Brief Introduction

BCCL is a joint venture established by CFETS and HKEX to support Bond Connect related trading services. CFETS is a major global trading platform and pricing center for RMB and related products, while HKEX is a leading operator of exchanges and clearing houses based in Hong Kong.

Bond Connect is a breakthrough in China mutual market access, allowing investors from Mainland China and overseas to trade in each other's bond markets through a market infrastructure linkage in Hong Kong. Northbound trading commenced on 3 July 2017, offering China Interbank Bond Market (CIBM) access to a broader group of international investors, and Southbound trading was launched 24 September 2021, providing a convenient and efficient channel for Mainland institutional investors to invest in offshore bonds through the Hong Kong bond market.

Bond Connect Dealers
'Bond Connect' Hong Kong SAR Settlement Banks
Institution Full Name Member Code
Southbound Market Makers
No. Institution Full Name
Eprime

ePrime is Bond Connect’s innovative, one-stop solution that facilitates China cross-border flows in the primary bond market through its book building and subscription modules. It aims to benefit issuers, underwriters and investors who seek increased efficiency and scalability during the process.

ePrime Northbound is a direct access subscription platform for offshore investors to participate in the China onshore primary market. It allows investors to establish connections with onshore underwriters, principally engage in the bidding process and receive allocation confirmation. It was designed for the usage of offshore investors (traders, portfolio managers, back office and operations teams) and onshore underwriters (DCM teams and syndicates) via ePrime’s seamless interface with CFETS’ iDeal.

ePrime Issuance Service enables underwriters in executing deals, managing investor orders and the allocation process. It supports multiple currencies, such as USD, offshore RMB, Euro, etc.

For more information, please refer to:

https://www.chinabondconnect.com/en/Eprime/Eprime-Northbound/About-Eprime-Northbound.html

Swap Connect

Swap Connect refers to an arrangement which will enable investors to participate in the financial derivatives markets in the Mainland and Hong Kong through a connection between Infrastructure Institutions in both places.

At the initial stage, Northbound Trading will commence first, allowing investors from Hong Kong and other countries and regions (Overseas Investors) to participate in the Mainland interbank financial derivatives market through mutual access between Hong Kong and Mainland Infrastructure Institutions in respect of trading, clearing and settlement. Southbound Trading, which allows Mainland investors to access the Hong Kong financial derivatives market through mutual access between Infrastructure Institutions in both places, will be explored in due course.

For more information, please refer to:

https://www.chinabondconnect.com/en/Swap-Connect/Trading-And-Clearing/Trading-And-Clearing-Mechanism.html