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Procedure of Settlement Failure Reporting
Pursuant to relevant rules set out in Trial Trading Rules of National Interbank Funding Center on Bond Connect promulgated by CFETS[1], trading parties shall report to CFETS if the trade fails to settle.

Bond Connect Company Limited (hereinafter referred to as ‘BCCL’) is authorized to facilitate the reporting process. Specific procedure is as below.

1.  The onshore dealer shall fully complete the CFETS Settlement Failure Report (see attachment 1) including the offshore investor and submit it to BCCL by email (service@chinabondconnect.com) after confirming by authorized signature/company stamp

2. BCCL contacts offshore investor to confirm aforementioned form. Offshore investor to validate form by inserting authorized signature/company stamp and return scanned copy to BCCL (service@chinabondconnect.com).

3. BCCL submits the completed report form to CFETS for filing purpose.

The trading parties should provide the relevant information if settlement recycling is applied for, in addition to reporting settlement failure. If the decision to pursue settlement recycling is made post the reporting of the settlement failure, or there is any change in the relevant information about settlement recycling, the trading parties should submit the entire form again with the final details on the day the settlement recycling is completed.

Please contact service@chinabondconnect.com or (852) 2327 0732 for any enquiries.

[1].  China Foreign Exchange Trading System & National Interbank Funding Center

Download: Procedure of Settlement Failure Reporting

Last updated on 30 March 2020