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Notice of the State Administration of Foreign Exchange on Amending the Guidelines for Inter-bank Foreign Exchange Market Makers (2013) [Effective]
国家外汇管理局关于修订《银行间外汇市场做市商指引》的通知(2013) [现行有效]
【法宝引证码】

 
Notice of the State Administration of Foreign Exchange on Amending the Guidelines for Inter-bank Foreign Exchange Market Makers 

国家外汇管理局关于修订《银行间外汇市场做市商指引》的通知


(No. 13 [2013] of the State Administration of Foreign Exchange)
 
(汇发[2013]13号)


The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo; and all designated foreign exchange banks:
 
国家外汇管理局各省、自治区、直辖市分局、外汇管理部,深圳、大连、青岛、厦门、宁波市分局,各外汇指定银行:

To further improve the administration of inter-bank foreign exchange market makers, the SAFE has amended the Guidelines for Inter-bank Foreign Exchange Market Makers (No. 46 [2010] of the State Administration of Foreign Exchange) (see Annex) for your compliance and implementation.
 
为进一步完善银行间外汇市场做市商管理,国家外汇管理局对《银行间外汇市场做市商指引》(汇发[2010]46号)予以修订,修订后的《银行间外汇市场做市商指引》见附件,请遵照执行。
特此通知。

Annex: Guidelines for Inter-bank Foreign Exchange Market Makers
 
附件:银行间外汇市场做市商指引

State Administration of Foreign Exchange
 
国家外汇管理局

April 12, 2013
 
2013年4月12日

Annex:
 
附件:

Guidelines for Inter-bank Foreign Exchange Market Makers
 
银行间外汇市场做市商指引

 
Article 1 In order to further develop the foreign exchange market, increase the liquidity of China's foreign exchange market, and improve the price-finding mechanism, the Guidelines for Inter-bank Foreign Exchange Market Makers (hereinafter referred to as the “Guidelines”) are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China, the Regulation of the People's Republic of China on Foreign Exchange Administration, the Interim Provisions on the Administration of the Inter-bank Foreign Exchange Market (No.423 [1996] of the People's Bank of China) and the Notice of the People's Bank of China on Relevant Issues concerning Accelerating the Development of the Foreign Exchange Market (No.202 [2005] of the People's Bank of China).   第一条 为进一步发展外汇市场,提高我国外汇市场的流动性,完善价格发现机制,根据《中华人民共和国中国人民银行法》、《中华人民共和国外汇管理条例》、《银行间外汇市场管理暂行规定》(银发[1996]423号)和《中国人民银行关于加快发展外汇市场有关问题的通知》(银发[2005]202号),制定《银行间外汇市场做市商指引》(以下简称《指引》)。

 
Article 2 For the purpose of these Guidelines, “inter-bank foreign exchange market makers” means the members of the inter-bank foreign exchange market as ratified by the State Administration of Foreign Exchange (“SAFE”) to assume the obligations of continuously providing market members with buying and selling prices for transactions between RMB and foreign currencies on the inter-bank foreign exchange market of China.   第二条 《指引》所称银行间外汇市场做市商,是指经国家外汇管理局(以下简称外汇局)核准,在我国银行间外汇市场进行人民币与外币交易时,承担向市场会员持续提供买、卖价格义务的银行间外汇市场会员。

 
Article 3 Inter-bank foreign exchange market makers include spot market makers, forward-swap market makers and general market makers. Spot market makers are banks which provide market-making services in the inter-bank spot auction and inquiry foreign exchange market. Forward-swap market makers are banks which provide market-making services in the inter-bank forward, foreign exchange swap and currency swap markets. General market makers are banks which provide market-making services in the spot, forward, foreign exchange swap, currency swap and other foreign exchange markets. Banks which have obtained the qualifications for inter-bank foreign exchange market makers upon obtaining the approval of the SAFE before January 1, 2011 shall automatically have the status as spot market makers. The qualifications for forward-swap market makers and general market makers cannot be obtained unless a separate application is filed.   第三条 银行间外汇市场做市商分为即期做市商、远期掉期做市商和综合做市商。即期做市商是指在银行间即期竞价和询价外汇市场上做市的银行。远期掉期做市商是指在银行间远期、外汇掉期和货币掉期市场做市的银行。综合做市商是指在即期、远期、外汇掉期和货币掉期等各外汇市场开展做市的银行。 2011年1月1日以前经外汇局备案核准取得银行间外汇市场做市商资格的银行自动承继即期做市商资格。远期掉期做市商和综合做市商资格须另行申请。

