People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

World Bank ; International Monetary Fund

World Bank, Washington, DC

关键词: ACCOUNTING;    ASSET BACKED SECURITIES;    ASSET MANAGEMENT;    AUTOMATIC LENDING;    BANK BOND;   

RP-ID  :  79189

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Securities Settlement Systems (SSS)in the People's Republic of China (PRC) are organizedaround three different types of markets, which are the bondmarket, the corporate securities market, and the futuresmarket. The China Government Depositary and ClearingCorporation Limited (CCDC) is the SSS as well as the centralsecurities depository (CSD) for bonds. The China SecuritiesDepository and Clearing Corporation Limited (SD and C) isthe central counterparty (CCP), SSS, as well as the CSD forall instruments traded on the Shanghai Stock Exchange (SSE)and Shenzhen Stock Exchange (SZSE). The four futuresexchanges have their own clearing and settlementdepartments, which offer the function of a CCP. The CCDC, SDand C, and Shanghai Futures Exchange (SHFE), DalianCommodities Exchange (DCE), and Zhengzhou CommoditiesExchange (ZCE) operate important securities and derivativessettlement systems both, due to the large volume and valueof transactions and the fact that they support key financialsector markets (interbank bond market, stock exchanges andfutures). The assessment of the bonds market-CCDC systemagainst the Recommendations for Securities SettlementSystems (RSSS) concludes that the system observes (observedor broadly observed) thirteen of the 19 recommendations,being one not applicable. The assessment of the stockexchanges-SD and C system against the RSSS concludes thatthe system observes (observed or broadly observed) seventeenof the 19 recommendations. The assessment of the commoditiesfutures markets-SHFE system against the Recommendations forCentral Counterparties (RCCP) concludes that the systemobserves (observed or broadly observed) eleven of the 15recommendations, being one not applicable. The presentdocument is the assessment of securities and derivativessettlement systems in the PRC based on the recommendationsof the Committee on Payment and Settlement Systems (CPSS)and the International Organization of Securities Commissions(IOSCO) for RSSS and the recommendations of CPSS-IOSCO forCentral Counterparties (RCCP). The paper is divided intofollowing five parts: the first part gives generalinformation; the second gives information and methodologyused for assessment; the third part is securities andderivatives settlement systems infrastructure overview; thefourth part is main findings from the assessment withinternational standards; and the fifth part givesauthorities' response.