J.P. Morgan Received Type-A Bond Settlement Agent License in China

Jul 04, 2017

Beijing — JPMorgan Chase Bank (China) Company Limited (“J.P. Morgan”) announced today that it has received a Type-A Bond Settlement Agent license from the People’s Bank of China to act as a bond settlement agent in the China Interbank Bond Market (CIBM).

“We welcome China’s continuous efforts to increase foreign participation in, and transparency of, China’s bond market. As a leading financial institution in the global fixed income markets, J.P. Morgan is well positioned to help China further participate in the global financial system and accelerate the internationalization of the renminbi by bringing in quality international investors as well as global knowledge and expertise,” said David Li, Chairman and CEO of J.P. Morgan China.

Earlier this year, J.P. Morgan also received its bond underwriting license in the CIBM which enabled the bank to underwrite debt financing instruments issued by non-financial entities in the CIBM.

“J.P. Morgan has been trading in the CIBM for over 13 years and is also one of the most active international market makers. The corporate bond underwriting license in the CIBM and the Type-A Bond Settlement Agent license in the CIBM awarded to J.P. Morgan this year will further complete our onshore platform to better serve our clients both in China and globally.” said Julia Wu, President of JPMorgan Chase Bank (China) Company Limited.

China’s bond market is the third largest in the world with an outstanding issuance of RMB 66.3 trillion (around US$ 9.7 trillion) as of March, 2017. On July 3rd, China officially launched its bond-connect program with Hong Kong, allowing offshore investors another way to access China’s bond market.

J.P. Morgan started to trade in the CIBM in 2004 and became a Chinese government bond underwriter and market maker in 2008.

 

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