315ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Bond Market Infrastructure Diagrams,
Domestic Bond Transaction Flows, and
Cross-border Bond Transaction Flows
Part 3
ContentsASEAN+3 Bond Market Diagram ......................................................................................................................................... 320
ASEAN+3 Government Bond Market Diagram ................................................................................................................... 321
ASEAN+3 Corporate Bond Market Diagram ....................................................................................................................... 322
Brunei Darussalam (BN) ........................................................................................................................ 325
Bond Market Infrastructure Diagram ................................................................................................................................... 326
Bond Transaction Flow for Domestic Trades (proposed by ADB) ..................................................................................... 328
Profit & Redemption Payment Flow of Government Sukuk Al-Ijarah ................................................................................. 332
People’s Republic of China (CN) ............................................................................................................. 336
Bond Market Infrastructure Diagram ................................................................................................................................... 337
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 340
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 345
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 352
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 357
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 366
Hong Kong, China (HK) .......................................................................................................................... 375
Bond Market Infrastructure Diagram ................................................................................................................................... 376
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 379
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 382
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 385
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 388
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 393
Indonesia (ID) ........................................................................................................................................ 398
Bond Market Infrastructure Diagram ................................................................................................................................... 399
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 402
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 405
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 409
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 412
318 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 417
Japan (JP) ............................................................................................................................................. 423
Bond Market Infrastructure Diagram ................................................................................................................................... 424
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 427
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 433
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 436
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 439
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 444
Cambodia (KH) ...................................................................................................................................... 449
Bond Market Infrastructure Diagram ................................................................................................................................... 450
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 453
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 456
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 459
Republic of Korea (KR) ........................................................................................................................... 464
Bond Market Infrastructure Diagram ................................................................................................................................... 465
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 468
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 473
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 478
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 481
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 486
Lao PDR (LA) ......................................................................................................................................... 491
Bond Market Infrastructure Diagram ................................................................................................................................... 492
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 495
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 498
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 501
Myanmar (MM) ...................................................................................................................................... 506
Bond Market Infrastructure Diagram ................................................................................................................................... 507
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 509
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 512
Malaysia(MY) ......................................................................................................................................... 517
Bond Market Infrastructure Diagram ................................................................................................................................... 518
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 521
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 525
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 528
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 533
319ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Philippines (PH) ..................................................................................................................................... 538
Bond Market Infrastructure Diagram ................................................................................................................................... 539
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 542
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 547
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 550
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 553
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 558
Singapore (SG) ...................................................................................................................................... 563
Bond Market Infrastructure Diagram ................................................................................................................................... 564
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 567
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 570
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 573
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 576
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 581
Thailand (TH) ......................................................................................................................................... 586
Bond Market Infrastructure Diagram ................................................................................................................................... 587
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 590
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 593
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 596
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 599
Interest & Redemption Payment Flow (Corporate Bond) .................................................................................................... 605
Viet Nam (VN) ........................................................................................................................................ 611
Bond Market Infrastructure Diagram ................................................................................................................................... 612
Bond Transaction Flow for Domestic Trades (Government Bond) ..................................................................................... 615
Bond Transaction Flow for Domestic Trades (Corporate Bond) ......................................................................................... 618
Bond Transaction Flow for Foreign Investors ....................................................................................................................... 621
Interest & Redemption Payment Flow (Government Bond) ................................................................................................ 624
Interest & Redemption Payment Flow (Corporate Bond) ................................................................................................... 629
320 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
D
iagra
m o
f each E
conom
y
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
AS
EAN
+3
Bond M
ark
et
Dia
gra
m
321ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Tra
de
Tra
de
matc
h.
Cle
ar-
ing
Sett
le.
Matc
h.
Bo
nd
S
ett
le.
Cash
sett
le.
NO
TE
:E
xchang
e
Centr
al
Bank
Direct in
ters
yste
m c
onnectio
n
Ind
irect
co
nnectio
n . T
rad
e d
ata
(b
ond
sett
lem
ent
instr
uctio
ns)
are
ente
red
to
CS
D b
y a
gent
custo
dia
ns.
Exchang
e re
late
d
Centr
al
Bank r
ela
ted
Co
mm
.B
an
ks
OTC
Inte
r-b
an
kB
on
d M
ark
et
PB
OC
HV
PS
CN
AP
S
CS
DC
C
SS
E&
SZ
SE
CC
DC
CF
ETS
SS
E&
SZ
SE
CN
OTC
HK
MA
CM
U
HK
MA
CH
AT
S
HK
MA
CM
U
HK
BI
BI-
RT
GS
BI
BI-
SS
SS
ID
JA
SD
EC
PS
MS
JS
CC
BO
JB
OJ-N
ET
OTC
JA
SD
EC
PS
MS
BO
JB
OJ-N
ET
JP
OTC B
OK
BO
K-W
ire
+
KR
X
KS
DKR
X
KR
X
KR
BN
MR
EN
TA
S-
IFT
S
OTC
BN
MR
EN
TA
S-S
ST
S
BM
SE
TP
MY
BS
PP
hilP
ass
OTC
PD
TCP
DE
x
PD
Ex
eD
vP
PD
Ex
Ro
ss S
TP
F
acili
ty
BTr
BTr-
RO
SS
PD
Ex
PH
MA
SM
EP
S+
RT
GS
OTC
MA
SM
EP
S+
SG
S
SG
BO
TB
AH
TN
ET
OTC
TC
HP
TI
TS
DP
TI
TC
HP
TI
TH
BID
V
VS
D
HN
X
OTC
VN
Bru
nei
Cam
bo
dia
Lao
PD
R
Myan
mar
MM
LA
KH
BN
* This
dia
gra
m s
ho
ws e
ntities w
hic
h i
s in
vo
lved
in m
ajo
r ty
pes o
f tr
ansactio
ns.
* *
Reta
il b
ond
mark
et
is n
ot
inclu
ded
in t
his
dia
gra
m.
BM
S
OTC
IDX
KP
EI
Co
mm
erc
ial B
ank
Go
vern
ment
Go
vern
ment
rela
ted
AS
EAN
+3 G
overn
ment
Bond M
ark
et
Dia
gra
m
322 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Tra
de
Cle
aring
Bond
Sett
lem
ent
Cash
Sett
lem
ent
OT
CE
X
Y*
Centr
al
bank
Rela
ted
CS
D *
*
Centr
al
bank
money
CN
OT
C
N
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
HK
OT
CE
X
Y*
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
ID
OT
C
Y
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
JP
OT
CE
X
Y*
Exch
an
ge
Re
late
dC
SD
Centr
al
bank
money
KR
OT
C
Y*
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
MY
OT
CE
X N
Bure
au o
f T
reasu
ry,
Exchange
Rela
ted
CS
D
Centr
al
bank
money
PH
OT
C
N
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
SG
OT
C
N
Exchan
ge
Rela
ted
CS
D
Centr
al
bank
money
TH
OT
C
N
Exchan
ge
Rela
ted
CS
D
Com
mer
cia
l bank
money
VN
Note
:EX
(E
xchange)
*: C
CP
exis
ts a
n e
xchange f
unction. B
ut,
tra
nsaction v
olu
me/v
alu
e t
hro
ugh e
xchange is s
mall.
**:T
here
is a
n e
xchange r
ela
ted C
SD
But,
tra
nsaction v
olu
me/v
alu
e t
hro
ugh e
xchange is s
mall.
AS
EAN
+3 G
overn
ment
Bond M
ark
et
Dia
gra
m
323ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
AS
EAN
+3 C
orp
ora
te B
ond M
ark
et
Dia
gra
m
Tra
de
Tra
de
matc
h.
Cle
ar-
ing
Sett
le.
Matc
h.
Bo
nd
S
ett
le.
Cash
sett
le.
JA
SD
EC
PS
MS
BO
JB
OJ-N
ET
OTC
BO
KB
OK
-W
ire
+KS
D
OTC
Co
mm
erc
ial
Ba
nks
OTC
Inte
r-b
an
kB
on
d M
ark
et
PB
OC
HV
PS
CN
AP
S
OTC
HK
MA
CM
U
HK
MA
CH
AT
S
BN
MR
EN
TA
S-
IFT
S
OTC
BN
MR
EN
TA
S-S
ST
S
Co
mm
erc
ial
Banks
OTC KS
EI
C-B
ES
TP
DTC
MA
SM
EP
S+
RT
GS
OTC
BO
TB
AH
TN
ET
OTC
TC
HP
TI
TS
DP
TI
TC
HP
TI
BID
V
VS
D
HN
X/
HO
SE
CS
DC
C
PD
Ex
eD
vP
CC
DC
HK
MA
CM
U
Bru
nei
Cam
bo
dia
Lao
PD
R
Myan
mar
OTC
NO
TE
:E
xchang
e M
ark
et
Centr
al
Bank
Direct in
ters
yste
m c
onnectio
n
Ind
irect
co
nnectio
n . T
rad
e d
ata
(b
ond
sett
lem
ent
instr
uctio
ns)
are
ente
red
to
CS
D b
y a
gent
custo
dia
ns.
CD
PD
CS
S
CD
PP
SM
S
JA
SD
EC
Bo
ok E
ntr
y
Tra
nsfe
r S
yste
m
JA
SD
EC
PS
MS
SH
CH
Exchang
e re
late
d
Centr
al
Bank r
ela
ted
BS
PP
hilP
ass
OTC
PD
ExP
DE
xK
RX
KR
X
KR
X
SS
E&
SZ
SE
SS
E&
SZ
SE
CF
ETS
CN
HK
ID
JP
KR
MY
P
HS
GT
HV
NM
M L
A K
H B
N
Co
mm
erc
ial
Ba
nks
IDX
KP
EI
BM
SE
TP
BM
S
Co
mm
erc
ial B
ank
Go
vern
ment
Go
vern
ment
rela
ted
* This
dia
gra
m s
ho
ws e
ntities w
hic
h i
s in
vo
lved
in m
ajo
r ty
pes o
f tr
ansactio
ns.
* *
Reta
il b
ond
mark
et
is n
ot
inclu
ded
in t
his
dia
gra
m.
324 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Tra
de
Cle
aring
Bond
Sett
lem
ent
Cash
Sett
lem
ent
OT
CE
X
Y*
CB
and
EX
Rela
ted
CS
D
Com
mer
cia
l and
Centr
al
bank
money
CN
OT
C
N
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
HK
OT
CE
X
Y*
Exchange
Rela
ted
CS
D
Com
merc
ial b
ank
money
ID
OT
C
N
Exchange
Rela
ted
CS
D
Centr
al
bank
money
JP
OT
CE
X
Y*
Exch
an
ge
Re
late
dC
SD
Com
mer
cia
l and
Centr
al
bank
money
KR
OT
C
Y*
Centr
al
bank
Ow
ned
CS
D
Centr
al
bank
money
MY
OT
CE
X N
Exch
an
ge
Re
late
dC
SD
Centr
al
bank
money
PH
OT
C
N
Exchange
Rela
ted
CS
D
Centr
al
bank
money
SG
OT
C
N
Exch
an
ge
Re
late
dC
SD
Centr
al
bank
money
TH
OT
C
N
Exch
an
ge
Re
late
dC
SD
Com
mer
cia
l bank
money
VN
Note
: E
X (
Exchange)
*: C
CP
exis
ts a
n e
xchange f
unction. B
ut,
tra
nsaction v
olu
me/v
alu
e t
hro
ugh e
xchange is n
eglig
ibly
sm
all.
AS
EAN
+3 C
orp
ora
te B
ond M
ark
et
Dia
gra
m
325ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BruneiDarussalam (BN)
● Bond Market Infrastructure Diagram
(Government Bond)
● Bond Transaction Flow for Domestic
Trades (proposed by ADB)
● Profit & Redemption Payment Flow of
Government Sukuk Al-Ijarah
326 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m (
Gove
rnm
ent
Bond)
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
pro
posed b
y A
DB
)
3.
Pro
fit
& R
edem
ption
Paym
ent
Flo
w o
f G
ove
rnm
ent
Suku
kA
l-Ija
rah
327ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
AM
BD
AM
BD
BN
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
328 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m (
Gove
rnm
ent
Bond)
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
pro
posed b
y A
DB
)
3.
Pro
fit
& R
edem
ption
Paym
ent
Flo
w o
f G
ove
rnm
ent
Suku
kA
l-Ija
rah
329ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BN
02.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sell
Sid
eB
uy
Sid
e
1. T
rade
3.M
atc
hin
g
2.D
eliv
ery
of P
hys
ical
Cert
ific
ate
AM
BD
4. C
ash S
ett
lem
ent
5. D
eliv
ery
of P
hys
ical
Cert
ific
ate
10
3. R
egis
tration
330 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BN
02.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y sid
e tra
de
via
OT
C m
ark
et b
y te
lep
ho
ne
or
by
FA
X in
th
e fo
rm o
f p
hys
ica
l ce
rtific
ate
.2
.S
ell
sid
e d
eliv
er
ph
ysic
al c
ert
ific
ate
with
evid
en
ce
of tr
ad
e to
AM
BD
.3
.A
MB
D r
eg
iste
rs tra
de
on
bo
ok.
4.
AM
BD
m
ake
s c
ash
se
ttle
me
nt fr
om
bu
y sid
e to
se
ll sid
e.
5.
Bu
y sid
e b
rin
gs b
ack p
hys
ica
l ce
rtific
ate
fro
m A
MB
D.
OT
C M
ark
et
331ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BN
03
. P
rofi
t Paym
ent
Flo
w o
f G
overn
ment
Sukuk A
l-Ijara
h
4. P
aym
ent
Instr
uction
Bond Issuer
Sid
eC
SD
Bond H
old
er
Sid
e
MO
F(M
inis
try
of
Fin
ance)
Sukuk H
old
er
Appoin
ted
Custo
dia
nas C
SD
BN
03
. P
rofit
Pa
yme
nt
Flo
w o
f G
ove
rnm
en
t S
uku
k A
l-Ija
rah
AM
BD
as P
ayi
ng A
gent
2. P
aym
ent
appro
val
request
7. P
rofit
Paym
ent
Confirm
ation
Cash
Flo
w
Info
rmation
Flo
w
Appoin
ted S
ettle
ment B
ank
Appoin
ted
Sett
lem
ent B
ank
3P
aym
ent
appro
val
receiv
ed
1. N
otification o
f P
rofit P
aym
ent
Tax
Offic
e
5. P
rofit P
aym
ent
MO
F’s
A
ccount
Settle
ment B
ank’s
Account
Bond H
old
er’s
Account
Appoin
ted S
ett
lem
ent B
ank
6. P
rofit
Paym
ent
13
(No T
ax
for
pro
fit)
Sam
e E
ntity
332 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m (
Gove
rnm
ent
Bond)
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
pro
posed b
y A
DB
)
3.
Pro
fit
& R
edem
ption
Paym
ent
Flo
w o
f G
ove
rnm
ent
Suku
kA
l-Ija
rah
333ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
The a
ppoin
ted c
usto
dia
n n
otifies A
uto
riti M
oneta
ri B
runei D
aru
ssala
m (A
MB
D) of t
he p
rofit
paym
ent.
2.
AM
BD
, as a
payin
g a
gent,
requests
for
appro
val a
nd p
aym
ent f
rom
Min
istr
y o
f F
inance
(MO
F).
3.
MO
F a
ppro
ves p
aym
ent.
4.
AM
BD
notifies th
e a
ppoin
ted c
ash s
ett
lem
ent b
ank o
f paym
ent d
eta
ils.
5.
Appoin
ted c
ash s
ett
lem
ent b
ank tr
ansfe
rs c
ash fr
om
MO
F’s
account t
o s
ett
lem
ent b
ank’s
account.
6.
Appoin
ted c
ash s
ett
lem
ent b
ank c
redits to
sukuk h
old
ers
’ accounts
pro
fit p
aid
by M
OF.
7.
Appoin
ted c
ash s
ett
lem
ent b
ank n
otifies s
ukuk
hold
er of pro
fit paym
ent.
Pro
cess
of P
rofit P
aym
ent
BN
Pro
fit
Paym
ent
Flo
w o
f G
overn
ment
Sukuk A
l-Ijara
h
334 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BN
04
. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Sukuk A
l-ljara
h”
as s
how
n o
n P
13
of
new
one
4. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
F(M
inis
try o
f F
ina
nce
)S
uku
k H
old
er
AM
BD
as P
ayin
g A
ge
nt
2. P
aym
ent
appro
val
request
8. P
rofit
Paym
ent
Confirm
ation
Cash
Flo
w
Info
rmation
Flo
w
Appoin
ted S
ett
lem
ent B
ank
Ap
po
inte
d
Se
ttle
me
nt
Ba
nk
3P
aym
ent
appro
val
receiv
ed
1. N
otification o
f P
rofit P
aym
ent
Tax O
ffic
e
5. P
rofit
Paym
ent
MO
F’s
A
ccount
Sett
lem
ent B
ank’s
Account
Bond H
old
er’
s
Account
Ap
po
inte
d S
ettle
me
nt
Ba
nk
6. P
rofit
Paym
ent
(No
Ta
x f
or
red
em
ptio
n)
Sam
e E
ntity
7.
Dele
te
Regis
tration
Ap
po
inte
d C
usto
dia
n
as C
SD
335ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
BN
04.
Redem
pti
on F
low
of
Govern
ment
Sukuk A
l-Ijara
h
1.
Th
e a
ppo
inte
d c
usto
dia
n n
otifie
s A
uto
riti M
one
tari B
run
ei D
aru
ssa
lam
(A
MB
D) of t
he
red
em
ption
. 2
.A
MB
D, a
s a
pa
yin
g a
ge
nt,
re
qu
ests
for
ap
pro
val a
nd
paym
ent f
rom
Min
istr
y o
f F
ina
nce
(M
OF
).
3.
MO
F a
ppro
ve
s p
aym
en
t.
4.
AM
BD
no
tifie
s th
e a
ppo
inte
d c
ash
sett
lem
en
t ban
k o
f p
aym
ent d
eta
ils.
5.
App
oin
ted
ca
sh s
ett
lem
en
t ban
k tr
an
sfe
rs c
ash
(p
rin
cip
al a
nd
pro
fit)
fro
m M
OF
’s a
ccou
nt
to s
ett
lem
en
t ba
nk’s
acco
unt.
6.
App
oin
ted
ca
sh s
ett
lem
en
t ban
k c
red
its to
su
kuk h
old
ers
’ acco
un
ts p
rincip
al a
nd
pro
fit
paid
by M
OF.
7.
App
oin
ted
Cu
sto
dia
n a
s C
SD
de
lete
s s
ukuk reg
istr
atio
n.
8.
App
oin
ted
ca
sh s
ett
lem
en
t ban
k n
otifie
s s
ukuk h
old
er o
f p
rofit pa
ym
en
t.
Pro
cess
of R
edem
ptio
n
336 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
People’s Republicof China (CN)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
337ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
338 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
Ch
ina O
TC
Mark
et
Inte
r-b
ank B
ond
Ma
rke
t
PB
OC
(C
NA
PS
)
CF
ET
S &
NIF
C:
Ch
ina
Fo
reig
n E
xch
an
ge
Tra
de
Syste
m &
Na
tion
al In
terb
an
k F
un
din
g C
en
ter,
SS
E:
Sh
an
gh
ai s
tock
exch
an
ge
, SZ
SE
: S
he
nzh
en
sto
ck e
xch
an
ge
, C
CD
C: C
hin
a C
en
tra
l D
ep
osito
ry a
nd
Cle
ari
ng
Co
rpo
ratio
n, C
SD
CC
: C
hin
a S
ecu
ritie
s D
ep
osito
ry a
nd
Cle
ari
ng
Co
rpo
ratio
n, S
HC
H (
Sh
an
gh
ai C
lea
rin
g H
ou
se
), C
NA
PS
: C
hin
a N
atio
na
l A
uto
ma
tic P
aym
en
t S
yste
m,
AIT
S:
Au
tom
ate
d I
nte
rba
nk T
rad
ing
Syste
mN
ote
: C
om
me
rcia
l B
an
k C
ou
nte
r M
ark
et
is n
ot
sh
ow
n h
ere
.
CC
DC
Exc
h. M
ark
et
SS
ES
ZS
E
CF
ET
S(A
ITS)
CS
DC
C
Co
mm
. ban
ks
339ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
Ch
ina O
TC
Mark
et
Inte
r-bank B
ond M
ark
et
PB
OC
(C
NA
PS
)
CF
ET
S &
NIF
C:
Ch
ina
Fo
reig
n E
xch
an
ge
Tra
de
Syste
m &
Na
tion
al In
terb
an
k F
un
din
g C
en
ter,
SS
E:
Sh
an
gh
ai S
tock
Exch
an
ge
, SZ
SE
: S
he
nzh
en
Sto
ck E
xch
an
ge
, C
CD
C: C
hin
a C
en
tra
l De
po
sito
ry a
nd
Cle
ari
ng
Co
rpo
ratio
n,
CS
DC
C:
Ch
ina
Se
cu
ritie
s D
ep
osito
ry a
nd
Cle
ari
ng
Co
rpo
ratio
n, S
HC
H (
Sh
an
gh
ai C
lea
rin
g H
ou
se
), C
NA
PS
: C
hin
a N
atio
na
l A
uto
ma
tic P
aym
en
t S
yste
m,
AIT
S:
Au
tom
ate
d I
nte
rba
nk T
rad
ing
Syste
mN
ote
: C
om
me
rcia
l B
an
k C
ou
nte
r M
ark
et
is n
ot
sh
ow
n h
ere
.
