Core Insights - The Shanghai Clearing House held an interbank interest rate derivatives business exchange meeting, attended by over 30 experts from 21 market institutions, including state-owned banks, joint-stock banks, city commercial banks, foreign banks, securities companies, and asset management firms [1][3]. Group 1: Development and Operations - The Shanghai Clearing House reviewed the development and operational status of interbank interest rate derivatives clearing business, highlighting the expansion of derivatives targets, terms, and supporting mechanisms to enhance the risk management toolbox [2][4]. - New products launched include 3-year and 7-year National Development Bank standard bond forward physical settlement contracts and 1-year interbank certificate of deposit standard interest rate swap contracts, with the clearing term for interest rate swaps extended to a maximum of 30 years [2][4]. - The total volume of interbank interest rate derivatives clearing reached 52.5 trillion yuan as of November 2025, representing a year-on-year increase of 64.5% [2][4]. Group 2: Market Development and Internationalization - The Clearing House emphasized the importance of central counterparty clearing advantages and actively engaged in market cultivation to help various financial institutions strengthen their risk management [2][4]. - The "Swap Connect" initiative was introduced to expand the clearing of interest rate swaps linked to the Loan Prime Rate (LPR), with three new quoting firms added and Bank of China Hong Kong becoming the first overseas clearing member to directly engage in interbank interest rate derivatives business [2][4]. - Future business development will focus on enriching product supply, enhancing market cultivation, optimizing mechanisms and systems, and deepening international openness to strengthen the interbank bond and derivatives markets [2][4].

Group 1 - The core viewpoint of the article highlights the significant growth in the bond market managed by the Shanghai Clearing House, with a bond custody balance reaching 48.3 trillion yuan, a year-on-year increase of 22.3% [1] - In the first half of the year, the centralized clearing of bonds amounted to 11.2 trillion yuan, reflecting a remarkable year-on-year growth of 127.5% [1] - The Shanghai Clearing House has effectively supported the launch of the "Technology Board" in the bond market, facilitating the issuance of 272.1 billion yuan in technology innovation bonds [1] Group 2 - The Shanghai Clearing House has expanded its bond issuance support, facilitating the issuance of 494.03 billion yuan in policy financial bonds and 1.3 trillion yuan in financial bonds from commercial banks and non-bank financial institutions, representing year-on-year growth of 46.6% and 8% respectively [1] - The introduction of Bank of China Hong Kong as the first overseas clearing member marks a significant step towards internationalization, allowing foreign institutions to participate directly in domestic centralized clearing [1] - The dual development of the Yulan bond and Panda bond markets has effectively supported the internationalization of the renminbi [1] Group 3 - The Shanghai Clearing House launched new contracts for 3- and 7-year national development bonds and extended the interest rate swap clearing period to 30 years, with a total clearing scale of interest rate derivatives reaching 26.5 trillion yuan, a year-on-year increase of 70.2% [2] - The expansion of credit derivatives includes the inclusion of 32 new quality production enterprises into the CDS central counterparty clearing range, promoting the trading and clearing of private enterprise CDS indices [2]

自标准利率互换业务推出以来，申万宏源证券FICC事业部积极参与业务报价、交 易，是市场最活跃的交易机构之一。未来申万宏源证券将继续履行报价机构职责，助力 提升衍生品市场的交易活跃度，为银行间市场的蓬勃发展贡献力量。 来源：申万宏源FICC 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 申万宏源证券 于上线首日 达成多笔 挂钩PrimeNCD1Y利率的合约交易 2025年4月7日，为进一步丰富标准利率互换合约标的，满足市场机构对更长期限 的利率风险管理需求，中国外汇交易中心与上海清算所联合推出1年期同业存单标准利 率 互 换 合 约 。 申 万 宏 源 证 券 FICC 事 业 部 利 率 投 资 团 队 于 上 线 首 日 达 成 多 笔 挂 钩 PrimeNCD1Y利率的合约交易。 标准利率互换 标准利率互换是指在银行间市场交易的参考利率、到期日、期限等产品要素标准化 的利率互换合约。此次新品种的推出实现了对1-2年关键期限点的覆盖，有利于完善短 端利率定价曲线，提升价格发现效率。 ...

申万宏源证券 于上线首日 达成多笔 挂钩PrimeNCD1Y利率的合约交易 2025年4月7日，为进一步丰富标准利率互换合约标的，满足市场机构对更长期限 的利率风险管理需求，中国外汇交易中心与上海清算所联合推出1年期同业存单标准利 率 互 换 合 约 。 申 万 宏 源 证 券 FICC 事 业 部 利 率 投 资 团 队 于 上 线 首 日 达 成 多 笔 挂 钩 PrimeNCD1Y利率的合约交易。 标准利率互换 标准利率互换是指在银行间市场交易的参考利率、到期日、期限等产品要素标准化 的利率互换合约。此次新品种的推出实现了对1-2年关键期限点的覆盖，有利于完善短 端利率定价曲线，提升价格发现效率。 自标准利率互换业务推出以来，申万宏源证券FICC事业部积极参与业务报价、交 易，是市场最活跃的交易机构之一。未来申万宏源证券将继续履行报价机构职责，助力 提升衍生品市场的交易活跃度，为银行间市场的蓬勃发展贡献力量。 来源：申万宏源FICC 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 ...