People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties
The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Dep...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/306561468011761432/China-CPSS-IOSCO-recommendations-for-securities-settlement-systems-and-central-counterparties-detailed-assessment-of-observance http://hdl.handle.net/10986/26544 |
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okr-10986-26544 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ASSET BACKED SECURITIES ASSET MANAGEMENT AUTOMATIC LENDING BANK BOND BANK BOND MARKET BANKRUPTCY BANKRUPTCY LAW BOND BOND BUSINESS BOND ISSUERS BOND ISSUES BOND MARKET BOND TRADING BONDHOLDERS BONDS BOOK ENTRY BOOK ENTRY SYSTEM BROKER BROKER-DEALER BROKERAGE BROKERAGE FIRMS CAPITAL MARKETS CASH SETTLEMENT CASH TRANSFER CENTRAL BANK CENTRAL BANK BILLS CENTRAL SECURITIES DEPOSITORY CHECKS CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERAL REQUIREMENTS COLLATERALIZATION COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMODITIES FUTURES COMMODITIES FUTURES MARKETS COMMODITY CONTRACT LAW CORPORATE BOND CORPORATE BOND ISSUE CORPORATE GOVERNANCE CORPORATE INVESTORS CORPORATE SECURITIES CREDIT LINE CREDIT RISK CREDIT RISK EXPOSURES CREDITORS CUSTODIAN BANK CUSTODY DEBT DEFAULTER DEPOSIT DEPOSIT ACCOUNT DEPOSITORY SYSTEM DERIVATIVE DERIVATIVES EXCHANGE DOMESTIC INVESTORS DOMESTIC SECURITIES ENFORCEABILITY EQUIPMENT EXCHANGE MARKET EXCHANGE SYSTEM EXCHANGE TRANSACTIONS FINANCIAL FUTURES FINANCIAL INFRASTRUCTURE FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FIXED INCOME FIXED INCOME MARKET FLOW OF FUNDS FOREIGN BROKER FOREIGN EXCHANGE FOREIGN INSTITUTIONAL INVESTOR FOREIGN INVESTORS FRAMEWORK FOR SECURITIES FUTURES FUTURES CONTRACTS FUTURES EXCHANGE FUTURES MARKET GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND HOLDING INDEBTEDNESS INDIVIDUAL INVESTORS INFORMATION DISCLOSURES INFORMATION SYSTEM INSTITUTIONAL INVESTOR INSURANCE INSURANCE COMPANIES INTERNAL AUDITS INTERNATIONAL BANK INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTMENT FUNDS INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS JOINT VENTURE LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LIMITED LIABILITY LIQUIDATION LIQUIDITY LIQUIDITY RISK MARGIN REQUIREMENTS MARK TO MARKET MARKET CAPITALIZATION MARKET EFFICIENCY MARKET MAKER MARKET PARTICIPANTS MARKET RISK MARKET STRUCTURE MARKET SUPERVISION MARKET TRANSACTIONS MATURITY MONETARY AUTHORITY MONETARY FUND MONEY MARKETS MUTUAL FUNDS NOMINEE ACCOUNTS OWNERSHIP STRUCTURE PAPER CERTIFICATES PAYMENT OBLIGATIONS PAYMENT SYSTEMS PENSION PENSION FUNDS PRICE LIMITS PRIVATE SECTOR DEVELOPMENT REAL TIME GROSS SETTLEMENT REGISTRATION SYSTEM REGULATORS REGULATORY AUTHORITY REGULATORY FRAMEWORK REPO RESERVE RESERVE FUND RESERVE REQUIREMENT RESERVES RISK CONTROL RISK EXPOSURE RISK MANAGEMENT RISK MANAGEMENT TOOLS ROLLING SETTLEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SECURITIES LAW SECURITIES MARKET SECURITIES REGISTRATION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT ARRANGEMENTS SETTLEMENT OBLIGATIONS SETTLEMENT OF FUNDS SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SHARE TRADING SHARE VALUE SHAREHOLDERS STATUTORY LAW STOCK EXCHANGE STOCKS SUPERVISORY AUTHORITY T-BOND TAX TAX RULES TRADE DATE TRADES TRADING TRADING ACTIVITY TRADING PLATFORM TRADING SYSTEM TRADING VALUE TRADING VOLUME TRANSACTION TRANSFER OF FUNDS TRANSFER OF SECURITIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER VALUE PAYMENT SYSTEM WAREHOUSE WAREHOUSE RECEIPTS WARRANTS WHOLESALE MARKET |
