98
關(guān)于倉單交易的十問十答
LNG
2022 9
“ ”
“ ”
72
73 74
“ ”
“ ”
2009
28
“ ”
75
111
《民法典合同編理解與適用》第 頁
《民法典》第九百零九條：保管人應(yīng)當(dāng)在倉單上簽名或者蓋章。倉單包括下列事項：（一）存貨人的姓名或者名稱和住所；（二）倉儲物的品種、
數(shù)量、質(zhì)量、包裝及其件數(shù)和標(biāo)記；（三）倉儲物的損耗標(biāo)準(zhǔn)；（四）儲存場所；（五）儲存期限；（六）倉儲費；（七）倉儲物已經(jīng)辦理保險
的，其保險金額、期間以及保險人的名稱；（八）填發(fā)人、填發(fā)地和填發(fā)日期。
參見《民法典》第九百一十一條至第九百一十六條
見胡鐵紅、楊?。骸秱}單物權(quán)憑證與債權(quán)憑證的雙重效力分析》，載最高人民法院《人民司法·案例》 年第 期
99
“ ”
6
LNG
+
76
2016
PTA 77 2020 78
參見：
參見：上海國際棉花交易中心《擁抱 倉單現(xiàn)貨 機遇從這里開始 倉單現(xiàn)貨 在棉交中心掛牌交易》
參見：
100
“ ”
“ ”
“ ”
2020
“ ” “ ”
“ ” “ ”
?
?
“ ”
? 2020
101
79
?
?
?
?
?
“ ”
“ ”
2020 12 “ ” 2018 11 30
2023 11 29
2010
“ ”
參見：
102
“ ”
“ ”
“ ”
“ ” “ ”
“ ” “ ”
2020 18 2
“ ”
“
2020 18 2
”
80
參見《最高人民法院民法典擔(dān)保制度司法解釋理解與適用》第 頁
紙質(zhì)倉單
質(zhì)權(quán)設(shè)立
存貨人或者
倉單持有人
背書
保管人簽章
倉單交付質(zhì)
權(quán)人
103
2021 1 14
81
2017 84
[2014]790
“
”
“ ”
“ ” “ ”
“ ” “ ” 2016
7 “ ”
“ ” “ ”
參見《上海海關(guān)完成全國首單燃料油期貨保稅標(biāo)準(zhǔn)倉單所外質(zhì)押備案》
104
“ ”
“ ”“ ”“ ”“ ”
2014 2022
2021 4
2022
11 23 “ ” “ ”
105
黃金市場系列文章（一）：走近中國黃金市場
2022 0.96
0.48 2.63% 3.69 1.85 5.22%
2.35 1.17 8.25%
8.40 4.20 6.90%
( ) ( ) ( )
1949-1982
1983-2001 2002- 2014-
1950
1983
2011 2001
2002 “ ” 53
2002 “ ”
“ ” 2008 1 9
106
“ ”
2011 11 (2011)38
2011 12
2011 301
2012 12
?
ETF
?
?
107
2019
5000
82
82 數(shù)據(jù)來源： ，訪問日期 年 月 日
向上金所提交入會申請材料
上金所60個工作日內(nèi)提出辦理意見，普通會
員經(jīng)理事會會員管理委員會審議后提請理事
長批準(zhǔn)，特別會員由總經(jīng)理審議后提請理事
長批準(zhǔn)（相關(guān)監(jiān)管機構(gòu)另有規(guī)定的除外）
經(jīng)批準(zhǔn)通過后，上金所向申請單位發(fā)出入會
通知書或相應(yīng)批復(fù)材料
繳納會員資格費
上金所頒發(fā)會員資格證書并予以公告
108
1000
客戶與會員簽訂代理
協(xié)議和風(fēng)險揭示書
會員向上海黃金交易
所申請為客戶開戶
得到金交所批復(fù)的客
戶代碼
客戶委托會員進行黃
金交易
上金所負(fù)責(zé)對會員實
行結(jié)算
會員與客戶進行結(jié)算
109
向上期所提交書面申請書
上期所應(yīng)當(dāng)于30個工作日內(nèi)提出辦
理意見，提交會員資格審查委員會預(yù)
審
經(jīng)會員資格審查委員會預(yù)審?fù)ㄟ^，并
報理事會批準(zhǔn)后，交易所對符合會員
條件的申請單位發(fā)出入會通知書
自收到交易所入會通知書之日起30
個工作日內(nèi)，交納年會費、開設(shè)專用
資金賬戶、匯入結(jié)算準(zhǔn)備金等
上期所頒發(fā)會員證書，并向中國證監(jiān)
會報告。
客戶與會員（期貨公司）簽訂期貨
經(jīng)紀(jì)合同
開立賬戶、交納交易保證金
申請交易編碼
客戶委托會員進行黃金期貨交
易
上期所負(fù)責(zé)對會員實行結(jié)算
會員與客戶進行結(jié)算
110
?
