Table of contents
1. The difference between stocks, bonds and funds
4. Professional service organizations
5. Listing, delisting, suspension and resumption of trading
7. Supervision of trading behavior
3. The quotation seriously deviates from the market price
4. Buy and sell by yourself or trade as counterparties to each other
5. The computer automatically issues trading instructions
7. The transaction price obviously deviates from reasonable value
8. Suspected of market manipulation and insider trading
9. Use transactions in other related markets to influence bond transactions,
8. Handling abnormal transaction situations
1. Adopt a technical suspension on some bonds
2. Temporary market suspension
1. The difference between stocks, bonds and funds
The difference between stocks and bonds - Zhihu
Stocks can be understood as the converted value of a company's assets, which include physical assets and the company's expected future assets. Bonds can be understood as relying on one's own creditworthiness and a promise to return the principal + interest within an agreed period. Bonds are generally issued by governments and central banks.
| assets | stock | bond |
| safety | Low | high |
| income | higher | Low |
| fluidity | very good | good |
The fund hands over its own funds to the fund manager, who purchases a batch of stocks and controls the buying and selling of the stocks. The risk is small and the reward is small.
2. Bond trading participants
1. Bond trading participants
Members of the Shanghai Stock Exchange; non-member institutions can apply to become bond trading participants, and there are application conditions.
2. Bond market maker
What is a bond market maker and what are the benefits of tri-party repurchases? - Know almost
Bond trading participants who carry out market making business for bond trading in accordance with regulations.
It can be understood as a businessman, who generally buys bonds from investors at low prices, and then sells them to other investors at a price higher than the purchase price. They are divided into main market makers and general market makers.
3. Other securities investors
If you are not a bond trading participant, you need to entrust a bond trading participant to conduct bond trading.
4. Professional service organizations
Institutions engaged in bond transaction intermediary services
3. Transaction regulations
1.General provisions
The Shanghai Stock Exchange provides trading venues and facilities for bond trading
2. Delegate
Brokerage customers can entrust bond transaction participants to participate in bond transactions through self-service entrustment methods such as writing, telephone, self-service terminals, and the Internet.
3. Declaration
Bond trading participants and other institutions recognized by the Shanghai Stock Exchange send declaration instructions to the trading system through electronic interfaces or trading terminals.
4.Deal
Bond transaction declarations are based on the relevant provisions of laws, administrative regulations, departmental rules, normative documents and these rules, as well as the risk control requirements and transaction needs of bond investors, and transactions are concluded in accordance with the principles of price competitiveness, quantity matching, time priority and other principles.
4. Transaction methods
1. Matching transactions
According to the principles of price priority and time priority, bond transaction declarations are automatically matched and completed.
2. Click transaction
The quotation is posted, and other bond investors click to confirm the transaction.
The seller bids and the buyer confirms the purchase
3. Inquiry and transaction
The buyer sends an inquiry request to the market maker or bond trading participant, and selects an appropriate false reply to confirm the transaction.
The buyer asks for the price and buys at the right price.
4. Bidding transaction
Similar to an auction. The seller sells the bond within a specified time and according to certain rules.
5. Negotiate the deal
Buyers and sellers reach bond transaction intentions through negotiation.
5. Listing, delisting, suspension and resumption of trading
1. Listing
Bonds that meet the conditions for listing and listing are subject to listing and trading
2.Delisting
According to regulations, if a bond is terminated from listing or transferred, it will be delisted.
3. Trading suspension
The trading price of bonds fluctuated abnormally and significantly, affecting the trading order, and trading was suspended.
4.Resumption of trading
Resumption of trading will be carried out after it returns to normal
6. Transaction information
The Shanghai Stock Exchange or its authorized agency releases bond transaction declaration information, bond transaction transaction information, basic bond market information, bond index, bond yield curve and other information to the market on the trading day.
7. Supervision of trading behavior
The Shanghai Stock Exchange monitors bond trading activities in real time, monitoring categories:
1. False declaration
2. Pull up and suppress
3. The quotation seriously deviates from the market price
4. Buy and sell by yourself or trade as counterparties to each other
5. The computer automatically issues trading instructions
6. Abnormal reporting
During the bond price sensitive period, through abnormal declarations, the transaction price, settlement price or reference value of the relevant securities or their derivatives is affected;
7. The transaction price obviously deviates from reasonable value
Suspected of conveying benefits through bond transactions;
8. Suspected of market manipulation and insider trading
Using undisclosed information to conduct transactions and other illegal activities;
9. Use transactions in other related markets to influence bond transactions,
or use bond market transactions to affect other related market transactions;