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Announcement of the Beijing Stock Exchange on Issuing the Guidelines on the Business of Market Making Transactions in Stocks on the Beijing Stock Exchange [Revised]
北京证券交易所关于发布《北京证券交易所股票做市交易业务指引》的公告 [已被修订]
【法宝引证码】
 
  
  
Announcement of the Beijing Stock Exchange on Issuing the Guidelines on the Business of Market Making Transactions in Stocks on the Beijing Stock Exchange 

北京证券交易所关于发布《北京证券交易所股票做市交易业务指引》的公告

(Announcement No. 3 [2023] of the Beijing Stock Exchange) (北证公告〔2023〕3号)

For the purposes of regulating and guiding market makers' conducting the business of market making transactions in stocks on the Beijing Stock Exchange (hereinafter referred to as the “Exchange”) and specifying the business process and supervision and administration requirements, the Exchange has formulated the Guidelines on the Business of Market Making Transactions in Stocks on the Beijing Stock Exchange, which are hereby issued, and shall come into force on the date of issuance. 为了规范和引导做市商在北京证券交易所(以下简称本所)开展股票做市交易业务,明确业务流程和监督管理要求,本所制定了《北京证券交易所股票做市交易业务指引》。现予以发布,自发布之日起施行。
 特此公告。
Beijing Stock Exchange 北京证券交易所
January 19, 2023 2023年1月19日
Guidelines on the Business of Market Making Transactions in Stocks on the Beijing Stock Exchange 北京证券交易所股票做市交易业务指引
Chapter I General Provisions 

第一章 总则

Article 1 For the purposes of specifying the process of the business and the requirements for the supervision and administration of market making transactions in stocks of the Beijing Stock Exchange (hereinafter referred to as the “Exchange”), these Guidelines are formulated according to the Trading Rules of the Beijing Stock Exchange (for Trial Implementation), the Detailed Rules of the Beijing Stock Exchange for the Business of Market Making Transactions in Stocks (hereinafter referred to as the "Market Making Rules"), and other relevant provisions.   第一条 为了明确北京证券交易所(以下简称本所)股票做市交易业务流程和监督管理要求,根据《北京证券交易所交易规则(试行)》《北京证券交易所股票做市交易业务细则》(以下简称《做市细则》)等有关规定,制定本指引。
Article 2 Where a securities company which meets conditions (hereinafter referred to as the "market maker") provides market making services in relation to stocks on the Exchange, these Guidelines shall apply.   第二条 符合条件的证券公司(以下简称做市商)为本所股票提供做市服务的,适用本指引。
Article 3 Market makers and their employees engaged in market making business shall comply with laws, administrative regulations, departmental rules, regulatory documents, the business rules of the Exchange, and market making agreements, be diligent, dutiful, honest, and trustworthy, and submit to the self-regulatory management by the Exchange.   第三条 做市商及其做市交易业务人员应当遵守法律、行政法规、部门规章、规范性文件、本所业务规则的规定和做市协议约定,勤勉尽责、诚实守信,接受本所的自律管理。
Chapter II General Requirements 

