Bond trading between the two sides in the national interbank bond market after the transaction, the settlement can be used to deal with the coupon, see the voucher payment, see the three ways to pay the coupon, said the popular point is the coupon deal: The first hand to pay the coupon, at the same time to complete; see coupon Payment: The seller to the buyer, the seller , see payment of coupons and vouchers to pay the opposite: the buyer first to the seller, the seller then the coupon to the buyer. Three ways, the coupon to deal with the most reasonable, the two sides are not risk, now in the interbank market is mandatory all transactions are used to deal with the settlement of coupons, the following is mainly about the settlement of the coupon payment method. Coupon deal refers to the way in which bonds are settled in parallel with the funds in the settlement date and are mutually settlement conditions, which the international Securities Industry calls DVP (Delivery Versus Payment). Generally need to bond settlement system and funds transfer clearing system docking, synchronization of vouchers and payment of settlement. According to the international industry experience, the bond bookkeeping system and the payment system chain operation, simultaneously carries on the bond and the fund transfer, and with the corresponding pledge financing margin mechanism, may realize the real-time, the high efficiency DVP. With the construction of China's large-amount payment system more and more perfect, now all the financial institutions are using vouchers to deal with the settlement method.
DVP settlement of the conditions using DVP settlement of the two parties must meet the following conditions:
The first is the direct settlement member of the interbank bond market (i.e., the settlement member of Group A or B), and the second is the indirect participant or non-system member of the payment system directly involved or has signed the Liquidation agency agreement with the direct participant; third, we have signed the DVP settlement agreement with Ccass.
The liquidation process of funds in DVP settlement (1) The cash liquidation process of the current and repurchase transactions in the contract designated settlement date, the bond system will pay the coupon to meet the full bond lock, send CMT231 instant transfer payment message to NPC. NPC according to the CMT231 message debit payer (or payer clearing agent) of the clearing account, credit to the payee (or the beneficiary clearing agent) of the clearing account, and notify the bond system instant transfer is completed, and the clearing bank of the settlement of the two sides issued a loan, credit notice. The bond system completes the bond transfer (or pledge/remand) after receiving the NPC transfer notice. If the voucher is insufficient, then the contract is waiting for the execution status, not to do the processing, and so on until the end of the day is still insufficient to deal with failure. If the cash balance of the payer liquidation account is insufficient to pay, the business is queued in NPC. The bond system is waiting for the instant money transfer business and is not processing it until the instant transfer response message has been transferred and the bond settlement is completed. Until the end of the day if funds are still insufficient to pay, and so on after the clearing window opened through the relevant channels (including the interbank bond market) to fill positions. When the liquidation window is closed, if the payer clearing account is still insufficient to pay, NPC will queue the instant transfer payment business for return processing, notify the bond system. CDC in the payment service subsystem revoke the message or the bond system according to the NPC sent the instant transfer return notice, the corresponding business as settlement failure processing, and notify the parties to the transaction. (2) The liquidation process of the funds in the open market business in the designated settlement date of the contract, the bond system will pay the coupon to meet the full bond lock, send the CMT231 instant transfer Payment message to NPC. NPC is credited to the clearing account of the receiving party (or the beneficiary clearing agent bank) according to the clearing account of the CMT231 message debit payer (or payer clearing agent). NPC will announce the results of the liquidation of the bond system to Omos, and inform Beijing CCPC to turn its accounting system (ABS), to the debit line or be credited to the bank to send CMT232 instant transfer loan, credit notice. If the voucher is insufficient, then the contract is waiting for the execution status, not to do the processing, and so on until the end of the day is still insufficient to deal with failure. In the event of insufficient payment of the balance of the payer's funds account, the business will queue up in NPC and notify the bond system of insufficient information. Until the end of the day if the funds are still insufficient to pay, pending liquidation window opened through the relevant channels (including the interbank bond market) to fill the position. When the liquidation window of the final payment system is closed, such as queuing business is still unable to liquidate, Omo through its payment service subsystem revocation or NPC for return processing. The bond system receives instant transfer response messages, deals with the liquidation of the completed funds, handles the bond settlement transfer (or pledge/withdrawal), generates settlement orders, notifies Omo and the successful bidder. In the queue for the instant transfer service, the bond system is not processed and the bond settlement is completed after the instant Transfer response message has been transferred. At the end of the day, when the payment System Liquidation window is closed, the bond system will make the corresponding business by withdrawing or NPC returning theSettlement failure is handled and notified to Omo and the winning bidder of the first-level dealer.
How bonds are settled
