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What Clients Are Allowed to Participate in the EFP on Chinese Government Bond Futures?
2019-09-02

Currently, the clients who may enter into an EFP transaction on Chinese government bond futures include: securities companies, fund management companies, trust companies, banks and other financial institutions, as well as social security companies, qualified foreign institutional investors (QFIIs) and other special institutional clients that are required by laws, administrative regulations, or ministry-level rules to manage assets in separate accounts.

Given that EFP transactions on Chinese government bond futures involve futures and spot transactions of Chinese government bonds, a client who intends to enter into an EFP transaction on Chinese government bond should be permitted to participate in trading in Chinese government bond futures on CFFEX and to engage in relevant spot transactions on the inter-bank market, Shanghai Stock Exchange, or Shenzhen Stock Exchange and open a bond account at China Central Depository & Clearing Co., Ltd. or a securities account at China Securities Depository and Clearing Co., Ltd.

A client who meets the requirements of CFFEX may enter into an EFP transaction on Chinese government bond futures after its financial institution or management institution registers with CFFEX through its carrying member.