| spellingShingle |
ACCOUNTING ASSET BACKED SECURITIES ASSET MANAGEMENT AUTOMATIC LENDING BANK BOND BANK BOND MARKET BANKRUPTCY BANKRUPTCY LAW BOND BOND BUSINESS BOND ISSUERS BOND ISSUES BOND MARKET BOND TRADING BONDHOLDERS BONDS BOOK ENTRY BOOK ENTRY SYSTEM BROKER BROKER-DEALER BROKERAGE BROKERAGE FIRMS CAPITAL MARKETS CASH SETTLEMENT CASH TRANSFER CENTRAL BANK CENTRAL BANK BILLS CENTRAL SECURITIES DEPOSITORY CHECKS CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERAL REQUIREMENTS COLLATERALIZATION COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMODITIES FUTURES COMMODITIES FUTURES MARKETS COMMODITY CONTRACT LAW CORPORATE BOND CORPORATE BOND ISSUE CORPORATE GOVERNANCE CORPORATE INVESTORS CORPORATE SECURITIES CREDIT LINE CREDIT RISK CREDIT RISK EXPOSURES CREDITORS CUSTODIAN BANK CUSTODY DEBT DEFAULTER DEPOSIT DEPOSIT ACCOUNT DEPOSITORY SYSTEM DERIVATIVE DERIVATIVES EXCHANGE DOMESTIC INVESTORS DOMESTIC SECURITIES ENFORCEABILITY EQUIPMENT EXCHANGE MARKET EXCHANGE SYSTEM EXCHANGE TRANSACTIONS FINANCIAL FUTURES FINANCIAL INFRASTRUCTURE FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FIXED INCOME FIXED INCOME MARKET FLOW OF FUNDS FOREIGN BROKER FOREIGN EXCHANGE FOREIGN INSTITUTIONAL INVESTOR FOREIGN INVESTORS FRAMEWORK FOR SECURITIES FUTURES FUTURES CONTRACTS FUTURES EXCHANGE FUTURES MARKET GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND HOLDING INDEBTEDNESS INDIVIDUAL INVESTORS INFORMATION DISCLOSURES INFORMATION SYSTEM INSTITUTIONAL INVESTOR INSURANCE INSURANCE COMPANIES INTERNAL AUDITS INTERNATIONAL BANK INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTMENT FUNDS INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS JOINT VENTURE LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LIMITED LIABILITY LIQUIDATION LIQUIDITY LIQUIDITY RISK MARGIN REQUIREMENTS MARK TO MARKET MARKET CAPITALIZATION MARKET EFFICIENCY MARKET MAKER MARKET PARTICIPANTS MARKET RISK MARKET STRUCTURE MARKET SUPERVISION MARKET TRANSACTIONS MATURITY MONETARY AUTHORITY MONETARY FUND MONEY MARKETS MUTUAL FUNDS NOMINEE ACCOUNTS OWNERSHIP STRUCTURE PAPER CERTIFICATES PAYMENT OBLIGATIONS PAYMENT SYSTEMS PENSION PENSION FUNDS PRICE LIMITS PRIVATE SECTOR DEVELOPMENT REAL TIME GROSS SETTLEMENT REGISTRATION SYSTEM REGULATORS REGULATORY AUTHORITY REGULATORY FRAMEWORK REPO RESERVE RESERVE FUND RESERVE REQUIREMENT RESERVES RISK CONTROL RISK EXPOSURE RISK MANAGEMENT RISK MANAGEMENT TOOLS ROLLING SETTLEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SECURITIES LAW SECURITIES MARKET SECURITIES REGISTRATION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT ARRANGEMENTS SETTLEMENT OBLIGATIONS SETTLEMENT OF FUNDS SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SHARE TRADING SHARE VALUE SHAREHOLDERS STATUTORY LAW STOCK EXCHANGE STOCKS SUPERVISORY AUTHORITY T-BOND TAX TAX RULES TRADE DATE TRADES TRADING TRADING ACTIVITY TRADING PLATFORM TRADING SYSTEM TRADING VALUE TRADING VOLUME TRANSACTION TRANSFER OF FUNDS TRANSFER OF SECURITIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER VALUE PAYMENT SYSTEM WAREHOUSE WAREHOUSE RECEIPTS WARRANTS WHOLESALE MARKET World Bank International Monetary Fund People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| geographic_facet |
East Asia and Pacific East Asia China |
| description |
The Securities Settlement Systems (SSS)
