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Agent of Bond Settlement


 

Agent of bond settlement is the behavior that Bank of China is entrusted by other participants (enterprises and public institutions, financial institution customers) in the interbank bond market, to handle the RMB bond settlement business for them.

Target Customers

1. Enterprise legal person;

2. Public institution legal person;

3. Financial institutions (including commercial banks, rural credit cooperatives, urban credit cooperatives, finance companies, insurance companies, trust companies, securities companies, fund companies).

Application Qualifications

Before handling bond settlement agency service, the consignor should sign the bond settlement agency agreement and entrust Bank of China to open a bond custodian account (category C) in T-bond registration company.

Process

1. In the name of consignor, open and close bond custodian account for the consignor in China Central Depository & Clearing Co.,Ltd. (CCDC);

2. According to consignor's instruction, handle related bond settlement procedure;

3. Handle related matters for the consignor in the business of bond interest and principal payment.

Kind Reminder

1. What is a T-bond registration company?

A T-bond registration company is an intermediary institution responsible for the issuance, registration, custody and settlement of bonds, and is a nationwide unified bond custod and settlement institution.

2. Why should the consignor open a bond custodian account (category C) in a T-bond registration company?

The consignor should open an account in a T-bond registration company before doing bond business in the interbank bond market. By doing so, firstly, the consignor's bonds can be protected from being peculated and repayment of principal with interest on time can be guaranteed. After the consignor opens a bond account (category C), the change of his/ her bond account balance can only be done according to consignor's instruction. When the bond is due, the issuer will arrange repayment of principal with interest according to the balance of the bond account which the consignor opens in the T-bond registration company. Secondly, smooth proceeding of bond trading can be guaranteed. After all bond trading is completed, the bond settlement must be done through the bond account opened by the consignor in the T-bond registration company. Without the bond account, it is impossible to complete the bond settlement.

3. How to enquire the bond custodian account?

Bank of China will send the opening notification for Class-C bond custodian account provided by the T-bond registration company to the consignor, after completing the opening procedure of bond custodian account (Class C) for the consignor. Instructions on CCDC phonic fax enquiry system is attached to this notification, and the consignor can enquire the trading data before the same day (exclude the same day). In addition, Bank of China will send the bond custodian account statement to the consignor every month, and accept the enquiry of the consignor.

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