2014-10-01-上海清算所-_会员通讯_第27期（2014年10月）_132页_6mb

Summary of Shanghai Clearing House's Business Analysis in Bond Market for September 2014

1. Business Scale:

   • Total issuance of bonds in custody: 5672 billion yuan, accounting for 51.26% of the entire market.
   • The number of bonds issued: 568 types, with a total issuance value of 5672 billion yuan.
   • Enterprise bonds and company bonds were the most prevalent, accounting for 44.97% and 3.77% of the market respectively.
   • Financial bonds were the second largest, accounting for 39.54% of the market.

2. Bond Trading:

   • Total securities trading days: 22 trading days.
   • Trading volume: 11719 transactions with a total clearing amount of 8019 billion yuan.
   • Present value transactions: 28458 transactions with a total clearing amount of 1626 billion yuan.

3. Market Participants:

   • Main participant categories: depositary institutions, non-financial institutions, trusts, funds, insurance companies.
   • Significant institutional participants included securities firms, fund management companies, and insurance firms.

4. Product Structure:

   • Short-term financing instruments (CP/SCP) and medium-term notes (MTN) dominated.
   • Yields trends varied by rating and type, reflecting market responsiveness.

5. Policy and Market Outlook:

   • Compliance with regulatory standards and participation in international collaboration were key.
   • Focus on risk management and innovation, with continuous improvement expected for efficiency and network connectivity.

6. Region Expansion:

   • Strategies involve deepening cooperation with Asian and global markets, especially in special-purpose vehicle (SPV) business.

7. Concluding Insights:

   • Shanghai CH has played a pivotal role in China's bond market development.
   • Future focus includes enhancing international connectivity and risk management to support steady market growth.

This analysis provides a comprehensive summary of the September 2014 bond market activities under Shanghai Clearing House, reflecting the state of China's financial infrastructure.