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Settlement Failure

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CNYPlus SETTLEMENT FAILURE REPORTING SERVICE GUIDEBOOK
PREAMBLE

In order to facilitate offshore institutional investors to invest in the China Interbank Bond Market, National Interbank Funding Center, China Central Depository & Clearing Co., Ltd., Shanghai Clearing House and Bond Connect Company Limited (“BCCL”) will jointly provide the “Northbound” Bond Connect Settlement Failure Reporting One-stop Online Service (“the Service”) to the market as from today to enhance the efficiency of “Northbound” Bond Connect Settlement Failure Reporting.
 
SERVICE ACTIVATION

1. Offshore investors shall register for the Service by fully completing the application documents below and submitting to BCCL by email (service@chinabondconnect.com) with the duly stamped and signed original copies.
2. Upon the receipt of the documents, BCCL will provide feedback to offshore investors and send a written confirmation with user information to those who successfully activate the Service via email.

3. Offshore investors may conduct online settlement failure reporting either by themselves or by authorizing a trading execution entity. If a trading execution entity is authorized, the trading execution entity should also provide the duly stamped and signed application forms submitted by offshore investors.
 
USER TYPE

1.  Offshore investors (or the authorized trading execution entity) shall manage users or change the user rights by completing Annex 2 and submitting to BCCL by email (service@chinabondconnect.com).

2. Users can be set as full or view rights. Users with full rights can conduct reporting, view and download reporting information while users with view right can only view and download reporting information.
 
REPORTING PROCEDURE

1. Onshore dealers shall fill in the cause of settlement failure, follow-up arrangement and other information, and initiate the online reporting. Offshore investors (or the authorized trading execution entity) can view the pending information on the reporting page after logging into the system, tick the information and click the button of “Confirm” or “Reject”. If the reporting is rejected by offshore investors (or the authorized trading execution entity), onshore dealers may amend the information and submit the reporting again.

Specific description of the reporting status is as below:
  - Pending: The reporting is pending processing.
  - Loading: The reporting processed already is pending to be sent to CFETS[1]  through the system upon the operation hours of the system.
  - Successful: The reporting is completed.
  - Rejected: The reporting is rejected.

2. Offshore investors who authorize a trading execution entity to conduct online reporting can still perform the duties through the system by themselves. If both users confirm or reject the reporting at the same time, the system will process the earlier information received.

3. After offshore investors (or the authorized trading execution entity) click “Confirm”, the online reporting is completed. The users can download reporting information through the system.
 
BACKUP ARRANGEMENTS

The existing procedure of submitting the duly stamped or signed CFETS Settlement Failure Report (Annex 3) is still effective for the offshore investors (or the authorized trading execution entity) who have not registered for the Service or are unable to report online due to network, system or other issues.
 
Please contact service@chinabondconnect.com or (852) 2327 0807 for any enquiries.
 
[1].  China Foreign Exchange Trading System & National Interbank Funding Center

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* In the event of any discrepancies between the English and Chinese versions, the Chinese version shall prevail. 
Last updated on 18 July 2023