managing risks effectively [2].

Core Viewpoint - The Shanghai Clearing House recently held a conference on interbank credit derivatives, emphasizing the importance of contract-based credit derivatives in financial markets for pricing, risk management, and credit enhancement [1] Group 1: Conference Overview - The conference included representatives from 14 market institutions, such as the China Interbank Market Dealers Association, commercial banks, and securities companies [1] - Shanghai Clearing House presented on the development of contract-based credit derivatives and clearing services [1] - Representatives from SPDB and Guotai Junan Securities shared practical applications and trading strategies related to credit derivatives [1] Group 2: Importance of Credit Derivatives - Credit derivatives serve as crucial tools for price discovery, risk management, and credit enhancement, significantly impacting bond market pricing and risk management efficiency [1] - The Shanghai Clearing House plays a vital role in providing bilateral and central counterparty clearing services for credit derivatives, enhancing market infrastructure [1] Group 3: Future Directions - The Shanghai Clearing House plans to continue developing the credit derivatives market under the guidance of the People's Bank of China, focusing on market needs and collaboration with various parties [1] - There is an emphasis on product innovation, mechanism optimization, and expanding the business scope to support the high-quality development of the interbank credit derivatives market [1]