Market Infrastructure

China’s dominant institutional bond-trading venue, linking banks, securities firms, funds, insurers and other eligible investors.

The exchange-based segment of China’s bond market, distinct from the interbank market in venue, participants and regulatory architecture.

A central piece of China’s government and policy-bank bond custody, registration and settlement infrastructure.

A major clearing and registration institution serving money-market, bond and derivatives-related instruments.

A core trading and information infrastructure for China’s interbank foreign-exchange and money markets.

The secured funding market in which bonds are used to obtain short-term liquidity, central to reading China’s money-market conditions.

A repo structure in which securities serve as collateral while ownership treatment differs from outright repo conventions.

A repo structure involving transfer and repurchase of securities, analytically distinct from the dominant pledged-repo format.

The institutional arrangement through which domestic bonds are registered, held and transferred across market infrastructures.

The settlement architecture connecting bond trades, securities delivery and cash payment in China’s fixed-income markets.

The role of designated and active dealers in supporting quotations, liquidity and price discovery in the interbank bond market.