CC
DC
Exch
. M
ark
et
SS
ES
ZS
E
CF
ET
S(A
ITS)
CS
DC
C
Co
mm
. ba
nks
SH
CH
340 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
341ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
CF
ET
S(A
ITS
)S
ell
Sid
eB
uy S
ide
1. T
rade
CC
DC(
CB
GS)
12. D
VP
Ord
er
PB
OC
(C
NA
PS)
4. S
ett
lem
ent In
str
uction
4. S
ett
lem
ent In
str
uction
2. T
rade D
ata
13.B
ond D
eliv
ery
8. S
ell
sid
e’s
Bond L
ockin
g
4. S
ett
lem
ent In
str
uction
Receiv
ing
6. S
ett
lem
ent C
ontr
act
Pro
ducin
g
5.S
ett
lem
ent In
str
uction
Matc
hin
g
7. C
ontr
act E
xecuting
on
Deliv
ery
Day
9. D
VP
Fund S
ett
lem
ent
Req
uest
14. S
ett
lem
ent
Com
ple
tion N
otice
5. S
ett
lem
ent In
str
uction
Matc
hin
g N
otice
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
14. S
ett
lem
ent
Com
ple
tion N
otice
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
5. S
ett
lem
ent In
str
uction
Matc
hin
g N
otice
9. D
VP
Fund
Sett
lem
ent R
eq
uest
12. D
VP
Fund
Sett
lem
ent N
otice
10. F
und T
ransfe
r P
rocessin
g11. F
und T
ransfe
r N
otice
11. F
und T
ransfe
r N
otice
3. T
rade D
ata
3. T
rade D
ata
342 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
1.
Sell
sid
e a
nd b
uy s
ide t
rade b
ond v
ia C
hin
a F
ore
ign E
xchange T
rade S
yste
m (
CF
ET
S).
C
FE
TS
pro
vid
es a
uto
matic tra
de
matc
hin
g function. B
ut,
most of
the b
onds a
re tra
ded b
ilate
rally
in P
RC
OT
C m
ark
et by t
ele
phone o
r som
e o
ther
ways.
T
he tra
de d
ata
are
ente
red to C
FE
TS
for
price t
ranspare
ncy.
2.
CF
ET
S s
ends t
rade d
ata
to C
hin
a C
entr
al D
epository
&C
learing C
o.,
Ltd
. (C
CD
C).
About
5%
of tr
ade d
ata
are
ente
red to
CC
DC
directly f
rom
sell
sid
e a
nd b
uy s
ide (
refe
r to
4. S
ett
lem
ent in
str
uction).
3.
CC
DC
sends t
rade d
ata
to s
ell
sid
e a
nd b
uy s
ide f
or
verification.
4.
When s
ell
sid
e a
nd b
uy s
ide r
eceiv
ed t
rade d
ata
fro
m C
CD
C,
sell
sid
e a
nd b
uy s
ide v
erify
the d
ata
. I
f th
e d
ata
are
corr
ect,
sell
sid
e a
nd b
uy s
ide s
end a
ffirm
ative m
essage t
o C
CD
C.
The m
essages a
re r
egard
ed a
s “
sett
lem
ent in
str
uctions”
to
CC
DC
.
About 5%
of tr
ades a
re d
irectly e
nte
red to C
CD
C a
fter
traded in
PR
C O
TC
Mark
et.
In
this
case,
one p
art
y (
either
sell
sid
e
or buy s
ide)
needs t
o s
end s
ett
lem
ent in
str
uction into
CC
DC
syste
m. T
he s
ett
lem
ent in
str
uction needs t
o c
onta
in f
ull
message it
em
s n
ecessary
for
the s
ett
lem
ent.
C
CD
C s
yste
m w
ill a
uto
matically
asks the o
ther
part
y to c
onfirm
. If
not,
C
CD
C d
oesn’t p
rocess s
ett
lem
ent.
Aft
er m
atc
hin
g t
he o
rder
(local m
atc
hin
g),
CC
DC
sett
les t
he tra
de in
FO
P o
r D
VP
as
requeste
d b
y c
usto
mers
.5.
CC
DC
matc
hes s
ett
lem
ent in
str
uctions fro
m s
ell
sid
e a
nd b
uy s
ide a
nd n
otifies m
atc
hed r
esult.
6.
CC
DC
pro
duces s
ett
lem
ent contr
act.
7.
On the s
ett
lem
ent day,
CC
DC
execute
s t
he s
ett
lem
ent contr
act and n
otifies t
he s
tatu
s to t
he s
ell
sid
e a
nd b
uy s
ide.
8.
CC
DC
blo
cks s
ell
sid
e’s
bond t
o s
ecure
DV
P t
ransaction.
9.
CC
DC
sends D
VP
fund s
ett
lem
ent re
quest to
People
’s B
ank o
f C
hin
a (
PB
OC).
10.
PB
OC
execute
s f
und s
ett
lem
ent.
F
und is t
ransfe
rred fro
m b
uy s
ide’s
curr
ent account
to s
ell
sid
e’s
curr
ent account
by H
igh
Valu
e P
aym
ent S
yste
m (
HV
PS
) of C
NA
PS
.11.
PB
OC
sends f
und tra
nsfe
r notice to t
he s
ell
sid
e a
nd b
uy s
ide.
12.
PB
OC
sends D
VP
fund s
ett
lem
ent notice t
o C
CD
C.
13.
CC
DC
execute
s b
ond d
eliv
ery
(re
lease b
locked b
ond).
14.
CC
DC
sends s
ett
lem
ent com
ple
tion n
otice t
o the s
ell
sid
e a
nd b
uy s
ide.
OT
C M
ark
et
343ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
Buy S
ide
Paym
en
t B
an
ks
CS
DC
C
Mu
ltil
ate
ral N
et S
ett
lem
en
t S
yste
m(
MN
S S
yste
m)
SS
Eo
r S
ZS
ES
ell
Sid
e
1. T
rade O
rder
1. T
rade O
rder
14. S
ett
lem
ent R
eport
(Bonds &
Cash)
14. S
ett
lem
ent R
eport
(Bonds &
Cash)
6. C
leari
ng
Result
6. C
leari
ng
Result
9. A
ffir
mation o
f S
ett
lem
ent
9. A
ffir
mation o
f S
ett
lem
ent
3. N
otice o
f T
rade
3. N
otice o
f T
rade
2. T
rade M
atc
hin
g
4. T
rade D
ata
8. N
otification o
f T
rade
To B
e S
ett
led
8. N
otification o
f T
rade
To B
e S
ett
led
5. C
leari
ng
7. S
ett
lem
ent D
ata
13.B
ond S
ett
lem
ent
11. C
ash S
ett
lem
ent
12. S
ett
lem
ent R
eport
(c
ash)
10. S
ett
lem
ent D
ata
12. S
ett
lem
ent R
eport
12. S
ett
lem
ent R
eport
(c
ash)
344 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
Sh
an
gh
ai S
tock E
xch
an
ge
(S
SE)
or
Sh
en
zh
en
Sto
ck E
xch
an
ge(S
ZS
E).
2.
SS
E/S
ZS
E m
atc
he
s o
rde
rs fro
m s
ell
sid
e a
nd
bu
y s
ide
.3
.S
SE
/SZ
SE
se
nd
s n
otic
e o
f tr
ad
e to
se
ll sid
e a
nd
bu
y s
ide
. 4
.S
SE
/SZ
SE
se
nd
s tr
ad
e d
ata
to
Ch
ina
Ce
ntr
al D
ep
osito
ry &
Cle
ari
ng
Co
., L
td.
(CS
DC
C).
5.
Cle
ari
ng
fu
nctio
n in
CS
DC
C e
xe
cu
tes c
lea
rin
g p
roce
ss.
6.
Cle
ari
ng
fu
nctio
n in
CS
DC
C s
en
ds c
lea
rin
g r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
.7
.C
lea
rin
g fu
nctio
n in
CS
DC
C s
en
ds s
ettle
me
nt
da
ta t
o C
SD
fu
nctio
n in
CS
DC
C.
8.
CS
D f
un
ctio
n in
CS
DC
C s
en
ds n
otic
e o
f tr
ad
e to
be
se
ttle
d t
o s
ell
sid
e a
nd
bu
y s
ide
.9
.S
ell
sid
e a
nd
bu
y s
ide
se
nd
aff
irm
atio
n o
f se
ttle
me
nt
to C
SD
CC
.1
0.
CS
DC
C s
en
ds s
ettle
me
nt
da
ta t
o p
aym
en
t b
an
ks.
11
.P
aym
en
t b
an
ks p
erf
orm
ca
sh
se
ttle
me
nt.
12
.P
aym
en
t b
an
ks s
en
d s
ettle
me
nt
rep
ort
s to
CS
DC
C,
se
ll sid
e a
nd
bu
y s
ide
.1
3.
CS
D f
un
ctio
n in
CS
DC
C e
xe
cu
tes b
on
d s
ettle
me
nt.
14
.C
SD
CC
se
nd
s s
ettle
me
nt
rep
ort
s (
bo
nd
s &
ca
sh)
to s
ell
sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
345ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
346 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
05.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
CF
ET
S(A
ITS
)S
ell
Sid
eB
uy S
ide
1. T
rade
CC
DC(
CB
GS)
or
SH
CH
12. D
VP
Ord
er
PB
OC
(C
NA
PS)
4. S
ett
lem
ent In
str
uction
4. S
ett
lem
ent In
str
uction
2. T
rade D
ata
13.B
ond D
eliv
ery
8. S
ell
Sid
e’s
Bond L
ockin
g
4. S
ett
lem
ent In
str
uction
Receiv
ing
6. S
ett
lem
ent C
ontr
act
Pro
ducin
g
5.S
ett
lem
ent In
str
uction
Matc
hin
g
7. C
ontr
act E
xecuting
on
Deliv
ery
Day
9. D
VP
Fund S
ett
lem
ent
Req
uest
14. S
ett
lem
ent C
om
ple
tion
Notice
5. S
ett
lem
ent In
str
uction
Matc
hin
g N
otice
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
14. S
ett
lem
ent C
om
ple
tion
Notice
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
5. S
ett
lem
ent In
str
uction
Matc
hin
g N
otice
9. D
VP
Fund
Sett
lem
ent r
eq
uest
12. D
VP
Fund
Sett
lem
ent N
otice
10. F
und T
ransfe
r P
rocessin
g11. F
und T
ransfe
r N
otice
11. F
und T
ransfe
r N
otice
3. T
rade D
ata
3. T
rade D
ata
1. T
rade
1. T
rade
2. T
rade D
ata
2. T
rade D
ata
347ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
05.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
bo
nd
via
Ch
ina
Fo
reig
n E
xch
an
ge
Tra
de
Syste
m (
CF
ET
S).
C
FE
TS
pro
vid
es
au
tom
atic
tra
de
ma
tch
ing
fu
nctio
n.
Bu
t, m
ost
of
the
bo
nd
s a
re tra
de
d b
ilate
rally
in
PR
C O
TC
ma
rke
t b
y
tele
ph
on
e o
r so
me
oth
er
wa
ys. T
he
tra
de
da
ta a
re e
nte
red
to
CF
ET
S f
or
pri
ce
tra
nsp
are
ncy.
2
.C
FE
TS
se
nd
s tr
ad
e d
ata
to
Ch
ina
Ce
ntr
al D
ep
osito
ry &
Cle
ari
ng
Co
., L
td.
(CC
DC
) o
r S
ha
ng
ha
i C
lea
rin
g H
ou
se
(S
HC
H).
CF
ET
S a
lso
se
nd
s tr
ad
e d
ata
to
se
ll sid
e a
nd
bu
y s
ide
. 3
.C
CD
C o
r S
HC
H s
en
ds tr
ad
e d
ata
to
se
ll sid
e a
nd
bu
y s
ide
fo
r ve
rifica
tion
. 4
.W
he
n s
ell
sid
e a
nd
bu
y s
ide
re
ce
ive
tra
de
da
ta f
rom
CC
DC
or
SH
CH
, se
ll sid
e a
nd
bu
y s
ide
ve
rify
the
da
ta.
If
the
da
ta a
re c
orr
ect, s
ell
sid
e a
nd
bu
y s
ide
se
nd
aff
irm
ativ
e m
essa
ge
to C
CD
C.
Th
e m
essa
ge
s a
re r
eg
ard
ed
as
“se
ttle
me
nt in
str
uctio
ns”
to C
CD
C o
r S
HC
H.
S
om
e o
f tr
ad
es a
re d
ire
ctly
en
tere
d t
o C
CD
C a
fte
r tr
ad
ed
in
PR
C O
TC
Ma
rke
t.
In t
his
ca
se
, o
ne
pa
rty (
eith
er
se
ll sid
e o
r b
uy s
ide
) n
ee
ds to
se
nd
se
ttle
me
nt
instr
uctio
n in
to C
CD
C s
yste
m. T
he
se
ttle
me
nt
instr
uctio
n
ne
ed
s to
co
nta
in fu
ll m
essa
ge
ite
ms n
ece
ssa
ry fo
r th
e s
ettle
me
nt.
CC
DC
syste
m a
uto
ma
tica
lly a
sks th
e o
the
r p
art
y to
co
nfirm
. If
no
t, C
CD
C d
oe
sn
’t p
roce
ss s
ettle
me
nt. A
fte
r m
atc
hin
g th
e o
rde
r (l
oca
l ma
tch
ing
), C
CD
C s
ettle
s t
he
tr
ad
e in
FO
P o
r D
VP
as r
eq
ue
ste
d b
y c
usto
me
rs.
5.
CC
DC
or
SH
CH
ma
tch
es s
ettle
me
nt
instr
uctio
ns f
rom
se
ll sid
e a
nd
bu
y s
ide
an
d n
otif
ies m
atc
he
d r
esu
lt.
6.
CC
DC
or
SH
CH
pro
du
ce
s s
ettle
me
nt
co
ntr
act.
7.
On
the
se
ttle
me
nt
da
y, C
CD
C o
r S
HC
H e
xe
cu
tes th
e s
ettle
me
nt
co
ntr
act a
nd
no
tifie
s th
e s
tatu
s to
se
ll sid
e a
nd
b
uy s
ide
.8
.C
CD
C o
r S
HC
H b
locks s
ell
sid
e’s
bo
nd
to
se
cu
re D
VP
tra
nsa
ctio
n.
9.
CC
DC
or
SH
CH
se
nd
s D
VP
fu
nd
se
ttle
me
nt
req
ue
st to
Pe
op
le’s
Ba
nk o
f C
hin
a (
PB
OC)
. 1
0.
PB
OC
exe
cu
tes fu
nd
se
ttle
me
nt.
Fu
nd
is tra
nsfe
rre
d fro
m b
uy s
ide
’s c
urr
en
t acco
un
t to
se
ll sid
e’s
cu
rre
nt
acco
un
t by H
igh
Va
lue
Pa
ym
en
t S
yste
m (
HV
PS
) o
f C
NA
PS
.1
1.
PB
OC
se
nd
s fu
nd
tra
nsfe
r n
otic
e t
o s
ell
sid
e a
nd
bu
y s
ide
. 1
2.
PB
OC
se
nd
s D
VP
fu
nd
se
ttle
me
nt
no
tice
to
CC
DC
or
SH
CH
.1
3.
CC
DC
or
SH
CH
exe
cu
tes b
on
d d
eliv
ery
(re
lea
se
blo
cke
d b
on
d).
14
.C
CD
C o
r S
HC
H s
en
ds s
ettle
me
nt
co
mp
letio
n n
otic
e t
o s
ell
sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
348 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
06.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
SH
CH
PB
OC
(C
NA
PS)
CF
ET
S(A
ITS
)S
ell
Sid
eB
uy S
ide
1. T
rade
2. T
rade D
ata
8. T
ransfe
r of sell
sid
e’s
bonds to
SH
CH
3. N
ovation
4.N
ett
ing
7. S
end T
rade D
ata
aft
er nett
ing
12. S
ett
lem
ent C
om
ple
tion
Notice
5. N
otice D
ata
of N
ett
ing
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
12. S
ett
lem
ent C
om
ple
tion
Notice
7. S
ett
lem
ent E
xecuting
S
tatu
s N
otice
5. N
otice D
ata
of N
ett
ing
12. F
und T
ransfe
r N
otice
12. F
und T
ransfe
r N
otice
6.A
ffir
mation
6. A
ffir
mation
10. T
ransfe
r of bonds
from
SH
CH
to b
uy s
ide
10. F
und T
ransfe
r fr
om
S
HC
H to S
ell
Sid
e
8. F
und T
ransfe
r fr
om
B
uy S
ide t
o S
HC
H
11. I
nfo
rm C
om
ple
tion
of T
ansfe
r
12. C
om
ple
ting
of
Sett
lem
ent
9. I
nfo
rm C
om
ple
tion o
f T
ransfe
r
7. D
ata
aft
er
nett
ing
by
novation
1. T
rade
1. T
rade
2. T
rade D
ata
2. T
rade D
ata
349ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
06.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
) S
HC
H
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
bo
nd
via
Ch
ina
Fo
reig
n E
xch
an
ge
Tra
de
Syste
m (
CF
ET
S).
C
FE
TS
pro
vid
es
au
tom
atic
tra
de
ma
tch
ing
fu
nctio
n.
Bu
t, m
ost
of
the
bo
nd
s a
re tra
de
d b
ilate
rally
in
Ch
ina
OT
C M
ark
et
by
tele
ph
on
e o
r so
me
oth
er
wa
ys. T
he
tra
de
da
ta a
re e
nte
red
to
CF
ET
S f
or
pri
ce
tra
nsp
are
ncy.
2
.C
FE
TS
se
nd
s tr
ad
e d
ata
to
Sh
an
gh
ai C
lea
rin
g H
ou
se
(S
HC
H)
as C
CP
& C
SD
. C
FT
ES
als
o s
en
ds tra
de
da
ta t
o
se
ll sid
e a
nd
bu
y s
ide
. 3
.S
HC
H m
ake
s n
ova
tion
.4
.S
HC
H e
xe
cu
tes n
ettin
g p
roce
ss.
5.
SH
CH
no
tifie
s s
ell
sid
e a
nd
bu
y s
ide
of
ne
ttin
g.
6.
se
ll sid
e a
nd
bu
y s
ide
aff
irm
s th
e n
ettin
g.
7.
SH
CH
se
nd
s d
ata
aft
er
ne
ttin
g t
o P
eo
ple
’s B
an
k o
f C
hin
a (
PB
OC)
. 8
.S
HC
H tra
nsfe
rs b
on
ds fro
m s
ell
sid
e a
cco
un
t to
SH
CH
wh
ile P
BO
C t
ran
sfe
rs m
on
ey f
rom
bu
y s
ide
acco
un
t to
S
HC
H.
9.
SH
CH
an
d P
BO
C i
nfo
rm c
om
ple
tion
of b
on
d a
nd
mo
ne
y tra
nsfe
r e
ach
oth
er.
10
.S
HC
H tra
nsfe
rs b
on
ds fro
m S
HC
H t
o b
uy s
ide
’s a
cco
un
t w
hile
PB
OC
tra
nsfe
rs m
on
ey f
rom
SH
CH
to
se
ll sid
e’s
a
cco
un
t.1
1.
SH
CH
an
d P
BO
C i
nfo
rm c
om
ple
tion
of b
on
d a
nd
mo
ne
y tra
nsfe
r e
ach
oth
er.
12
.S
HC
H n
otif
ies s
ell
sid
e a
nd
bu
y s
ide
of
bo
nd
se
ttle
me
nt
co
mp
letio
n w
hile
PB
OC
no
tifie
s s
ell
sid
e a
nd
bu
y s
ide
of
ca
sh
se
ttle
me
nt
co
mp
letio
n.
