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| Announcement of the People's Bank of China | | 中国人民银行公告 |
| (No. 26 [2025]) | | （〔2025〕第26号） |
| For the purposes of strengthening the supervision of inter-bank market brokerage business, regulating the relevant conduct of brokerage institutions and market participants, enhancing the standardization and transparency of market transactions, and protecting the lawful rights and interests of market participants, the People's Bank of China has formulated the Measures for the Administration of Inter-bank Market Brokerage Business, which are hereby issued with effect from January 1, 2026. | | 为加强银行间市场经纪业务监管，规范经纪机构和市场参与者相关行为，提高市场交易的规范性和透明度，保护市场参与者合法权益，中国人民银行制定了《银行间市场经纪业务管理办法》，现予以公布，自2026年1月1日起实施。 |
| Annex: Measures for the Administration of Inter-bank Market Brokerage Business | | 附件：银行间市场经纪业务管理办法 |
| The People's Bank of China | | 中国人民银行 |
| November 12, 2025 | | 2025年11月12日 |
| Annex | | 附件 |
| Measures for the Administration of Inter-bank Market Brokerage Business | | 银行间市场经纪业务管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating financial institutions that provide brokerage services (“brokerage institutions”) and institutional financial investors (“clients”) in conducting brokerage business in the inter-bank market, maintaining stable market operation, and protecting the lawful rights and interests of market participants, these Measures are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China and other relevant laws and regulations. | | 第一条 为规范提供经纪服务的金融机构（以下简称经纪机构）与金融机构投资者（以下简称委托方）双方在银行间市场开展经纪业务，维护市场稳健运行，保护市场参与者合法权益，根据《中华人民共和国中国人民银行法》等有关法律法规，制定本办法。 |
| Article 2 For the purposes of these Measures, “brokerage business" and "brokerage services" mean information on quotations and requests for quotation, matching trading intentions, and other intermediary services provided by brokerage institutions to facilitate financial market transactions as commissioned by financial institutions. | | 第二条 本办法所称经纪业务及经纪服务，是指经纪机构接受委托方的委托，为促成金融交易提供的报价询价信息和撮合交易意向等中介服务。 |
| Article 3 Brokerage institutions may provide brokerage services related to the money market, bill market, gold market, inter-bank bond market, and related derivative markets to their clients as commissioned, but shall not provide brokerage services for financial institutions to participate in bond issuance business. | | 第三条 经纪机构可以根据委托需求，向委托方提供货币市场、票据市场、黄金市场、银行间债券市场及相关衍生品市场等经纪服务，不得为金融机构参与债券发行业务提供经纪服务。 |
| Chapter II Brokerage Institutions and Practitioners | | 第二章 经纪机构与从业人员 |
| Article 4 A brokerage institution entering the inter-bank market to engage in brokerage business shall report to the People's Bank of China, provide materials such as various brokerage business rules, internal risk management systems, and other materials, and undergo approval, recording, and other procedures in accordance with the relevant provisions issued by the financial regulatory departments. | | 第四条 经纪机构进入银行间市场从事经纪业务，应当向中国人民银行报告，提供各项经纪业务规则、内部风险管理制度等材料，并按照金融监管部门有关规定履行审批、备案等程序。 |
| Article 5 A brokerage institution shall have sound business management systems and internal control systems, conduct relevant business prudently, and take effective measures to prevent risks. | | 第五条 经纪机构应当具备健全的业务管理制度和内部控制制度，审慎开展相关业务，采取有效措施防范风险。 |
| A brokerage institution not exclusively engaged in brokerage business shall establish an independent brokerage business department, possess professional brokerage personnel and dedicated brokerage channels, and strictly segregate brokerage business from proprietary business. | | 非专门从事经纪业务的经纪机构，应当设立独立的经纪业务部门，具备专业的经纪业务人员和专门的经纪渠道，经纪业务与自营业务应当严格隔离。 |
| Article 6 Before a brokerage institution undergoes the capital reduction, merger, division, dissolution, trusteeship, cessation of business, application for bankruptcy, involvement in major litigation, any change in major shareholders, or any other significant events specified by the People's Bank of China, it shall report to the People's Bank of China and make an announcement to the market within three business days after the event occurs. | | 第六条 经纪机构发生减资、合并、分立、解散、托管、停业、申请破产、涉及重大诉讼、主要股东变化及中国人民银行规定的其他重大事项前，应当向中国人民银行报告，并于事项发生后3个工作日内向市场公告。 |
| Article 7 Brokerage business personnel shall receive relevant vocational training before assuming their posts, receive annual training every year, and strictly abide by the professional ethics of practitioners in the brokerage industry. The person in charge of a brokerage business department shall have not less than five years of experience in the financial market, and brokerage business personnel shall have not less than one year of experience in the financial market, and be familiar with the relevant provisions and business rules of the inter-bank market. | | 第七条 经纪业务人员上岗前应当经过相关职业培训，每年接受年度培训，并严格遵守经纪行业从业人员职业操守。经纪业务部门的主管人员应当具有5年以上金融市场从业经历，经纪业务人员应当具有1年以上金融市场从业经历，熟悉银行间市场有关规定和业务规则。 |
| Chapter III Business Management | | 第三章 业务管理 |
| Article 8 Before providing inter-bank market brokerage services to clients, a brokerage institution shall conduct due diligence on client qualifications, and shall neither provide services to non-inter-bank market participants nor provide related market brokerage services to institutions that have not signed master agreements for bond repurchase, bond lending, or derivative transactions, among others. Clients shall cooperate with the relevant work of the brokerage institution and provide the information and data required for due diligence. | | 第八条 经纪机构向委托方提供银行间市场经纪服务前，应当对客户资质进行尽职调查，不得为非银行间市场参与者提供服务，不得为未签署债券回购、债券借贷、衍生品交易等主协议的机构提供相关市场经纪服务。委托方应当配合经纪机构有关工作，并提供尽职调查所需资料和信息。 |
| Article 9 Before providing inter-bank market brokerage services to a client, a brokerage institution shall sign a service agreement with the client, fully explain to the client the quotation and matching rules, service fee rates, priority of obtaining quotations, and other contents, strictly conduct business based on the agreements, treat the client fairly, and keep client information confidential. An institutional financial investor receiving brokerage services shall sign an agreement. A brokerage institution shall not directly or indirectly provide brokerage services such as requests for quotations, quotations, and matching for clients who have not signed agreements. | | 第九条 经纪机构向委托方提供银行间市场经纪服务前，应当与委托方签署服务协议，向委托方充分说明报价及撮合规则、服务费率、获得报价的优先级等内容，并严格依据协议开展业务，公平对待客户，为客户信息保密。金融机构投资者接受经纪服务应签署协议。经纪机构不得直接或间接为未签署协议的客户提供询价、报价及撮合等经纪服务。 |
| ．．．．．． | | ．．．．．． |
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