Original title: Beijing Stock Exchange Credit Bond Market Construction Starts
Report from this newspaper (Reporter Sun Jie) The construction of the credit bond market of the Beijing Stock Exchange has officially started. Recently, the Beijing Stock Exchange publicly solicited opinions from the market on five business rules for corporate bonds (including corporate bonds), and accelerated the construction of the credit bond market and accelerated the improvement of the basic functions of the market. In the future, companies can not only issue stocks but also bonds on the Beijing Stock Exchange, further broadening direct financing channels.
Since last year, the Beijing Stock Exchange has successively launched the issuance business of treasury bonds and local government bonds, achieving a stable start in the construction of the bond market. So far, the cumulative issuance of government bonds exceeds 3.4 trillion yuan. Recently, the China Securities Regulatory Commission issued the “Opinions on the High-Quality Construction of the Beijing Stock Exchange” which clearly stated that it supports the Beijing Stock Exchange in promoting the construction of the credit bond market. This time, Beijing Jiaotong University took the opportunity of the transfer of corporate bond issuance review responsibilities to launch the credit bond business and build a basic institutional system for corporate bonds (including corporate bonds), which is an important measure to comprehensively promote high-quality development. The Beijing Exchange stated that this move is of great significance to further improving the functions of the stock exchange, expanding direct financing channels, and strengthening the ability to serve the real economy and national strategies.
The five basic business rules for this public solicitation of opinions cover all aspects of the Beijing Stock Exchange’s corporate bond issuance and listing review, issuance and underwriting, listing, trading, and investor suitability management.
Among them, the review rules will implement the requirements of the bond registration system reform, take information disclosure as the core, strengthen the information disclosure requirements focusing on debt solvency, and adhere to the open and transparent review principle. By establishing and improving the bond issuance review quality control system and the integrity supervision mechanism, all-round restraint and supervision of issuance and listing review work will be strengthened. The issuance and underwriting rules absorb the issuance and underwriting experience of corporate bonds and corporate bonds, conform to the habits of bond market participants, clarify various requirements such as issuance procedures, issuance systems, site management, issuers and intermediary responsibilities, and further standardize the issuance and underwriting business.
In terms of listing and continuous supervision, the Beijing Stock Exchange will establish regulatory arrangements for all aspects from bond listing to post-listing continuous supervision. By strengthening the regulatory requirements for continuous information disclosure, consolidating the responsibilities of information disclosure obligors, and strengthening the protection of the rights and interests of bondholders, etc. Standardize bond listing management and market participant behavior.
In terms of trading, the trading rules fully grasp the characteristics of bond trading and market demand, adapt to the five trading methods of matching transaction, click transaction, inquiry transaction, bidding transaction and negotiated transaction, clarify the transaction time arrangement, declaration and transaction requirements under different transaction methods, and establish The market maker system and through the bond transaction participant mechanism facilitate institutional investors to participate in bond transactions. In terms of investor suitability management, the investor suitability standards are clarified, and the investor suitability management responsibilities of securities operating institutions are specified in detail to consolidate the responsibilities of securities operating institutions and enhance investor protection.
“The above business rules adhere to the principles of marketization and rule of law during the drafting process, fully absorb and learn from the experience of mature markets, and fully adapt to the new requirements of market development.” The relevant person in charge of the Beijing Stock Exchange said that the next step will be to fully listen to the opinions of all parties in the market and evaluate Improve relevant systems and rules, advance preparations for the implementation of various businesses in an orderly manner, solidly promote the construction of the credit bond market, and enhance the ability to serve the high-quality development of the real economy and the construction of major national strategies and major projects.
(Editors: Bao Congying, Gao Xing)
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2023-09-19 00:50:00
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