OT
C M
ark
et
350 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
07.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
Paym
en
t B
an
ks
CS
DC
CM
ult
ilate
ral N
et S
ett
lem
en
t S
yste
m
(MN
S S
yste
m)
SS
Eo
r S
ZS
ES
ell
Sid
eB
uy S
ide
1. T
rade O
rder
1. T
rade O
rder
14. S
ett
lem
ent R
eport
(Bonds &
Cash)
14. S
ett
lem
ent R
eport
(Bonds &
Cash)
6. C
leari
ng
Result
6. C
leari
ng
Result
9. A
ffir
mation o
f S
ett
lem
ent
9. A
ffir
mation o
f S
ett
lem
ent
3. N
otice o
f T
rade
3. N
otice o
f T
rade
2. T
rade M
atc
hin
g
4. T
rade D
ata
8. N
otification o
f T
rade to
be S
ett
led
8. N
otification o
f T
rade to
be S
ett
led
5. C
leari
ng
7. S
ett
lem
ent D
ata
13.B
ond S
ett
lem
ent
11. C
ash S
ett
lem
ent
12. S
ett
lem
ent R
eport
(c
ash)
10. S
ett
lem
ent In
str
uction
12. S
ett
lem
ent R
eport
12. S
ett
lem
ent R
eport
(c
ash)
351ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
07.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
Sh
an
gh
ai S
tock E
xch
an
ge
(S
SE)
or
S
he
nzh
en
Sto
ck E
xch
an
ge
(S
ZS
E)
.2
.S
SE
/SZ
SE
co
llate
s o
rde
rs f
rom
se
ll sid
e a
nd
bu
y s
ide
.3
.S
SE
/SZ
SE
se
nd
s n
otic
e o
f tr
ad
e to
se
ll sid
e a
nd
bu
y s
ide
. 4
.S
SE
/SZ
SE
se
nd
s tr
ad
e d
ata
to
Ch
ina
Se
cu
ritie
s D
ep
osito
ry &
Cle
ari
ng
Co
., L
td.
(CS
DC
C).
5.
Cle
ari
ng
fu
nctio
n in
CS
DC
C e
xe
cu
tes c
lea
rin
g p
roce
ss.
6.
Cle
ari
ng
fu
nctio
n in
CS
DC
C s
en
ds cle
ari
ng
re
su
lt t
o s
ell
sid
e a
nd
bu
y s
ide
.7
.C
lea
rin
g fu
nctio
n in
CS
DC
C s
en
ds s
ettle
me
nt
da
ta t
o C
SD
fu
nctio
n in
CS
DC
C.
8.
CS
D f
un
ctio
n in
CS
DC
C s
en
ds n
otic
e o
f tr
ad
e to
be
se
ttle
d t
o s
ell
sid
e a
nd
bu
y s
ide
.9
.T
he
cle
ari
ng
pa
rtic
ipa
nts
(i.e
., t
he
bu
ye
r/se
ller)
sh
all
co
nfirm
to
CS
DC
C w
hic
h o
f th
e t
rad
es s
ha
ll b
e
se
ttle
d.
10
.C
SD
CC
se
nd
s c
ash
se
ttle
me
nt
instr
uctio
ns t
o p
aym
en
t b
an
ks.
11
.P
aym
en
t b
an
ks p
erf
orm
ca
sh
se
ttle
me
nt.
12
.P
aym
en
t b
an
ks s
en
d s
ettle
me
nt
rep
ort
s to
CS
DC
C,
se
ll sid
e a
nd
bu
y s
ide
.1
3.
CS
D f
un
ctio
n in
CS
DC
C e
xe
cu
tes b
on
d s
ettle
me
nt.
14
.C
SD
CC
se
nd
s s
ettle
me
nt
rep
ort
(b
on
ds &
ca
sh)
to s
ell
sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
352 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
353ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
08.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ R
MB
Banks
As C
ash
Corr
espondent
BOC HK, RMB Settlement Banks (HK, Macau)
Se
ttle
me
nt
Ag
en
t(C
usto
dia
n)
CF
ET
S
PB
OC
CN
AP
S
Clearing Matching & Settlement
Cross-Border
CC
DC
As
ow
n
banker
Trading Cash Settlement
1T
rade O
rder
2 T
rade E
xecutio
n
3T
rade C
onfirm
atio
n4 T
rade C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
13
Settle
ment
Confirm
atio
n
15
Cash
Sta
tem
ent
14
Securitie
s S
tate
ment
8R
em
ittance o
f F
unds
12 S
ettle
ment
Confirm
atio
n
9F
undin
g o
f P
BO
C A
ccount
11 C
onfirm
atio
n o
f D
ebit/
Cre
dit
5Trade Confirmation
6A
dvic
e o
f S
ettle
ment
Deta
ils
or
Ba
nk
Au
tho
rise
d
Bro
ke
r
Optio
nal
10
Confirm
atio
n o
f S
ettle
ment
Deta
ils
354 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
08.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ R
MB
Banks
1.
Elig
ible
Institu
tio
n/R
MB
Ba
nk p
lace
s o
rde
r w
ith
Au
tho
rise
d B
roke
r o
r B
an
k
2.
Au
tho
rize
d B
roke
r o
r B
an
k, e
xe
cu
tes tr
ad
e o
n C
FT
ES
, o
r via
ph
on
e, th
en
ca
ptu
res tra
de
de
tails
in
CF
ET
S
3.
Au
tho
rize
d B
roke
r o
r B
an
k r
ece
ive
s tra
de
co
nfirm
atio
n fr
om
/via
CF
ET
S
4.
Au
tho
rize
d B
roke
r o
r B
an
k s
en
ds tra
de
co
nfirm
atio
n to
Elig
ible
Institu
tio
n/R
MB
Ba
nk
5.
Au
tho
rize
d B
roke
r o
r B
an
k s
en
ds tra
de
co
nfirm
atio
n to
Se
ttle
me
nt A
ge
nt
6.
CC
DC
se
nd
s a
dvic
e o
f se
ttle
me
nt d
eta
ils to
Se
ttle
me
nt A
ge
nt
7.
Elig
ible
Institu
tio
n/R
MB
Ba
nk in
str
ucts
Se
ttle
me
nt A
ge
nt
on
se
ttle
me
nt d
eta
ils
8.
Elig
ible
Institu
tio
n/R
MB
Ba
nk r
em
its R
MB
am
ou
nt to
Se
ttle
me
nt A
ge
nt
9.
Se
ttle
me
nt A
ge
nt f
un
ds o
wn
PB
OC
acco
un
t, in
pre
pa
ratio
n f
or
se
ttle
me
nt
10
.S
ett
lem
en
t Ag
en
t co
nfirm
s/a
ffir
ms s
ett
lem
en
t d
eta
ils v
ia C
CD
C (
fro
nt-
en
d)
syste
m
11
.U
po
n c
on
firm
atio
ns fr
om
bo
th S
ett
lem
en
t Ag
en
ts, ca
sh
se
ttle
me
nt i
s tri
gg
ere
d b
y C
CD
C a
nd
P
BO
C w
ill s
en
d a
co
nfirm
atio
n o
f d
eb
it o
r cre
dit to
th
e S
ett
lem
en
t Ag
en
t
12
.U
po
n c
on
firm
atio
ns fr
om
bo
th S
ett
lem
en
t Ag
en
ts, se
cu
ritie
s s
ett
lem
en
t is e
ffe
cte
d a
nd
CC
DC
will
se
nd
a s
ecu
ritie
s s
ett
lem
en
t co
nfirm
atio
n to
th
e S
ett
lem
en
t Ag
en
t
13
.S
ett
lem
en
t Ag
en
t se
nd
s s
ett
lem
en
t co
nfirm
atio
n to
Elig
ible
Institu
tio
n/R
MB
Ba
nk
14
.A
t en
d o
f d
ay,
Se
ttle
me
nt A
ge
nt
se
nd
s s
ecu
ritie
s s
tate
me
nt to
Elig
ible
Institu
tio
n/R
MB
Ba
nk
15
.A
t en
d o
f d
ay,
Se
ttle
me
nt A
ge
nt
se
nd
s c
ash
mo
ve
me
nt co
nfirm
atio
n/c
ash
sta
tem
en
t to
Elig
ible
In
stitu
tio
n/R
MB
Ba
nk
Trade Date Settlement Date (T+1)
355ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
09.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rsExchange M
ark
et
/ Q
FII
Cash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
De
sig
na
ted
Q
FII B
roke
r
QF
IIC
usto
dia
n
SS
Eo
r S
ZS
E
De
sig
nate
d
Pa
ym
en
t B
an
k
Clearing Matching & Settlement
Cross-Border
CS
DC
C
In c
apacity a
s
Glo
bal
Custo
dia
n
Trading Cash Settlement
2T
rade O
rder
3 T
rade E
xecutio
n
4T
rade C
onfirm
atio
n5 T
rade C
onfirm
atio
n
10
Settle
ment
Inst
ructio
n
14
Settle
ment
Confirm
11 S
ettle
ment
Inst
ructio
n
18
Cash
Sta
tem
ent
13
Settle
ment
Confirm
atio
n
16
Securitie
s S
tate
ment
17
Cash
Sta
tem
ent
8 B
ond T
ransf
er
Confirm
atio
n
12
Fundin
g v
ia N
ost
ro A
ccount
15
Confirm
atio
n o
f D
ebit/
Cre
dit
CS
DC
C
(CC
P)
1 Cash Projection Report
5Trade Confirmation
9 S
tatu
s U
pdate
or
Confirm
atio
n
(7C
orr
ectio
n o
f T
ransa
ctio
n D
eta
ils)
356 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
09.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rsExchange M
ark
et
/ Q
FII
1.
QF
II C
ust
od
ian
se
nd
ca
sh p
roje
ctio
n r
ep
ort
to
De
sig
na
ted
QF
II B
roke
r
2.
QF
II p
lace
s o
rde
r w
ith
De
sig
na
ted
QF
II B
roke
r
3.
De
sig
na
ted
QF
II B
roke
r ch
eck
s b
ala
nce
, e
xecu
tes
tra
de
on
Sh
an
gh
ai S
tock
Exc
ha
ng
e (
SS
E),
or
Sh
en
zhe
n
Sto
ck E
xch
an
ge
(S
ZS
E)
4.
De
sig
na
ted
QF
II B
roke
r re
ceiv
es
tra
de
co
nfi
rma
tio
n
5.
De
sig
na
ted
QF
II B
roke
r se
nd
s tr
ad
e c
on
firm
ati
on
to
QF
II,
an
d t
o Q
FII
Cu
sto
dia
n
6.
QF
II C
ust
od
ian
do
wn
loa
ds
Re
po
rt o
n T
rad
e O
bli
ga
tio
ns
fro
m C
SD
CC
(C
lea
rin
g f
un
ctio
n)
7.
On
ly in
th
e e
ven
t o
f a
dis
cre
pa
ncy
, Q
FII
Cu
sto
dia
n n
ee
ds
to c
on
tact
CS
DC
C
8.
CS
DC
C (
Se
ttle
me
nt
fun
ctio
n)
sen
ds
con
firm
ati
on
of
tra
nsf
er
of
bo
nd
s to
QF
II C
ust
od
ian
(o
n T
eve
nin
g)
9.
QF
II C
ust
od
ian
se
nd
s st
atu
s u
pd
ate
or
pa
rtia
l se
ttle
me
nt
con
firm
ati
on
to
Glo
ba
l Cu
sto
dia
n
10
.Q
FII
inst
ruct
s G
lob
al C
ust
od
ian
on
se
ttle
me
nt
de
tail
s
11
.G
lob
al C
ust
od
ian
in
stru
cts
QF
II C
ust
od
ian
on
se
ttle
me
nt
de
tail
s
12
.Q
FII
Cu
sto
dia
n f
un
ds
sett
lem
en
t cl
ea
rin
g r
ese
rve
acc
ou
nt
(CS
DC
C a
cco
un
t a
t P
aym
en
t B
an
k)
13
.A
fte
r ca
sh s
ett
lem
en
t d
ea
dli
ne
(in
eff
ect
co
mp
leti
on
of
tra
de
se
ttle
me
nt)
, Q
FII
Cu
sto
dia
n s
en
ds
sett
lem
en
t co
nfi
rma
tio
n t
o G
lob
al
Cu
sto
dia
n
14
.G
lob
al C
ust
od
ian
se
nd
s se
ttle
me
nt
con
firm
ati
on
to
QF
II
15
.P
aym
en
t B
an
k se
nd
s d
eb
it/c
red
it in
form
ati
on
in
fo
rm o
f ca
sh s
tate
me
nt
to Q
FII
Cu
sto
dia
n
16
.Q
FII
Cu
sto
dia
n s
en
ds
secu
riti
es
sta
tem
en
t to
Glo
ba
l Cu
sto
dia
n (
en
d o
f d
ay)
17
.Q
FII
Cu
sto
dia
n s
en
ds
cash
mo
vem
en
t co
nfi
rma
tio
n/c
ash
sta
tem
en
t to
Glo
ba
l Cu
sto
dia
n (
en
d o
f d
ay)
18
.G
lob
al C
ust
od
ian
se
nd
s ca
sh m
ove
me
nt
con
firm
ati
on
/ca
sh s
tate
me
nt
to Q
FII
(e
nd
of
da
y)
Trade Date Settlement Date
357ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
358 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
10
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
8. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
CC
DC
as C
SD
CC
DC
as P
ayin
g A
ge
nt
Sam
e E
ntity
11. I
nte
rest
Paym
ent
Confirm
ation
Cash
Flo
w
Info
rmation
Flo
w
CC
DC
as C
usto
dia
n
6. C
ash
Tra
nsfe
rM
OF
’s
Account
CC
DC
’s
Account
SB
’s A
ccount
Bond H
old
er’
s
Account
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
PB
OC
9. I
nte
rest
Paym
ent
10. I
nte
rest
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
(No
Ta
x f
or
inte
rest)
4. I
nte
rest
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
359ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
10.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
1.
Bon
d h
old
ers
se
nd in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccou
nt t
o C
hin
a C
entr
al
Dep
ository
&C
lea
ring
Co.,
Ltd
. (C
CD
C)
2.
CC
DC
req
ue
sts
inte
rest p
aym
en
t of M
inis
try o
f F
inan
ce (M
OF
).3
.M
OF
instr
ucts
CC
DC
to p
ay in
tere
sts
.4
.C
CD
C a
s c
usto
dia
n n
otifies b
on
d h
old
ers
of in
tere
st p
aym
ent.
5.
MO
F in
str
ucts
Peo
ple
’s B
ank o
f C
hin
a (
PB
OC)
to tra
nsfe
r ca
sh fo
r in
tere
st t
o C
CD
C’s
a
cco
unt.
6.
PB
OC
tran
sfe
rs c
ash
from
MO
F’s
account t
o C
CD
C’s
accoun
t.7
.P
BO
C s
en
ds p
aym
en
t confirm
ation to
CC
DC
.8
.C
CD
C in
str
ucts
PB
OC
to tra
nsfe
r cash for in
tere
st t
o c
ash s
ett
lem
ent b
an
ks’ a
cco
un
ts v
ia
CN
AP
S w
ith
de
taile
d in
str
uctions to
cre
dit b
ond
hold
ers
’ accou
nts
with in
tere
st.
.9
.P
BO
C tr
an
sfe
rs c
ash
from
CC
DC
’s a
ccount t
o c
ash s
ett
lem
ent b
anks’ a
ccoun
ts w
ith
deta
iled
instr
uctio
ns.
10.
Ca
sh
se
ttle
me
nt b
anks c
red
it b
on
d h
old
ers
’ accounts
with in
tere
sts
.1
1.
Ca
sh
se
ttle
me
nt b
anks n
otify
bond
hold
ers
of in
tere
st p
aym
en
t.
Pro
cess
of In
tere
st P
aym
ent
360 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
11.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond E
xchange M
ark
et
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
2. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
CS
DC
Ca
s C
SD
CC
DC
as P
ayin
g A
ge
nt
3. P
aym
ent
Req
uest
Cash
Flo
w
Info
rmation
Flo
w
CS
DC
Ca
s C
usto
dia
n
6. P
aym
ent
Instr
uction
7. C
ash
Tra
nsfe
rM
OF
’s
Account
CC
DC
’s
Account
CS
DC
C’s
A
ccount
Bond H
old
er’
s
Account
PB
OC
11. I
nte
rest P
aym
ent
12. I
nte
rest
Paym
ent
4. P
aym
ent
Instr
uction
8. C
onfirm
ation
9. C
onfirm
ation Ta
x O
ffic
e
(No
Ta
x f
or
inte
rest)
13. I
nte
rest
Paym
ent
Confirm
ation
5. I
nte
rest
Paym
ent
Notification
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Sam
e E
ntity
Co
mm
erc
ial B
an
k
10. P
aym
ent In
str
uction
361ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
11.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond E
xchange M
ark
et
1.
Bond h
old
ers
send in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccount t
o C
hin
a S
ecurities
Depository
and C
learing C
orp
ora
tion(C
SD
CC
).2.
CS
DC
C s
ends in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccount t
o C
hin
a C
entr
al
Depository
&C
learing C
o. L
td. (C
CD
C) as p
ayin
g a
gent.
3.
CC
DC
requests
inte
rest p
aym
ent o
f M
inis
try o
f F
inance (M
OF
).4.
MO
F in
str
ucts
CC
DC
to p
ay in
tere
sts
.5.
CS
DC
C a
s c
usto
dia
n n
otifies b
ond h
old
ers
of in
tere
st p
aym
ent.
6.
MO
F in
str
ucts
People
’s B
ank o
f C
hin
a (
PB
OC)
to tra
nsfe
r cash fr
om
MO
F’s
account t
o
CC
DC
’s a
ccount.
7.
PB
OC
transfe
rs c
ash fr
om
MO
F’s
account t
o C
CD
C’s
account.
8.
PB
OC
sends p
aym
ent c
onfirm
ation to
CC
DC
.9.
CC
DC
sends p
aym
ent c
onfirm
atio
n to
CS
DC
C.
10.
CC
DC
instr
ucts
a c
om
merc
ial b
ank to
tra
nsfe
r cash fro
m C
CD
C’s
account t
o c
ash
sett
lem
ent b
anks’ a
ccount v
ia C
NA
PS
with d
eta
iled in
str
uctions
to c
redit h
old
ers
’ accounts
with in
tere
st.
11.
Com
merc
ial b
ank tr
ansfe
rs c
ash fr
om
CC
DC
’s a
ccount C
SD
CC
’s a
ccount w
ith d
eta
iled
instr
uctions.
12.
Cash S
ett
lem
entb
anks c
redit b
ond h
old
ers
’ accounts
with in
tere
sts
.13.
Cash S
ett
lem
entb
anks n
otify
bond h
old
ers
of in
tere
st p
aym
ent.
Pro
cess
of In
tere
st P
aym
ent
362 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
12.
Redem
pti
on F
low
of
Govern
ment
Bond O
TC
Mark
et
8. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
CC
DC
as P
ayin
g A
ge
nt
Sam
e E
ntity
12. R
edem
ption
Paym
ent
Confirm
ation
Cash
Flo
w
Info
rmation
Flo
w
CC
DC
as C
usto
dia
n
6. C
ash
Tra
nsfe
rM
OF
’s
Account
CC
DC
’s
Account
SB
’s A
ccount
Bond H
old
er’
s
Account
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
PB
OC
10. R
edem
ption
Paym
ent
11. R
edem
ption
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
(No
Ta
x f
or
Inte
rest)
4. R
edem
ption
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
9.R
edem
ption
CC
DC
as C
SD
363ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
12.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
1.
Bon
d h
old
ers
se
nd in
form
atio
n in
clu
din
g d
esig
nate
d b
ank a
ccou
nt t
o C
hin
a C
entr
al
De
posito
ry &
Cle
arin
g C
o.,
Ltd
. (C
CD
C) a
s c
usto
dia
n.
2.
CC
DC
req
ue
sts
re
dem
ption
paym
ent o
f Min
istr
y o
f F
ina
nce (M
OF
).3
.M
OF
instr
ucts
CC
DC
to p
ay r
ed
em
ption
.4
.C
CD
C a
s c
usto
dia
n n
otifie
s b
on
d h
old
ers
of re
de
mp
tio
n p
aym
en
t.5
.M
OF
instr
ucts
Peo
ple
’s B
an
k o
f C
hin
a (
PB
OC)
to tra
nsfe
r ca
sh
for
red
em
ptio
n to
C
CD
C’s
acco
unt.
6.
PB
OC
tran
sfe
rs c
ash
fro
m M
OF
’s a
cco
unt t
o C
CD
C’s
acco
un
t.7
.P
BO
C s
en
ds p
aym
en
t con
firm
ation
to C
CD
C.
8.
CC
DC
instr
ucts
PB
OC
to tra
nsfe
r cash
fro
m C
CD
C’s
accou
nt t
o c
ash s
ett
lem
en
t ba
nks’
acco
unt v
ia C
NA
PS
with d
eta
iled
instr
uction
s to
cre
dit h
old
ers
’ acco
un
ts.
9.
CC
DC
ma
ke
s b
on
d red
em
ptio
n.
10.
PB
OC
tran
sfe
rs c
ash
fro
m C
CD
C’s
accou
nt t
o c
ash s
ett
lem
ent b
anks’ a
cco
un
t with
deta
iled
instr
uctio
ns.
11.
Ca
sh
se
ttle
me
nt b
anks c
red
it b
on
d h
old
ers
’ acco
unts
with
re
de
mption
.1
2.
Ca
sh
se
ttle
me
nt b
anks n
otify
bo
nd
ho
lde
rs o
f re
dem
ption
paym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
364 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
13.
