Custody/clearing  
CHINA CONSTRUCTION BANK    
ICBC    
MINSHENG BANK    
SPDB    
 
 
CHINA - Capital Market Infrastructure Summary

Central Securities Depositories
China Securities Depository and Clearing Corporation Ltd (CSDCC)
China Government Securities Depository Trust & Clearing Corporation (CDC)

BIS Model
Model 2

Settlement Cycle
T+0 for 'A' shares: Securities
T+1 for 'A' shares (Renminbi): Cash
T+3 for 'B' shares (foreign currency)

Comment
The China Securities Depository and Clearing Corporation Limited (CSDCC) is the central counterparty, securities settlement system and central securities depository for all instruments traded on each of the Shanghai Stock Exchange and Shenzhen Stock Exchange. The China Government Depositary and Clearing Corporation Limited (CCDC) is the securities settlement system and central securities depository for China's interbank bond market. A state-owned non-bank financial institution based in Beijing, it offers issuance, registration, custody, settlement, and principal redemption/interest payment agency services for government bonds, financial debentures, corporate bonds and other fixed-income securities, as well as for bond funds and money market funds. It provides first-tier custody services for the whole bond market, with the SD&C acting as sub-custodian for the exchange bond market, and the four big commercial banks acting as sub-custodians for the bank counter market. For the majority of transactions ('A' shares and bonds), the final movement of securities occurs on T and the net cash settles on T+1. For 'B' shares, held by foreign investors, an extended settlement cycle of T+3 allows for post-trade activity across multiple time zones.


Key terms defined in our glossary:

Central Securities Depository
BIS Model 2
Settlement Cycle

 
The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.