in the People's Republic of China (PRC) are organized
around three different types of markets, which are the bond
market, the corporate securities market, and the futures
market. The China Government Depositary and Clearing
Corporation Limited (CCDC) is the SSS as well as the central
securities depository (CSD) for bonds. The China Securities
Depository and Clearing Corporation Limited (SD and C) is
the central counterparty (CCP), SSS, as well as the CSD for
all instruments traded on the Shanghai Stock Exchange (SSE)
and Shenzhen Stock Exchange (SZSE). The four futures
exchanges have their own clearing and settlement
departments, which offer the function of a CCP. The CCDC, SD
and C, and Shanghai Futures Exchange (SHFE), Dalian
Commodities Exchange (DCE), and Zhengzhou Commodities
Exchange (ZCE) operate important securities and derivatives
settlement systems both, due to the large volume and value
of transactions and the fact that they support key financial
sector markets (interbank bond market, stock exchanges and
futures). The assessment of the bonds market-CCDC system
against the Recommendations for Securities Settlement
Systems (RSSS) concludes that the system observes (observed
or broadly observed) thirteen of the 19 recommendations,
being one not applicable. The assessment of the stock
exchanges-SD and C system against the RSSS concludes that
the system observes (observed or broadly observed) seventeen
of the 19 recommendations. The assessment of the commodities
futures markets-SHFE system against the Recommendations for
Central Counterparties (RCCP) concludes that the system
observes (observed or broadly observed) eleven of the 15
recommendations, being one not applicable. The present
document is the assessment of securities and derivatives
settlement systems in the PRC based on the recommendations
of the Committee on Payment and Settlement Systems (CPSS)
and the International Organization of Securities Commissions
(IOSCO) for RSSS and the recommendations of CPSS-IOSCO for
Central Counterparties (RCCP). The paper is divided into
following five parts: the first part gives general
information; the second gives information and methodology
used for assessment; the third part is securities and
derivatives settlement systems infrastructure overview; the
fourth part is main findings from the assessment with
international standards; and the fifth part gives
authorities' response. |
| format |
Report |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| title_short |
People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| title_full |
People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| title_fullStr |
People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| title_full_unstemmed |
People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties |
| title_sort |
people's republic of china financial sector assessment program : cpss-iosco recommendations for securities settlement systems and central counterparties |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/306561468011761432/China-CPSS-IOSCO-recommendations-for-securities-settlement-systems-and-central-counterparties-detailed-assessment-of-observance http://hdl.handle.net/10986/26544 |
| _version_ |
1764461466217349120 |
| spelling |