Redem
pti
on F
low
of
Govern
ment
Bond E
xchange M
ark
et
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
2. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
CC
DC
as P
ayin
g A
ge
nt
3. P
aym
ent
Req
uest
Cash
Flo
w
Info
rmation
Flo
w
CS
DC
Ca
s C
usto
dia
n
6. P
aym
ent
Instr
uction
7. C
ash
Tra
nsfe
rM
OF
’s
Account
CC
DC
’s
Account
CS
DC
C’s
A
ccount
Bond H
old
er’
s
Account
PB
OC
12. R
edem
ption
Paym
ent
13. R
edem
ption
Paym
ent
4. P
aym
ent
Instr
uction
8. C
onfirm
ation
9. C
onfirm
ation
Tax O
ffic
e
(No
Ta
x f
or
Inte
rest)
14. R
edem
ption
Paym
ent
Confirm
ation
5. R
edem
ption
Paym
ent
Notification
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Sam
e E
ntity
10.R
edem
ption
CS
DC
Ca
s C
SD
Co
mm
erc
ial B
an
k
11. P
aym
ent In
str
uction
365ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
13.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond E
xchange M
ark
et
1.
Bond h
old
ers
send in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccou
nt t
o C
hin
a S
ecurities
Depository
and C
learing C
orp
ora
tion(C
SD
CC
).2.
CS
DC
C s
ends in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccoun
t to C
hin
a C
entr
al
Depository
&C
learing C
o.,
Ltd
. (C
CD
C) as p
ayin
g a
gent.
3.
CC
DC
requests
redem
ption p
aym
ent o
f Min
istr
y o
f F
inance (M
OF
).4.
MO
F in
str
ucts
CC
DC
to p
ay redem
ption.
5.
CS
DC
C a
s c
usto
dia
n n
otifies b
ond h
old
ers
of re
dem
ption p
aym
ent.
6.
MO
F in
str
ucts
People
’s B
ank o
f C
hin
a (
PB
OC)
to tra
nsfe
r cash fr
om
MO
F’s
account t
o
CC
DC
’s a
ccount.
7.
PB
OC
transfe
rs c
ash fr
om
MO
F’s
account t
o C
CD
C’s
account.
8.
PB
OC
sends p
aym
ent c
onfirm
ation to
CC
DC
.9.
CC
DC
sends p
aym
ent c
onfirm
atio
n to
CS
DC
C.
10.
CS
DC
C m
akes b
ond redem
ption.
11.
CC
DC
instr
ucts
a c
om
merc
ial b
ank to
tra
nsfe
r cash fro
m C
CD
C’s
account t
o c
ash
sett
lem
ent b
anks’ a
ccounts
via
CN
AP
S w
ith d
eta
iled in
str
uctions to
cre
dit h
old
ers
’ accounts
with redem
ption.
12.
Com
merc
ial b
ank tr
ansfe
rs c
ash fr
om
CC
DC
’s a
ccount t
o c
ash C
SD
CC
’s a
ccounts
with
deta
iled in
str
uctions.
13.
Com
merc
ial b
anks c
redit b
ond h
old
ers
’ accounts
with redem
ption.
14.
Com
merc
ial b
anks n
otify
bond h
old
ers
of re
dem
ption p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
366 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
367ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
14
. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond O
TC
Mark
et
8. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
CC
DC
/SH
CH
as C
SD
CC
DC
/SH
CH
as P
ayin
g A
ge
nt
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
.6. C
ash
Tra
nsfe
rIs
suer’
s
Account
CC
DC
/SH
CH
’s
Account
SB
’s A
ccount
Bond H
old
er’
s
Account
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
Issu
er’
s D
esig
na
ted
Ba
nk
9. I
nte
rest
Paym
ent
10. I
nte
rest
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
PB
OC
12.T
ax P
aym
ent
11. I
nte
rest
Paym
ent
Confirm
ation
CC
DC
/SH
CH
as C
usto
dia
n
4. I
nte
rest
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Bo
nd
Ho
lde
r
368 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
14.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond O
TC
Mark
et
1.
Bon
d h
old
ers
se
nd in
form
atio
n in
clu
din
g d
esig
nate
d b
ank a
ccou
nt t
o C
hin
a C
entr
al
De
pository
&C
lea
ring
Co.,
Ltd
(C
CD
C)o
r S
han
gha
i Cle
arin
g H
ouse (S
HC
H).
2.
CC
DC
or S
HC
Ha
s p
ayin
g a
ge
nt re
qu
ests
inte
rest p
aym
en
t of bo
nd is
sue
r.3
.B
on
d is
sue
r in
str
ucts
CC
DC
or S
HC
Hto
pa
y in
tere
sts
.4
.C
CD
C o
r S
HC
H a
s c
usto
dia
n n
otifie
s b
on
d h
old
ers
of in
tere
st p
aym
ent.
5.
Bon
d is
sue
r in
str
ucts
it’s
de
sig
nate
d b
ank to
tra
nsfe
r cash fro
m is
su
er’
s a
cco
un
t to
CC
DC
’s o
r S
HC
H’s
accou
nt.
6.
Th
e d
esig
nate
d b
ank tra
nsfe
rs c
ash
fro
m is
su
er’
s a
ccou
nt t
o C
CD
C’s
or S
HC
H’s
acco
unt.
7.
Th
e d
esig
nate
d b
ank s
end
s p
aym
en
t co
nfirm
atio
n to
CC
DC
or S
HC
H.
8.
CC
DC
or S
HC
H in
str
ucts
Pe
ople
’s B
ank o
f C
hin
a (P
BO
C) to
tra
nsfe
r ca
sh fro
m C
CD
C’s
o
r S
HC
H’s
accou
nt t
o c
ash s
ett
lem
en
t ba
nks’ a
ccou
nts
via
CN
AP
S.
9.
PB
OC
tran
sfe
rs c
ash
fro
m C
CD
C’s
/SH
CH
’s a
ccou
nt t
o c
ash
se
ttle
me
nt b
an
ks’ a
ccou
nts
via
CN
AP
S w
ith
instr
uction
s to
cre
dit h
old
ers
’ acco
unts
.1
0.
Ca
sh
se
ttle
me
nt b
anks c
red
it b
on
d h
old
ers
’ acco
unts
with
inte
rest.
11.
Ca
sh
se
ttle
me
nt b
anks n
otify
bo
nd
ho
lde
rs o
f in
tere
st p
aym
en
t.1
2.
Bon
d h
old
ers
pay ta
x to
tax o
ffic
e.
Pro
cess
of In
tere
st P
aym
ent
369ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
15
. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond E
xchange M
ark
et
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
CS
DC
Ca
s C
SD
CS
DC
Ca
s P
ayin
g A
ge
nt
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
.6. C
ash
Tra
nsfe
rIs
suer’
s
Account
CS
DC
C’s
Account
Bond H
old
er’
s
Account
Issu
er’
s D
esig
na
ted
Ba
nk
9.I
nte
rest
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
11.T
ax P
aym
ent
8. P
aym
ent
Instr
uction
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
10. I
nte
rest
Paym
ent
Confirm
ation
CS
DC
Ca
s C
usto
dia
n
4. I
nte
rest
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
370 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
15.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond E
xchange M
ark
et
1.
Bon
d h
old
ers
se
nd in
form
atio
n in
clu
din
g d
esig
nate
d b
ank a
ccou
nt t
o C
hin
a S
ecuritie
s
De
posito
ry a
nd
Cle
aring
Co
rpo
ratio
n(C
SD
CC
).2
.C
SD
CC
as p
ayin
g a
ge
nt re
que
sts
inte
rest p
aym
en
t of bo
nd
issue
r.3
.B
on
d is
sue
r in
str
ucts
CS
DC
C to
pa
y in
tere
sts
.4
.C
SD
CC
as c
usto
dia
n n
otifies b
ond
hold
ers
of in
tere
st p
aym
ent.
5.
Bon
d is
sue
r in
str
ucts
it’s
de
sig
nate
d b
ank to
tra
nsfe
r cash fro
m is
su
er’
s a
cco
un
t to
CS
DC
C’s
acco
un
t.6
.D
esig
na
ted
ba
nk tr
ansfe
rs c
ash
fro
m is
su
er’
s a
ccou
nt t
o C
SD
CC
’s a
cco
un
t.7
.D
esig
na
ted
ba
nk s
end
s p
aym
ent c
on
firm
atio
n to
CS
DC
C.
8.
CS
DC
C in
str
ucts
ca
sh
sett
lem
ent b
an
k to
tra
nsfe
r ca
sh
to
bon
d h
old
er’
s a
cco
unt.
9.
Ca
sh
se
ttle
me
nt b
anks c
red
it b
on
d h
old
ers
’ acco
unts
with
inte
rest d
ed
ucting
tax if
a
pp
licab
le.
10.
Ca
sh
se
ttle
me
nt b
anks n
otify
bo
nd
ho
lde
rs o
f in
tere
st p
aym
en
t.1
1.
CS
DC
C p
ays ta
x to
tax o
ffic
e.
Pro
cess
of In
tere
st P
aym
ent
371ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
16
. R
edem
pti
on F
low
of
Corp
ora
te B
ond O
TC
Mark
et
8. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
CC
DC
/SH
CH
as P
ayin
g A
ge
nt
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
.6. C
ash
Tra
nsfe
rIs
suer’
s
Account
CC
DC
/SH
CH
’s
Account
SB
’s A
ccount
Bond H
old
er’
s
Account
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
Issu
er’
s D
esig
na
ted
Ba
nk
9. R
edem
ption
Paym
ent
11. R
edem
ption
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
PB
OC
13.T
ax P
aym
ent
12. R
edem
ption
Paym
ent
Confirm
ation
CC
DC
/SH
CH
as C
usto
dia
n
4. R
edem
ption
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
Bo
nd
Ho
lde
r
CC
DC
/SH
CH
as C
SD
10.R
edem
ption
372 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
16.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond O
TC
Mark
et
1.
Bond h
old
ers
send in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccount t
o C
hin
a C
entr
al
Depository
&C
learing C
o.,
Ltd
(C
CD
C)or S
hanghai C
learing H
ouse (S
HC
H).
2.
CC
DC
or S
HC
Hre
quests
redem
ption p
aym
ent o
f bond is
suer.
3.
Bond is
suer in
str
ucts
CC
DC
or S
HC
Hto
pay redem
ption.
4.
CC
DC
or S
HC
H a
s c
usto
dia
n n
otifies b
ond h
old
ers
of re
dem
ption p
aym
ent.
5.
Bond is
suer in
str
ucts
it’s
desig
nate
d b
ank to
tra
nsfe
r cash fro
m is
suer’
s a
ccount t
o
CC
DC
’s o
r S
HC
H’s
account.
6.
Desig
nate
d b
ank tr
ansfe
rs c
ash fr
om
issuer’
s a
ccount t
o C
CD
C’s
or S
HC
H’s
account.
7.
Desig
nate
d b
ank s
ends p
aym
ent c
onfirm
ation to
CC
DC
or
SH
CH
.8.
CC
DC
or S
HC
H in
str
ucts
People
’s b
ank o
f C
hin
a (P
BO
C) to
tra
nsfe
r cash to
cash
sett
lem
ent b
anks’ a
ccount v
ia C
NA
PS
.9.
PB
OC
transfe
rs c
ash fr
om
CC
DC
’s o
r S
HC
H’s
account t
o c
ash s
ett
lem
ent b
anks’ a
ccount
via
CN
AP
S w
ith in
str
uctions to
cre
dit h
old
ers
’ accounts
.10.
CC
DC
or S
HC
H a
s C
SD
makes b
ond r
edem
ption.
11.
Cash s
ett
lem
ent b
anks c
redit b
ond h
old
ers
’ accounts
with redem
ption.
12.
Cash s
ett
lem
ent b
anks n
otify
bond h
old
ers
of re
dem
ption p
aym
ent.
13.
Bond h
old
ers
pay tax to tax o
ffic
e.
Pro
cess
of R
edem
ptio
n P
aym
ent
373ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
17
. R
edem
pti
on F
low
of
Corp
ora
te B
ond E
xchange M
ark
et
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
CS
DC
Ca
s P
ayin
g A
ge
nt
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
.6. C
ash
Tra
nsfe
rIs
suer’
s
Account
CS
DC
C’s
Account
Bond H
old
er’
s
Account
Issu
er’
s D
esig
na
ted
Ba
nk
9.R
edem
ption
Paym
ent
Tax O
ffic
e
2. P
aym
ent
Req
uest
5. P
aym
ent
Instr
uction
7. C
onfirm
ation
3. P
aym
ent
Instr
uction
12.T
ax P
aym
ent
8. P
aym
ent
Instr
uction
Ca
sh
Se
ttle
me
nt
Ba
nk(S
B)
11. R
edem
ption
Paym
ent
Confirm
ation
CS
DC
Ca
s C
usto
dia
n
4. R
edem
ption
Paym
ent
Notification
Sam
e E
ntity
1. I
nfo
rmation
Inclu
din
g D
esig
nate
d
Bank a
/c
10.R
edem
ption
CS
DC
Ca
s C
SD
374 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
CN
17.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond E
xchange M
ark
et
1.
Bond h
old
ers
send in
form
ation in
clu
din
g d
esig
nate
d b
ank a
ccount t
o C
hin
a S
ecurities
Depository
and C
learing C
orp
ora
tion(C
SD
CC
).2.
CS
DC
C a
s p
ayin
g a
gent re
quests
redem
ption p
aym
ent o
f bond is
suer.
3.
Bond is
suer in
str
ucts
CS
DC
C to
pay redem
ption.
4.
CS
DC
C n
otifies b
ond h
old
ers
of
redem
ption p
aym
ent.
5.
Bond is
suer in
str
ucts
it’s
desig
nate
d b
ank to
tra
nsfe
r cash fro
m is
suer’
s a
ccount t
o
CS
DC
C’s
account.
6.
Desig
nate
d b
ank tr
ansfe
rs c
ash fr
om
issuer’
s a
ccount t
o C
SD
CC
’s a
ccount.
7.
Desig
nate
d b
ank s
ends p
aym
ent c
onfirm
ation to
CS
DC
C.
8.
CS
DC
C in
str
ucts
cash s
ett
lem
ent b
anks to
transfe
r cash to
cash s
ett
lem
ent b
anks’
account.
9.
Cash s
ett
lem
ent b
anks tr
ansfe
r cash fr
om
CS
DC
C’s
account t
o c
ash s
ett
lem
ent b
anks’
account w
ith in
str
uctions
to c
redit h
old
ers
’ accounts
.10.
CS
DC
Cas C
SD
makes b
ond r
edem
ption.
11.
Cash s
ett
lem
ent b
anks n
otify
bond h
old
ers
of re
dem
ption p
aym
ent.
12.
CS
DC
C p
ays ta
x to tax o
ffic
e.
Pro
cess
of R
edem
ptio
n P
aym
ent
375ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Hong Kong,China (HK)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
376 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
377ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
HK
MA
–H
ong K
ong M
oneta
ry A
uth
ority
C
MU
–C
entr
al M
oneyM
ark
ets
Unit
CH
AT
S –
Cle
aring H
ouse A
uto
ma
ted T
ransfe
r S
yste
m (H
KD
, US
D, E
UR
an
d R
MB
)
OT
C m
ark
et
HK
MA
(C
HA
TS
)
HK
MA
(C
MU
)
HK
MA
(C
MU
)
378 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
HK
MA
–H
ong K
ong M
oneta
ry A
uth
ority
C
MU
–C
entr
al M
oneyM
ark
ets
Unit
CH
AT
S –
Cle
aring H
ouse A
uto
mate
d T
ransfe
r S
yste
m (H
KD
, US
D, E
UR
and R
MB
)
Note
: There
is n
o C
CP
for bonds in
Hong K
ong
OT
C m
ark
et
HK
MA
(C
HA
TS
)
HK
MA
(C
MU
)
HK
MA
(C
MU
)
379ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
380 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
HK
MA
Sell
Sid
e1. T
rade
(CM
U)
5. H
old
ing
bond
12. D
VP
Ord
er
10. S
ett
lem
ent
Confirm
ation
10. S
ett
lem
ent
Confirm
ation
(CH
AT
S)
7.C
ash S
ett
lem
ent
2. S
ett
lem
ent In
str
uction
2. S
ett
lem
ent In
str
uction
3. V
alid
ation a
nd M
atc
hin
g
10. S
ett
lem
ent R
eport
(Cash)
9. B
ond S
ett
lem
ent
4. M
atc
hin
g R
esult
4. M
atc
hin
g R
esult
6.S
ett
lem
ent d
ata
10. S
ett
lem
ent R
eport
(Cash)
8. S
ett
lem
ent R
eport
(Cash)
Buy S
ide
381ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
ove
r th
e c
ou
nte
r.2
.S
ell
sid
e a
nd
bu
y s
ide
se
nd
instr
uctio
ns to
Ce
ntr
al M
on
eym
ark
ets
Un
it(C
MU
) via
eC
MT,
SW
IFT,
Fa
x,
AF
T o
r b
y h
an
d.
Wh
en
th
ey u
se
syste
m,
bo
th s
ell
sid
e a
nd
bu
y s
ide
en
ters
tra
de
da
ta.
Pa
rtic
ipa
nts
ne
ed
to
se
nd
th
e m
essa
ge
instr
uctio
ns b
efo
re th
e c
uto
ff ti
me
(4
:00
p.m
.) o
n s
ettle
me
nt
da
y.3
.C
MU
pe
rfo
rms v
alid
atio
n a
nd
ma
tch
ing
.
4.
CM
U s
en
ds m
atc
hin
g r
esu
lt to
th
e s
ell
sid
e a
nd
bu
y s
ide
. 5
.C
MU
ho
lds th
e b
on
d.
6.
CM
U s
en
ds s
ettle
me
nt
da
ta t
o C
HA
TS
.7
.C
HA
TS
exe
cu
tes c
ash
se
ttle
me
nt. C
HA
TS
will
au
to-d
eb
it th
e b
uy s
ide
s’ R
TG
S a
cco
un
t.8
.C
HA
TS
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to
CM
U.
9.
CM
Ue
xe
cu
tes b
on
d s
ettle
me
nt.
10
.C
HA
TS
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to
th
e b
uy s
ide
an
d s
ell
sid
e r
esp
ectiv
ely
, w
hile
CM
U s
en
ds
se
cu
ritie
s s
ettle
me
nt
co
nfirm
atio
n to
th
e s
ell
sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
382 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
383ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
Buy S
ide
HK
MA
Sell
Sid
e1. T
rade
(CM
U)
5. H
old
ing
bond
12. D
VP
Ord
er
10. S
ett
lem
ent
Confirm
ation
10. S
ett
lem
ent
Confirm
ation
(CH
AT
S)
7.C
ash S
ett
lem
ent
2. S
ett
lem
ent In
str
uction
2. S
ett
lem
ent In
str
uction
3. V
alid
ation a
nd M
atc
hin
g
10. S
ett
lem
ent R
eport
(Cash)
9. B
ond S
ett
lem
ent
4. M
atc
hin
g R
esult
4. M
atc
hin
g R
esult
6.S
ett
lem
ent d
ata
10. S
ett
lem
ent R
eport
(Cash)
8. S
ett
lem
ent R
eport
(Cash)
384 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
ove
r th
e c
ou
nte
r.2
.S
ell
sid
e a
nd
bu
y s
ide
se
nd
instr
uctio
ns to
Ce
ntr
al M
on
eym
ark
ets
Un
it(C
MU
) via
eC
MT,
SW
IFT,
Fa
x,
AF
T o
r b
y h
an
d.
Wh
en
th
ey u
se
syste
m,
bo
th s
ell
sid
e a
nd
bu
y s
ide
en
ters
tra
de
da
ta.
Pa
rtic
ipa
nts
ne
ed
to
se
nd
th
e m
essa
ge
instr
uctio
ns b
efo
re th
e c
uto
ff ti
me
(4
:00
p.m
.) o
n s
ettle
me
nt
da
y.3
.C
MU
pe
rfo
rms v
alid
atio
n a
nd
ma
tch
ing
.
4.
CM
U s
en
ds m
atc
hin
g r
esu
lt to
th
e s
ell
sid
e a
nd
bu
y s
ide
. 5
.C
MU
ho
lds th
e b
on
d.
6.
CM
U s
en
ds s
ettle
me
nt
da
ta t
o C
HA
TS
.7
.C
HA
TS
exe
cu
tes c
ash
se
ttle
me
nt. C
HA
TS
will
au
to-d
eb
it th
e b
uy s
ide
s’ R
TG
S a
cco
un
t.8
.C
HA
TS
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to
CM
U.
9.
CM
U e
xe
cu
tes b
on
d s
ettle
me
nt.
