Article 1 In order to promote the healthy and stable development of the national debt market, standardize the buyout repurchase transactions of national debt, guard against market risks and safeguard the legitimate rights and interests of participants, these Detailed Rules are formulated in accordance with the Notice of the Ministry of Finance, the People's Bank of China and the China Securities Regulatory Commission on Launching Buyout Repurchase Transactions of National Debt and the relevant business rules of the Shanghai Stock Exchange (hereinafter referred to as the Exchange).
Article 2 The buyout repurchase transaction of treasury bonds refers to the transaction that the holder of treasury bonds sells a sum of treasury bonds and agrees with the buyer that the seller will buy back the treasury bonds from the buyer at the agreed price on a certain date in the future. The financing party (the buyer at the time of declaration) obtains the corresponding funds by selling a national debt, and repurchases the same national debt from the other party at the pre-agreed price after the agreement expires; The securities lender (the seller at the time of reporting) buys the corresponding national debt with a certain amount of funds, and sells the corresponding national debt to the other party at the pre-agreed price after the agreement expires.
Article 3 The trading subject of the buyout repurchase of government bonds is limited to institutional investors who open securities accounts in the name of legal persons in the Shanghai branch of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "China Clearing").
Article 4 In addition to these Detailed Rules, the buyout repurchase of treasury bonds shall also comply with the provisions of relevant laws, regulations, rules and the business rules of this Exchange.
The buyout repurchase transaction of national debt should follow the principles of openness, fairness, justice, honesty and self-discipline.
Article 5 The members of this Exchange shall establish a risk control mechanism for the buyout repurchase of government bonds. If a customer agent participates in this repurchase business, it shall be qualified as an institutional investor and sign relevant agreements with it to clarify the rights, obligations and responsibilities of both parties.
Article 6 The variety of bonds and the repurchase period for the buyout repurchase of treasury bonds shall be determined by this Exchange and announced to the market.
Article 7 The cumulative unexpired amount of a single bond repurchase held by each institutional investor shall not exceed 20% of the bond issuance.
Article 8 Buyout repurchase transactions of treasury bonds shall be reported according to securities accounts. The declaration shall meet the following requirements:
(1) price: reported according to the repurchase price (net price) at maturity per 100 yuan of bonds;
(2) The financing party declares "buy"; Securities lenders declare "selling";
(3) Minimum quotation change: 0.0 1 yuan;
(4) Transaction unit: hand (1 hand = 1000 yuan par value);
(5) reporting unit: 1000 lots or its integral multiple;
(6) Limit of each application: The lowest bid in the auction matching system is 65,438+0,000, and the highest bid is 50,000.
Article 9 If the number of a single transaction is more than 10000 lots (inclusive), it can be carried out in batches. Other provisions on block trading shall be implemented in accordance with the Detailed Rules for the Implementation of Block Trading of Shanghai Stock Exchange.
Article 10 The transaction costs of the buyout repurchase of government bonds shall be implemented in accordance with the current repurchase standards for government bonds with the same term.
Article 11 The system of performance bond (hereinafter referred to as performance bond) shall be implemented in the buyout repurchase transaction of treasury bonds, and the financier and the securities lender shall pay the performance bond in a certain proportion on the day of the transaction. The performance bond shall be entrusted by China Clearing Shanghai Branch, and shall not be used by both parties before the buyout repurchase expires and the settlement and delivery are completed.
Article 12 The amount of performance bond payable for each transaction is equal to the product of the initial settlement amount of the transaction and the performance bond ratio of the buyout repurchase product.
The proportion of performance bond shall be determined by this Exchange according to the principle of controlling risks and ensuring performance and referring to the historical price fluctuation of listed government bonds in the same period. The Exchange may adjust the performance bond ratio according to market conditions.
The adjusted performance bond ratio is only applicable to the adjusted transactions, and there is no retrospective adjustment.
Article 13 Institutional investors in repurchase transactions must have sufficient funds or corresponding national debt.
Article 14 The buyout repurchase of treasury bonds shall be conducted in accordance with the principle of "one transaction and two liquidations". The initial settlement price is the closing price (net price) of the corresponding national debt in the previous trading day plus the accrued interest of the corresponding national debt in that trading day, and the repurchase settlement price is the repurchase price (net price) plus the accrued interest on the maturity date. Specific settlement and delivery shall comply with the relevant provisions of China settlement.
Article 15 If both parties perform the repurchase in accordance with the contract, the performance bond shall be returned to their respective parties. In case of unilateral breach of contract, the breaching party shall pay the performance bond to the observant party. On the maturity date, the corresponding amount of treasury bonds payable in the securities account of the securities lender is insufficient, which is regarded as breach of contract. On the maturity date, the financier does not have enough funds to repurchase the corresponding national debt, which is regarded as a breach of contract.
The breaching party's liability for breach of contract is limited to paying the performance bond to the observant party, and both parties are exempted from actual performance obligations.
Article 16 On the maturity date of repurchase, the financier does not have enough funds to repurchase the corresponding national debt, and at the same time, the amount of the corresponding national debt payable in the securities account of the corresponding securities lender is insufficient, and both parties to the transaction breach the contract. The performance bond paid by both parties shall be allocated to the securities settlement risk fund in accordance with the relevant provisions of China settlement, and both parties shall be exempted from the actual performance obligations.
Article 17 An investor may cancel its designated transaction only after the liquidation and delivery of the buyout repurchase of government bonds are completed.
Article 18 Before the closing of the market on the maturity date, both the financing party and the securities lending party may make a non-performance statement on the repurchase due on the same day, that is, they voluntarily declare that they will not perform their repurchase or selling obligations. After an investor declares a non-performance order, it shall be treated as a breach of contract.
Article 19 The declaration of non-performance shall be made through the PROP platform of the clearing member, and the declaration method shall be the transaction number of the buyout repurchase trading day.
Article 20 Under any of the following circumstances, the owner shall be punished in accordance with the articles of association and business rules of the exchange: if the circumstances are serious, the member shall be suspended from conducting the buyout repurchase business of government bonds.
(1) If an investor violates the provisions of Article 7 of these Measures, his membership is not restricted;
(2) Members misappropriate clients' funds or treasury bonds to engage in buyout repurchase business without clients' consent;
(3) The member's fund account is overdrawn or the balance of national debt is insufficient due to the buyout repurchase due to delivery;
(four) members manipulate market prices and other illegal acts, affecting the order of the buyout repurchase market;
(5) Other circumstances identified by this Exchange.
If an institution with a special bond seat in this Exchange violates the provisions of these Detailed Rules, its ownership will stop it from engaging in the buyout repurchase transaction of government bonds.
Article 21 An exchange may suspend the buyout repurchase of government bonds of specific bonds according to market conditions, resume trading according to specific market conditions, or terminate the buyout repurchase of government bonds of a certain bond according to market conditions. The decision on suspension, resumption and termination shall be issued by the Exchange in the form of announcement.
Article 22 The Shanghai Stock Exchange shall be responsible for the interpretation of these Detailed Rules. Matters not covered in the Articles of Association shall be implemented in accordance with the trading rules of this Exchange and other relevant regulations.
Article 23 These Rules shall come into force as of the date of promulgation.