98
关于仓单交易的十问十答
LNG
2022 9
“ ”
“ ”
72
73 74
“ ”
“ ”
2009
28
“ ”
75
111
《民法典合同编理解与适用》第 页
《民法典》第九百零九条：保管人应当在仓单上签名或者盖章。仓单包括下列事项：（一）存货人的姓名或者名称和住所；（二）仓储物的品种、
数量、质量、包装及其件数和标记；（三）仓储物的损耗标准；（四）储存场所；（五）储存期限；（六）仓储费；（七）仓储物已经办理保险
的，其保险金额、期间以及保险人的名称；（八）填发人、填发地和填发日期。
参见《民法典》第九百一十一条至第九百一十六条
见胡铁红、杨巍：《仓单物权凭证与债权凭证的双重效力分析》，载最高人民法院《人民司法·案例》 年第 期
99
“ ”
6
LNG
+
76
2016
PTA 77 2020 78
参见：
参见：上海国际棉花交易中心《拥抱 仓单现货 机遇从这里开始 仓单现货 在棉交中心挂牌交易》
参见：
100
“ ”
“ ”
“ ”
2020
“ ” “ ”
“ ” “ ”
“ ”
2020
101
79
“ ”
“ ”
2020 12 “ ” 2018 11 30
2023 11 29
2010
“ ”
参见：
102
“ ”
“ ”
“ ”
“ ” “ ”
“ ” “ ”
2020 18 2
“ ”
“
2020 18 2
”
80
参见《最高人民法院民法典担保制度司法解释理解与适用》第 页
纸质仓单
质权设立
存货人或者
仓单持有人
背书
保管人签章
仓单交付质
权人
103
2021 1 14
81
2017 84
[2014]790
“
”
“ ”
“ ” “ ”
“ ” “ ” 2016
7 “ ”
“ ” “ ”
参见《上海海关完成全国首单燃料油期货保税标准仓单所外质押备案》
104
“ ”
“ ”“ ”“ ”“ ”
2014 2022
2021 4
2022
11 23 “ ” “ ”
105
黄金市场系列文章（一）：走近中国黄金市场
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 数据来源： ，访问日期 年 月 日
向上金所提交入会申请材料
上金所60个工作日内提出办理意见，普通会
员经理事会会员管理委员会审议后提请理事
长批准，特别会员由总经理审议后提请理事
长批准（相关监管机构另有规定的除外）
经批准通过后，上金所向申请单位发出入会
通知书或相应批复材料
缴纳会员资格费
上金所颁发会员资格证书并予以公告
108
1000
客户与会员签订代理
协议和风险揭示书
会员向上海黄金交易
所申请为客户开户
得到金交所批复的客
户代码
客户委托会员进行黄
金交易
上金所负责对会员实
行结算
会员与客户进行结算
109
向上期所提交书面申请书
上期所应当于30个工作日内提出办
理意见，提交会员资格审查委员会预
审
经会员资格审查委员会预审通过，并
报理事会批准后，交易所对符合会员
条件的申请单位发出入会通知书
自收到交易所入会通知书之日起30
个工作日内，交纳年会费、开设专用
资金账户、汇入结算准备金等
上期所颁发会员证书，并向中国证监
会报告。
客户与会员（期货公司）签订期货
经纪合同
开立账户、交纳交易保证金
申请交易编码
客户委托会员进行黄金期货交
易
上期所负责对会员实行结算
会员与客户进行结算
110
83
83 《上海期货交易所关于黄金期货上市交易有关事项的通知》 上期交产品字 号
111
84
85
86
84 ，访问日期 年 月 日
《关于黄金期权上市交易有关事项的通知》（上期发 号）
，访问日期 年 月 日
112
2016
“ ”
113
黄金市场系列文章（二）：境外投资者参与中国黄金市
场
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
向国际中心提交入会申请材料
国际中心60个工作日内提出办理
意见
经批准并报备中国人民银行后，国
际中心向申请机构发送入会通知书
缴纳会员资格费和年会费
上金所按规定在报备中国人民银行
后向市场公告
业务申请 风险揭示、风险测试 身份识别和尽职调查
签署代理协议
会员协助国际客户在
国际中心认可的银行
开立资金专用账户
申请交易账户
在会员服务系统中录
入国际客户相关信息
国际中心进行审查，
审查通过后办理交易
账户开户
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
“ ”
“ ”
“ ”
国际中心对国际会员按席位进行清算和结算。
国际中心根据交易结果对国际会员的货款、保证金、
盈亏、手续费等应收或应付资金及国际会员或国际客
户的应收或应付实物进行清算。
清算完成后，国际中心根据清算结果组织结算，从相
关国际会员或国际客户账户扣划其应付资金或实物。
日终结算完成后，国际会员可以从国际交易系统及时
取得国际中心提供的结算数据和结算单据。
异议处理
• 国际会员如对结算数据和结算单据有异议，应在下一交易日开市前三十
分钟以书面形式通知国际中心。国际客户对交易结果有异议的，应向国
际会员提出，由国际会员在委托代理协议约定的时间内予以核实确认。
120
Ag T+D
Ag T+D
121
国际会员或客户获得入境
入库许可
提前三天告知交易所，并
提交入库所需文件
准备好所需入库的实物，
并安排运输
准备好所有相关材料
完成海关报关及其他相应
流程
实物由运输公司运往仓库
由仓库完成所有入库手续
122
“ ”
“ ” 2016 4 19
1 99.99
“ ” “ ”
“ ” “ ” “ ”
“ ”
2016 11 2017 4
9 “ ”
填写出库相关表格
仓库协助办理出库手续；该阶段暂时还
未能取出实物黄金
向清关公司提供所有出境所需材料
完成海关申报及其他出境手续
在通过海关批准及收到交易所通知后，
可进行出库流程
安排运输
运输公司前往仓库提取实物，运至机场，
完成出库手续
123
2019 10 14
“ ”
2015 7 “ ”
24 /
“ ”
2002 10
124
境内债券借贷交易的行业新文本
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.
中国人民银行 中国证监会 国家外汇管理局公告〔 〕第 号
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
准备就绪：面向中资机构的双语初始保证金文件制备指
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
“ ” “ ”
在某些初始保证金文件中“担保品提供方”也被称为“出质方”或“押记方”
在某些初始保证金文件中“担保品接收方”也被称为“被担保方”
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》有时也被称为《出质方准入通知》（ ）或《担保品返还通知》（
）
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
在某些初始保证金文件中 “担保品接收方权利事件”也被称为“被担保方权利事件”或“强制执行事件”。
在某些初始保证金文件中 “担保品提供方权利事件” 也被称为“出质方权利事件”、“押记方权利事件”或“担保品提供方准入事件”。
在某些初始保证金文件中“担保品提供方完全解除条件”也被称为“出质方完全解除条件”或“押记方完全解除条件”。
147
“ ” Custodian Event
“ ” ISDA
ISDA/NAMFII CSA