10
.C
HA
TS
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to
bu
y s
ide
an
d s
ell
sid
e r
esp
ectiv
ely
, w
hile
CM
U s
en
ds s
ecu
ritie
s
se
ttle
me
nt
co
nfirm
atio
n to
th
e s
ell
sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
385ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
386 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
or
Ba
nk
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
Co
un
ter-
pa
rty
HK
MA
C
HA
TS
Clearing Matching & Settlement
Cross-Border
HK
MA
CM
U
As C
ash
Corr
espondent
Trading Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
4 T
rade C
onfirm
atio
n5
Tra
de C
onfirm
atio
n
6S
ettle
ment
Inst
ructio
n
16
Settle
ment
Confirm
7 S
ettle
ment
Inst
ructio
n
17 F
undin
g o
f T
rades
20
Cash
Sta
tem
ent
10
Matc
hin
g S
tatu
s U
pdate
15
Settle
ment
Confirm
atio
n
18
Securitie
s S
tate
ment
11
Fundin
g A
dvic
e
19
Cash
Sta
tem
ent
8C
aptu
re/U
L o
f T
ransa
ctio
n D
eta
ils
9M
atc
hin
g C
onfirm
atio
n
14
Settle
ment
Confirm
atio
n
12
Fundin
g o
f H
KM
A A
ccount
13
Confirm
atio
n o
f D
ebit/
Cre
dit
4 Trade Confirmation
387ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
1.
Fo
reig
n In
stit
utio
na
l In
ve
sto
r p
lace
s o
rde
r w
ith I
nte
rna
tion
al B
roke
r2
.In
tern
atio
na
l Bro
ke
r p
lace
s o
rde
r w
ith D
om
estic
Bro
ke
r/B
an
k3
.D
om
estic
Bro
ke
r/B
an
k tra
de
s O
TC
with
Co
un
terp
art
y (
via
ph
on
e o
r, e
.g., B
loo
mb
erg
)4
.D
om
estic
Bro
ke
r/B
an
k s
en
ds tra
de
co
nfirm
atio
n to
In
tern
atio
na
l B
roke
r5
.F
ore
ign
Instit
utio
na
l In
ve
sto
r re
ce
ive
s tr
ad
e c
on
firm
atio
n6
.F
ore
ign
Instit
utio
na
l In
ve
sto
r in
str
ucts
Glo
ba
l Cu
sto
dia
n,
on
se
cu
ritie
s s
ettle
me
nt
an
d c
ash
fu
nd
ing
d
eta
ils
7.
Glo
ba
l Cu
sto
dia
n in
str
ucts
Do
me
stic
Cu
sto
dia
n o
n s
ecu
ritie
s s
ettle
me
nt
8.
Do
me
stic
Cu
sto
dia
n c
ap
ture
s (
eC
MT
or
up
loa
d)
se
ttle
me
nt
instr
uctio
ns in
to C
MU
9.
Do
me
stic
Cu
sto
dia
n r
ece
ive
s tr
an
sa
ctio
n m
atc
hin
g c
on
firm
atio
n f
rom
CM
U,
or
sta
tus u
pd
ate
s1
0.
Do
me
stic
Cu
sto
dia
n s
en
ds m
atc
hin
g s
tatu
s u
pd
ate
to
Glo
ba
l C
usto
dia
n, e
ithe
r a
s r
ep
ort
or,
typ
ica
lly,
pe
r in
div
idu
al tr
an
sa
ctio
n1
1.
Glo
ba
l Cu
sto
dia
n a
dvis
es fu
nd
ing
de
tails
to
Do
me
stic
Cu
sto
dia
n
12
.D
om
estic
Cu
sto
dia
n e
ffe
cts
fun
din
g o
f H
KM
A a
cco
un
t via
CH
AT
S1
3.
Up
on
tra
nsfe
r o
f ca
sh
, H
KM
A s
en
ds c
ash
se
ttle
me
nt
co
nfirm
atio
n to
Do
me
stic
Cu
sto
dia
n1
4.
Up
on
tra
nsfe
r o
f b
on
ds, C
MU
se
nd
s b
on
d s
ettle
me
nt
co
nfirm
atio
n to
Do
me
stic
Cu
sto
dia
n1
5.
Do
me
stic
Cu
sto
dia
n s
en
ds s
ettle
me
nt
co
nfirm
atio
n to
Glo
ba
l C
usto
dia
n1
6.
Fo
reig
n In
stit
utio
na
l In
ve
sto
r re
ce
ive
s s
ettle
me
nt
co
nfirm
atio
n f
rom
Glo
ba
l C
usto
dia
n1
7.
Glo
ba
l Cu
sto
dia
n f
un
ds tr
ad
es in
to D
om
estic
Cu
sto
dia
n H
KD
acco
un
t, o
r in
to F
CY
no
str
o1
8.
Do
me
stic
Cu
sto
dia
n s
en
ds s
ecu
ritie
s s
tate
me
nt
to G
lob
al C
usto
dia
n (
en
d o
f d
ay)
19
.D
om
estic
Cu
sto
dia
n s
en
ds d
eb
it/cre
dit
co
nfirm
atio
n a
s c
ash
sta
tem
en
t to
Glo
ba
l Cu
sto
dia
n (
en
d o
f d
ay)
20
.G
lob
al C
usto
dia
n s
en
ds d
eb
it/cre
dit
co
nfirm
atio
n in
ca
sh
sta
tem
en
t to
Fo
reig
n I
nstit
utio
na
l In
ve
sto
r
(en
d o
f d
ay)
Trade Date T+1 Settlement Date
388 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
389ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
06
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Tre
asu
ry
De
pa
rtm
en
tB
on
d H
old
er
CM
Ua
s C
SD
HK
MA
as P
ayin
g A
ge
nt
1. P
aym
ent
Request
2. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
8. In
tere
st
Paym
ent
Confirm
ation
Acco
un
t M
an
ag
em
en
t In
stit
utio
ns
(CM
U m
em
be
r)
Sam
e E
ntity
Sam
e E
ntity
6. S
ett
lem
ent R
eport
(No T
ax P
aym
ent)
Tax O
ffic
e
4. In
tere
st
Paym
ent
TD
’s
Account
CM
U m
em
ber’
s
Account
Bond H
old
er’
s
Account
HK
MA
(CH
AT
S)
CM
U m
em
be
r7. In
tere
st
Paym
ent
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
HK
MA
’s
Account
5. In
tere
st
Paym
ent
3. N
otification o
f P
aym
ent D
eta
ils
390 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
3 d
ays b
efo
re the in
tere
st p
aym
ent d
ate
, Hong K
ong M
oneta
ry A
uth
ority
(H
KM
A),
as th
e
paym
ent a
gent,
sends in
tere
st p
aym
ent n
otification to
Tre
asury
Depart
ment.
2.
Tre
asury
Depart
ment i
nstr
ucts
HK
MA
to p
ay in
tere
st.
3.
HK
MA
sends C
oupon/D
ivid
end a
nd R
edem
ption N
otificatio
n R
eport
to C
MU
Mem
bers
one b
usin
ess d
ay b
efo
re the p
aym
ent d
ate
.4.
HK
MA
transfe
r cash fo
r in
tere
st f
rom
Tre
asury
Depart
ment’s
account t
o it
’s o
wn a
ccount.
5.
On in
tere
st p
aym
ent d
ate
, H
KM
A p
ays in
tere
st p
roceeds to a
ccount m
anagem
ent
institu
tions (C
MU
Mem
bers
) via
CH
AT
S.
6.
Upon c
om
ple
tion o
f paym
ent,
CM
U s
ends s
ett
lem
ent r
eport
s to
account m
anagem
ent
institu
tions (C
MU
Mem
bers
).7.
Account m
anagem
ent i
nstitu
tions (C
MU
Mem
bers
) subsequently
pay th
e in
tere
st
pro
ceeds to
the b
ond h
old
ers
.8.
Account m
anagem
ent i
nstitu
tions (C
MU
Mem
bers
) notifies b
ond h
old
ers
of in
tere
st
paym
ent.
Pro
cess
of In
tere
st P
aym
ent
391ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
07. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Tre
asu
ry
De
pa
rtm
en
tB
on
d H
old
er
CM
Ua
s C
SD
HK
MA
as P
ayin
g A
ge
nt
1. P
aym
ent
Request
2. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
9. R
edem
ption
Paym
ent
Confirm
ation
Acco
un
t M
an
ag
em
en
t In
stit
utio
ns
(CM
U m
em
be
r)
Sam
e E
ntity
Sam
e E
ntity
6. S
ett
lem
ent R
eport
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)7.R
edem
ption
(No T
ax P
aym
ent)
Tax O
ffic
e
4. R
edem
ption
Paym
ent
Tre
asury
’s
Account
Bond H
old
er’
s
Account
HK
MA
(CH
AT
S)
CM
U m
em
be
r8. R
edem
ption
Paym
ent
5. R
edem
ption
Paym
ent
CM
U m
em
ber’
s
Account
HK
MA
’s
Account
3. N
otification o
f P
aym
ent D
eta
ils
392 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
3 d
ays b
efo
re th
e r
ed
em
ption
paym
ent d
ate
, Hon
g K
on
g M
on
eta
ry A
uth
ority
(H
KM
A),
as
paym
ent a
ge
nt,
se
nd
s re
dem
ption
paym
ent n
otifica
tio
n to
Tre
asu
ry D
epa
rtm
ent.
2.
Tre
asury
De
pa
rtm
ent i
nstr
ucts
HK
MA
to p
ay la
st in
tere
st a
nd p
rin
cip
al.
3.
HK
MA
se
nd
s C
ou
po
n/D
ivid
end a
nd R
ede
mption
No
tificatio
n R
ep
ort
to C
MU
Mem
be
rs
one
busin
ess d
ay b
efo
re the
paym
ent d
ate
.4
.H
KM
A tr
ansfe
rs c
ash fo
r in
tere
st a
nd
red
em
ptio
n p
aym
en
t fro
m T
reasury
De
pa
rtm
en
t’s
acco
unt t
o it
’s o
wn a
ccou
nt.
5.
On re
de
mption
pa
ym
en
t date
, H
KM
A p
ays la
st in
tere
st a
nd
prin
cip
al p
rocee
ds to
accou
nt
man
age
me
nt i
nstitu
tion
s (C
MU
Me
mb
ers
) via
CH
AT
S.
6.
Up
on c
om
ple
tion
of pa
ym
en
t, C
MU
sen
ds s
ett
lem
ent r
ep
ort
s to
acco
un
t ma
nag
em
en
t in
stitu
tio
ns (C
MU
Me
mb
ers
).7
.H
KM
A a
s C
SD
ma
ke
s b
on
d r
ed
em
ptio
n.
8.
Acco
unt m
an
age
me
nt i
nstitu
tions (C
MU
Me
mb
ers
) su
bse
qu
en
tly
pay la
st in
tere
st a
nd
prin
cip
al p
rocee
ds to
bo
nd h
old
ers
.9
.A
cco
unt m
an
age
me
nt i
nstitu
tions (C
MU
Me
mb
ers
) notifie
s b
on
d h
old
ers
of re
dem
ption
p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
393ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
394 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
6. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
Bo
nd
Issu
er
Acco
un
tM
an
ag
em
en
tIn
stit
utio
n(C
MU
Me
mb
er)
HK
MA
(C
MU
)a
sC
SD
Bo
nd
Ho
lde
r
Pa
yin
gA
ge
nt
1. P
aym
ent
Notification
3. N
otification o
f E
ligib
leP
ositio
ns
4. P
aym
ent
Instr
uction
2. A
ccount
Positio
ns R
eport
.5 C
ash
Tra
nsfe
rIs
suer’
s
Account
PA
's A
ccount
CM
U m
em
ber’
s
Account
Bond H
old
er’
s
Account
Pa
yin
g A
ge
nt
CM
U M
em
be
rH
KM
A(C
HA
TS
)7. In
tere
st
Paym
ent
8. In
tere
st
Paym
ent
Sam
e E
ntity
9. In
tere
st
Paym
ent
Confirm
ation
Sam
e E
ntity
(No T
ax P
aym
ent)
Tax O
ffic
e
395ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
ge
nt no
tifies b
ond
issu
er o
f in
tere
st p
aym
ent.
2.
1 d
ay b
efo
re th
e in
tere
st p
aym
en
t da
te, C
MU
sen
ds A
cco
unt P
ositio
ns R
ep
ort
to p
ayin
g
age
nt.
3.
1 d
ay b
efo
re th
e in
tere
st p
aym
en
t da
te, C
MU
sen
ds n
otifica
tio
n o
f elig
ible
po
sitio
ns to
a
cco
un
t man
ag
em
en
t in
stitu
tions (C
MU
Me
mb
ers
).4
.O
n in
tere
st p
aym
en
t da
te, b
on
d is
su
er in
str
ucts
it’s
pa
yin
g a
gen
t to
ma
ke
inte
rest
paym
ent.
5.
Payin
g a
ge
nt tr
ansfe
rs c
ash
fro
m is
su
er’
s a
cco
un
t to it
’s o
wn
acco
un
t.6
.P
ayin
g a
ge
nt in
str
uct H
on
g K
ong
Mo
neta
ry A
uth
ority
(H
KM
A) to
pa
y in
tere
st t
o C
MU
m
em
be
rs v
ia C
HA
TS
.7
.O
n in
tere
st p
aym
en
t da
te, th
e H
KM
Atr
an
sfe
rs th
e in
tere
st p
roce
eds to
the
accou
nt
man
age
me
nt i
nstitu
tion
s (C
MU
Me
mb
ers
) via
CH
AT
S.
8.
CM
U m
em
bers
su
bseq
uen
tly p
ay th
e in
tere
st p
rocee
ds to
th
e b
on
d h
old
ers
.9
.C
MU
me
mb
ers
notifie
s b
on
d h
old
ers
of in
tere
st p
aym
ent.
Pro
cess
of In
tere
st P
aym
ent
396 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
6. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
Bo
nd
Issu
er
Acco
un
tM
an
ag
em
en
tIn
stit
utio
n(C
MU
Me
mb
er)
HK
MA
(C
MU
)a
sC
SD
Bo
nd
Ho
lde
r
Pa
yin
gA
ge
nt
1. P
aym
ent
Notification
3. N
otification o
f E
ligib
leP
ositio
ns
4. P
aym
ent
Instr
uction
2. A
ccount
Positio
ns R
eport
Issuer’
s
Account
CM
U m
em
ber’
s
Account
Bond H
old
er’
s
Account
Pa
yin
g A
ge
nt
CM
U M
em
be
rH
KM
A(C
HA
TS
)7. R
edem
ption
Paym
ent
9. R
edem
ption
Paym
ent
Sam
e E
ntity
10. R
edem
ption
Paym
ent
Confirm
ation
Sam
e E
ntity
8.R
edem
ption
.5 C
ash
Tra
nsfe
rP
A's
Account
(No T
ax P
aym
ent)
Tax O
ffic
e
397ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
HK
09 R
edem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Paym
ent a
gen
t no
tifies b
ond
issu
er o
f re
de
mp
tio
n p
aym
en
t.2
.1
da
y b
efo
re th
e re
de
mption
pa
ym
en
t date
, C
MU
sen
ds A
ccou
nt P
ositio
ns R
ep
ort
to
payin
g a
ge
nt.
3.
1 d
ay b
efo
re th
e re
de
mption
pa
ym
en
t date
, C
MU
sen
ds n
otifica
tio
n o
f elig
ible
positio
ns to
a
cco
un
t man
ag
em
en
t in
stitu
tions (C
MU
Me
mb
ers
).4
.O
n re
de
mption
pa
ym
en
t date
, b
on
d is
sue
r in
str
ucts
it’s
pa
yin
g a
ge
nt to
ma
ke
re
dem
ption
p
aym
ent.
5.
Payin
g a
ge
nt tr
ansfe
rs c
ash
fro
m is
su
er’
s a
cco
un
t to it
’s o
wn
acco
un
t.6
.P
ayin
g a
ge
nt in
str
ucts
Ho
ng
Kon
g M
one
tary
Auth
ority
(H
KM
A) to
pa
y la
st in
tere
st a
nd
p
rin
cip
al t
o C
MU
me
mb
ers
via
CH
AT
S.
7.
On
re
de
mption
pa
ym
en
t date
, H
KM
A tr
an
sfe
rs la
st i
nte
rest a
nd
prin
cip
al p
rocee
ds to
a
cco
un
t ma
na
gem
en
t institu
tio
ns (C
MU
Me
mbe
rs) via
CH
AT
S.
8.
HK
MA
as C
SD
ca
rrie
s o
ut re
dem
ptio
n.
9.
CM
U m
em
bers
su
bseq
uen
tly p
ay la
st in
tere
st a
nd
prin
cip
al p
roce
ed
s to
bo
nd
hold
ers
.1
0.
CM
U m
em
bers
notifie
s b
on
d h
old
ers
of re
dem
ptio
n p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
398 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Indonesia(ID)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
399ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
400 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
I (B
I-R
TG
S)
IDX
–In
do
nesia
n S
tock E
xchan
ge
F
ITS
-F
ixed
-Incom
e T
radin
g S
yste
m C
TP
–C
entr
aliz
ed
Tra
din
g
Pla
tfo
rm K
SE
I –In
do
nesia
n C
entr
al S
ecurities D
epository
K
PE
I –
Indo
nesia
Cle
aring a
nd g
ua
rante
e
Corp
ora
tion
BI –
Ban
k Ind
on
esia
e-B
OC
S –
Ele
ctr
onic
Bon
d C
lea
ring
Syste
m C
-BE
ST
–C
entr
al D
epositary
and
Boo
k E
ntr
y S
ett
lem
en
t
BI-
SS
SS
–B
an
k Ind
on
esia
Scriple
ss S
ecurities S
ett
lem
ent S
yste
m
KS
EI
(C-B
ES
T)
KP
EI
(e-B
OC
S)
IDX
(FIT
S)
OT
C M
ark
et
(tele
ph
on
e)
Paym
ent
Banks
BI (B
I-S
SS
S)
IDX
(C
TP
)
401ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tP
aym
en
t B
an
ks
IDX
–In
do
ne
sia
n S
tock E
xch
an
ge
FIT
S -
Fix
ed
-In
co
me
Tra
din
g S
yste
m
CT
P –
Ce
ntr
aliz
ed
Tra
din
g P
latf
orm
K
SE
I –
Ind
on
esia
n C
en
tra
l S
ecu
ritie
s
KP
EI
(e-B
OC
S)
IDX
(FIT
S)
OT
C M
ark
et
(tele
ph
on
e)
BI(
BI-
RT
GS)
KS
EI
(C-B
ES
T)
IDX
(C
TP
)
KP
EI
–In
do
ne
sia
Cle
ari
ng
an
d g
ua
ran
tee
Co
rpo
ratio
nB
I –
Ba
nk In
do
ne
sia
e-B
OC
S –
Ele
ctr
on
ic B
on
d C
lea
rin
g S
yste
m
C-B
ES
T –
Ce
ntr
al D
ep
osita
ry a
nd
Bo
ok E
ntr
y S
ettle
me
nt
402 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
403ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sell
sid
eB
uy S
ide
Sell
Sid
e/
Sell
Sid
e’s
Sub
Reg
istr
y
Buy S
ide/
Buy S
ide’s
Sub
Reg
istr
y
1.T
rade
(Tele
phone/ B
loom
berg
/ R
eute
rs)
2.P
re-S
ett
lem
ent M
atc
hin
g(T
ele
phone/ S
WIF
T)
IDX
(
CT
P)
4. C
ode N
um
beri
ng
3. O
TC
Tra
de R
eport
ing
R
eq
uir
em
ent
3. O
TC
Tra
de R
eport
ing
R
eq
uir
em
ent
5. R
eport
Refe
rence C
ode
5. R
eport
Refe
rence C
ode
BI
(BI-
SS
SS
)
7. M
atc
hin
g D
VP
9. E
arm
ark
Bond
14. B
ond S
ett
lem
ent
(BI-
RT
GS
)
11. C
ash S
ett
lem
ent
12. C
ash S
ett
lem
ent
Sta
tem
ent
12. C
ash S
ett
lem
ent
Sta
tem
ent
15. S
ett
lem
ent S
tate
ment
15. S
ett
lem
ent S
tate
ment
6. R
VP
Instr
uction
6. D
VP
Instr
uction
8. M
atc
hin
g R
esult
8. M
atc
hin
g R
esult
10. P
aym
ent
Messag
e13. I
rrevocable
Debit/
Cre
dit
404 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
OT
C M
ark
et
(Direct
Connectio
n t
o B
I-S
SS
S )
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
go
ve
rnm
en
t b
on
ds o
ve
r-th
e-c
ou
nte
r. M
ost
of
tra
de
s a
re d
on
e b
y te
lep
ho
ne
s.
2.
Bo
th s
ell
sid
e a
nd
bu
y s
ide
se
nd
pre
-se
ttle
me
nt
ma
tch
ing
instr
uctio
ns o
ve
r th
e S
WIF
T o
r p
re-m
atc
h th
e
tra
de
d d
ata
fo
r se
ttle
me
nt
ove
r th
e t
ele
ph
on
e.
Be
fore
th
e p
re-s
ettle
me
nt
ma
tch
ing
tw
o c
om
po
ne
nts
of
bo
nd
taxe
s w
hic
h a
re c
ap
ital g
ain
ta
x a
nd
inte
rest
(with
ho
ldin
g)
tax n
ee
d to
be
ca
lcu
late
d.
