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Chinese Bank Ratified as Agent for Bond Clearing
The Industrial and Commercial Bank of China (ICBC) announced Monday that it has been ratified to open agent businesses on bond settlement in the national inter-bank bond market.
According to related regulations, the ICBC will open A-class bond trust account in the Central Treasury Bond Registration and Settlement Corporation to handle agent businesses on bond settlement for small financial institutions.
A spokesman for the bank said that the service will pave a brand new way for medium-sized and small financial institutions to participate in bond market transactions, and it will also help boost market operation efficiency.
He said that since the bank entered the national bond market in 1997, its transaction volume has been growing rapidly. In the first five months of this year, its bond settlement volume reached 392.3 billion yuan, with a market share of 25 percent.
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