What are the trading rules in private placement bond?

Private placement bond is a bond raised by a few investors who have a specific relationship with the issuer, and its issuance and transfer have certain limitations. What are the trading rules in private placement bond? The following is some information about private placement bond trading rules compiled by Zhishi Bian Xiao. For your reference.

Private placement bond trading rules 1, private debt (such as 1 18) should be quoted at full price, while other corporate bonds should be quoted at net price.

2. All off-exchange (bulk, fixed-income platform) corporate bonds of Shanghai Stock Exchange are guaranteed to be delivered; Buy in bulk (corporate bonds, private debts, etc.). ) available funds must be used (that is, unsecured delivery, RTGS real-time full settlement one by one), and sales need to be shipped out one day in advance.

3. The number unit of Shanghai Stock Exchange is generally manual, while Shenzhen Stock Exchange is single-moving.

4. The bulk prices of Shanghai Stock Exchange should be accurate to 2 decimal places, the bulk prices of Shanghai Stock Exchange and Shenzhen Stock Exchange should be kept to 3 decimal places, and the interbank lending price should be kept to 4 decimal places.

5. The price change range of block transactions shall not exceed 30% of the previous closing price, and the fixed income transactions shall not exceed 65,438+00%.

6. The agreed number of block trades is 6 digits, the agreed number of fixed income platforms is 3 digits, and the first part of the agreed number cannot be 0.

7. The repurchase price of Shanghai Stock Exchange is allowed to fluctuate by 65,438+00%, while that of Shenzhen Stock Exchange is 65,438+000%.

8. Fixed-income transactions are at 9- 15: 00, bulk transactions on the Shanghai Stock Exchange are at 15- 15:30, and bulk transactions on the Shenzhen Stock Exchange are at 9-15: 30 (starting from 500,000).

9. The interbank market opens at 13:30, and the transfer (backstage) should be completed before 17.

10. This bill is signed by the inter-bank buyer, and this bill is signed by the real-time full settlement buyer of Shenzhen Stock Exchange.

1 1. Transfer custody: it takes about 1 week from the bank to the exchange, and generally it takes 1 day from the exchange to the bank.

12. Due to historical reasons, it takes 45-60 days to open an account between banks, which takes a long time.

13. You can enter and leave the warehouse freely on the same day, but some landing brokers may have restrictions (for fear of liquidation failure).

Private placement bond business rules I. Drafting principles

(1) Clarify the boundaries of innovation and strictly abide by the bottom line of laws and regulations.

Are the regulations in the State Council strictly observed? Guofa 20 1 138? 、? Guo ban fa No.201237? According to the spirit of the document, we insist on issuing private debt to qualified investors with corresponding risk identification and commitment ability in a non-public way, and do not issue private debt by means of advertising, public persuasion and disguised publicity. Private placement bond, which is issued and transferred in this center, does not conduct centralized bidding or continuous bidding.

The rules are formulated in accordance with the spirit of the Implementation Opinions of the General Office of the State Council on Financial Support for the Development of Small and Micro Enterprises (Guo Ban Fa No.201387) and the Opinions of the People's Government of Guangdong Province on Supporting Qianhai's Accelerated Development and Opening-up (Yue Fu No.201378), and are committed to building the center into a center based in Shenzhen, facing South China, radiating the whole country and promoting the development of small and medium-sized enterprises.

(2) Business rules must adapt to the characteristics of the private equity market.

The essential difference between OTC market and OTC exchange lies in the difference between private placement and public offering in financing activities, the difference between minority and public offering, and the difference between non-standardization and standardization of financial instruments. Rules must adapt to the characteristics of the private equity market and cannot simply imitate the standardized market? Straight line? Business management mode, but should we explore niche, non-standardization and customization? Lego mode? .

(3) Market principle

The Rules adhere to the essential requirements of financial services to the real economy and strive to improve the ability of private debt to serve economic development. Market autonomy, open rules, seller's responsibility, buyer's responsibility? Principle, with the spirit of contract as the core, let the market play a decisive role in resource allocation, and improve the market constraint and risk sharing mechanism.

(4) Center positioning

The market will not exist automatically and needs effective guidance and management. China's OTC market construction has no precedent to follow, the external environment is changing with each passing day, and various conditions are changing rapidly. The process of innovation and development within the rule system and the establishment of the market system through rule formulation has become extremely complicated. During the development of Wu Tong's private debt business, especially in the initial stage, the Center has played an active role in guiding and managing the market, organizing and managing, risk warning and credit accumulation. To promote market development and guide the formation of spontaneous order.

(E) the concept of tribal product management

Clearly put forward one of the two functional orientations of the center. Build an open, interactive, equal and win-win network tribe for investors and enterprises? . The concept of tribalization is implemented in the process of drafting rules and business management. Classified management, hierarchical service? Introduce enterprises and investors into products, form tribes, and realize the tribal effect of information interaction, credit accumulation, breaking up the whole into parts and value amplification.

Comparative advantages of private placement bond's advantages and disadvantages.

1, low distribution cost.

2. The qualification standards of bond issuers are low.

3. No guarantee is required.

4. Low degree of information disclosure.

5. It is conducive to establishing strategic cooperative relations with industry organizations.

disadvantaged

1. can only be issued to qualified investors. In China, qualified investors refer to legal persons or investment institutions with registered capital of100000 yuan or audited net assets of 20 million yuan or more.

2. The directional issuance of bonds has low liquidity and guaranteed credit rating. It can only be circulated by means of agreement transfer and can only be carried out among qualified investors.

Private placement bond trading rules