 
Article 4 Spot market makers and forward-swap market makers of the inter-bank foreign exchange market shall be entitled to:   第四条 银行间外汇市场即期做市商和远期掉期做市商享有以下权利:

 
(1) moderately enlarge the range of composite positions in the settlement or sale of foreign exchange, and practice flexible position management; (一)适度扩大结售汇综合头寸区间,实行较灵活的头寸管理;

 
(2) apply to the People's Bank of China (“PBC”) for the status of a Class I foreign exchange dealer; and (二)享有向中国人民银行(以下简称人民银行)申请外汇一级交易商的资格;

 
(3) enjoy priority to participate in piloting new businesses in the foreign exchange market. (三)具有参与外汇市场新业务试点的优先权。

In addition to the above-mentioned three entitlements, a general market maker of the inter-bank foreign exchange market may, after its trading eligibilities are ratified by the SAFE, automatically obtain the status as a market maker of the newly approved trading products in the inter-bank foreign exchange market; and may enjoy priority to obtain the status of a clearing member and a general clearing member in the inter-bank foreign exchange market under the same conditions.
 
银行间外汇市场综合做市商除享有上述三项权利外,对于银行间外汇市场新批准交易品种,经外汇局批准交易资格后,可自动获得该交易品种的做市资格;在同等条件下,可优先获得银行间外汇市场清算会员和综合清算会员资格。

 
Article 5 The inter-bank foreign exchange market markers shall be obliged to:   第五条 银行间外汇市场做市商应履行以下义务:

 
(1) continuously provide, within the prescribed trading time, the two-way valid and realizable prices of RMB against major transaction currencies in the inter-bank foreign exchange market (including electronic trading platform); (一)在规定的交易时间内,在银行间外汇市场(包括电子交易平台)连续提供人民币对主要交易货币的买、卖双向价格,所报价格应是有效的可成交价格;

 
(2) quote prices within the floating range set by the PBC for inter-bank market transaction foreign exchange prices in the inter-bank spot auction and inquiry foreign exchange market; (二)在银行间即期竞价和询价外汇市场上,报价不得超过人民银行规定的银行间市场交易汇价的浮动幅度;

 
(3) trade honestly in the foreign exchange market, and may not manipulate market prices by illegal or other foul means; (三)在外汇市场诚实交易,不利用非法或其他不当手段操纵市场价格;

 
(4) strictly comply with the relevant administrative provisions on foreign exchange market transactions and on composite positions in the settlement or sale of foreign exchange; and (四)严格遵守外汇市场交易和结售汇综合头寸的相关管理规定;

 
(5) report the foreign exchange market operation and market-making situations on a regular basis in accordance with the requirements of the SAFE. (五)按照外汇局要求定期报告外汇市场运行和做市情况。

 
Article 6 An applicant for the status of an inter-bank foreign exchange market maker must firstly apply for the qualification of a trial market maker of the market-making trading product concerned. To apply for the qualification of a trial market maker, the applicant shall meet the following basic conditions:   第六条

哎哟不错哦

 申请银行间外汇市场做市商资格须首先申请相应做市品种的尝试做市资格。申请尝试做市资格应具备以下基本条件:

 
(1) It is a banking financial institution which has become a member of an inter-bank foreign exchange market for two years or more; (一)取得银行间外汇市场会员资格两年(含)以上的银行类金融机构;

 
(2) During a single appraisal period, it is continuously ranked among the top three members with most market-making potential under the Appraisal Measures for the Inter-bank Foreign Exchange Market; (二)单个评选周期内,依据《银行间外汇市场评优办法》在最具做市潜力会员中连续排名前三名;

 
(3) It manages the composite positions in the settlement or sale of foreign exchange in a centralized way, and the upper limit of its composite positions in the settlement or sale of foreign exchange ratified by the SAFE is USD 200 million or more; (三)集中管理结售汇综合头寸,外汇局核定的银行结售汇综合头寸上限在2亿美元(含)以上;

 
(4) It has a sound foreign exchange risk management system, good internal control rules, effective transfer pricing mechanisms for internal finance and foreign exchange settlement or sale, and strong financing capabilities for both home currency and foreign currencies; (四)具备健全的外汇业务风险管理系统、内部控制制度、内部资金和结售汇转移定价机制和较强的本外币融资能力;