Pre
-se
ttle
me
nt
ma
tch
ing
is p
erf
orm
ed
via
te
lep
ho
ne
or
sw
ift.
3.
Se
ll sid
e o
r b
uy s
ide
ha
ve
to
re
po
rt t
rad
e d
ata
to
Ce
ntr
aliz
ed
Tra
din
g P
latf
orm
(C
TP
) o
f In
do
ne
sia
Sto
ck
Exch
an
ge
(ID
X)
with
in 3
0 m
inu
tes o
f tr
ad
e.
4.
IDX
pu
ts t
he
co
de
on
ea
ch
tra
de
.5
.S
ell
sid
e a
nd
bu
y s
ide
re
ce
ive
re
po
rt r
efe
ren
ce
co
de
fro
m ID
X.
6.
Se
ll sid
e a
nd
bu
y s
ide
ke
y in
th
e D
VP
an
d R
VP
in
str
uctio
ns to
BI-
SS
SS
, re
sp
ectiv
ely
.7
.B
I-S
SS
S p
erf
orm
s th
e m
atc
hin
g.
8.
BI-
SS
SS
re
po
rts th
e m
atc
hin
g r
esu
lts to
th
e s
ell
sid
e a
nd
bu
y s
ide
.9
.B
on
d is
ea
rma
rke
d to
se
cu
re th
e D
VP.
10
.P
aym
en
t m
essa
ge
fo
r D
VP
is s
en
t to
Ba
nk I
nd
on
esia
Re
al T
ime
Gro
ss S
ettle
me
nt
(BI-
RT
GS
)1
1.
Wh
en
the
fu
nd
s a
re a
va
ilab
le,
the
am
ou
nt
is d
eb
ited
fro
m th
e b
uy s
ide
’s c
ash
acco
un
t a
nd
cre
dite
d to
th
e
se
ll sid
e’s
ca
sh
acco
un
t.
12
.B
I-R
TG
S s
en
ds th
e c
ash
se
ttle
me
nt
sta
tem
en
ts t
o t
he
se
ll sid
e a
nd
bu
y s
ide
.1
3.
BI-
RT
GS
no
tifie
s th
e irr
evo
ca
ble
de
bit/
cre
dit
sta
tus t
o B
I-S
SS
S.
14
.B
I-S
SS
S c
om
ple
tes b
on
d s
ettle
me
nt.
15
.B
I-S
SS
S r
ep
ort
s th
e s
ettle
me
nt
sta
tus t
o b
oth
se
ll sid
e a
nd
bu
y s
ide
.
405ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
406 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
Sell
Sid
eB
uy S
ide
Sell
Sid
e/
Sell
Sid
e’s
Sub
Reg
istr
y
Buy S
ide/
Buy S
ide’s
Sub
Reg
istr
y
1.T
rade
(Tele
phone/ B
loom
berg
etc
.)
IDX
(C
TP
)
4. C
ode N
um
beri
ng
3. O
TC
Tra
de R
eport
ing
R
eq
uir
em
ent
3. O
TC
Tra
de R
eport
ing
R
eq
uir
em
ent
5. R
eport
Refe
rence C
ode
5. R
eport
Refe
rence C
ode
KS
EI (
C-B
ES
T)
15. S
ett
lem
ent S
tate
ment
15. S
ett
lem
ent S
tate
ment
10. B
ond S
ett
lem
ent
Instr
uction
10. B
ond S
ett
lem
ent
Instr
uction
12. M
atc
hin
g R
esult
12. M
atc
hin
g R
esult
2.P
re-S
ett
lem
ent M
atc
hin
g(C
-BE
ST
/Tele
phone e
tc.)
Paym
en
t B
an
ks
7. B
uy s
ide c
ash is
tr
ansfe
rred to
KS
EI a/c
6. C
ash T
ransfe
r In
str
uction
to K
SE
I a/c
19. C
ash a
/c In
form
ation
18. S
ell
sid
e c
ash is
tr
ansfe
rred fr
om
KS
EI a/c
to
sell
sid
e a
/c
8. C
ash P
aym
ent
Messag
e
9. C
redit b
uy s
ide a
/c
11. S
ett
lem
ent M
atc
hin
g
13. C
heck b
ala
nce o
f buy s
ide a
/c(c
ash) and
sell
sid
e a
/c (bond)
14. B
ond S
ett
lem
ent
16. C
ash W
ithdra
wal
Instr
uction fr
om
KS
EI a
/c
to s
ell
sid
e a
/c17. C
ash W
ithdra
wal
8. C
ash P
aym
ent M
essag
e
407ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
OT
C M
ark
et
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
co
rpo
rate
bo
nd
s o
ve
r-th
e-c
ou
nte
r. M
ost
of tr
ad
es a
re d
on
e b
y te
lep
ho
ne
s.
2.
Se
ll sid
e c
alc
ula
te p
relim
ina
ry v
alu
e o
f ca
pita
l g
ain
an
d a
ccru
ed
inte
rest d
uri
ng
ho
ldin
g p
eri
od
of
se
ll sid
e
bo
nd
ho
lde
r. T
he
n,
the
se
ll sid
e in
form
s s
uch
info
rma
tion
with
oth
er
tra
de
da
ta t
o b
uy s
ide
. B
uy s
ide
ca
lcu
late
with
ho
ldin
g t
ax o
n th
e a
ccru
ed
inte
rest
an
d c
ap
ital g
ain
. T
he
n,
bu
y s
ide
info
rm n
et
pa
ym
en
t va
lue
to s
ell
sid
e.
Als
o,
bo
th s
ell
sid
e a
nd
bu
y s
ide
aff
irm
tra
de
da
ta e
ach
oth
er
ove
r th
e t
ele
ph
on
e(t
rad
e c
on
firm
atio
n in
fa
x o
r e
-em
ail
form
at)
.
3.
Se
ll sid
e o
r b
uy s
ide
ha
ve
to
re
po
rt t
rad
e d
ata
to
Ce
ntr
aliz
ed
Tra
din
g P
latf
orm
(C
TP
) o
f In
do
ne
sia
Sto
ck
Exch
an
ge
(ID
X)
with
in 3
0 m
inu
tes o
f tr
ad
e d
uri
ng
th
e r
ep
ort
ing
ho
urs
de
term
ine
d b
y t
he
ID
X..
4.
IDX
pu
ts c
od
e o
n e
ach
tra
de
in o
rde
r to
se
ttle
me
nt.
5.
Se
ll sid
e a
nd
bu
y s
ide
re
ce
ive
re
po
rt r
efe
ren
ce
co
de
fro
m ID
X, th
ey a
lso
re
ce
ive
evid
en
ce
of
se
cu
ritie
s
tra
nsa
ctio
n a
nd
Lis
t o
f R
ep
ort
on
Se
cu
ritie
s T
ran
sa
ctio
ns f
rom
IDX
, w
hic
h m
ay b
e d
ow
nlo
ad
ed
fro
m th
e
CT
P.
6.
In th
e c
ase
of
se
ttle
me
nt
tra
nsa
ctio
n d
on
e in
DV
P,
bu
y s
ide
se
nd
s in
str
uctio
n t
o its
ba
nk r
eg
ard
ing
ca
sh
tr
an
sfe
r fr
om
bu
y s
ide
’s c
ash
acco
un
t to
KS
EI
ca
sh
acco
un
t Acco
rdin
gly
, a
mo
un
t o
f re
mitt
an
ce
is n
o n
ee
d
to b
e e
qu
al t
o t
ran
sa
ctio
n v
alu
e,
ho
we
ve
r th
e t
ota
l a
mo
un
t a
va
ilab
le in
th
e b
uy s
ide
’s K
SE
I ca
sh
acco
un
t m
ust co
ve
r th
e t
ran
sa
ctio
n v
alu
e,
ho
we
ve
r th
e t
ota
l a
mo
un
t a
va
ilab
le in
th
e b
uy s
ide
’s K
SE
I ca
sh
acco
un
t m
ust co
ve
r th
e t
ran
sa
ctio
n v
alu
e7
.T
he
re
leva
nt
pa
ym
en
t b
an
k r
ece
ive
s c
ash
tra
nsf
er
fro
m b
uy s
ide
’sca
sh
acco
un
t in
to K
SE
I ca
sh
acco
un
t.8
.P
aym
en
t b
an
ks s
en
d c
ash
pa
ym
en
t m
essa
ge
to
KS
EI.
9.
KS
EI
cre
dits
bu
y s
ide
acco
un
t in
C-B
ES
T.1
0.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
bo
nd
se
ttle
me
nt
instr
uctio
ns to
KS
EI(
C-B
ES
T),
re
sp
ectiv
ely
. T
he
instr
uctio
n
mu
st sp
ecify w
he
the
r it
is a
DV
P (
De
live
ry V
ers
us P
aym
en
t) o
r a
DF
OP
(D
eliv
ery
Fre
e o
f P
aym
en
t)
instr
uctio
n.
408 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
OT
C M
ark
et
11
.K
SE
I p
erf
orm
s s
ettle
me
nt
ma
tch
ing
.1
2.
KS
EI
rep
ort
s m
atc
hin
g r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
,if b
oth
th
e b
on
ds a
nd
th
e c
ash
are
ava
ilab
le in
th
e
resp
ectiv
e a
cco
un
ts.
13
.F
or
DV
P in
str
uctio
n,
KS
EI
ch
ecks b
ala
nce
of
bu
y s
ide
ca
sh
acco
un
t a
nd
se
ll sid
e b
on
da
cco
un
t.1
4.
KS
EI
pe
rfo
rms b
on
d s
ettle
me
nt
at
the
tim
e d
esig
na
ted
by th
e b
uy s
ide
an
d th
e s
ell
sid
e s
ub
ject
to K
SE
I’s
bu
sin
ess h
ou
rs.
15
.K
SE
I se
nd
s s
ettle
me
nt
sta
tem
en
t to
se
ll sid
e a
nd
bu
y s
ide
.1
6.
Se
ll sid
e s
en
ds in
str
uctio
n t
o K
SE
I re
ga
rdin
g c
ash
with
dra
wa
l fr
om
se
ll sid
e’s
KS
EI
ca
sh
acco
un
t to
se
ll sid
e c
ash
acco
un
t. F
un
d t
ran
sfe
r fr
om
KS
EI
ca
sh
acco
un
t ca
n o
nly
be
do
ne
by tra
nsfe
rrin
g th
e f
un
d in
to
an
op
era
tion
al a
cco
un
t o
pe
ne
d b
y s
ell
sid
e a
t a
pa
ym
en
t b
an
k. A
mo
un
t o
f re
mitt
an
ce
is n
o n
ee
d to
be
e
qu
al t
o t
ran
sa
ctio
n v
alu
e.
17
.K
SE
I se
nd
s c
ash
with
dra
wa
l in
str
uctio
n t
o t
he
re
leva
nt
pa
ym
en
t b
an
k.
Pa
ym
en
t b
an
k p
rovid
es in
tra
da
y
facili
ty fo
r K
SE
I in
ca
se
th
ere
is n
ot
su
ffic
ien
t ca
sh
ba
lan
ce
in th
e r
ele
va
nt p
aym
en
t b
an
k.
18
.T
he
re
leva
nt
pa
ym
en
t b
an
ks tra
nsfe
r ca
sh
fro
m s
ell
sid
e’s
KS
EI
ca
sh
acco
un
t to
se
ll sid
e’s
op
era
tion
al
acco
un
t in
th
e r
ele
va
nt p
aym
en
t b
an
k.
19
.P
aym
en
t b
an
ks s
en
d c
ash
acco
un
t in
form
atio
n t
o s
ell
sid
e.
409ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
410 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
9Trade
Reporting
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
(Sub-R
egis
try)
Co
un
ter-
pa
rty
BI
BI-
RT
GS
ClearingMatching &Settlement
Cross-Border
BI
BI-
SS
SS
As C
ash
Corr
espondent
Trading
IDX
(I
BP
A)
CashSettlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
5 T
rade C
onfirm
atio
n6
Tra
de C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
23
Settle
ment
Confirm
8 a
Settle
ment
Inst
ructio
n
8 b
FX
/Fundin
g I
nst
ructio
n
16
FX
Confirm
atio
n
27
Cash
Sta
tem
ent
4Trade
Reporting
11
Pre
-Matc
hin
g S
tatu
s/T
ax I
nfo
14
Am
ended I
nst
ructio
n r
e T
ax
22
Settle
ment
Confirm
atio
n
25
Securitie
s S
tate
ment
24
Fundin
g o
f T
rades
26
Cash
Sta
tem
ent
18
Captu
re/U
L o
f T
ransa
ctio
n D
eta
ils
19
Retr
ieval of
Matc
hin
g S
tatu
s
21
Settle
ment
Confirm
atio
n
17
Fundin
g o
f B
I A
ccount
20
Confirm
atio
n o
f D
ebit/
Cre
dit
12
Request
Am
endm
ent
13
Am
ended I
nst
ructio
n
411ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
1.
Fore
ign Institu
tional
Investo
r pla
ces o
rder
with I
nte
rnational B
roker
2.
Inte
rnational B
roker/
Dom
estic I
nvesto
r pla
ces o
rder
with D
om
estic B
roker/
Bank
3.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y a
gre
e o
n O
TC
tra
de (
via
e.g
. phone o
r B
loom
berg
)4.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y r
eport
tra
de t
o ID
X (
IBP
A)
for
price d
iscovery
(w
ithin
30 m
ins
of tr
ade)
5.
Dom
estic B
roker/
Bank s
ends t
rade c
onfirm
ation t
o Inte
rnational
Bro
ker
6.
Fore
ign Institu
tional
Investo
r re
ceiv
es t
rade c
onfirm
ation
7.
Fore
ign Institu
tional
Investo
r in
str
ucts
Glo
bal C
usto
dia
n,
on s
ecurities s
ettle
ment
and c
ash/fundin
g d
eta
ils8.
Glo
bal C
usto
dia
n i
nstr
ucts
Dom
estic C
usto
dia
n/S
ub-R
egis
try on (
a)
securities s
ettle
ment
deta
ils,
(b)
FX
request
or
fundin
g
deta
ils9.
Dom
estic C
usto
dia
n/S
ub-R
egis
try re
port
s t
rade d
eta
ils t
o ID
X (
within
30 m
ins
of re
ceip
t of in
str
uction),
and o
bta
ins C
TP
num
ber.
10.
Dom
estic C
usto
dia
n/S
ub-R
egis
try pre
-matc
hes w
ith C
ounte
rpart
y (
via
phone o
r em
ail)
, C
GT
calc
ula
ted a
nd a
gre
ed
11.
Dom
estic C
usto
dia
n/S
ub-R
egis
try advis
es G
lobal
Custo
dia
n o
n r
equired a
mendm
ent
of se
ttle
ment
am
ount
for
CG
T12.
Glo
bal C
usto
dia
n r
equests
Fore
ign I
nstitu
tional
Investo
r to
am
end s
ettle
ment
am
ount
for
CG
T
13.
Fore
ign Institu
tional
Investo
r sends a
mended s
ettle
ment
instr
uction t
o G
lobal C
usto
dia
n14.
Glo
bal C
usto
dia
n s
ends a
mended s
ettle
ment
instr
uction t
o D
om
estic C
usto
dia
n/S
ub-R
egis
try
15.
Dom
estic C
usto
dia
n/S
ub-R
egis
try and C
ounte
rpart
y p
re-m
atc
h a
gain
on a
mended s
ettle
ment
am
ount
(via
phone o
r em
ail)
16.
Dom
estic C
usto
dia
n/S
ub-R
egis
try confirm
s a
ctu
al F
X a
mount
to G
lobal C
usto
dia
n17.
Dom
estic C
usto
dia
n/S
ub-R
egis
try fu
nds its
account
at
BI via
RT
GS
18.
Dom
estic C
usto
dia
n/S
ub-R
egis
try ente
rs o
r uplo
ads t
rade d
eta
ils into
BI-
SS
SS
syste
m
19.
Dom
estic C
usto
dia
n/S
ub-R
egis
try re
trie
ves B
I-S
SS
S m
atc
hin
g s
tatu
s20.
Upon s
ettlin
g c
ash,
BI-
RT
GS
sends d
ebit/c
redit c
onfirm
ation t
o D
om
estic C
usto
dia
n/S
ub-R
egis
try
21.
Upon s
ettlin
g s
ecurities,
BI-
SS
SS
sends s
ettle
ment
confirm
ation f
or
securities t
o D
om
estic C
usto
dia
n/S
ub-R
egis
try
22.
Dom
estic C
usto
dia
n/S
ub-r
egis
try sends s
ettle
ment
confirm
ation t
o G
lobal C
usto
dia
n23.
Glo
bal C
usto
dia
n s
ends s
ettle
ment
confirm
ation t
o F
ore
ign I
nstitu
tional
Investo
r24.
Glo
bal C
usto
dia
n f
unds a
ccount
with D
om
estic C
usto
dia
n/S
ub-R
egis
try
25.
Dom
estic C
usto
dia
n/S
ub-R
egis
try sends s
tate
ment
of
securities t
o G
lobal C
usto
dia
n (
at end o
f day)
26.
Dom
estic C
usto
dia
n/S
ub-r
egis
try sends d
ebit/c
redit info
rmation i
n c
ash s
tate
ment
(at
end o
f day)
27.
Glo
bal C
usto
dia
n s
ends d
ebit/c
redit info
rmation i
n c
ash s
tate
ment
(at
end o
f day)
to F
ore
ign I
nstitu
tional In
vesto
r
Trade Date T+1 Settlement Date
412 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
413ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID06
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
BI-
SS
SS
as C
SD
2. P
aym
ent
Instr
uction
6.I
nte
rest P
aym
ent
Notice
BI
As P
ayin
g A
ge
nt
Cash
Flo
w
Info
rmation
Flo
w
BI-
SS
SS
P
art
icip
an
ts
inclu
din
g S
ub
-re
gis
trie
s
1. P
aym
ent
Info
rmation
3. In
tere
st
Paym
ent
MO
F’s
A
ccount
Part
icip
ant
/ S
ub
R
egis
try’s
A
cco
un
t
Bond H
old
er’
s
Account
BI(
BI-
RT
GS
)P
art
icip
an
t/S
ub
Re
gis
try’s
Syste
m
5. In
tere
st
Paym
ent
BI’s A
ccount
4. In
tere
st
Paym
ent
Tax O
ffic
e
7.T
ax P
aym
ent
Sam
e E
ntity
Sam
e E
ntity
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
BI(
BI-
SO
SA
)
414 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
Bank In
donesia
(B
I) n
otifies M
inis
try o
f F
inance (M
OF
) of paym
ent i
nfo
rmation.
2.
MO
F in
str
ucts
Bank In
donesia
(BI)
to p
ay in
tere
st.
3.
BI tr
ansfe
rs c
ash fo
r in
tere
st p
aym
ent f
rom
MO
F’s
account t
o B
I’s o
wn a
ccount.
4.
BI m
akes in
tere
st p
aym
ent t
o B
I-S
SS
S p
art
icip
ant i
nclu
din
g s
ub
-regis
trie
s.
5.
BI-
SS
SS
part
icip
ants
cre
dit b
ond h
old
ers
’ account w
ith in
tere
st.
6.
BI-
SS
SS
part
icip
ants
notify
bond h
old
er
of in
tere
st p
aym
ent.
7.
BI-
SS
SS
part
icip
ants
pay in
com
e ta
x to tax o
ffic
e.
※B
I-S
SS
S:
Bank I
ndonesia
Scriple
ss
Securities S
ett
lem
ent S
yste
m
Pro
cess
of In
tere
st P
aym
ent
415ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID0
7. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
BI(
BI-
RT
GS
)B
I(B
I-S
OS
A)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
BI-
SS
SS
as C
SD
2. P
aym
ent
Instr
uction
7.R
edem
ption P
aym
ent
Notice
BI
As P
ayin
g A
ge
nt
Cash
Flo
w
Info
rmation
Flo
w
BI-
SS
SS
P
art
icip
an
ts
inclu
din
g S
ub
-re
gis
trie
s
1. P
aym
ent
Info
rmation
3.R
edepm
tion
Paym
ent
MO
F’s
A
ccount
Bond H
old
er’
s
Account
Pa
rtic
ipa
nt/S
ub
Re
gis
try’s
syste
m
6.R
edem
ption
Paym
ent
4.R
edepm
tion
Paym
ent
Tax O
ffic
e
8.T
ax P
aym
ent
Sam
e E
ntity
Sam
e E
ntity
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
Part
icip
ant / S
ub
Regis
try’s
Account
BI’s A
ccount
5.R
edem
ption
416 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
BI notifies M
inis
try o
f F
inance (M
OF
) of paym
ent i
nfo
rmation.
2.
MO
F in
str
ucts
Ban
k In
do
nesia
(BI)
to p
ay r
ede
mption.
3.
BI tr
ansfe
rs c
ash fo
r re
dem
ption
paym
ent f
rom
MO
F’s
account t
o B
I’s o
wn a
ccount.
4.