?
?
?
?
?
?
?
?
?
83
83 《上海期貨交易所關(guān)于黃金期貨上市交易有關(guān)事項的通知》 上期交產(chǎn)品字 號
111
84
85
86
?
?
?
?
?
84 ，訪問日期 年 月 日
《關(guān)于黃金期權(quán)上市交易有關(guān)事項的通知》（上期發(fā) 號）
，訪問日期 年 月 日
112
2016
“ ”
113
黃金市場系列文章（二）：境外投資者參與中國黃金市
場
2014 9 “ ”
“ ” 2016 4
——“ ”
2020 8.26 125.24%
|
20
PTA
“ ”
2014 9
FT
2020 2020
89 87 13
114
A B
A
A
A
KYC
?
?
?
? 1000
?
?
?
2014 6
115
1.
2. A
向國際中心提交入會申請材料
國際中心60個工作日內(nèi)提出辦理
意見
經(jīng)批準(zhǔn)并報備中國人民銀行后，國
際中心向申請機構(gòu)發(fā)送入會通知書
繳納會員資格費和年會費
上金所按規(guī)定在報備中國人民銀行
后向市場公告
業(yè)務(wù)申請 風(fēng)險揭示、風(fēng)險測試 身份識別和盡職調(diào)查
簽署代理協(xié)議
會員協(xié)助國際客戶在
國際中心認(rèn)可的銀行
開立資金專用賬戶
申請交易賬戶
在會員服務(wù)系統(tǒng)中錄
入國際客戶相關(guān)信息
國際中心進行審查，
審查通過后辦理交易
賬戶開戶
116
2014
2014 9 3
AU99.95 Au99.99 Au99.5 Au100g Au T D Au T N1 Au T N2
mAu T D 8
3 2015
2015 1 Ag T+D
2016 “ ” “ ”
2014 5 21 6 18
117
?
?
?
?
?
“ ”
A B /
A
/
118
“ ”“ ”
“ ”“ ”
119
? “ ”
? “ ”
? “ ”
國際中心對國際會員按席位進行清算和結(jié)算。
國際中心根據(jù)交易結(jié)果對國際會員的貨款、保證金、
盈虧、手續(xù)費等應(yīng)收或應(yīng)付資金及國際會員或國際客
戶的應(yīng)收或應(yīng)付實物進行清算。
清算完成后，國際中心根據(jù)清算結(jié)果組織結(jié)算，從相
關(guān)國際會員或國際客戶賬戶扣劃其應(yīng)付資金或?qū)嵨铩?/p>
日終結(jié)算完成后，國際會員可以從國際交易系統(tǒng)及時
取得國際中心提供的結(jié)算數(shù)據(jù)和結(jié)算單據(jù)。
異議處理
? 國際會員如對結(jié)算數(shù)據(jù)和結(jié)算單據(jù)有異議，應(yīng)在下一交易日開市前三十
分鐘以書面形式通知國際中心。國際客戶對交易結(jié)果有異議的，應(yīng)向國
際會員提出，由國際會員在委托代理協(xié)議約定的時間內(nèi)予以核實確認(rèn)。
120
?
?
?
? ?
? ?
?
? ?
Ag T+D
Ag T+D
?
?
?
121
?
