A record filing system applies to market investors seeking to engage in RMB interest rate swaps. In accordance with the Circular on Issues Concerning RMB Interest Rate Swap Transaction issued by the People’s Bank of China, among investors approved by the relevant regulatory authorities to engage in derivative transactions, financial institutions qualified as market makers or settlement agentsmay engage in interest rate swap transactions with all other market participants, other financial institutions may engage in interest rate swap transactions with all financial institutions for their own trading purposes, while as to non-financial institutions,for purpose of hedging, may engage in interest rate swap transactions only with financial institutions qualified as market makers or settlement agents.
Financial institutions seeking to engage in interest rate swap transactions shall execute theChina Interbank Market Financial Derivative Transactions Master Agreement published by the National Association of Financial Market Institutional Investors (NAFMII) and submit their documents of internal control and risk management system on interest rate swaps to the NAFMII and CFETS for the record filing. Their internal risk management system shall include, at a minimum, risk measurement and monitoring, internal authorization management and credit granting control, information monitoring and management, risk profile reporting and internal audit, etc.
Contact details for RMB Market Department No.2:
Tel: 021-58554767 Fax: 68797606