Circular on Issues Relevant to the Participation of Banks in Bond Trading on Stock Exchanges
关于银行在证券交易所参与债券交易有关问题的通知
China allows banks to trade bonds on stock exchanges
(Issued by the China Securities Regulatory Commission, the People's Bank of China and the China Banking and Insurance Regulatory Commission on, and effective as of, August 2, 2019.)
（中国证券监督管理委员会、中国人民银行、中国银行保险监督管理委员会于二零一九年八月二日起发布施行。）
Zheng Jian Fa [2019] No.81
证监发 [2019] 81号
Banks, the Shanghai and Shenzhen Stock Exchanges, and the China Securities Depository and Clearing Corporation Limited:
各银行，上海、深圳证券交易所、中国证券登记结算有限责任公司：
With a view to further implementing the requirements of the Central Committee of the Communist Party of China and the State Council in respect of enhancing the capabilities of finance in serving the real economy, we, on the basis of the preliminary pilot project, hereby notify you of issues relevant to expanding the scope of banks that may participate in bond trading on stock exchanges as follows:
为进一步落实党中央、国务院关于增强金融服务实体经济能力的要求，在前期试点基础上，现就扩大在证券交易所参与债券交易的银行范围有关问题通知如下：
1. For the purposes of this Circular, the term "bank" includes policy banks, the China Development Bank, large state-owned commercial banks, commercial banks organized as joint stock limited companies, urban commercial banks, foreign-funded banks in China and other banks listed in China.
一、本通知所指银行包括政策性银行和国家开发银行、国有大型商业银行、股份制商业银行、城市商业银行、在华外资银行、境内上市的其他银行。
2. Banks shall engage in competitive spot trading of bonds on the stock exchanges provided that they do so lawfully, compliantly, that risks are controllable and that business is sustainable.
二、银行应在依法合规、风险可控、商业可持续的前提下，在证券交易所参与债券现券的竞价交易。
3. Matters such as the opening of securities accounts, bond registration, deposition, custody and clearance relating to bond trading by banks on stock exchanges shall be handled by the China Securities Depository and Clearing Corporation Limited in accordance with laws and rules.
三、银行参与证券交易所债券交易涉及的证券账户开立、债券登记、存管、托管及结算业务，由中国证券登记结算有限责任公司依照法律和规则办理。
4. Banks involved in competitive bond trading shall formulate relevant internal control and risk management systems, specify their operational procedures and guard against relevant risks.
四、参与债券竞价交易的银行，应当制定相关内控及风险管理制度，规范操作流程，防范有关风险。
5. In the event of a discrepancy between this Circular and previous provisions of the China Securities Regulatory Commission, the People's Bank of China or the China Banking and Insurance Regulatory Commission on the participation by banks in bond trading on stock exchanges, this Circular shall prevail.
五、中国证券监督管理委员会、中国人民银行、中国银行保险监督管理委员会此前发布的关于银行在证券交易所参与债券交易的相关规定如与本通知不符，以本通知为准。
6. This Circular shall be effect as of the date of issuance.
issued:2019-08-02 effective:2019-08-02六、本通知自发布之日起生效。
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