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Announcement of the National Interbank Funding Center on Trading Rules for the Southbound Bond Connect | | 全国银行间同业拆借中心关于发布《全国银行间同业拆借中心债券通“南向通”交易规则》的公告 |
| (Announcement No. 42 [2021] of the China Foreign Exchange Trade System) | | （中汇交公告〔2021〕42号） |
| To facilitate participation of domestic investors under the Southbound Bond Connect scheme and support orderly Southbound trading processes, the Trading Rules for the Southbound Bond Connect of the National Interbank Funding Center has been formulated, which is hereby published with the approval of the People's Bank of China for observance. | | 为便利境内投资者参与债券通“南向通”业务，支持“南向通”业务有序开展，我中心制定了《全国银行间同业拆借中心债券通“南向通”交易规则》，经中国人民银行同意，现向市场发布，请遵照执行。 |
| Annex: Trading Rules for the Southbound Bond Connect of the National Interbank Funding Center | | 附件：全国银行间同业拆借中心债券通“南向通”交易规则 |
| National Interbank Funding Center | | 全国银行间同业拆借中心 |
| September 15, 2021 | | 2021年9月15日 |
| Annex: | | 附件 |
| Trading Rules for the Southbound Bond Connect of the National Interbank Funding Center | | 全国银行间同业拆借中心债券通“南向通”交易规则 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 The Trading Rules for the Southbound Bond Connect of the National Interbank Funding Center (“Rules”) is formulated in accordance with the Notice of the People's Bank of China on the Launch of Southbound Trading under Mutual Bond Market Access Between Mainland China and Hong Kong SAR (Yinfa No. 235 [2021], the “Notice”) with the approval of the People's Bank of China (“PBC”) to support comprehensive operations of Bond Connect in an orderly manner. | | 第一条 为支持“债券通”业务全面、有序开展，根据《中国人民银行关于开展内地与香港债券市场互联互通南向合作的通知》（银发〔2021〕235号，以下简称《通知》），经中国人民银行（以下简称人民银行）同意，制定本规则。 |
| Article 2 “Southbound Trading” refers to institutional arrangements of connectivity in trading, depository, settlement and other related activities between the infrastructure service providers of bond markets in Mainland China and Hong Kong SAR that enable institutional investors in the domestic bond market (“Domestic Investors”) to invest in Hong Kong bond market. The Rules applies to trading activities under the Southbound Bond Connect conducted through the China Foreign Exchange Trade System & National Interbank Fund Center (“CFETS”). | | 第二条 “南向通”是指境内债券市场机构投资者（以下简称境内投资者）经由内地与香港相关基础服务机构之间在交易、托管、结算等方面互联互通的机制安排，投资于香港债券市场。通过全国银行间同业拆借中心（以下简称交易中心）开展的“南向通”交易活动适用本规则。 |
| Chapter II Participation Procedures | | 第二章 参与流程 |
| Article 3 A Domestic Investor meeting the criteria of the Notice and intending to engage in Southbound Trading through CFETS shall submit an application to CFETS in accordance with the Guidelines of National Interbank Funding Center for Application for Southbound Trading under Bond Connect, and authorize its domestic custodian banks responsible for the custody of its bonds (“Onshore Custodian Bank”) to provide settlement information to CFETS. | | 第三条 符合《通知》要求的境内投资者通过交易中心开展“南向通”相关业务，应根据《全国银行间同业拆借中心债券通“南向通”业务申请指南》向交易中心提交“南向通”业务申请，并同意由为其托管债券的境内托管银行（以下简称境内托管行）向交易中心提供结算路径信息。 |
| For a Domestic Investor who already has a trading account for the CFETS' system (“Trading System”), CFETS will grant it access to Southbound Trading in the Trading System and record and maintain information about the Domestic Investor (including, here and hereinafter, information about its traders) and its depository and settlement arrangement (“Requisite Information for Trading”). For a Domestic Investor who does not yet have a trading account, CFETS will open a trading account for it in the Trading System, grant it access to Southbound Trading, and record and maintain the Requisite Information for Trading. The Domestic Investor becomes a member of CFETS upon the creation of the trading account. | | 在交易中心系统（以下简称交易系统）中已有交易账户的境内投资者，交易中心在交易系统中为其开通“南向通”交易权限，记录并维护其机构信息（含交易员信息，以下同）、托管结算路径信息等信息（以下简称交易必要信息）；尚无交易账户的，交易中心将在交易系统中为其开立交易账户，开通“南向通”交易权限，记录并维护其交易必要信息。开立交易账户后，境内投资者成为交易中心交易成员。 |