第二章 总体要求

Article 4 A market maker shall designate a specific business department as the department in charge of the business of market making transactions (hereinafter referred to as the "market making department"), which shall be responsible for formulating and organizing the implementation of specific business plans. The market making department shall have a business team exclusively for market making in stocks, establish positions such as trading positions, risk control positions, and technical operation and maintenance positions, and build a backup position mechanism.   第四条 做市商应当指定专门的业务部门作为做市交易业务的负责部门(以下简称做市部门),负责制定具体业务方案并组织实施。做市部门应当具有专门为股票做市的业务团队,设置交易岗、风险控制岗、技术运维岗等岗位,并建立备岗机制。
The market making department shall not conduct the business of market making transactions by outsourcing or by a third-party institution. 做市部门开展做市交易业务时,不得外包或交由第三方机构开展。
Article 5 A market maker shall arrange for risk control, compliance, liquidation, information technology, and other departments to support the business of market making transactions. The above supporting departments shall establish special positions responsible for work related to the business of market making transactions, including but not limited to risk management of the business of market making transactions, compliance and internal control management, liquidation, and fund management, technical support, and establish a backup position mechanism.   第五条 做市商应当安排风险控制、合规、清算、信息技术等部门支持做市交易业务。上述支持部门应当设立专门岗位负责与做市交易业务相关的工作,内容包括但不限于做市交易业务风险管理、合规与内部控制管理、清算、资金管理、技术支持等,并建立备岗机制。
The business of market making transactions shall be effectively isolated from brokerage, proprietary, asset management, and other business to prevent improper flow and use of sensitive information. 做市交易业务应当与经纪、自营、资产管理等业务进行有效隔离,防止敏感信息的不当流动和使用。
Article 6 A market maker shall establish and improve the following internal management systems:   第六条 做市商应当建立健全下列内部管理制度:
(1) A system for management of the business of market making transactions, including but not limited to a business implementation mechanism, a decision-making process, an authorization system, risk management, compliance, and internal control. (一)做市交易业务管理制度,包括但不限于业务实施机制、决策流程、授权体系、风险管理、合规与内部控制等;
(2) A system for risk control of the business of market making transactions, including but not limited to the basic principles for business risk management, management of market making funds, market risk management, operational risk management, model risk management, liquidity risk management, early warning settings, profit and loss management, technical risk management, and stress test settings. (二)做市交易业务风险控制制度,包括但不限于业务风险管理基本原则、做市资金管理、市场风险管理、操作风险管理、模型风险管理、流动性风险管理、预警设置、盈亏管理、技术风险管理与压力测试设置等;
(3) A contingency plan for the business of market making transactions. (三)做市交易业务应急预案;
(4) Other systems to be established as required by the Exchange. (四)本所规定应建立的其他制度。
Article 7 A market maker's technical system exclusively for market making purpose shall meet the following requirements:   第七条 做市商做市专用技术系统应当满足以下要求:
(1) Complying with the standards of application programming interfaces for transaction support platforms and the guidelines on the modification of technical systems. (一)符合交易支持平台数据接口规范和技术系统变更指南;
(2) Having quoting, execution, publication of trading information, data aggregation, statistics and inquiry, and other functions necessary for conducting the business of market making transactions. (二)具备开展做市交易业务所需的报价、成交、行情揭示、数据汇总、统计和查询等必要功能;
(3) Keeping records of operations of the system throughout the process. (三)系统操作全程留痕;
(4) Other conditions specified by the Exchange. (四)本所规定的其他条件。
A market maker shall formulate a system for management of the safe operation of its technical system exclusively for market making purpose and create necessary application programming interfaces. 做市商应当制定做市专用技术系统安全运行管理制度,并设置必要的数据接口。
Article 8 A securities company shall be encouraged to continuously research the stocks on the Exchange which it participates in market making, and issue securities research reports.   第八条 鼓励证券公司对其参与做市的本所股票持续研究并发布证券研究报告。
Chapter III Business Application and Recordation 

第三章 业务申请与备案

Section 1 Request for Transaction Permission 

第一节 交易权限开通

Article 9 Members of the Exchange that have obtained qualifications for the business of market making transactions in listed securities with the approval of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) may apply for permission for market making transactions.   第九条 本所会员经中国证券监督管理委员会(以下简称中国证监会)核准,取得上市证券做市交易业务资格的,可以申请开通做市交易权限。
Article 10 A member applying for permission for market making transactions shall submit the following materials sealed by the company to the Exchange:   第十条 会员申请开通做市交易权限,应当向本所提交以下加盖公司公章的材料:
(1) A Written Application for Permission for Market Making Transactions (Annex 1). (一)做市交易权限开通申请书(附件1);
(2) A photocopy of the certification for the qualifications for the business of market making transactions in listed securities obtained with the approval of the CSRC. (二)经中国证监会核准取得上市证券做市交易业务资格的证明文件复印件;
(3) A description of the structure, staffing, and division of labor of departments related to the business of market making transactions, the preparation of the exclusive-purpose technical system, and the internal management system for the business of market making transactions. (三)与做市交易业务相关的部门设置、人员配备与分工情况、专用技术系统准备情况的说明,做市交易业务内部管理制度;
(4) The list and contact information of officers and business personnel responsible for the business of market making transactions. (四)负责做市交易业务的高级管理人员与业务人员名单及联系方式;
(5) Information on the securities account exclusively for market making purpose and the proprietary securities account used by the market making department (Annex 2); or if a recorded account with the National Equities Exchange and Quotations (hereinafter referred to as the “NEEQ”) is intended to be used, such information is not required to be submitted. (五)做市专用证券账户、做市部门使用的自营证券账户信息(附件2),拟使用全国中小企业股份转让系统(以下简称全国股转系统)已报备账户的无需提交该信息;
(6) Other materials required by the Exchange. (六)本所要求提交的其他材料。
Article 11 If the application materials submitted by a member are complete, and meet requirements, the Exchange shall, within five trading days of accepting the application, issue an approval opinion, and so notify as to enable to the member to sign a market making agreement. If the application materials submitted by the member are incomplete, or do not meet requirements, the Exchange shall reject them, and notify the member within five trading days.   第十一条 会员提交的申请材料齐备且符合要求的,本所在受理申请后5个交易日内出具同意意见,并通知会员签订做市协议。会员提交的申请材料不齐备或不符合要求的,本所不予受理,并在5个交易日内告知会员。
The member shall sign a market making agreement with the Exchange within five trading days of receiving the approval opinion. Without signing the agreement, the member may not conduct the business of market making transactions. After the agreement is signed, the Exchange shall grant permission for market making transactions to the member, and make an announcement to the market. 会员应在收到同意意见之日起5个交易日内与本所签订做市协议。未签订协议的,不得开展做市交易业务。协议签订完毕后,本所为会员开通做市交易权限,并向市场公告。
Section 2 Recordation for Market Making in Specific Stocks 

