Including China People's Bank, Ministry of Finance, policy banks, exchanges, central government bond companies and China Securities Regulatory Commission. 2. Commercial banks

Including the four major state-owned banks and other commercial banks. 3. Credit cooperatives

4. Non-bank financial institutions

Including trust and investment companies, finance companies, leasing companies, auto financing companies, post offices and other financial institutions. 5. Securities companies. Insurance institutions. Funds. Non-financial institutions. Individual investor 10. Other market participants

In the inter-bank bond market, all market investors registered with the Central Clearing Company are called "market members". Through the member information inquiry function of China Bond Information Network, members' attributes, membership, region, registration time and other information can be inquired in combination, and more detailed member information of the inter-bank bond market can be obtained. At the same time, you can also get the underwriting syndicate list, membership change notice and membership recruitment notice.

Institutional shareholding ratio (2007)

Source: www.chinabond.com.cn.

(2) Investment Guide

In China bond market, investors can choose to participate in the market according to their own categories and investment level.

The inter-bank bond market is the market of institutional investors with legal personality. The exchange bond market is an investor of non-deposit institutions (banks, credit cooperatives), and it is also

A market in which all investors can participate.

The OTC bond market of commercial banks is a market serving individual investors. The inter-bank bond market provides bond investors with clear bookkeeping, safe custody, transparent quotation and efficient settlement. At the Central Clearing Company, we provide custody and settlement services for accounts A, B and C for investors ... Class A members are investors with self-operated and settlement agent qualifications, Class B members are investors with self-operated and settlement agent qualifications, and Class C members are investors with their own accounts but transactions must be settled through settlement agent banks. At present, there are 43 banks qualified as settlement agents.

The inter-bank bond market business specifically includes the following parts:

Account opening: introduce the access conditions of the inter-bank bond market, the types of bond accounts, account opening procedures, handling departments, and all kinds of necessary documents and precautions that should be taken when opening an account.

Issuance and distribution: introduce the basic process of bond issuance business, the basic way of bidding and various business rules related to issuance and distribution to users.

Custody: Introduce the basic process of bond custody and sub-custody business, the basic principles and handling methods of bond account management and inquiry, and the handling methods and precautions of other special businesses to users.

Transaction settlement: introduce the basic types, methods, processes, emergency business handling methods, risk control, relevant precautions and business regulations of bond settlement business to users. Fund settlement: introduce the basic concept of fund settlement, the conditions and processes of handling DVP settlement and margin trading, and the matters needing attention in handling fund settlement business.

Charge: introduce the charge standard and payment method of various fees in bond custody settlement business to users.

Seven. Market Innovation 17 (1) Innovation over the years

Year 1982

Innovative activities

China financial institutions successfully issued international bonds in the international capital market for the first time.

1985 1987

The first financial bonds were issued successfully, and the first key corporate bonds were issued successfully.

ICBC issued 500 million yuan of financial bonds for special loans.

The state has issued three measures to raise funds for power supply, and issued 2 billion yuan of power construction bonds linked to power consumption indicators to enterprises.

1988

China bond secondary market successfully established the first infrastructure bond.

The state approved the pilot of the circulation and transfer of government bonds in 6 1 large and medium-sized cities across the country, and began cash transactions at bank counters.

In order to enrich the national investment fund, professional investment companies entrust financial institutions to issue capital construction bonds.

1989 199 1 year

The first value-added bond was successfully issued and the repurchase transaction was introduced into the national debt market. The first national investment bond was successfully issued.

Treasury bonds listed and traded

State-issued 1989 hedging bonds1200 million yuan. In July, the exchange market launched the repurchase of government bonds.

On the 9th, in order to support the national key construction, the national investment bonds guaranteed by the Ministry of Finance issued 654.38+0 billion yuan.

165438+ 10 month, 199 1 year bonds are listed on the Shanghai stock exchange and various securities counters in Shanghai.

1992 1993

China's first financial futures "Treasury bond futures" began to trade, the People's Bank of China began to issue central bank bills, and China used the securities issuance system to issue foreign currency bonds for the first time.

In 65438+February, the Shanghai Stock Exchange launched treasury bond futures trading to the self-operated accounts of brokers. At that time, the purpose of issuing central bank bills was mainly to adjust the imbalance of funds between regions and financial institutions and give play to its fund adjustment function.

On July 8, China Stock Exchange System Co., Ltd. issued 40 million US dollars of MCC dollar bonds for China Metallurgical Import and Export Corporation by using NET system.

1994

The first policy bank financial bond was successfully issued.

1996

Establish a unified bond custody settlement system in China.

In April, China Development Bank issued the first policy bank financial bonds.

