Shanghai Clearing House said it will implement staged fee reductions for bond
business from Oct. 1, 2026 through Dec. 31, 2028. Issuance registration fees for
all bonds will be waived; coupon payment and redemption service fees will be
halved, and coupon/payment service fees for Panda bonds will be fully waived.
For settlement and transfer, cash bond settlement/transfer fees will be charged
at 90% of current rates; settlement/transfer fees for pledged repo (onshore
yuan), outright repo (onshore yuan), bond lending and bond forwards will be
charged at 95% of current rates. Measures apply to full-delivery settlement
business. Market makers will receive a deeper discount on cash bond
settlement/transfer fees for market-making trades: fees will be charged at 72%
of standard rates (i.e., a further reduction from the 90% level). Market-making
trades will be identified using CFETS market-making transaction data. Discounts
are calculated quarterly and will be credited against fees for
subsequent-quarter full-delivery settlement business.