BI m
akes red
em
ption p
aym
ent t
o B
I-S
SS
S p
art
icip
an
t inclu
din
g s
ub
-reg
istr
ies.
5.
BIm
akes b
on
d redem
ption
.6.
BI-
SS
SS
part
icip
ants
cre
dit b
on
d h
old
ers
’ accoun
t with rede
mption.
7.
BI-
SS
SS
part
icip
ants
no
tify
bond
ho
lder
of re
de
mption p
aym
en
t.8.
BI-
SS
SS
pa
rtic
ipan
tspay in
com
e ta
x a
nd c
apital g
ain
tax to tax o
ffic
e.
※B
I-S
SS
S:
Bank I
ndonesia
Scriple
ss
Securities S
ett
lem
ent S
yste
m
Pro
cess
of R
edem
ptio
n P
aym
ent
417ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
418 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Ho
lde
r
Tax O
ffic
e
5.D
GT
Form
s*
4. Tax D
ocs*
(DG
T F
orm
s)
14.I
nte
rest
Paym
ent
Notice
Cu
sto
dia
n
1.A
nnouncem
ent
3. O
n R
D+
1, Lis
t of
Bondhold
ers
2. O
n R
D+
1, M
em
ber
Entitlem
ent
15.I
nte
rest P
aym
ent
Confirm
ation a
nd D
GT
Bo
nd
Issu
er
KS
EI
as C
SD
Cash
Flo
w
Info
rmation
Flo
w
7. C
ash
Tra
nsfe
rIs
suer’
s
Account
KS
EI’s
Account
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
Cu
sto
dia
nK
SE
I’s P
aym
en
t B
an
ks
13.I
nte
rest
Paym
ent
16.T
ax P
aym
ent
17.T
ax
Docs
18.P
roof of Tax
Paym
ent
Sam
e E
ntity
6.O
n P
D-1
, P
aym
ent
Instr
uction
8.P
aym
ent
Confirm
ation
*only
if
the
fo
reig
n inve
sto
rs w
ou
ld lik
e t
o e
njo
y t
he t
ax t
rea
ty b
ene
fits
DG
T:
Do
uble
Ta
xatio
n C
onve
ntio
n
2. O
n R
D+
1,
Mem
ber
Entitlem
ent
KS
EI’s
Account
Bond
Hold
er’
s
Account
10.W
ithdra
wal
Instr
uction
12. C
ash
transfe
r
9.In
tere
st P
aym
ent
11. C
ash
withdra
wal
419ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Up
on
re
ce
ivin
g n
otic
e f
rom
th
e b
on
d is
su
er
on
th
e p
rop
ose
d p
aym
en
t o
f in
tere
st, K
SE
I a
nn
ou
nce
s th
e
pro
po
se
d p
aym
en
t o
f in
tere
st to
cu
sto
dia
n b
an
ks.
2.
On
re
co
rdin
g d
ate
, K
SE
I ca
lcu
late
s in
tere
st a
mo
un
t o
n b
eh
alf o
f e
ach
bo
nd
ho
lde
rs, in
clu
din
g t
ax
ob
liga
tion
. O
n r
eco
rdin
g d
ate
+1
, K
SE
I ca
rrie
s o
ut
me
mb
er
en
title
me
nt
to c
usto
dia
ns. C
usto
dia
n
info
rms th
e e
ntit
lem
en
t to
th
e b
on
d h
old
er.
3.
On
re
co
rdin
g d
ate
+1
, K
SE
I se
nd
s li
st
of
bo
nd
ho
lde
rs a
nd
re
qu
est fo
r p
aym
en
t to
bo
nd
issu
er
(at th
e
late
st 3
bu
sin
ess d
ays p
rio
r to
pa
ym
en
t d
ate
). O
n th
e o
the
r h
an
d r
em
ind
er
of
inte
rest
pa
ym
en
t co
nfirm
atio
n (
gro
ss a
mo
un
t) w
ill b
e s
en
t to
th
e b
on
d is
su
er
10
bu
sin
ess d
ay b
efo
re p
aym
en
t.
4.
Bo
nd
ho
lde
rs w
ho
wa
nt to
en
joy ta
x t
rea
ty b
en
efit
se
nd
tax d
ocs in
Do
ub
le T
axa
tion
Ag
ree
me
nt
in D
GT
fo
rms to
cu
sto
dia
n b
an
ks
for
su
bm
issio
n to
KS
EI. .
5
.C
usto
dia
ns s
en
d ta
x d
ocs in
DG
T f
orm
s to
KS
EI.
6.
No
t la
test
tha
n 1
bu
sin
ess d
ay p
rio
r to
pa
ym
en
t d
ate
(p
aym
en
t d
ate
-1
), B
on
d issu
er
mu
st
instr
ucts
on
e
of a
pp
oin
ted
KS
EI’s
pa
ym
en
t b
an
ks tra
nsfe
r in
tere
st
pa
ym
en
t to
KS
EI’s
acco
un
t. A
mo
un
t is
gro
ss
be
fore
tax.
7.
Pa
ym
en
t b
an
k tra
nsfe
rs c
ash
to
KS
EI’s
acco
un
t.
8.
Pa
ym
en
t b
an
k s
en
ds c
on
firm
atio
n o
f ca
sh
tra
nsfe
r to
KS
EI.
9.
KS
EI
pro
ce
sse
s in
tere
st
pa
ym
en
t to
bo
nd
ho
lde
rs a
cco
un
t in
C-B
ES
T.
10
.C
usto
dia
ns in
pu
t ca
sh
with
dra
wa
l in
str
uctio
n to
KS
EI.
11
.K
SE
I se
nd
s in
str
uctio
n t
o t
ran
sfe
r in
tere
st
pa
ym
en
t (n
et
of ta
x)
fro
m K
SE
I’s a
cco
un
t to
re
leva
nt
cu
sto
dia
n’s
acco
un
t.
12
.P
aym
en
t b
an
k tra
nsfe
rs c
ash
fro
m K
SE
I’s a
cco
un
t to
cu
sto
dia
ns’ a
cco
un
ts.
Pro
cess
of In
tere
st P
aym
ent
(1/2
)
420 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
13
.C
usto
dia
ns c
red
it to
bo
nd
ho
lde
r’s a
cco
un
ts w
ith in
tere
st p
aid
by K
SE
I’s p
aym
en
t b
an
k.
14
.C
usto
dia
ns n
otif
y b
on
d h
old
ers
of
inte
rest p
aym
en
t..
15
.K
SE
I su
bm
its in
tere
st
pa
ym
en
t co
nfirm
atio
n a
nd
DG
T f
orm
to
th
e b
on
ds is
su
er.
16
.K
SE
I a
s p
ayin
g a
ge
nt
pa
ys ta
x t
o t
ax o
ffic
e th
rou
gh
pa
ym
en
t b
an
k.
17
.B
on
d is
su
er
rep
ort
s a
nd
se
nd
s ta
x d
ocs to
ta
x o
ffic
e.
18
.Ta
x o
ffic
e c
lari
fie
s a
nd
pro
of ta
x p
aym
en
t to
Bo
nd
issu
er
.
NO
TE
: F
ore
ign
inve
sto
rs w
ho
are
no
t d
om
icile
d o
r w
ho
do
no
t w
ish
to
en
joy t
rea
ty b
en
efits
, a
re n
ot
req
uir
ed
to
su
bm
it a
ny ta
x d
ocu
me
nt.
Pro
cess
of In
tere
st P
aym
ent
(2/2
)
421ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Ho
lde
r
Tax O
ffic
e
5. D
GT
Form
s*
4. Tax d
ocs*
(DG
T F
orm
s)
14.R
edem
ption
Paym
ent
Notice
Cu
sto
dia
n
1.A
nnouncem
ent
3. O
n R
D+
1 L
ist of
Bondhold
ers
2. on R
D+
1,
Mem
ber
Entitlem
ent
15. R
edem
ption p
aym
ent
confirm
ation a
nd D
GT
Form
s
Bo
nd
Issu
er
KS
EI
as C
SD
Cash
Flo
w
Info
rmation
Flo
w
7. C
ash
Tra
nsfe
rIs
suer’
s
Account
KS
EI’s
Account
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
Cu
sto
dia
nK
SE
I’s P
aym
en
t B
an
ks
12. C
ash t
ransfe
r13.R
edem
ption
Paym
ent
16.T
ax P
aym
ent
17.T
ax
Docs
18.P
roof of ta
x
paym
ent
Sam
e E
ntity
6.O
n P
D -
1, P
aym
ent
Instr
uction
11. C
ash
withdra
wal
8.P
aym
ent
Confirm
ation
*only
if th
e fore
ign investo
rs w
ould
lik
e t
o e
njo
y t
he tax t
reaty
benefits
DG
T:
Double
Taxation C
onvention
2. O
n R
D+
1,
Mem
ber
Entitlem
ent
KS
EI’s
Account
Bond
Hold
er’s
Account
10.w
ithdra
wa
l Instr
uction
9.R
edem
ption
422 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
ID09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Upon r
eceiv
ing n
otice f
rom
the b
ond issuer
on the p
roposed r
edem
ption p
aym
ent,
KS
EI
announces p
aym
ent to
custo
dia
n b
anks.
2.
On record
ing d
ate
, K
SE
I calc
ula
tes r
edem
ption a
mount
on b
ehalf o
f each b
ond h
old
ers
, in
clu
din
g t
ax o
blig
ation.
On
record
ing d
ate
+ 1
, K
SE
I carr
ies o
ut m
em
ber
entitlem
ent to
custo
dia
ns. C
usto
dia
n info
rms the e
ntitlem
ent to
the b
ond
hold
er.
3.
On record
ing d
ate
+ 1
, K
SE
I sends lis
t of bond h
old
ers
and r
equest
for paym
ent
to the b
ond issuer
(at th
e la
test 3
busin
ess d
ays p
rior
to p
aym
ent date
). O
n t
he o
ther
hand, re
min
der
of re
dem
ption p
aym
ent confirm
ation (
gro
ss a
mount)
is
sent to
the b
ond issuer
10 b
usin
ess d
ay b
efo
re.
4.
Bond h
old
ers
who w
ant
to e
njo
y tax tre
aty
benefit send
tax d
ocs in D
ouble
Taxation A
gre
em
ent in
DG
T f
orm
s to
custo
dia
n b
anks f
or
subm
issio
n t
o K
SE
I.
5.
Custo
dia
ns s
end t
ax d
ocs in D
GT
form
s to K
SE
I.6.
Not la
test th
an 1
busin
ess d
ay p
rior
to p
aym
ent date
(P
aym
ent date
–1),
Bond issuer
instr
ucts
one o
f appoin
ted K
SE
I’s
paym
ent banks t
o tra
nsfe
r c
ash f
or
redem
ption p
aym
ent to
KS
EI’s a
ccount.
Am
ount is
gro
ss b
efo
re tax.
7.
Paym
ent bank t
ransfe
rs c
ash t
o K
SE
I’s a
ccount.
8.
Paym
ent bank s
ends c
onfirm
ation o
f cash t
ransfe
r to
KS
EI.
9.
KS
EI pro
cesses r
edem
ption in
C-B
ES
T.
10.
Custo
dia
ns in
put
cash w
ithdra
wal in
str
uction.
11.
KS
EI sends instr
uction to t
ransfe
r princip
al and la
st
inte
rest paym
ent (n
et of ta
x)
from
KS
EI’s a
ccount
to r
ele
vant
custo
dia
n’s
account.
12.
Paym
ent bank t
ransfe
rs c
ash f
rom
KS
EI’s a
ccount t
o c
usto
dia
ns’ accounts
13.
Custo
dia
ns c
redit t
o b
ondhold
er’
s a
ccounts
with r
edem
ption a
nd last
inte
rest paym
ent paid
by K
SE
I’s p
aym
ent bank.
14.
Custo
dia
ns n
otify
bond h
old
ers
of re
dem
ption a
nd la
st
inte
rest paym
ent.
15.
KS
EI subm
its r
edem
ption p
aym
ent confirm
ation a
nd D
GT
form
to the b
onds is
suer.
16.
KS
EI as a
payin
g a
gent pays t
ax to tax o
ffic
e thro
ugh p
aym
ent bank.
17.
Bond is
suer
report
s a
nd s
ends t
ax d
ocum
ents
to t
ax o
ffic
e.
18.
Tax o
ffic
e c
larifies a
nd p
roofs
tax p
aym
ent to
Bond I
ssuer.
Pro
cess
of R
edem
ptio
n P
aym
ent
423ASEAN+3 Bond Market Guide | Volume 3 | Part 3
Japan(JP)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
424 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
425ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
JA
SD
EC
(P
SM
S)
JS
CC
BO
J(B
OJ-N
ET
JG
B S
erv
ices)
BO
J (
BO
J-N
ET
Fu
nd
s T
ran
sfe
r S
yste
m)
BO
J: B
ank
of Ja
pan
JASD
EC: Ja
pan S
ecu
rities
Deposi
tory
Cente
r, I
nc.
TS
ETokyo O
TC
mark
et
JA
SD
EC
(P
SM
S)
Trans. Flow for JGB
Tras. Flow for
JGB (via PSMS)
Trans. Flow for Foreign Investors
JGB:
Japanese
Gove
rnm
ent
Bond
OTC:
Ove
r th
e C
ounte
r
PSM
S: Pre
-Sett
lem
ent
Matc
hin
g S
yste
m
TSE:
Toky
o S
tock
Exc
hange
426 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
JA
SD
EC
(P
SM
S)
JA
SD
EC
(B
ook-E
ntr
y T
ran
sfe
r S
yste
m)
BO
J (
BO
J-N
ET
Fu
nd
s T
ran
sfe
r S
yste
m)
BO
J: B
an
k o
f Ja
pa
nJA
SD
EC
: Ja
pa
n S
ecu
ritie
s D
ep
osito
ry C
en
ter,
In
c.
TS
E
No
te1
: N
on
fix
ed
inco
me
bo
nd
s s
uch
as c
on
ve
rtib
le b
on
ds a
re n
ot
inclu
de
d h
ere
.
Tokyo O
TC
mark
et
JA
SD
EC
(P
SM
S)
Trans. Flow for Foreign Investors
Tran. Flow for Corporate Bond
OT
C: O
ve
r th
e C
ou
nte
rP
SM
S:
Pre
-Se
ttle
me
nt
Ma
tch
ing
Syste
mT
SE
: To
kyo
Sto
ck E
xch
an
ge
427ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
428 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades O
TC
Mark
et
(JG
B)
/ D
VP
thro
ugh T
rade M
atc
hin
g
(PS
MS
)
Buy S
ide’s
Ag
ent
for F
unds
Sell
Sid
eB
uy S
ide
JA
SD
EC
(PS
MS
)
1. T
rade
2. T
rade r
eport
3. T
rade M
atc
hin
g
4. N
otice D
ata
of
Tra
de M
atc
hin
g S
tatu
s4. N
otice D
ata
of
Tra
de M
atc
hin
g S
tatu
s
2. T
rade r
eport
Sell
Sid
e’s
Ag
ent fo
r S
ecuri
ties
Buy S
ide’s
Ag
ent
for S
ecuri
ties
Sell
Sid
e’s
Ag
ent
for F
unds
7. N
otice o
f A
ccepta
nce o
f JG
B
Tra
nsfe
r In
str
uction fo
r D
VP
7. N
otice o
f A
ccepta
nce o
f JG
B
Tra
nsfe
r In
str
uction fo
r D
VP
8-1
. DV
P R
eq
uest
7. N
otice o
f JG
B T
ransfe
r In
str
uction fo
r D
VP
8-2
. Notice o
f A
ccepta
nce
of D
VP
Req
uest
9-2
. Notice o
f A
ccepta
nce
of D
VP
Req
uest
11. N
otice o
f C
redit to C
urr
ent
Account f
or
DV
P
11. N
otice o
f D
VP
Sett
lem
ent
10. N
otice o
f D
VP
Sett
lem
ent
11. N
otice o
f D
VP
S
ett
lem
ent
BO
J
(BO
J-N
ET
)
9-1
. DV
P R
eq
uest
(Deliv
ere
rof
JG
B)
(Receiv
erof
Funds)
10. C
ash S
ett
lem
ent
10. B
ond S
ett
lem
ent
DV
P
Securi
ties
Serv
ices
RT
GS
(Receiv
erof
JG
B)
(Sender
of
Funds)
5. S
ett
lem
ent M
atc
hin
g
Sta
ndin
g S
ettle
ment
Inst
ructio
n
6. J
GB
Tra
nsfe
r In
str
uction
7. N
otice o
f A
ccepta
nce o
f JG
B T
ransfe
r In
str
uction fo
r D
VP
8-2
. Notice o
f D
VP
Req
uest b
y
Deliv
ere
r of JG
B
429ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP03.
Govern
ment
Tra
nsacti
on F
low
for
Dom
esti
c T
rades O
TC
Mark
et
(JG
B)
/ D
VP
thro
ugh T
rade M
atc
hin
g
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
go
ve
rnm
en
t b
on
d o
ve
r-th
e-c
ou
nte
r.
2.
Bo
th s
ell
sid
e a
nd
bu
y s
ide
se
nd
tra
de
re
po
rt to
Ja
pa
n S
ecu
ritie
s D
ep
osito
ry C
en
ter,
In
c.(
JA
SD
EC
).
3.
JA
SD
EC
pe
rfo
rms tr
ad
e m
atc
hin
g.
4.
JA
SD
EC
no
tifie
s b
oth
se
ll sid
e a
nd
bu
y s
ide
of tr
ad
e m
atc
hin
g s
tatu
s.
5.
JA
SD
EC
pe
rfo
rms s
ettle
me
nt
ma
tch
ing
with
Sta
nd
ing
Se
ttle
me
nt
Instr
uctio
n(S
SI)
ge
ne
rate
d b
y P
re-S
ett
lem
ent
Matc
hin
g S
yste
m(P
SM
S).
6.
JA
SD
EC
se
nd
s J
GB
tra
nsfe
r in
str
uctio
n t
o B
an
k o
f Ja
pa
n(B
OJ).
7.
BO
J n
otif
ies J
AS
DE
C,
se
ll sid
e a
nd
bu
y s
ide
of
acce
pta
nce
of
instr
uctio
n.
8-1
.Se
ll sid
e e
nte
rs D
VP
re
qu
est to
BO
J.
8-2
.BO
J n
otif
ies s
ell
sid
e a
nd
bu
y s
ide
of
acce
pta
nce
of
instr
uctio
n.
9-1
.Bu
y s
ide
en
ters
DV
P r
eq
ue
st to
BO
J.
9-2
.BO
J n
otif
ies b
uy s
ide
of
acce
pta
nce
of
instr
uctio
n.
10
.B
OJ p
erf
orm
s b
on
d a
nd
ca
sh
se
ttle
me
nt.
11.
Wh
en
DV
P s
ettle
me
nt
co
mp
lete
d,
BO
J n
otif
ies s
ell
sid
e a
nd
bu
y s
ide
of
bo
nd
an
d c
ash
se
ttle
me
nt.
OT
C M
ark
et
430 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades O
TC
Mark
et
(JG
B)
/ D
VP
(N
ew
BO
J-N
ET)
thro
ugh
Tra
de M
atc
hin
g (
PS
MS
) and J
SC
C
Selle
rB
uyer
JA
SD
EC
(PS
MS
)
1. T
rade
2. T
rade r
eport
3. T
rade M
atc
hin
g4. N
otice D
ata
of
Tra
de M
atc
hin
g S
tatu
s
4. N
otice D
ata
of
Tra
de M
atc
hin
g S
tatu
s
2. T
rade r
eport
5. M
atc
hed T
rade R
eport
PS
MS
PS
MS
JS
CC
6. A
ppro
val of
Oblig
atio
n
8. N
ovatio
n
10. N
ettin
g
7. N
otic
e D
ata
of
Appro
val
of O
blig
atio
n
7. N
otic
e D
ata
of
Appro
val
of O
blig
atio
n
12. D
VP
Ord
er
9. N
otic
e D
ata
of
Novatio
n
11. N
otic
e D
ata
of
Nettin
g
9. N
otic
e D
ata
of
Novatio
n
11. N
otic
e D
ata
of
Nettin
g
Sourc
e: B
ank o
f Japan a
nd J
AS
DE
C (
modifie
d b
y p
resente
r)
431ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JJP
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades O
TC
Mark
et
(JG
B)
/ D
VP
(N
ew
BO
J-N
ET)
th
rough T
rade M
atc
hin
g (
PS
MS
) and J
SC
C
Selle
r’s a
gent f
or
securi
ties
Buyer’
s a
gent f
or
securi
ties
Selle
r’s a
gent f
or
funds
Buyer’
s a
gent f
or
funds
14. N
otice o
f A
ccepta
nce o
f JG
B
Tra
nsfe
r In
str
uction fo
r D
VP
14. N
otice o
f A
ccepta
nce o
f JG
B
Tra
nsfe
r In
str
uction fo
r D
VP
15-1
. DV
P R
eq
uest
14. N
otice o
f JG
B T
ransfe
r In
str
uction fo
r D
VP
14.