第二节 备案为特定股票做市

Article 12 A market maker who has received permission for market making transactions on the Exchange may file for recordation to provide market making services with respect to specific stocks.   第十二条 已开通本所做市交易权限的做市商,可以备案为特定股票提供做市服务。
Article 13 A sponsor qualified for the business of market making transactions in listed securities or the securities company that has actual control over the sponsor (hereinafter collectively referred to as the “sponsor”) shall be encouraged to provide market making services with respect to the stocks sponsored by it during the period of continuous supervision and guidance. If it is unable to provide market making services, it shall submit an explanation of the situation to the Exchange.   第十三条 鼓励具备上市证券做市交易业务资格的保荐机构或者实际控制该保荐机构的证券公司(以下统称保荐机构)在持续督导期间为其保荐股票提供做市服务。无法提供做市服务的,应向本所提交情况说明。
A sponsor unable to provide market making services may recommend to stock the issuer market makers that meet conditions and provide market making services. 无法提供做市服务的保荐机构,可以向股票发行人推荐符合条件的做市商,提供做市服务。
Article 14 A market maker applying for provision of market making services with respect to specific stocks shall submit materials such as the Recordation Form for Joining Market Making (Annex 3) to the Exchange.   第十四条 做市商申请为特定股票提供做市服务的,应当向本所提交加入做市备案表(附件3)等材料。
Article 15 If the materials are complete, and meet requirements, the Exchange shall make recordation within three trading days, and notify the market maker. The market maker shall make an announcement on the official website of the Exchange (Annex 4) before 20:00 on the day of receiving the recordation notice, and may make markets in the relevant stocks on the trading day following the announcement.   第十五条 材料齐备且符合要求的,本所在3个交易日内予以备案,并通知做市商。做市商应在收到备案通知当日20:00前,在本所官方网站公告(附件4),自公告的次一交易日起可以为相关股票做市。
If the materials are not complete, or do not meet the requirements, the Exchange shall not process them, and shall notify the market maker within three trading days. 材料不齐备或不符合要求的,本所不予办理,并在3个交易日内告知做市商。
Article 16 If a stock is traded by means of market making when being quoted on the NEEQ Innovation Layer, and the original market maker has not applied for termination of market making before its listing, has the qualifications for market making transactions in listed securities approved by the CSRC, and has obtained permission for market making transactions on the Exchange, it shall continue to provide market making services with respect to the stock after its listing, be exempt from submission of recordation materials for market making, and use the securities account exclusively for market making purpose that has been filed for recordation with the NEEQ.   第十六条 在全国股转系统创新层挂牌期间采取做市交易方式的股票,原做市商未在其上市前申请退出做市,且具有经中国证监会核准的上市证券做市交易业务资格、取得本所做市交易权限的,自该股票上市后继续为其提供做市服务,无需提交加入做市备案材料,并使用已在全国股转系统报备的做市专用证券账户。
The above market maker shall make an announcement on the official website of the Exchange (Annex 4) before 20:00 on the trading day before the listing of the stock. 上述做市商应在股票上市前一交易日20:00前,在本所官方网站公告(附件4)。
Chapter IV Market Maker Obligations 

第四章 做市商义务

Section 1 Obligations to Provide Quotes and Exemptions 

第一节 报价义务及豁免

Article 17 A market maker conducting the business of market making transactions shall comply with the Market Making Rules, these Guidelines, and the market making quote indicators and other requirements stipulated in the market making agreement.   第十七条 做市商开展做市交易业务,应当符合《做市细则》与本指引规定,以及做市协议约定的做市报价指标与其他要求。
Article 18 A market maker may use the stocks held on its own account, stocks borrowed from China Securities Finance Corporation Limited, or other stocks that it has rights to dispose of to conduct market making transactions.   第十八条 做市商开展做市交易业务,可使用自有股票、从中国证券金融股份有限公司借入的股票或者其他有权处分的股票。
Where a market maker acquires stocks for market making by participation in public offerings, it shall not participate in strategic placement by using its securities account exclusively for market making purpose. 做市商通过参与公开发行获取做市股票的,不得使用做市专用证券账户参与战略配售。
Where a market maker acquires stocks for market making through private placement, the privately placed shares shall be registered in its securities account exclusively for market making purpose. 做市商通过定向发行取得做市股票的,定向发行股份应当登记在做市专用证券账户。
Article 19 A market maker shall open a securities account exclusively for market making purpose, or use a securities account exclusively for market making purpose that has been filed for recordation with the NEEQ, to provide market making quotes.   第十九条 做市商应开立做市专用证券账户或使用已在全国股转系统报备的做市专用证券账户进行做市报价。
Article 20 The proprietary securities account used by a market making department shall be used to acquire market making treasury stocks by means other than private placement, and to dispose of treasury stocks after termination of market making. The proprietary account shall not hold or participate in the trading of the stocks in which it makes markets.   第二十条 做市部门使用的自营证券账户用于通过定向发行以外的方式获取做市库存股,以及退出做市后的库存股处置。该自营账户不得持有其做市股票或参与其做市股票的买卖。
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