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Announcement No. 12 [2008] of the People's Bank of China
In order to improve market efficiency, reduce risks related to bond transaction and settlement and promote the healthy development of the bond market, an announcement is made as follows on issues concerning DVP (delivery versus payment) settlement in the inter-bank bond market, in accordance with the Administrative Measures on Bond Trading in the National Inter-bank Bond Market (PBC Decree No. 2 [2000]).
| | 中国人民银行公告
（〔2008〕第12号）
为进一步提高市场效率，降低债券交易结算风险，推动债券市场健康发展，根据《全国银行间债券市场债券交易管理办法》（中国人民银行令〔2000〕第2号发布）等有关规定，现就银行间债券市场债券交易券款对付结算有关事项公告如下：
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1. DVP in the Announcement refers to a settlement procedure where delivery of purchased securities and payment are made simultaneously on the agreed settlement date after a bond transaction agreement is reached.
| | 一、本公告所称券款对付是指债券交易达成后，在双方指定的结算日，债券和资金同步进行交收并互为条件的一种结算方式。
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2. China Government Bond Depository Trust and Clearing Co., Ltd (hereinafter referred to as the CDC) provides DVP settlement services for participants in the inter-bank bond market through the Central Bond Business System (hereinafter referred to as the Bookkeeping System) and the PBC's Large-Value Payment System (hereinafter refers to the Payment System).
| | 二、中央国债登记结算有限责任公司（以下简称中央结算公司）通过中央债券综合业务系统（以下简称簿记系统）和中国人民银行大额支付系统（以下简称支付系统）的连接，为银行间债券市场参与者（以下简称参与者）提供券款对付结算服务。
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3. Participants in the inter-bank bond market have their purchased bonds settled in DVP terms via their bond custodian accounts in the Bookkeeping System.
Participants who have opened clearing accounts in the Payment System can make DVP settlement directly through those clearing accounts, while participants without such clearing accounts can entrust commercial banks with clearing accounts to perform DVP settlement on their behalf as their clearing agents, or appoint the CDC as their agent.
| | 三、参与者通过其在簿记系统的债券托管账户办理券款对付的债券结算。
已在支付系统开立清算账户的参与者通过其在支付系统的清算账户办理券款对付的资金结算；未在支付系统开立清算账户的参与者可委托在支付系统开立清算账户的商业银行作为清算代理行代理券款对付的资金结算，也可委托中央结算公司代理券款对付的资金结算。
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4. DVP settlement through clearing agents should be made via the agents' clearing accounts in the Payment System.
DVP settlement through CDC should be made via CDC's chartered clearing account in the Payment System. CDC should open special accounts of bond settlement fund for its principals.
| | 四、清算代理行代理券款对付的资金结算时，应通过其在支付系统的清算账户进行。
中央结算公司代理券款对付的资金结算时，应通过其在支付系统的特许清算账户进行。中央结算公司应在该账户下为委托其代理资金结算的参与者开立债券结算资金专户。
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5. Where a participant with a clearing account in the Payment System makes DVP settlement, the CDC should transfer fund into or out from its clearing account directly as a third party according to the participant's instructions and in the precondition that there is sufficient bond balance in the bond seller's account and the account is frozen, and the CDC should transfer the bond ownership immediately upon the completion of fund settlement.
| | 五、已在支付系统开立清算账户的参与者在办理券款对付结算时，中央结算公司应根据参与者指令，在确认付券方债券足额并冻结的前提下，以第三方身份直接向（从）参与者在支付系统的清算账户划入（转出）款项，并在确认资金结算完成后，及时进行债券过户。
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6. Where a participant without a clearing account entrusts a clearing agent to receive or make payment, the CDC should transfer fund into or out from the agent's clearing account directly as a third party according to the participant's instructions and in the precondition that there is sufficient bond balance in the bond seller's account and the account is not frozen, and the CDC should transfer the bond ownership immediately upon the completion of fund settlement. The clearing agent should deliver the collected fund to the participant in a timely manner as previously agreed (the participant should pay its clearing agent the amount the latter paid in a timely manner as previously agreed).
．．．．．． | | 六、未在支付系统开立清算账户的参与者委托清算代理行代理收款（付款）时，中央结算公司应根据参与者指令，在确认付券方债券足额并冻结的前提下，以第三方身份直接向（从）清算代理行在支付系统的清算账户划入（转出）款项，并在确认资金结算完成后，及时进行债券过户。清算代理行应按约定及时向参与者支付代收款项（参与者应按约定及时向清算代理行支付清算代理行代付款项）。
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