About China Foreign Exchange Trade System (CFETS)
About Bond Connect Company Limited (BCCL)
About Hong Kong Exchanges and Clearing (HKEX)
Founded on April 18, 1994, China Foreign Exchange Trade System (CFETS), also known as the National Interbank Funding Center, is a sub-institution directly affiliated to the People’s Bank of China (PBC).
CFETS adheres to the business principle of “using multiple technical approaches and various trading methods to answer demands from multi-tiered markets”. Under the strategic goal of becoming the “major global trading platform and pricing center for RMB and related products”, CFETS provides a series of services covering issuance, trade, post-trade processing, information, benchmark and training services for interbank FX market, money market and bond market via dedicated line and the Internet with advanced electronic information technologies.
As an important financial infrastructure in China, CFETS undertakes daily monitoring on market transactions, and also provides support and service for PBC’s monetary policy transmission and market self-regulatory organizations. CFETS publishes market benchmarks, including RMB Central Parity Rate, Shanghai Interbank Offered Rate (Shibor), CFETS RMB Index, Loan Prime Rate (LPR), RMB Reference Rate, Bond Indices, yield curves, etc., offering reference prices for the market.
BCCL is a joint venture established by CFETS and HKEX to support Bond Connect related trading services.
Bond Connect is an innovative mutual market access scheme that enables investors from Mainland China and overseas to trade in each other's bond markets through connection between the related Mainland and Hong Kong financial infrastructure institutions. Northbound trading commenced on 3 July 2017, offering China Interbank Bond Market (CIBM) access to international investors, and Southbound trading was launched on 24 September 2021, providing a convenient and efficient channel for Mainland China institutional investors to invest in offshore bonds through the Hong Kong bond market. Building on Bond Connect, the mutual access scheme between Mainland China and Hong Kong interest rate swap markets (Swap Connect) was officially launched on 15 May 2023, which provides an efficient channel for investors to participate in financial derivatives markets in both Mainland China and Hong Kong, and better serves investors’ demand for interest rate risk management.
BCCL provides support and assistance to Northbound investors for the admission and registration of Bond Connect and Swap Connect, liaises closely with the recognised access platforms which are familiar interfaces for international investors to trade CIBM bonds and interest rate swaps, provides ancillary services such as online one-stop settlement failure reporting service for the Northbound trading of Bond Connect, FX risk management and post-trade data interface, and conducts investor education activities in relation to Bond Connect. On the primary market front, BCCL facilitates dissemination of Chinese primary bond market information through PMIP system, supports NCD primary subscription, and offers a one-stop electronic solution for bond issuance and subscription through its ePrime system.
Bond Connect is an innovative mutual market access scheme that enables investors from Mainland China and overseas to trade in each other's bond markets through connection between the related Mainland and Hong Kong financial infrastructure institutions. Northbound trading commenced on 3 July 2017, offering China Interbank Bond Market (CIBM) access to international investors, and Southbound trading was launched on 24 September 2021, providing a convenient and efficient channel for Mainland China institutional investors to invest in offshore bonds through the Hong Kong bond market. Building on Bond Connect, the mutual access scheme between Mainland China and Hong Kong interest rate swap markets (Swap Connect) was officially launched on 15 May 2023, which provides an efficient channel for investors to participate in financial derivatives markets in both Mainland China and Hong Kong, and better serves investors’ demand for interest rate risk management.
BCCL provides support and assistance to Northbound investors for the admission and registration of Bond Connect and Swap Connect, liaises closely with the recognised access platforms which are familiar interfaces for international investors to trade CIBM bonds and interest rate swaps, provides ancillary services such as online one-stop settlement failure reporting service for the Northbound trading of Bond Connect, FX risk management and post-trade data interface, and conducts investor education activities in relation to Bond Connect. On the primary market front, BCCL facilitates dissemination of Chinese primary bond market information through PMIP system, supports NCD primary subscription, and offers a one-stop electronic solution for bond issuance and subscription through its ePrime system.
HKEX Group is a leading financial market operator in the world.
From its home in the financial hub of Hong Kong and an additional base in London, HKEX provides world-class facilities for trading and clearing securities and derivatives in Equities, Commodities, Fixed Income and Currency.
Uniquely positioned at the intersection of Chinese and international capital flows, Hong Kong has long been connecting China with the world. With the accelerated opening-up of China’s capital markets, HKEX continues to be a pioneer at the forefront of this historic transition, which it believes will reshape the global market landscape.
BCCL Team
BCCL consists of Branding & Events, Business Management, Human Resources, IT, Product Development, Risk Management and Sales & Marketing.
 Branding & Events Responsible for overall brand strategy and event planning and execution, including website and social media management, event liaison and coordination of Bond Connect conference, summits, seminars and marketing events. |  Business Management Comprehensively supports the Company’s Shareholders, Board and senior management on business strategy formulation and execution, corporate governance, regulatory engagement, business and financial analysis and reporting, etc. Closely collaborates with internal and external key stakeholders to ensure the Company’s smooth daily operations as well as sound and effective business partnership. |  Human Resources HR is responsible for driving our people and aspirations of establishing a mutual trust and respect company. We are proud to provide a stimulating, innovative, and corporative work environment that will inspire and enable all the internal and new joiners to reach its own personal and professional career growth. |
 Information Technology Responsible for aligning the IT strategy with business goals and maintaining the security standard, risk control and routine operations. |  Product Development Leads the execution of the Company’s strategy and new business initiatives, the management of product creation, development, and enhancement, and the provision of trading related services. |  Risk Management Takes charge of the legal, compliance, internal process and risk control functions for the Company, covering every aspect of its operation, developments and business activities. |
 Sales & Marketing Drives global investor education on China fixed income market while promoting Bond Connect as one of the leading access schemes for its ease in onboarding, trading and settlement. Leads international investor admission and marketing as well as overall stakeholder relationship management. |