China - Mandarin

A new, simpler way to trade China onshore bonds

You can now access the world’s second-largest bond market via MarketAxess. We have built China access into our existing, integrated, easy-to-use workflow that allows emerging market traders to execute China debt as efficiently as any other market on our platform, side-byside with the broader local market debt universe.

*To learn more about the Lu Ban lock, scroll down to the end of the page.

Tradable products

• Chinese sovereign bonds
• Chinese local government bonds
• Negotiable Certificate of Deposit (NCD’s)
• Corporate bonds

Efficient and transparent workflow

• Seamless and easy-to-use workflow
• Disclosed request-for-quote (RFQ)
• Pre- and post-trade block allocation
• Full trade-life-cycle audit trail
• Evidence best execution
• Straight-through-processing to mitigate operational risk
• Systematic CFETS trade confirmation

Streamlined access and set up

• Step-by-step onboarding map
• Fully assisted setup

Electronic trading and price discovery

• Execute directly with eligible onshore dealers
• Indicative streaming prices from onshore dealers
• Request-For-Quote (RFQ) protocol
• List trading
• Synchronized trading with other global emerging markets

To initiate a trade, an investor sends a request-for-quote (RFQ) via the MarketAxess platform, which acts as an interface to transmit the quote information to onshore dealers either via Bond Connect or CIBM Direct.

The response is then communicated back to MarketAxess by the CFETS. The yield and price are then displayed back on the MarketAxess interface, investors accept a price and the trade is then done.

Trading Hours

9:00AM – 12:00PM and 1:30PM – 8:00PM
(China Standard Time)

Request a demo

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Bond Connect

Bond Connect is a scheme that enables Mainland and overseas investors to trade bonds tradable in the Mainland and Hong Kong bond markets through connection between the Mainland and Hong Kong Financial Infrastructure Institutions.

With fully-supported onboarding, internationally recognised trading interfaces and simplified trading flow, Bond Connect continues to see strong demand from international financial institutions.

As of February 2023, Bond Connect has onboarded 784 firms and average daily turnover has reached RMB 37.5bn.

CIBM Direct

As part of our offering, we also give global investors the opportunity to access the China Interbank Bond Market via another approved access channel, CIBM Direct.

The scheme is a highly utilised investment channel for China bonds and enables foreign investors to trade directly or through bonds settlement agents.

MarketAxess与中国外汇交易中心的合作

我们非常荣幸与中国外汇交易中心达成合作，成为债券通和CIBM Direct指定的境外电子交易平台。 现在，MarketAxess的国际投资者用户将能通过我们的平台，直接参与投资中国在岸债券市场。

A note from our CEO and Founder

Our commitment to China and our partnership with CFETS.
 

"The opening of the China onshore bond market has been one of the most exciting stories for fixed income investors over the last few years. We’re delighted to now be playing a critical role in its next chapter through our close partnership with CFETS.

This is an important milestone in our continued international growth. And for our clients, a further enhancement of our award-winning Emerging Markets trading offering."

Rick McVey