What are the detailed processes of bond repurchase transactions?

Bond repurchase transaction refers to the transaction mode in which the bondholder (the repurchase party, that is, the fund financier) sells bonds and finances, and at the same time agrees with the buyer (the reverse repurchase party, that is, the fund financier) to repurchase bonds at a predetermined price on a certain maturity date. A repurchase transaction involves two transaction subjects (the fund lender and the fund lender), two transaction contract behaviors (the initial transaction and the repurchase transaction when the repurchase expires) and two corresponding liquidations. \x0d\x0d\ The transaction process of bond repurchase is as follows: \x0d\( 1) Repurchase entrustment \ x0d \ The customer entrusts the securities company to do the repurchase transaction. \x0d\(2) Repo transaction declaration \x0d\ According to the client's entrustment, the securities company makes a transaction declaration to the host computer of the stock exchange and issues a repurchase transaction instruction. The repurchase transaction instruction must declare the securities account, otherwise the repurchase declaration is invalid. \x0d\(3) Front-end inspection of the trading system \x0d\ The trading system compares the financing amount in the financial repurchase transaction declaration with the real-time maximum financing amount of the securities account. If the financing demand exceeds the real-time maximum financing amount of the securities account, it is an invalid entrustment. \x0d\(4) Transaction matching \x0d\ The trading host will match the effective financing transaction declaration with the securities lending transaction declaration, and when the repurchase transaction is completed, the trading host will deduct the maximum financing amount of the corresponding securities account in real time. \x0d\(5) Transaction data sending \x0d\ After the market closes, the exchange will send the transaction data of repurchase transactions and other securities transactions to the settlement company. \x0d\(6) Standard Voucher Accounting \x0d\ The clearing company conducts standard voucher accounting on the basis of securities accounts at the end of each day. If the amount of pledged bonds submitted by the securities account converted into standard bonds is less than the unexpired balance of financing, it is "standard bonds owed to the treasury", and the registered company will deduct the corresponding participants from the state treasury. \x0d\(7) Settlement and delivery \x0d\ The settlement company will merge the data of funds receivable and payable in the repurchase transaction with the data of other securities transactions on the same day, calculate the net balance of funds receivable or payable in the securities company's brokerage and self-operated settlement reserve accounts, and handle the fund delivery in the process of T+ 1