65438+February, with the consent of the State Council, China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as China Securities Depository and Clearing Company, hereinafter referred to as CDC), the central depository institution of China bond market, was formally established, becoming the only institution authorized by the Ministry of Finance to preside over the establishment and operation of the national treasury bond custody system, and undertaking the responsibility of general registration of treasury bonds.

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China International Trust and Investment Corporation issued10 billion yen private placement bond in Japan.

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Editor's Note: An Introduction to China's Bond Market reviews the history of China's bond market since 198 1 resumed the issuance of government bonds, and comprehensively expounds the framework of the bond market, the settlement of custody transactions, laws and regulations, market participants, information disclosure and services, market innovation and international cooperation, and provides relevant links to China's bond network according to its contents, aiming at providing information for investors and scholars.

It is the national inter-bank bond market bond registration depository and settlement institution designated by the People's Bank of China, and the first-class depository institution for book-entry treasury bond transactions of commercial banks.

1998

China bond issuance system started.

In that year, China Development Bank was supported to issue financial bonds by bidding, with a total amount of 4 1 100 million yuan.

1999

The central bond integrated business system began to operate.

The Central Clearing Company launched the Central Bond Integrated Business System to provide institutional investors with integrated business services in the inter-bank bond market.

200 1 2003

The bonds under custody in the inter-bank bond market are all paperless. The first bond index "China Bond Index" and the first yield curve "China Bond Yield Curve" were born. The first US dollar bond was successfully issued, and the first subordinated debt of commercial banks was successfully issued.

CDC ended the fund business of physical treasury bonds and successfully completed the task of custody of physical treasury bonds. On the day of 65438+ 10/kloc-0, CDC developed and launched the first domestic bond index and yield products-"China Bond Index" and "China Bond Yield Curve".

In September, China National Development Bank issued 500 million US dollars of five-year US dollar financial bonds. 65438+February, Industrial Bank issued subordinated debt of 3 billion yuan.

In 2004

Bond settlement realizes "voucher payment" (DVP)

The initial exploration of cross-border networking was successful, and one-way networking with CMU was realized in Hong Kong.

The buyout repo business was officially opened.

In 2005

National debt balance management

The first securities company successfully issued short-term financing bonds.

The inter-bank bond market introduced foreign institutional investors for the first time.

Forward trading was officially opened.

The realization of "straight-through proces" in that inter-bank bond market

The first enterprise successfully issued short-term financing bonds.

The first commercial bank successfully issued ordinary financial bonds.

The inter-bank bond market introduced foreign institutional issuers for the first time.

The first asset-backed securities was successfully issued.

165438+1October 8, the CDC bond integrated business system was networked with the People's Bank of China's large payment system to realize bond transaction settlement.

The Central Clearing Company and the Hong Kong Monetary Authority signed a cooperation agreement on bond settlement business to realize the docking of the integrated corporate bond business system with the Hong Kong Central Clearing System (CMU).

In May, the inter-bank bond market launched the bond buyout repurchase business.

On April 1 1, Guotai Junan Securities Company issued 600 million yuan of short-term financing bonds for securities companies.

In May, Pan-Asia Fund and Asian Debt China Fund were allowed to settle transactions in the inter-bank bond market.

In June, the forward transaction was officially opened.

1June 17, the bond integrated business system of the central clearing company was connected with the bond transaction quotation system of the national interbank funding center, and the straight-through processing (STP) of bond transaction settlement was initially realized.

On May 26th, five companies including China International Airlines Co., Ltd. issued seven short-term financing bills.

On August 12, Shanghai Pudong Development Bank successfully issued 7 billion yuan of 2005 Shanghai Pudong Development Bank bonds (the first phase) in the national inter-bank bond market through public bidding.

10 On June 0/0, the People's Bank of China approved the International Finance Corporation and the Asian Development Bank to issue RMB bonds165438+300 million yuan and 10 billion yuan respectively in the national inter-bank bond market.

65438+February 65438+May, the first batch of asset-backed securities were successfully issued. Kaiyuan and Jianyuan issued RMB 465.4380+770,000 and RMB 306.5438+070,000 respectively. The sponsors are China Development Bank and China Construction Bank, and the issuers are CITIC Trust and CITIC Trust.

In 2006

Pledge service of micropayment system opened.

The automatic pledge financing business in the inter-bank bond market was successfully launched in savings bonds (electronic).

Cash management in the vault begins.

On February 20th, the pledge business system of micropayment system was put into operation, providing management services such as pledge, pledge line and credit line for member banks.

On May 8, the People's Bank of China officially launched the automatic pledge financing business of payment system. On July 1 day, savings bonds (Electronic) was successfully launched, and the issuance amount of1500 million was sold out on the same day.

On August 30th, the Ministry of Finance issued a remote bidding system for treasury bonds in inter-bank bonds.