| Article 4 The overseas counterparty that provides quotes and enters into trades with a Domestic Investor in Southbound Trading (“Offshore Maker”) should be a market maker meeting the criteria of the Notice. Before engaging in relevant activities, an Offshore Maker shall submit to CFETS a Southbound Offshore Maker Information Form of National Interbank Funding Center, based on which CFETS will record and maintain the Requisite Information for Trading of the Offshore Maker within the Trading System. The Trading System identifies quotes and other transaction information sent by an Offshore Maker based on the Requisite Information for Trading it has earlier submitted, the consequences from which shall be borne by the Offshore Maker. | | 第四条 与境内投资者开展“南向通”报价交易业务的境外交易对手（以下简称“南向通”报价商），应是符合《通知》规定的做市商。“南向通”报价商在开展业务前，应向交易中心提交《全国银行间同业拆借中心“南向通”报价商业务信息表》，交易中心据此在交易系统中记录并维护“南向通”报价商的交易必要信息。交易系统根据“南向通”报价商提交的交易必要信息识别“南向通”报价商发送的报价等交易信息，“南向通”报价商应据此承担行为后果。 |
| Article 5 Any Domestic Investor, Offshore Maker, or Onshore Custodian Banks whose submitted Requisite Information for Trading has changed shall immediately notify CFETS and provide updated information. CFETS is not liable for any consequences or losses resulting from any inaccuracy, incompleteness, or late update of such information. | | 第五条 境内投资者、“南向通”报价商及境内托管行提交的交易必要信息发生变更的，应立即通知交易中心并更新相关信息。交易中心不对因上述信息提供不准确、不完整或信息更新不及时导致的任何后果或损失承担责任。 |
| Article 6 Any Domestic Investor and Offshore Maker that engages in Southbound Trading is deemed to have given consent to CFETS to provide information about the institution, its transactions, and other relevant materials and information to Mainland China and Hong Kong regulatory authorities in accordance with the laws, regulations, and regulatory rules of Mainland China and Hong Kong SAR, and to provide the materials and information to overseas trading platforms necessary to the conduct of trading activities. | | 第六条 境内投资者、“南向通”报价商开展“南向通”交易活动，视为同意交易中心根据内地与香港相关法律法规和监管规定，向内地与香港监管机构提供机构信息、交易信息等相关资料信息，以及为满足交易活动开展的需要向境外交易平台提供必要资料信息。 |
| Article 7 Any Domestic Investor or Offshore Maker that no longer meets the access requirements for Southbound Trading prescribed by Mainland China and Hong Kong regulatory authorities or has lost relevant qualifications shall immediately notify CFETS, which will then suspend or remove its access to Southbound Trading. | | 第七条 境内投资者及“南向通”报价商不再符合内地与香港监管机构“南向通”参与要求或失去相关资质的，应及时告知交易中心，交易中心将据此暂停或关闭其“南向通”交易权限。 |
| Article 8 Domestic Investors and Offshore Makers shall abide by the laws, regulations, and regulatory rules of Mainland China and Hong Kong markets in the course of Southbound Trading. Institutions that provide supporting trading services for Southbound Trading (“Southbound Trading Service Institutions”) offer the necessary facilitation and support to Offshore Makers to help them understand relevant rules, procedures, and market information. | | 第八条 境内投资者与“南向通”报价商开展“南向通”交易，应遵循内地与香港市场相关法律法规和监管规定。承担支持“南向通”相关交易服务职能的机构（以下简称“南向通”交易服务机构）为“南向通”报价商了解相关业务规则、业务流程、市场信息等提供必要的便利和支持。 |
| Chapter III General Rules | | 第三章 一般规则 |
| Article 9 Products available for trading in the initial stages of Southbound Trading are cash bonds that meet the criteria of the Notice and are being traded in the Hong Kong market. CFETS publishes a list of the tradable bonds in the Trading System and updates it from time to time based on market conditions and Domestic Investors' needs. | | 第九条 “南向通”交易服务品种初期为现券买卖，可交易的债券为符合《通知》规定的在香港市场交易流通的债券。交易中心在交易系统公布可交易债券清单，并根据市场情况及境内投资者需求不时予以更新。 |
| ．．．．．． | | ．．．．．． |
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