I. Definition of bonds:
Bonds are creditor's rights and debt certificates issued to investors by national governments, financial institutions, enterprises and other institutions when they directly borrow money from the society to raise funds, and promise to pay interest at the prescribed interest rate and repay the principal according to the agreed conditions.
2. The bonds currently traded on the Shenzhen and Shanghai Stock Exchanges are spot transactions and repurchase transactions.
(1) spot trading
Cash spot trading, also known as cash spot trading, is a trading method in which both buyers and sellers are satisfied with the buying and selling price of bonds and deliver them immediately after the transaction, or in a very short time.
(2) Repurchase transactions:
It means that when the bondholder, issuer and purchaser reach a deal, it is agreed that the issuer must buy back the bonds originally sold from the purchaser at an agreed price at an agreed time in the future, and pay interest at an agreed interest rate (price).
At present, both Shenzhen Stock Exchange and Shanghai Stock Exchange have bond repurchase transactions, but only institutional legal persons are allowed to open accounts for transactions, and individual investors cannot participate.
1. The transaction process of bond repurchase is as follows:
(1) Repurchase entrustment-The customer entrusts the securities company to do the repurchase transaction.
(2) Repo transaction declaration-according to the client's entrustment, the securities company makes a transaction declaration to the host computer of the stock exchange and issues a repurchase transaction instruction. The repurchase transaction instruction must declare the securities account, otherwise the repurchase declaration is invalid.
(3) Front-end inspection of the trading system: the trading system compares the financing amount in the financial repurchase transaction declaration with the real-time maximum financing amount of the securities account. If the financing demand exceeds the real-time maximum financing amount of the securities account, it is an invalid entrustment.
(4) Transaction matching-The exchange host will match the effective financing transaction declaration with the securities lending transaction declaration. When the repurchase transaction is concluded, the exchange host will deduct the maximum financing amount of the corresponding securities account in real time.
(5) Transaction data sending-After the market closes on T day, the exchange will send the transaction data of repurchase transactions and other securities transactions to the settlement company.
(6) Standard Voucher Bookkeeping-The settlement company shall keep standard voucher bookkeeping based on the securities account at the end of each day. If the amount of pledged bonds submitted by securities accounts converted into standard bonds is less than the unexpired balance of financing, it is called "standard bond maturity library", and the registered company will deduct the corresponding participants from the library. (Due to the way of front-end monitoring, the problem of "lack of treasury" of participants and investors will not generally occur, and only the adjustment of the conversion rate of the underlying bonds may lead to "lack of treasury". )
(7) Clearing and settlement: the clearing company will merge the data of funds receivable and payable in the repurchase transaction with the data of other securities transactions on that day, calculate the net balance of funds receivable and payable in the securities company's brokerage and self-operated settlement reserve accounts, and handle the fund settlement in the process of T+ 1.
On the repurchase expiration date, the trading system will increase the corresponding financing amount for the relevant accounts according to the repurchase expiration date data provided by the clearing company. The financing party can carry out new financing repurchase within the financing amount to realize rolling financing; Or the financing party can declare to transfer the relevant pledged bonds back to the original securities account and sell them on the same day, and the funds sold can be used to repay the repurchase funds due.
2. Transaction method:
When a bondholder sells a bond, he agrees with the buyer to buy back the bond at a certain price after a certain period of time. Investors who want to buy back government bonds in the SSE market must choose a securities institution and sign a comprehensive designated trading agreement. Investors can directly entrust the SSE trading market to conduct corporate bond repurchase transactions without reporting "repurchase registration".
3. Reporting requirements
(1) reporting unit: hand (1 hand = 1000 yuan standard certificate).
(2) Valuation unit: the annual rate of return of matured funds (%), and the percentage sign (%) is omitted when quoting.
(3) Price change unit: 0.005 or its integral multiple.
(4) Limit of each declaration: The minimum declaration limit is 65,438+000 lots, and the maximum declaration limit is 65,438+00,000 lots.
(five) the declared price shall be implemented in accordance with the provisions of the trading rules.
(3) Futures trading
Bond futures trading refers to a group of transactions that are delivered and settled at the price stipulated in the futures contract at a specific time in the future after the two parties complete the transaction. At present, Shenzhen Stock Exchange and Shanghai Stock Exchange do not open bond futures trading.
The process of futures trading:
(1) The procedure for a futures trader to open an account with a brokerage firm includes signing a power of attorney authorizing the brokerage firm to buy and sell the contract on its behalf and paying the handling fee. After being authorized, the brokerage company can handle futures trading according to the terms of the contract and the customer's indicators.
(2) After receiving the customer's instruction, the broker shall immediately notify the representative of the brokerage company in the exchange by telephone, telex or other means.
(3) The trading representative of the brokerage company stamps the received order and sends it to the market representative in the trading hall.
(4) On-site and off-site representatives input customer instructions into the computer for trading.
(5) After each transaction is completed, the on-site and off-site representatives shall notify the off-site brokers of the transaction records and inform the customers.
(6) When the customer requests to close the futures contract, it shall immediately notify the broker, who will notify the trading representative stationed in the exchange by telephone, hedge the futures contract through the on-site and off-site representatives, and at the same time liquidate it through the trading computer, and the broker will send the hedged net profit and loss statement to the customer.
(7) If the customer fails to close the position in a short time, it will generally be settled once a day or once a week according to the settlement price of the exchange on that day. If there is a loss in the book, the customer needs to temporarily make up the loss difference; If there is a book surplus, the broker will pay the profit difference to the customer. The actual profit and loss can only be settled after the customer closes the position.