 
(5) It complies with the relevant provisions of the PBC and the SAFE and has no gross violation of any law or regulation in the settlement or sale of foreign exchange or the foreign exchange market transactions during the two years before application; and (五)遵守人民银行和外汇局的有关规定,在提交申请的前两年内,结售汇业务和外汇市场交易没有重大违法、违规记录;

 
(6) Other conditions as provided for by the SAFE. (六)外汇局规定的其他条件。

 
Article 7 A spot or forward-swap market maker in the inter-bank foreign exchange market shall meet the following basic conditions:   第七条 银行间外汇市场即期做市商和远期掉期做市商应具备以下基本条件:

 
(1) It has been a trial market maker of the relevant trading product under market-making application for two or more years and has the required experiences and abilities. For a bank which obtained the qualifications of an inter-bank foreign exchange market maker upon obtaining the approval from the SAFE before January 1, 2011, the time spent in making two-way quotations in the inter-bank forward, foreign exchange swap or currency swap market shall be deemed as the time of being a trial market maker; (一)在申请做市的交易品种上尝试做市两年以上,具备必要的经验和能力。2011年1月1日以前经外汇局备案核准取得银行间外汇市场做市商资格的银行,在银行间远期、外汇掉期、货币掉期市场开展双边报价交易的时间视为其尝试做市时间;

 
(2) During a single appraisal period, it is ranked among the top three trial market makers in terms of the average objective indicator score of the market-making trading product calculated under the Appraisal Measures for the Inter-bank Foreign Exchange Market and the score given by the SAFE, and its average score is higher than that of the market maker with the lowest score; (二)单个评选周期内,依据《银行间外汇市场评优办法》计算的做市品种客观指标评分和外汇局评分两项综合得分,在全部尝试做市机构中排名前三名,且高于评分最低的做市商;

 
(3) It manages the composite positions in the settlement or sale of foreign exchange in a centralized way, and the upper limit of its composite positions in the settlement or sale of foreign exchange ratified by the SAFE is USD 500 million or more; (三)集中管理结售汇综合头寸,外汇局核定的银行结售汇

 
综合头寸上限5亿美元(含)以上;
(4) It has a sound foreign exchange risk management system, good internal control rules, effective transfer pricing mechanisms for internal finance and foreign exchange settlement or sale, and strong financing capabilities for both home currency and foreign currencies; 

 (四)具备健全的外汇业务风险管理系统、内部控制制度、内部资金和结售汇转移定价机制和较强的本外币融资能力;
(5) It complies with the relevant provisions of the PBC and the SAFE and has no gross violation of any law or regulation in the settlement or sale of foreign exchange or the foreign exchange market transactions during the two years before application; and 

 (五)遵守人民银行和外汇局的有关规定,在提交申请的前两年内,结售汇业务和外汇市场交易没有重大违法、违规记录;
(6) Other conditions as provided for by the SAFE. 

 (六)外汇局规定的其他条件。
Article 8 A general market maker in the inter-bank foreign exchange market shall meet the following basic conditions: 

   第八条 银行间外汇市场综合做市商应具备以下基本条件:
(1) It has been a spot or a forward-swap market maker in the inter-bank foreign exchange market for three years or more; 

 (一)取得银行间外汇市场即期、远期掉期做市商资格三年(含)以上;
(2) During a single appraisal period, it is ranked among the top 10 market makers and trial market makers in terms of the average spot and forward-swap objective indicator scores calculated under the Appraisal Measures for the Inter-bank Foreign Exchange Market and the score given by the SAFE; 

 (二)单个评选周期内,依据《银行间外汇市场评优办法》计算的即期和远期掉期客观指标评分和外汇局评分两项综合得分,在全部做市商和尝试做市机构中排名前10名;
(3) During a single appraisal period, the whole bank is continuously ranked among the top 20 banks in terms of the size of domestic trans-border receipts and expenses on behalf of clients; 

 (三)单个评选周期内,全行境内代客跨境收支规模在全部银行中连续排名前20名;
(4) The upper limit of its composite positions in the settlement or sale of foreign exchange ratified by the SAFE is USD 1 billion or more; 