國際會員或客戶獲得入境
入庫許可
提前三天告知交易所，并
提交入庫所需文件
準(zhǔn)備好所需入庫的實物，
并安排運輸
準(zhǔn)備好所有相關(guān)材料
完成海關(guān)報關(guān)及其他相應(yīng)
流程
實物由運輸公司運往倉庫
由倉庫完成所有入庫手續(xù)
122
“ ”
“ ” 2016 4 19
1 99.99
“ ” “ ”
“ ” “ ” “ ”
“ ”
2016 11 2017 4
9 “ ”
填寫出庫相關(guān)表格
倉庫協(xié)助辦理出庫手續(xù)；該階段暫時還
未能取出實物黃金
向清關(guān)公司提供所有出境所需材料
完成海關(guān)申報及其他出境手續(xù)
在通過海關(guān)批準(zhǔn)及收到交易所通知后，
可進行出庫流程
安排運輸
運輸公司前往倉庫提取實物，運至機場，
完成出庫手續(xù)
123
2019 10 14
“ ”
2015 7 “ ”
24 /
“ ”
2002 10
124
境內(nèi)債券借貸交易的行業(yè)新文本
125
“ ”
“ ”——
126
127 ???
128
129
China’s National Association of Financial Market Institutional Investors (“NAFMII”) has just published a
standard industry document for bond lending transactions88 entitled Master Agreement for Bond Lending
Transactions in China Interbank Bond Market (2022 version) (“NAFMII Master Bond Lending Agreement”
or “NAFMII MBLA”). In January, the People’s Bank of China (“PBOC”) published the Administrative Rules
on Interbank Bond Market Bond Lending Business (“Bond Lending Rules”).
Market participants are required to use the NAFMII Master Bond Lending Agreement for their onshore
bond lending transactions under the Bond Lending Rules (which will take effect on 1 July 2022).
Eligible foreign investors have been able to enter into onshore bond lending transactions since 2016, but
only for hedging purposes. Currently, eligible foreign investors may engage in bond lending transactions
in the China Interbank Bond Market (“CIBM”) through two cross-border programmes as shown in the
diagram below:
130
It is important for CIBM Direct investors and (RMB) Qualified Foreign Institutional Investors (“(R)QFII” or
“QFI”) that wish to enter into CIBM bond lending transactions to understand the new NAFMII MBLA.
I. Parties to bond lending transactions
Similar to international industry standard master documentation such as the Global Master Securities
Lending Agreement (“GMSLA”), parties to the NAFMII MBLA include the Bond Lender and the Bond
Borrower.
The chart below illustrates the flows of underlying bonds, margin and lending fees between the parties
to a typical lending transaction in respect of CIBM bonds:
II. No “single-agreement” provision
Although the NAFMII MBLA (as its name suggests) provides a master contractual framework for multiple
bond lending transactions between two parties, it does not include a single agreement provision. This
is one of the key differences between the NAFMII MBLA and the GMSLA (see GMSLA paragraph 17).
Instead of a single agreement provision, the NAFMII MBLA provides that, in respect of each bond lending
transaction, the NAFMII MBLA, the Supplement and the relevant confirmation applicable to that bond
lending transaction together form a complete agreement between the parties.
This type of drafting is not new to NAFMII master agreements. The 2013 NAFMII Master Repurchase
Agreement (“NAFMII MRA”) similarly provides that each pledge-style repurchase transaction (“Pledgestyle Repo”) is documented under a complete set of agreements comprising the NAFMII MRA, the
131
supplement thereto and the confirmation for that Pledge-style Repo, with each Pledge-style Repo being
separate from other Pledge-style Repos transacted under the same NAFMII MRA.
III. “Bond Lending with Pledge Feature” – title transfer of underlying bonds; security
interest over cash margin and margin securities
The NAFMII MBLA suggests that there could be various types of bond lending transactions, but only the
“Bond Lending with Pledge Feature” is specifically defined and referred to in the NAFMII MBLA. The
name “Bond Lending with Pledge Feature” actually describes two components of the transaction. First,
the “Bond Lending” component involves an outright transfer of title in the underlying bonds from the
Bond Lender to the Bond Borrower. Second, the “Pledge Feature” component refers to the fact that
cash margin and margin securities provided in respect of the bond lending transaction shall be subject
to a PRC law pledge.
