New interest-bearing rules for bond repurchase transactions in Shanghai Stock Exchange

New interest-bearing rules for bond repurchase transactions of Shanghai Stock Exchange 20 17

With the approval of the China Securities Regulatory Commission, the Shanghai Stock Exchange (hereinafter referred to as the Exchange) has revised several provisions on pledged repo transactions in the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the Trading Rules) and the Implementing Rules for Bond Trading of the Shanghai Stock Exchange (hereinafter referred to as the Implementing Rules). The specific changes are as follows. The following is the new interest-bearing rules for bond repurchase transactions in Shanghai Stock Exchange that I brought to you. Welcome to reading.

I. Revision of relevant clauses of trading rules

Modify the calculation method of the closing price of pledged repo. Article 4. 1.3 is amended as:? Unless otherwise stipulated in these Rules, the closing price of a security is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the security on that day. If there is no transaction on that day, the previous closing price is the closing price of that day.

The closing price of bond pledged repo is the weighted average price of all transactions (including the last transaction) one hour before the last transaction of the securities on that day. If there is no transaction on that day, the previous closing price is the closing price of that day. ?

Two, the relevant provisions of the "Regulations" revised content

(1) Add relevant provisions on the calculation method of opening price and closing price of pledged repo.

One article is added as Article 16:? The opening price of the bond repurchase transaction is the price generated in the call auction of the repurchased varieties on the same day; If call auction can't produce the opening price, the opening price shall be the first transaction price in the continuous bidding.

The closing price of bond repurchase is the weighted average price of all transactions (including the last transaction) one hour before the last transaction of the securities on that day. If there is no transaction on that day, the previous closing price is the closing price of that day. ?

(2) Modify the calculation formula of bond repurchase price.

The original article 18 is amended as:? On the maturity date of repurchase, the securities registration and settlement institution shall calculate the amount of funds to be delivered and pledged bonds according to the repurchase price formula.

The calculation formula of repurchase price is: repurchase price = 100 yuan+annual rate of return? 100 yuan? Actual payment days /365.

The actual payment days mentioned in the second paragraph of this article refer to the actual calendar days from the first delivery date (inclusive) to the due delivery date (exclusive) of this repurchase transaction. ?

The above amendments will be implemented as of May 22nd, 20 17. The repurchase price due for the repurchase transaction reached before 2065438+May 22, 2007 is still calculated according to the original formula.

;