The Central Bank Revises the Measures for the Administration of Short-term Financing Bills of Securities Companies and Publicly Solicits Opinions

　　Xinhua News Agency, Beijing, March 6 (Reporter Yao Junfang) In order to regulate the issuance and trading of short-term financing bills by securities companies and promote the stable and healthy development of the money market, the Central Bank revised the management measures for short-term financing bills by securities companies and began to make them public on the 5th. solicit opinions.

　　In 2004, in order to broaden the financing channels of securities companies and support their short-term financing needs, the central bank introduced the management measures for short-term financing bills of securities companies.

The central bank stated that the current business model, financing environment and risk characteristics of securities companies have undergone major changes. According to the demands of market members and the needs of macro-management of the financial market, the revised draft measures establish a management framework with liquidity management as the core, and cancel the pre-issuance filing , Strengthen management during and after the event, guide securities companies to improve their liquidity management capabilities, and promote the stable and healthy development of the currency market.

　　The revised draft requires that securities companies issuing short-term financing bills meet regulatory requirements with various risk indicators, and their liquidity coverage ratios should continue to be higher than the industry average, so that they can meet their liquidity needs in a timely manner at a reasonable cost.

The sum of the balances of short-term financing bills and other short-term debt instruments shall not exceed 60% of the net capital, and the maximum term shall not exceed 1 year.

At the same time, securities companies that issue short-term financing bills shall disclose interim reports, annual reports, major events and issuance in accordance with regulations.

　　In addition, the revised draft proposes to continue to strengthen the monitoring and management of risk control indicators such as liquidity coverage ratio and market transaction behavior, and to dynamically adjust the limit of short-term financing bills according to the net capital of securities companies and the balance of other short-term debt instruments every six months, so as to guide securities companies to continue to maintain a relatively low level. High liquidity level.