Significantly, the NAFMII MBLA does not use the word “pledge” in respect of the transfer of the
underlying bonds. Furthermore, the China Central Depository & Clearing Corporation (“CCDC”) refers to
“transfer” of the underlying bonds in its rules applicable to bond lending business, which is essentially
a title transfer arrangement. In respect of margin securities, the NAFMII MBLA and the CCDC Rules
expressly characterise the arrangement as involving a “pledge”.
Therefore, “Bond Lending with Pledge Feature” should not be confused with Pledge-style Repos in the
China onshore market. Under a Pledge-style Repo, there is no title transfer even in respect of the
underlying bonds – both the underlying bonds as well as cash margin / margin securities are subject to
a pledge.
132
For completeness, we are of the view that, in the context of a financial transaction (such as a bond
lending transaction) involving a PRC financial institution, the risk of a genuine title transfer arrangement
being recharacterised by the PRC courts as a security interest is not material.
IV. Termination and Set-off
Another key difference between the NAFMII MBLA and other internationally recognised master
agreements (such as the GMSLA) is the absence of close-out netting provisions in the NAFMII MBLA, which
is not surprising given the absence of a “single agreement” provision.
Under the NAFMII MBLA, upon the occurrence of an event of default (or a termination event where all
outstanding bond lending transactions are affected), the non-defaulting party (or the determining party)
is entitled to exercise its right to terminate all outstanding transactions and calculate the lending fee
and compensation amounts in respect of each terminated transaction separately. Unlike the third step
of a classic close-out netting mechanism where a single net early termination amount is calculated, the
NAFMII MBLA allows parties to settle the unpaid lending fees and compensation amounts on a gross basis.
Instead of close-out netting, the parties to a NAFMII MBLA would rely on the standard “set-off” provisions
therein to reduce the exposures between them. Where a bankruptcy proceeding has been commenced
against a PRC counterparty, the right to set off may be subject to certain restrictions under the PRC
Enterprise Bankruptcy Law as applied by PRC courts. Having said this, where the defaulting party to a
NAFMII MBLA is a regulated financial institution incorporated in the PRC, it would undergo a regulatorled takeover or resolution process before its financial regulator consents to the commencement of
bankruptcy proceedings. Under applicable PRC laws and regulations, the rights and obligations of the
PRC financial institution being taken over shall not be altered by the takeover. This should provide
market participants with comfort about the enforceability of the NAFMII MBLA’s termination and set-off
mechanism during a takeover or resolution.
133
It is worth noting that the recognition of close-out netting in the Notice on Issues Concerning the
Measurement Rules for the Default Risk Assets of Derivatives Counterparties issued by the China Banking
and Insurance Regulatory Commission in November 2021 (which applies to derivatives and repos, but not
bond lending transactions) and the recently enacted PRC Futures and Derivatives Law (which applies to
derivatives but not bond lending transactions) would not apply to bond lending transactions.
V. Next steps
Like other industry standard master agreements published by NAFMII, the NAFMII MBLA adopts a
protocol-like multilateral signing mechanism, meaning that each market participant only needs to sign
on a pre-printed NAFMII MBLA and file it with NAFMII. The NAFMII MBLA will apply to transactions between
two parties if both parties have filed their respective executed version of the NAFMII MBLA with NAFMII.
However, a Supplement to the NAFBMII MBLA is still required to be negotiated and executed bilaterally
between the parties and filed afterwards with NAFMII.
The publication of the NAFMII MBLA is an important milestone in the development of the onshore bond
lending market. We look forward to further interesting developments in the near future, including:
? With the introduction of CIBM Direct 2.0, which may allow foreign investors to access China’s
exchange-traded bond market directly or through a mechanism known as financial market
infrastructure connect (“FMI Connect”)89, it will be interesting to see whether the NAFMII MBLA
can also be used to enter into bond lending transactions in the exchange-traded market, in addition
to exchange-organised short-selling transactions.
? In light of the willingness of Chinese regulators to explore multi-layer custody structures90 in China,
it will be interesting to see whether new types of bond lending transactions (e.g., “Bond Lending
with Title Transfer Feature” where, consistent with international market practice, cash margin and
securities margin are subject to title transfer arrangements) will emerge in the onshore market.