 (四)外汇局核定的银行结售汇综合头寸上限在 10 亿美元(含)以上;
(5) It has a sound foreign exchange risk management system, good internal control rules, effective transfer pricing mechanisms for internal finance and foreign exchange settlement or sale and strong financing capabilities for both home currency and foreign currencies; 

 (五)具备健全的外汇业务风险管理系统、内部控制制度、内部资金和结售汇转移定价机制和较强的本外币融资能力;
(6) It complies with the relevant provisions of the PBC and the SAFE and has no gross violation of any law or regulation in the settlement or sale of foreign exchange or the foreign exchange market transactions during the two years before application; 

 (六)遵守人民银行和外汇局的有关规定,在提交申请的前两年内,结售汇业务和外汇市场交易没有重大违法、违规记录;
(7) It has four or more dealers who have the credentials issued by the China Foreign Exchange Trading System (“CFETS”) for inter-bank foreign exchange market dealers, and the positions are reasonably arranged, and duties are clearly defined; and 

 (七)有4名以上具有中国外汇交易中心(以下简称交易中心)颁发的银行间外汇市场交易员资格证书的交易员,岗位设置合理,职责明确;
(8) Other conditions as provided for by the SAFE. 

 (八)外汇局规定的其他条件。
Article 9 A market member who meets the conditions as listed in Article 6 herein may apply to the SAFE for the qualification of a trial spot or forward-swap market maker and may start the trial market-making operations after the SAFE puts it on records and after the CFETS grants it the authority to make two-way quotations for the corresponding trading product. 

   第九条 符合本《指引》六条所列条件的市场会员可向外汇局申请即期或远期掉期尝试做市资格,经外汇局备案,交易中心开通相应交易品种的双向报价功能后,开展尝试做市业务。
Article 10 A market member who meets the conditions as listed in Article 7 or 8 herein and agrees to undertake the obligations of an inter-bank foreign exchange market maker of China can become a spot, forward-swap or general market maker of the inter-bank foreign exchange market after its head office or any authorized branch office with the power to carry out centralized position management has filed an application with the SAFE and is put on records by the SAFE. 

   第十条 符合本《指引》七条或第八条所列条件并愿意承担我国银行间外汇市场做市义务的市场会员,由其总行或有头寸集中管理权的授权分行向外汇局提出申请,经外汇局备案后成为银行间外汇市场即期、远期掉期或综合做市商。
Article 11 A market member shall submit the following documents to apply for becoming a trial market maker or market maker in the inter-bank foreign exchange market: 

   第十一条 市场会员在提出银行间外汇市场尝试做市机构或做市商申请时应提交以下材料:
(1) An application report in which it promises to strictly fulfill the market-making obligations of a market maker; 

 (一)承诺严格履行做市商做市义务的申请报告;
(2) A feasibility analysis report on meeting the conditions as listed in Article 6, 7 or 8 herein; and 

 (二)符合本《指引》八条对应条件的可行性分析报告;
(3) Other materials or documents as required by the SAFE. 

 (三)外汇局要求提供的其他材料和文件。
Article 12 The SAFE shall, within 15 workdays upon acceptance of an application for a market maker or trial market maker in the inter-bank foreign exchange market, decide whether to put it on records or not, and send a copy of the decision to the PBC and the CFETS. 

   第十二条 外汇局自受理银行外汇市场做市商或尝试做市机构申请之日起于15个工作日内做出备案或不备案的决定,并将该决定抄送人民银行、交易中心。
Article 13 In the event of any organizational change in a foreign-funded bank, such as the succession of qualifications after incorporation and the change of either Chinese or English name, the market maker or trial market maker shall immediately report to the SAFE for registration and filing. 

   第十三条来自北大法宝 发生外资银行法人化改制资格承继、中英文名称变更等机构变更情况的做市商或尝试做市机构,应及时报外汇局登记备案。
Article 14 The SAFE shall ratify and adjust market makers' composite positions in the settlement or sale of foreign exchange in a unified way. 

   第十四条 外汇局对做市商结售汇综合头寸实行统一核定和调整。
Article 15 The SAFE will make regular evaluations and irregular inspections on market makers' quotations, transactions, information reporting and clearing, and accept the tip-offs made by market members on any failure to fulfill the market-making obligations listed in Article 5 herein. 

