New regulations on bond pledge of exchange

Legal analysis: Change the interest-bearing days from the nominal days of repurchase period to the days actually occupied by funds, so as to eliminate the sharp fluctuation of repurchase interest rate caused by weekend and holiday factors under the rule of nominal interest-bearing days, and change the interest-bearing days of the whole year from 360 days to 365 days. The calculation method of repurchase closing price is changed from the weighted average price of all transactions one minute before the last transaction (including the last transaction) of the day to the weighted average price of all transactions one hour before the last transaction (including the last transaction) of the day, so as to improve the stability of repurchase closing price.

Legal basis: Article 2 of the Measures for the Administration of Investor Suitability in the Bond Market of Shanghai Stock Exchange (revised 20 17). Corporate bonds, corporate bonds and asset-backed securities (hereinafter referred to as bonds) that have been listed or transferred in this Exchange before the issuance of this Notice, or have applied for listing and trading from the date of issuance of this Notice to July 20 17/day (excluding). The investor suitability management during the existence period shall be implemented according to the following principles: (1) From now until July 20 1 July 71day (excluding), the investor suitability management of bonds shall be implemented according to the provisions of the original measures. (2) From July 20 1 July 71day, the provisions of the Measures shall apply to the appropriateness management of bond investors. Investors who have bought bonds according to the original rules before the implementation of the Measures may not buy these bonds again, but if they do not meet the corresponding provisions on the appropriateness management of bond investors after the implementation of the Measures, they may choose to sell or continue to hold them.