| Notice by China Securities Depository and Clearing Corporation Limited of Matters concerning the Issuance of the Measures for the Administration of Discount Rates (Values) of Standard Bonds (2020 Revision) | | 中国证券登记结算有限责任公司关于发布《标准券折算率（值）管理办法（2020年修订版）》有关事项的通知 |
| (No. 90 [2020] of China Securities Depository and Clearing Corporation Limited) | | （中国结算发字〔2020〕90号） |
| All settlement participating institutions: | | 各结算参与机构： |
| For the purposes of improving the administration of the discount rates (values) of standard bonds of pledge-style repo, and cooperating with the adjustment to the rules on the repayment of bonds in installments with the Shenzhen Stock Exchange, China Securities Depository and Clearing Corporation Limited has revised the Measures for the Administration of Discount Rates (Values) of Standard Bonds (hereinafter referred to as the “Measures”), which are hereby issued, and the relevant matters are notified as follows: | | 为完善质押式回购标准券折算率（值）管理，配合深圳证券交易所调整债券分期偿还规则，我公司对《标准券折算率（值）管理办法》（以下简称《办法》）进行了修订，现予发布，并就有关事项通知如下： |
| I. The main contents of this revision are as follows: the calculation formula for the discount rates of standard bonds of bond products on the Shenzhen market in the Annex to these Measures is adjusted, and “100 yuan” in the calculation formula is replaced with “face value.” | | 一、此次修订的主要内容为：调整《办法》附件中深圳市场债券类产品的标准券折算率计算公式，将计算公式中的“100元”改为“面值”。 |
| After the adjustment, the calculation formula for the discount rates of standard bonds of bond products on the Shenzhen market is: discount rate of standard bonds = full-price valuation × discount factor ÷ face value. | | 调整后，深圳市场债券类产品的标准券折算率计算公式为：标准券折算率=全价估值×折扣系数÷面值。 |
| II. These Measures shall come into force on March 23, 2020. On March 23 (hereinafter referred to as “T-day”), the discount rates (values) of standard bonds shall be calculated and issued according to these new Measures, and apply on T+2 day. The discount rates (values) of standard bonds applicable on T day and T+1 day shall still be governed according to these Measures. | | 二、新《办法》自2020年3月23日起实施。3月23日（以下简称“T日”）按照新《办法》计算和发布标准券折算率（值）, T+2日适用。T日和T+1日适用的标准券折算率（值）仍按原《办法》执行。 |
| 3. From the date when these new Measures come into force, the Notice by CSDC of the Matters concerning the Issuance of the Measures for the Administration of Discount Rates (Values) of Standard Bonds (2016 Revision) (No. 87 [2016], CSDC) shall be concurrently repealed. | | 三、新《办法》实施之日起，我公司《关于发布〈标准券折算率（值）管理办法（2016年修订版）〉有关事项的通知》（中国结算发字〔2016〕87号）同步废止。 |
| IV. All settlement participating institutions shall complete the relevant preparations in a timely manner in accordance with the provisions of these new Measures to ensure a smooth transition. Concurrently, investors shall be fully publicized and trained on the revised contents of these new Measures and the changes caused to prevent repurchase risks. | | 四、请各结算参与机构按照新《办法》规定，及时完成相关准备工作，确保顺利过渡。同时，应就新《办法》修订内容和引起变化，对投资者进行充分的宣传与培训，防范回购风险。 |
| | 特此通知。 |
| Annex: Measures for the Administration of Discount Rates (Values) of Standard Bonds (2020 Revision) | | 附件：标准券折算率（值）管理办法（2020年修订版） |
| China Securities Depository and Clearing Corporation Limited | | 中国证券登记结算有限责任公司 |
| March 20, 2020 | | 2020年3月20日 |
| Annex: | | 附件： |
| Measures for the Administration of Discount Rates (Values) of Standard Bonds (2020 Revision) | | 标准券折算率（值）管理办法（2020年修订版） |
Article 1 For the purposes of regulating the administration of standard bonds of pledge-style repo (hereinafter referred to as “repo”) included in the multilateral netting business on the stock exchange market, and preventing the settlement risks in repo transactions, these Measures are developed according to the relevant laws, department rules and relevant business rules of China Securities Depository and Clearing Corporation Limited (“CSDC”).
．．．．．． | | 第一条 为规范证券交易所市场纳入多边净额结算业务的质押式回购（以下简称“回购”）标准券管理，防范回购交易结算风险，根据有关法律、部门规章、中国证券登记结算有限责任公司（以下简称“本公司”）相关业务规则，制定本办法。
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