okr-10986-265442021-04-23T14:04:35Z People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties World Bank International Monetary Fund ACCOUNTING ASSET BACKED SECURITIES ASSET MANAGEMENT AUTOMATIC LENDING BANK BOND BANK BOND MARKET BANKRUPTCY BANKRUPTCY LAW BOND BOND BUSINESS BOND ISSUERS BOND ISSUES BOND MARKET BOND TRADING BONDHOLDERS BONDS BOOK ENTRY BOOK ENTRY SYSTEM BROKER BROKER-DEALER BROKERAGE BROKERAGE FIRMS CAPITAL MARKETS CASH SETTLEMENT CASH TRANSFER CENTRAL BANK CENTRAL BANK BILLS CENTRAL SECURITIES DEPOSITORY CHECKS CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERAL REQUIREMENTS COLLATERALIZATION COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMODITIES FUTURES COMMODITIES FUTURES MARKETS COMMODITY CONTRACT LAW CORPORATE BOND CORPORATE BOND ISSUE CORPORATE GOVERNANCE CORPORATE INVESTORS CORPORATE SECURITIES CREDIT LINE CREDIT RISK CREDIT RISK EXPOSURES CREDITORS CUSTODIAN BANK CUSTODY DEBT DEFAULTER DEPOSIT DEPOSIT ACCOUNT DEPOSITORY SYSTEM DERIVATIVE DERIVATIVES EXCHANGE DOMESTIC INVESTORS DOMESTIC SECURITIES ENFORCEABILITY EQUIPMENT EXCHANGE MARKET EXCHANGE SYSTEM EXCHANGE TRANSACTIONS FINANCIAL FUTURES FINANCIAL INFRASTRUCTURE FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FIXED INCOME FIXED INCOME MARKET FLOW OF FUNDS FOREIGN BROKER FOREIGN EXCHANGE FOREIGN INSTITUTIONAL INVESTOR FOREIGN INVESTORS FRAMEWORK FOR SECURITIES FUTURES FUTURES CONTRACTS FUTURES EXCHANGE FUTURES MARKET GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND HOLDING INDEBTEDNESS INDIVIDUAL INVESTORS INFORMATION DISCLOSURES INFORMATION SYSTEM INSTITUTIONAL INVESTOR INSURANCE INSURANCE COMPANIES INTERNAL AUDITS INTERNATIONAL BANK INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTMENT FUNDS INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS JOINT VENTURE LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LIMITED LIABILITY LIQUIDATION LIQUIDITY LIQUIDITY RISK MARGIN REQUIREMENTS MARK TO MARKET MARKET CAPITALIZATION MARKET EFFICIENCY MARKET MAKER MARKET PARTICIPANTS MARKET RISK MARKET STRUCTURE MARKET SUPERVISION MARKET TRANSACTIONS MATURITY MONETARY AUTHORITY MONETARY FUND MONEY MARKETS MUTUAL FUNDS NOMINEE ACCOUNTS OWNERSHIP STRUCTURE PAPER CERTIFICATES PAYMENT OBLIGATIONS PAYMENT SYSTEMS PENSION PENSION FUNDS PRICE LIMITS PRIVATE SECTOR DEVELOPMENT REAL TIME GROSS SETTLEMENT REGISTRATION SYSTEM REGULATORS REGULATORY AUTHORITY REGULATORY FRAMEWORK REPO RESERVE RESERVE FUND RESERVE REQUIREMENT RESERVES RISK CONTROL RISK EXPOSURE RISK MANAGEMENT RISK MANAGEMENT TOOLS ROLLING SETTLEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SECURITIES LAW SECURITIES MARKET SECURITIES REGISTRATION SECURITIES TRANSACTIONS SETTLEMENT SETTLEMENT ARRANGEMENTS SETTLEMENT OBLIGATIONS SETTLEMENT OF FUNDS SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SHARE TRADING SHARE VALUE SHAREHOLDERS STATUTORY LAW STOCK EXCHANGE STOCKS SUPERVISORY AUTHORITY T-BOND TAX TAX RULES TRADE DATE TRADES TRADING TRADING ACTIVITY TRADING PLATFORM TRADING SYSTEM TRADING VALUE TRADING VOLUME TRANSACTION TRANSFER OF FUNDS TRANSFER OF SECURITIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER VALUE PAYMENT SYSTEM WAREHOUSE WAREHOUSE RECEIPTS WARRANTS WHOLESALE MARKET The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response. 2017-05-09T15:05:37Z 2017-05-09T15:05:37Z 2012-03 Report http://documents.worldbank.org/curated/en/306561468011761432/China-CPSS-IOSCO-recommendations-for-securities-settlement-systems-and-central-counterparties-detailed-assessment-of-observance http://hdl.handle.net/10986/26544 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work East Asia and Pacific East Asia China |