Pledged quotation repurchase (hereinafter referred to as "quotation repurchase") refers to a transaction in which a securities company takes qualified self-owned assets as pledge bonds, and the total amount of standard bonds converted from the pledge bonds as the financing amount, and its designated trading customers make an offer to the securities company, and the customers accept the offer, and the customers recover their capital contribution on the agreed repurchase date and obtain corresponding income.

Pledged repo is a short-term financing business in which both parties pledge their rights with bonds.

In the pledged repo transaction, when the money lender (the repo party) (marked as "financing" in the transaction system * pledges the bonds to the money lender (the reverse repo party) (marked as "securities lending" in the transaction system *) and finances the bonds, both parties agree that the repo party will return the principal and the interest calculated at the agreed repo rate to the reverse repo party at a future date, and the reverse repo party will return the original pledged bonds to the reverse repo party.

In pledged repo, the ownership will not be transferred during the transaction, and the coupon will generally be frozen and held by a third-party custodian and unfrozen at maturity.