   第十五条 外汇局就做市商报价、成交、信息报送和清算等情况进行定期评估和不定期核查,并接受市场会员对不履行本《指引》五条所列做市义务行为的举报。
Article 16 The CFETS shall improve the market-making assessment indicator system for inter-bank foreign exchange market makers based on the requirements of the SAFE and the market feedbacks, and submit the relevant information about market maker assessment indicators to the SAFE on a regular basis. 

   第十六条 交易中心应根据外汇局要求和市场反馈,完善银行间外汇市场做市商做市评估指标体系,并定期向外汇局报送做市商评估指标情况。
Article 17 The institutions or individuals violating these Guidelines shall be punished by the SAFE in accordance with the Regulation of the People's Republic of China on Foreign Exchange Administration. 

   第十七条 外汇局对违反本《指引》机构和个人,依据《中华人民共和国外汇管理条例》予以处罚。
Article 18 Where a general, spot, or forward-swap market maker or trial market maker falls under any of the following circumstances, the SAFE shall downgrade its market-making qualification by one level, and reject its new application for providing the said services within two years from the day on which it is requested to discontinue the relevant market-making services: 

   第十八条 外汇局对出现下列情况的综合做市商、即期和远期掉期做市商及尝试做市机构,做市资格下调一级;自要求其停办做市业务之日起两年内不受理其此类业务新申请:
(1) During a single appraisal period, it is ranked among the last three trial market makers in terms of the average objective indicator score of the market-making trading products of the trial market makers calculated under the Appraisal Measures for the Inter-bank Foreign Exchange Market and the score given by the SAFE, and its average score is lower than that of the market maker with the lowest score; 

 (一)单个评选周期内,依据《银行间外汇市场评优办法》计算的尝试做市机构做市品种客观指标评分和外汇局评分两项综合得分,在全部尝试做市机构中排名后三名,且低于评分最低的做市商;
(2) During a single appraisal period, it is ranked among the last three market makers in terms of the average objective indicator score of the market-making trading products of the spot and forward-swap market makers calculated under the Appraisal Measures for the Inter-bank Foreign Exchange Market and the score given by the SAFE, and its average score is lower than that of the trial market maker with the highest score; 

 (二)单个评选周期内,依据《银行间外汇市场评优办法》计算的即期、远期掉期做市商做市品种客观指标评分和外汇局评分两项综合得分,在全部做市商排名后三名,且低于评分最高的尝试做市机构;
(3) During a single appraisal period, a general market maker fails to meet the conditions as listed in Article 8 herein; or 

 (三)单个评选周期内,综合做市商不符合本《指引》八条所列条件;
(4) It is ordered by the SAFE to discontinue the market-making services due to any risk that may endanger its market-making normal service providing activities, but still fails to meet the relevant requirements upon rectification within the prescribed time limit. 

 (四)因存在可能危及其正常做市的风险,被外汇局要求停办做市业务,在规定时间内整改仍未达到相关要求的。
Article 19 The SAFE shall monitor the relevant indicators of market makers, and may hold interviews with the market members who might be requested to discontinue market making services. 

   第十九条 外汇局对做市商相关指标予以监测,并可约谈可能被要求停办做市业务的市场会员。
Article 20 A market member who waives its status as a market maker or a trial market maker shall apply to the SAFE 15 workdays in advance and shall become an ordinary market member after the SAFE has put it on records. 

   第二十条 放弃做市商或尝试做市机构资格的市场会员应提前15个工作日向外汇局申请,经外汇局备案后,转为普通市场会员。
Article 21 The market-making measures for any newly-approved trading product in the inter-bank foreign exchange market shall be separately formulated by the SAFE. 

   第二十一条 银行间外汇市场新批准交易品种做市办法由外汇局另行规定。
Article 22 The power to interpret these Guidelines shall remain with the SAFE. 

For the purpose of these Guidelines, a “single appraisal period” shall start from 2013, with every two years as a period.
   第二十二条 本《指引》由外汇局负责解释。

 
《指引》中所称“单个评选周期”以2013年为起始时间,每两个年度为一个周期。
Article 23 These Guidelines shall come into force on the date of issuance. The Guidelines for Inter-bank Foreign Exchange Market Makers (No. 46 [2010] of the State Administration of Foreign Exchange) shall be repealed simultaneously. 画风不对,如何相爱 
   第二十三条 本《指引》自发布之日起施行,《银行间外汇市场做市商指引》(汇发[2010]46号)同时废止。
 
     
     
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