1. Cash bond transaction
Also known as the spot transaction of bonds , it means that the buyer and the seller of the securities go through the delivery procedures after the transaction is completed . The buyer pays the funds and gets the securities, and the seller delivers the securities and gets the funds, which is the so-called secondary market . bond trade. In fact, it is a bond buying and selling behavior.
2. Repurchase transactions
It refers to the act of a bond buyer and seller (the fund receiving party and the fund lending party) agreeing to carry out a reverse transaction at a certain time in the future at the same time as the transaction.
process
1. A repo transaction is a form of collateralized lending , usually on government bonds
2. Investors benefit from the price difference
3. From the perspective of operation mode, it combines the characteristics of spot transactions and forward transactions , and is usually used in bond transactions
4. It is an ultra-short-term financial instrument with the attributes of short-term financing
3. Forward transactions
A forward transaction is an act in which both parties agree to buy or sell the underlying bond at a certain time in the future (or within a period of time) at a price determined now.
4. Futures trading
It refers to the standardized forward transaction conducted by the exchange , that is, the transaction of the futures contract conducted by the two parties in the centralized market in the form of public bidding.
5. Main methods of bond quotation
open offer
conversation quotes
bilateral quotation
Small offer
6. Bond transaction process
1. Open an account
2. Deal
Price priority, time priority, customer entrustment priority
3. Liquidation
net settlement
4. Delivery
7. Relevant regulations on bond registration, custody, redemption and interest payment
bond registration
Refers to the act of bond registration and settlement institutions establishing and maintaining a register of bondholders for bond issuers, that is, the recording and confirmation of securities elements and securities rights
Bond Escrow
China Central Depository and Clearing Co., Ltd. (CCDC), Interbank Market Clearing House Co., Ltd. (Shanghai Clearing House) and China Securities Depository and Clearing Corporation (China Clearing Corporation) are the bond custodians
bond payment
Five redemption methods : redemption at maturity, early redemption, bond replacement, installment redemption and conversion to common stock for redemption
bond interest payment
Three interest payment methods : coupon method (coupon clipping method), discounted interest, and combination of principal and interest