? With the further development of bond repos and bond lending businesses and the comprehensive
opening up of China’s bond markets, centralised bond lending services provided by bond clearing
institutions to market participants will become a highlight of the onshore market. Centralised bond
lending can promote the efficient use of idle bonds, and can meet temporary demand for certain
bonds. We eagerly await this important development.
中國人民銀行 中國證監(jiān)會 國家外匯管理局公告〔 〕第 號
同注
134
KWM has been actively participating in legal developments relating to bond lending, the enforceability
of close-out netting, security interest and title transfer arrangements in the PRC.
We are familiar with the unique issues faced by PRC-based financial institutions and their counterparties
and would be pleased to share our insights with you. Please feel free to contact our core team members
below.
Thanks to Dolores Xie for her contribution to this article.
135
準(zhǔn)備就緒：面向中資機構(gòu)的雙語初始保證金文件制備指
南
2022 8 1 “
”
initial margin “IM” variation margin
“VM”
—— 1 2
136
International Swaps and Derivatives Association “ISDA”
“ ”
ISDA
international central securities depository “ICSD”
“ ” “ ” ISDA
“ ”
91
“ ”
92
“ ” “ ”
在某些初始保證金文件中“擔(dān)保品提供方”也被稱為“出質(zhì)方”或“押記方”
在某些初始保證金文件中“擔(dān)保品接收方”也被稱為“被擔(dān)保方”
137
? “ ” tri-party
“ ”
? “ ” third party
“ ”
“ ”
? IM CSD
ISDA “ ” 2018
“IM CSD” IM CSD ISDA 1995 CSD
ISDA IM CSD
? IM CSA
ISDA “ ” 2018
“IM CSA” IM CSA ISDA 1994 CSA
IM CSA IM CSD “IM CSA/CSD” IM CSA/CSD
IM CSA/CSD
IM CSA/CSD
138
? ISDA
IM CSA/CSD“ ”
ISDA
IM CSA/CSD
1 ISDA
2
IM CSA/CSD
——ISDA
IM CSA/CSD
139
Notice
of Exclusive Control
Control Event Notice 93
?
1 2
Notice to Contest
3
? :
Eligible Collateral Schedule
《控制事件通知》有時也被稱為《出質(zhì)方準(zhǔn)入通知》（ ）或《擔(dān)保品返還通知》（
）
140
:
1 2019 2019
2 2019 2019
ISDA
2019 2019
membership
documents
141
IM CSA/CSD
“ One Way Provisions ”
IM CSA/CSD
142
ISDA
ISDA
IM CSA
ISDA
IM CSD
ISDA
ISDA IM CSA/CSD
ISDA
9
IM CAS/CSD
143
IM CSA/CSD
ISDA
IM CSD
ISDA 1994 CSA 1995
CSD elections and variables
144
IM CSA/CSD
regime table
“ ”
“ ”
1 “ ” regulatory grid
net-to-gross ratio “
”
2 “ ”
ISDA SIMMTM “SIMM” ISDA
IM “SIMM ” SIMM Exception “ ”
SIMM “SIMM ” “ ” “ ” Fallback to
Mandatory Method SIMM SIMM
145
IM Distinct Margin Flow (IM) Approach
IM/IA Allocated Margin Flow (IM/IA) Approach
IM/IA Greater of Margin Flow (IM/IA) Approach
“ ”
“ ”
ISDA “ ”
1
2 “ ” ISDA
“ ”
146
“
”
94
Security-Taker Rights Event
“ ”
95 Security-Provider Rights Event
“ ” Access Condition ISDA
“ ”
“ ” Access Condition ISDA
“ ”
96 Security-Provider Full Discharge Condition
ISDA
在某些初始保證金文件中 “擔(dān)保品接收方權(quán)利事件”也被稱為“被擔(dān)保方權(quán)利事件”或“強制執(zhí)行事件”。
在某些初始保證金文件中 “擔(dān)保品提供方權(quán)利事件” 也被稱為“出質(zhì)方權(quán)利事件”、“押記方權(quán)利事件”或“擔(dān)保品提供方準(zhǔn)入事件”。
在某些初始保證金文件中“擔(dān)保品提供方完全解除條件”也被稱為“出質(zhì)方完全解除條件”或“押記方完全解除條件”。
147
“ ” Custodian Event
“ ” ISDA
ISDA/NAMFII CSA
