ACCESS THE
SECOND LARGEST
BOND MARKET
IN THE WORLD.

THE LINK TO THE CHINESE BOND MARKET

Tradeweb played a leading role in the design, development and implementation of Bond Connect, in partnership with China Foreign Exchange Trade System (CFETS), Central Moneymarkets Unit (CMU) and Bond Connect Company Limited (BCCL).

As the first trading platform to provide the offshore community electronic access to the c. $13 trillion Chinese domestic bond market, Tradeweb continues to be the most technically advanced with the widest jurisdictional coverage trading platform.

Bond Connect enables global investors to leverage familiar trading and settlement practices by directly trading into the China Interbank Bond Market (CIBM) through their own trading account and own custodian bank.

Given the inclusion of Chinese bonds in global fixed income indices, investors should accelerate their preparations to access Bond Connect.

Tradeweb provides:

STREAMLINED ACCESS

• Simplified application process and setup with PBoC via BCCL (on a fund level)

EFFICIENT AND CONVENIENT

• Disclosed request-for-quote (RFQ) protocol
• Pre- and post-trade block allocation functionality
• Proof of best execution due to electronic workflow and audit trail
• Error reduction due to OMS integration (pre- and post-trade)
• Automated CFETS trade registration

ELECTRONIC TRADING & PRICE DISCOVERY

• Offshore investors trade directly with eligible onshore dealers
• Indicative streaming prices from onshore dealers provides enhanced pre-trade transparency
• Single sign-on to iDeal, the official instant messaging system developed by CFETS, to offer enhanced communication
• NOW AVAILABLE: List trading – create and execute lists of multiple CNY bonds quickly and efficiently; send to multiple China onshore dealers and negotiate a large number of trades to achieve the best possible price

Link to Bond Connect information (PDF) ››

OUR LIST OF
LIQUIDITY PROVIDERS
KEEPS GROWING.

Meet our 13 new liquidity providers,
taking our total to 47

VIEW OUR WEBINAR

Learn how to access the Chinese Bond Market via Tradeweb.

Bond Connect is a market access scheme operated by Bond Connect Company Limited (BCCL), a joint venture of CFETS and Hong Kong Exchanges and Clearing (HKEX). Bond Connect allows investors from overseas to invest in the China Interbank Bond Market through connection between the related Mainland and Hong Kong financial institutions.

View participating dealers ››

Visit the BCCL website ››

Trading Hours
9 AM - 12 PM, 1:30 PM - 4:30 PM (CST)

• Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for clients in the institutional, wholesale and retail markets
• Seamless access to global liquidity and operates in 40+ fixed income, derivatives and equities electronic products
• Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations
• Network of institutional investors from 2,500 firms in 65+ countries
• On average, Tradeweb facilitated more than $700 billion in notional value traded daily over the past four fiscal quarters
• Average daily trades for November 2019 totalled 52,896
• * Data as at November 2019

QUESTIONS & ANSWERS

Q : What is traded through Bond Connect?

A : The scope of investable bonds under Northbound Trading is consistent with the information specified in the relevant notices promulgated by the PBC, i.e. it covers all bonds tradable in the China Interbank Bond Market (CIBM), including Chinese government bonds, local government bonds, policy bank bonds, financial institution bonds and corporate debt instruments.

Q : Who is eligible to trade Chinese Bonds through Tradeweb?

A : The scope of overseas investors for Northbound Bond Connect is consistent with the scope specified in the relevant notices promulgated by the PBC and the same as that for direct entry into CIBM currently. Eligible overseas investors include overseas central banks and monetary authorities, sovereign wealth funds, international financial institutions, as well as various types of financial institutions legally established overseas and their investment products, pension funds, charity funds, endowment funds, etc. which are recognised by the PBC as medium-to-long-term institutional investors. PBOC, CFETS and BCCL together will oversee the provision of investor admission and trading services for Bond Connect to enhance market admission efficiency.

NEWS

Tradeweb Introduces Price Streams and iDeal Messaging Tool for Bond Connect Investors

LONDON (03 July 2019)
Tradeweb Markets Inc. (Nasdaq: TW) has introduced a series of new features further optimising offshore investors’ access to the Chinese Interbank Bond Market (CIBM). The launch of dealer streaming prices and iDeal – the messaging tool developed by the China Foreign Exchange Trade System (CFETS) – on Tradeweb was announced during the Bond Connect Anniversary Summit in Hong Kong today.

Tradeweb Launches Block Trading via Allocation in Chinese Bonds on Bond Connect

LONDON (05 September 2018)
Tradeweb Markets announced it is now able to facilitate allocation of block orders in Chinese yuan (CNY) bonds, allowing offshore investors to invest in the Chinese onshore bond market.

Tradeweb brings block trading to Bond Connect

05 September 2018
Tradeweb has launched block trading functionality via the Bond Connect initiative to allow investors to complete transactions from multiple funds in a single block. The move means asset managers can use Tradeweb’s interface to allocate block trades to multiple client accounts, streamlining electronic access to onshore liquidity for investors using Bond Connect.

Tradeweb’s access to Bond Connect: A game changer for electronic trading in Asia

19 October 2017
When you open up a market to a broader range of customers, you need to ensure the infrastructure is robust and efficient, with new workflows made as streamlined, standardised and automated as possible.

Bond Connect and Tradeweb

Driving the Electronification of the Chinese Bond Market

Statistical Sources

Evelyn Cheng. Market Insider with Patti Domm. CNBC. Retrieved 22, March 2017



Bank for International Settlements. China. Stats.bis.org. Retrieved Q4 2016



Hong Kong Exchanges and Clearing Limited Bank for International Settlements. China. Stats.bis.org. Retrieved Q2 2017

©2019 Tradeweb Markets LLC. All Rights Reserved.