Settlement

With an introduction to the connotations and operational principles of bond whenissued(WI) trading,this paper elaborates on the assumptions of these WI trading in the interbank market from the following aspects:the definition of WI trading;trading systems and participants in the WI market;bond types and quoting modes;and clearing and delivery risks and risk control in the WI market.

该文介绍了债券预发行交易的内涵和运行规则,并从预发行交易期间界定、预发行市场交易系统与交易主体、预发行市场交易券种和报价方式、预发行市场交易结算交割风险及其控制等几方面提出了在银行间市场推出债券预发行交易的设想。