No
tice
of
Accepta
nce
of
JG
BT
ran
sfer
Inst
ructio
nfo
rD
VP
16-1
. Notice o
f A
ccepta
nce o
f D
VP
R
eq
uest
16-2
. Notice o
f A
ccepta
nce o
f D
VP
R
eq
uest (
for cash)
16-1
.N
otic
eof
Accepta
nce
of
DV
PR
equest
17. N
otice o
f cre
dit to c
urr
ent
account f
or D
VP
17. N
otice o
f D
VP
Sett
lem
ent
17. N
otic
e o
f D
VP
Settle
ment
17. N
otice o
f D
VP
Sett
lem
ent
17. N
otice o
f D
VP
Sett
lem
ent
(Fund)
13.
JG
BT
ransf
er
Inst
ruction
for
DV
P13.
JG
BT
ransf
er
Inst
ructio
nfo
rD
VP
(F
orR
eceiv
er
of
JG
B)
JS
CC
(F
orD
eliv
ere
rofJG
B)
BO
J (
BO
J-N
ET
)
14.
Notice
of
Accepta
nce
of
JG
BT
ran
sfer
Inst
ructio
nfo
rD
VP
(F
orR
eceiv
er
of
JG
B)
16-2
Report
of
Accepta
nce
of
DV
PR
equest
17. N
otic
e o
f D
VP
Settle
ment
(F
orD
eliv
ere
rofJG
B)
15-2
. DV
P R
eq
uest (
for
cash)
(Deliv
ere
rof
JG
B)
(Receiv
erof
Funds)
(Receiv
erof
JG
B)
(Sender
of
Funds)
16. C
ash S
ett
lem
ent
16. B
ond S
ett
lem
ent
DV
P
Securi
ties
serv
ices
RT
GS
Sourc
e: B
ank o
f Japan (
modifie
d b
y p
resente
r)
432 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP04.
Govern
ment
Tra
nsacti
on F
low
for
Dom
esti
c T
rades O
TC
Mark
et
(JG
B)
/ D
VP
(N
ew
BO
J-N
ET)
thro
ugh
Tra
de M
atc
hin
g (
PS
MS
) and J
SC
C
1.
The s
elle
r and b
uyer
trade g
overn
ment bond o
ver-
the-c
ounte
r.
2.
Both
selle
r and b
uyer
send T
rade R
eport
data
into
PS
MS
(P
re-S
ett
lem
ent M
atc
hin
g S
yste
m).
3.
PS
MS
perf
orm
s tra
de m
atc
hin
g.
4.
PS
MS
sends t
he N
otice D
ata
of Tra
de M
atc
hin
g S
tatu
s to b
oth
sid
es o
f tr
ade.
5.
PS
MS
tra
nsm
its the m
essage o
f M
atc
hed T
rade R
eport
data
to J
SC
C.
6.
JS
CC
makes a
ppro
val of oblig
ation.
7.
JS
CC
sends the N
otice D
ata
of A
ppro
val of O
blig
ation t
o t
he s
elle
r and b
uyer
via
PS
MS
.
8.
JS
CC
perf
orm
s the n
ovation.
9.
JS
CC
sends the N
otice D
ata
of N
ovation t
o the s
elle
r and b
uyer
via
PS
MS
.
10.
JS
CC
perf
orm
s the n
ett
ing.
11.
JS
CC
sends the N
otice D
ata
of N
ett
ing t
o the s
elle
r and b
uyer
via
PS
MS
.
12.
JS
CC
com
pile
s D
VP
ord
er.
13.
JS
CC
sends the J
GB
Tra
nsfe
r In
str
uction for
DV
P t
o B
OJ-N
ET.
14.
BO
J-N
ET
sends t
he N
otice o
f A
ccepta
nce o
f JG
B T
ransfe
r In
str
uction for D
VP
to the s
elle
r, t
he b
uyer
and J
SC
C.
15-1
.The s
elle
r ente
rs D
VP
Request
to B
OJ-N
ET.
15-2
.The b
uyer
ente
rs D
VP
Request
to B
OJ-N
ET.
(for
cash)
16-1
.BO
J-N
ET
sends t
he N
otice o
f A
ccepta
nce o
f D
VP
Request
to s
elle
r and c
om
ple
tes s
ett
lem
ent.
16-2
.BO
J-N
ET
sends t
he N
otice o
f A
ccepta
nce o
f D
VP
Request
to b
uyer
and c
om
ple
tes s
ett
lem
ent.
(fo
r cash)
17.
When D
VP
sett
lem
ent com
ple
ted, B
OJ-N
ET
sends the N
otice o
f cre
dit t
o c
urr
ent account fo
r D
VP
to t
he s
elle
r, b
uyer
and J
SC
C.
OT
C M
ark
et
433ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
434 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP05.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
Buy S
ide
JA
SD
EC
(Bo
ok
En
try
Tra
nsfe
r S
yste
m)
Sell
Sid
e1. T
rade
2. T
rade R
eport
4. N
otice o
f M
atc
hin
g
Sta
tus
4. N
otice o
f M
atc
hin
g
Sta
tus
2. T
rade R
eport
(PS
MS
)
13.B
ond S
ett
lem
ent
12.S
ett
lem
ent R
eport
(Cash)
12. S
ett
lem
ent R
eport
(Cash)
14. S
ett
lem
ent R
eport
(Bond)
BO
J(B
OJ
NE
T)
11.C
ash S
ett
lem
ent
7. H
old
ing
Bonds
8.F
und S
ett
lem
ent D
ata
for D
VP
12. N
otice o
f R
eceip
t C
om
ple
tion (
Cash)
3. T
rade M
atc
hin
g
5. S
ett
lem
ent M
atc
hin
g
9. P
aym
ent R
eq
uest
(Cash)
10. P
aym
ent In
str
uction
(Cash)
6. N
otice o
f M
atc
hin
g
Sta
tus
6. N
otice o
f M
atc
hin
g
Sta
tus
14. S
ett
lem
ent R
eport
(Bond)
SS
I
435ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP05.
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
co
rpo
rate
bo
nd
s o
ve
r-th
e-c
ou
nte
r.2
.B
oth
se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
de
re
po
rt to
Ja
pa
n S
ecu
ritie
s D
ep
osito
ry C
en
ter,
In
c.(
JA
SD
EC
).3
.JA
SD
EC
pe
rfo
rms tr
ad
e m
atc
hin
g.
4.
JA
SD
EC
no
tifie
s b
oth
se
ll sid
e a
nd
bu
y s
ide
of tr
ad
e m
atc
hin
g s
tatu
s.
5.
JA
SD
EC
pe
rfo
rms s
ettle
me
nt
ma
tch
ing
with
Sta
nd
ing
Se
ttle
me
nt
Instr
uctio
n(S
SI)
ge
ne
rate
d b
y P
re-
Sett
lem
ent
Matc
hin
g S
yste
m(P
SM
S).
6.
JA
SD
EC
no
tifie
s s
ell
sid
e a
nd
bu
y s
ide
of
se
ttle
me
nt
ma
tch
ing
sta
tus.
7.
JA
SD
EC
ho
lds b
on
ds w
ith it’s
bo
ok-e
ntr
y tr
an
sfe
r syste
m.
8.
JA
SD
EC
se
nd
s fu
nd
se
ttle
me
nt
da
ta f
or
DV
P t
o B
an
k o
f Ja
pa
n(B
OJ).
9.
BO
J s
en
ds p
aym
en
t re
qu
est to
bu
y s
ide
.1
0.
Bu
y s
ide
se
nd
s p
aym
en
t in
str
uctio
n to
BO
J.
11
.B
OJ e
xe
cu
tes c
ash
se
ttle
me
nt.
12
.B
OJ n
otif
ies s
ell
sid
e, b
uy s
ide
an
d J
AS
DE
C o
f ca
sh
re
ce
ipt co
mp
letio
n.
13
.JA
SD
EC
exe
cu
tes b
on
d s
ettle
me
nt.
14
.JA
SD
EC
se
nd
s b
on
d s
ettle
me
nt
rep
ort
to
se
ll sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
436 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
437ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP06.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
(JG
B)
/ D
VP
or
Ba
nk
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
As D
ire
ct
Pa
rtic
ipa
nt
BO
J-
NE
T
(RT
GS
)
Clearing Matching & Settlement
Cross-Border
BO
J-N
ET
(J
GB
S
erv
ice
s)
As C
ash
Corr
espondent
Trading & Matching Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n2
Tra
de O
rder
4 T
rade C
onfirm
atio
n5 T
rade C
onfirm
atio
n
6S
ettle
ment
Inst
ructio
n
16
Settle
ment
Confirm
7 S
ettle
ment
Inst
ructio
n
19
Cash
Sta
tem
ent
10
Tra
nsa
ctio
n S
tatu
s U
pdate
14
Settle
ment
Confirm
atio
n
17
Securitie
s S
tate
ment
15
Fundin
g o
f T
rades
18
Cash
Sta
tem
ent
12a
DV
P R
equest
13a
Settle
ment
Confirm
atio
n
12b
DV
P R
equest
13b
Confirm
atio
n o
f D
ebit/
Cre
dit
11a
Notif
icatio
n o
f D
VP
Settle
ment
and A
ccepta
nce
PS
MS
(J
AS
DE
C)
Co
un
ter-
pa
rty
11b
Notif
icatio
n o
f D
VP
Settle
ment
and A
ccepta
nce
Tra
de
E
xe
cu
tio
n
(OT
C)
438 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP06.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
(JG
B)
/ D
VP
1.
Fo
reig
n In
stit
utio
na
l In
ve
sto
r p
lace
s o
rde
r w
ith I
nte
rna
tion
al B
roke
r2
.In
tern
atio
na
l Bro
ke
r p
lace
s o
rde
r w
ith D
om
estic
Bro
ke
r/B
an
k3
.D
om
estic
Bro
ke
r/B
an
k tra
de
s O
TC
with
Co
un
terp
art
y (
via
ph
on
e o
r e
.g.
Blo
om
be
rg)
4.
Do
me
stic
Bro
ke
r/B
an
k s
en
d tra
de
co
nfirm
atio
n to
In
tern
atio
na
l B
roke
r 5
.F
ore
ign
Instit
utio
na
l In
ve
sto
r re
ce
ive
s tr
ad
e c
on
firm
atio
n6
.F
ore
ign
Instit
utio
na
l In
ve
sto
r in
str
ucts
Glo
ba
l Cu
sto
dia
n o
n s
ecu
ritie
s s
ettle
me
nt
de
tails
7.
Glo
ba
l Cu
sto
dia
n in
str
ucts
Do
me
stic
Cu
sto
dia
n o
n s
ecu
ritie
s s
ettle
me
nt
de
tails
8.
Do
me
stic
Bro
ke
r a
nd
do
me
stic
Cu
sto
dia
n in
pu
t tr
ad
e d
eta
ils in
to P
SM
S9
.P
SM
S r
esp
on
ds w
ith m
atc
hin
g s
tatu
s1
0.
Do
me
stic
Cu
sto
dia
n r
ep
ort
s tra
nsa
ctio
n s
tatu
s u
pd
ate
to
Glo
ba
l Cu
sto
dia
n
11
.D
om
estic
Cu
sto
dia
n/D
ire
ct P
art
icip
an
t re
ce
ive
No
tific
atio
n o
f D
VP
Se
ttle
me
nt
an
d A
cce
pta
nce
fro
m
BO
J-N
ET
12
.D
om
estic
Cu
sto
dia
n/D
ire
ct P
art
icip
an
t se
nd
DV
P r
eq
ue
st to
BO
J-N
ET
13
.D
om
estic
Cu
sto
dia
n/D
ire
ct P
art
icip
an
t a
s w
ell
as J
SC
C r
ece
ive
co
nfirm
atio
n o
f D
VP
se
ttle
me
nt
14
.D
om
estic
Cu
sto
dia
n s
en
ds s
ettle
me
nt
co
nfirm
atio
n to
Glo
ba
l C
usto
dia
n1
5.
Glo
ba
l Cu
sto
dia
n f
un
ds a
cco
un
t w
ith D
om
estic
Cu
sto
dia
n, o
r in
to F
CY
no
str
o(b
efo
re e
nd
of
da
y)
16
.G
lob
al C
usto
dia
n s
en
ds s
ettle
me
nt
co
nfirm
atio
n to
Fo
reig
n In
stit
utio
na
l In
ve
sto
r1
7.
Do
me
stic
Cu
sto
dia
n s
en
ds s
ecu
ritie
s s
tate
me
nt
to G
lob
al C
usto
dia
n1
8.
Do
me
stic
Cu
sto
dia
n s
en
ds c
ash
cre
dit/
de
bit
co
nfirm
atio
n in
ca
sh
sta
tem
en
t to
Glo
ba
l C
usto
dia
n1
9.
Glo
ba
l Cu
sto
dia
n s
en
ds c
red
it/d
eb
it co
nfirm
atio
n in
ca
sh
sta
tem
en
t to
Fo
reig
n I
nstit
utio
na
l In
ve
sto
r
T+2 ~ Trade Date Settlement Date
439ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
440 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP07
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
MO
F
AM
I(A
ccount
Managem
ent
Institu
tion)
BO
Ja
sC
SD
Bo
nd
Ho
lde
r
BO
Ja
sP
ayin
gA
ge
nt
1.P
aym
ent
Request
2.A
ppro
val
7. N
otification o
f P
aym
ent D
eta
ils (
Sett
led)
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
3. N
otification o
f P
aym
ent D
eta
ils (
Estim
ate
d)
4. N
otification o
f P
aym
ent D
eta
ils (
Fin
al)
Cash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
5. Tra
nsfe
rC
ash
MO
F’s
A
ccount
AM
I’s A
ccount
Bond H
old
er’
s
Account
BO
J(B
OJ-N
ET
)A
cco
un
t M
an
ag
em
en
t In
stit
utio
n
8. In
tere
st
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
10.T
ax P
aym
ent
(Incom
e T
ax)
11.Tax P
aym
ent
(Local T
ax)
9.I
nte
rest P
aym
ent
Notice
BO
J’s
A
ccount
6. In
tere
st
Paym
ent
441ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP07.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
Ban
k o
f Jap
an
(B
OJ) a
s a
payin
g a
ge
nt send
s requ
est o
f in
tere
st p
aym
en
t to M
inis
try o
f F
inance (M
OF
).
2.
MO
F a
ppro
ves requ
est o
f in
tere
st p
aym
ent f
rom
BO
J.
3.
BO
J a
s a
payin
g a
gent no
tifies e
stim
ate
d d
eta
ils o
f in
tere
st p
aym
ent t
o a
ccou
nt
man
age
ment i
nstitu
tion
s. S
ince B
OJ a
lso functions a
s C
SD
of go
vern
ment b
ond
, no
confirm
ation is
necessary
befo
re th
is p
rocess.
4.
BO
J a
s a
payin
g a
gent no
tifies fi
na
l deta
ils o
f in
tere
st p
aym
ent t
o a
ccou
nt m
ana
gem
en
t in
stitu
tions.
5.
BO
J a
s a
payin
g a
gent t
ransfe
rs c
ash fo
r in
tere
st p
aym
ent f
rom
MO
F’s
account t
o B
OJ’s
account.
6.
BO
J a
s a
payin
g a
gent m
akes in
tere
st p
aym
en
ts, d
ed
ucting in
com
e ta
x if
app
licab
le, t
o
account m
an
ag
em
ent i
nstitu
tions v
ia B
OJ-N
ET.
7.
BO
J a
s a
payin
g a
gent no
tifies d
eta
ils o
f a s
ett
led in
tere
st p
aym
ent
to a
ccoun
t m
an
age
ment i
nstitu
tion
s.8.
Account m
an
age
ment i
nstitu
tions c
redit to
bo
ndh
old
er’
s a
ccounts
with in
tere
st p
aid
by
BO
J, d
educting lo
cal t
ax if
applic
able
.9.
Account m
an
age
ment i
nstitu
tions n
otifies b
ond
hold
ers
of in
tere
st p
aym
ent.
10.
BO
J a
s a
payin
g a
gent pa
ys in
com
e ta
x to tax o
ffic
e v
ia B
OJ’s
accoun
t, if
it’s
app
licab
le.
11.
Account m
an
age
ment i
nstitu
tions p
ay lo
cal t
ax to tax o
ffic
e if
applic
able
.
Pro
cess
of In
tere
st P
aym
ent
442 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP08. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
MO
F
AM
I(A
ccount
Managem
ent
Institu
tion)
BO
Ja
sC
SD
Bo
nd
Ho
lde
r
BO
Ja
sP
ayin
gA
ge
nt
1.P
aym
ent
Request
2.A
ppro
val
8. N
otification o
f P
aym
ent D
eta
ils (
Sett
led)
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
3. N
otification o
f P
aym
ent D
eta
ils (
Estim
ate
d)
4. N
otification o
f P
aym
ent D
eta
ils (
Fin
al)
Cash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
AM
I’s A
ccount
Bond H
old
er’
s
Account
BO
J(B
OJ-N
ET
)A
cco
un
t M
an
ag
em
en
t In
stit
utio
n
9. R
edem
ption
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
12.Tax P
aym
ent (L
ocal Tax)
10.R
edem
ption P
aym
ent
Notice
7.R
edem
ption
(DV
P)
5. R
edem
ption
Paym
ent
11.T
ax P
aym
ent (I
ncom
e T
ax)
BO
J’s
A
ccount
6. R
edem
ption
Paym
ent
MO
F’s
A
ccount
443ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP08.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
Ban
k o
f Jap
an
(B
OJ) a
s a
payin
g a
ge
nt se
nd
s re
qu
est o
f re
dem
ption
an
d la
st in
tere
st
paym
ent t
o M
inis
try o
f F
ina
nce
(M
OF
).
2.
MO
F a
ppro
ves re
qu
est o
f re
dem
ption
and
last in
tere
st p
aym
en
t fro
m B
OJ.
3.
BO
J a
s a
pa
yin
g a
ge
nt no
tifie
s e
stim
ate
d d
eta
ils o
f re
de
mp
tio
n a
nd la
st in
tere
st p
aym
ent
to a
cco
un
t ma
nag
em
ent i
nstitu
tion
s. S
ince
BO
J a
lso
fu
nctio
ns a
s C
SD
of g
overn
me
nt
bon
d, n
o c
on
firm
atio
n is
nece
ssary
be
fore
this
pro
ce
ss.
4.
BO
J a
s a
pa
yin
g a
ge
nt n
otifie
s fi
na
l deta
ils o
f re
de
mp
tio
n a
nd la
st in
tere
st p
aym
en
t to
acco
un
t man
ag
em
en
t in
stitu
tions.
5.
BO
J a
s a
pa
yin
g a
ge
nt t
ransfe
rs c
ash
for
red
em
ptio
n p
aym
ent f
rom
MO
F’s
acco
un
t to
B
OJ’s
acco
un
t.6
.B
OJ a
s a
pa
yin
g a
ge
nt m
ake
s re
de
mption
an
d la
st in
tere
st p
aym
en
ts, d
ed
uctin
g in
co
me
tax if
ap
plic
ab
le, t
o a
ccou
nt m
ana
ge
men
t in
stitu
tio
ns
via
BO
J-N
ET.
7.
BO
J a
s C
SD
makes b
ond
red
em
ptio
n.
8.
BO
J a
s a
pa
yin
g a
ge
nt no
tifie
s d
eta
ils o
f a
se
ttle
d re
dem
ptio
n a
nd
last in
tere
st p
aym
en
t to
acco
un
t ma
nag
em
ent i
nstitu
tion
s.
9.
Acco
unt m
an
age
me
nt i
nstitu
tions c
red
it to
bo
ndh
old
er’
s a
cco
unts
with
re
de
mptio
n a
nd
la
st i
nte
rest p
aid
by B
OJ, de
ducting
loca
l ta
x if
ap
plic
able
.1
0.
Acco
unt m
an
age
me
nt i
nstitu
tions n
otifie
s b
ond
ho
lde
rs o
f re
de
mp
tio
n a
nd la
st in
tere
st
paym
ent.
11.
BO
J a
s a
pa
yin
g a
ge
nt pa
ys in
com
e ta
x to ta
x o
ffic
e v
ia B
OJ’s
acco
un
t, if
it’s
app
licab
le.
12.
Acco
unt m
an
age
me
nt i
nstitu
tions p
ay lo
ca
l ta
x to
ta
x o
ffic
e if
ap
plic
able
.
Pro
cess
of R
edem
ptio
n P
aym
ent
444 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
445ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP09.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
JA
SD
EC
1.P
aym
ent
Request
2.P
aym
ent
Instr
uction
4.B
ond H
old
er’
s T
ax
Sta
tus D
ata3.B
ond H
old
er’
s T
ax
Sta
tus D
ata
5.P
aym
ent
Request
6.A
ppro
val
Pa
yin
gA
ge
nt
AM
I(A
ccount
Managem
ent
Institu
tion)
Cash
Flo
w
Info
rmation
Flo
w
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
11.I
nte
rest P
aym
ent
Notice
Tax O
ffic
e
7. C
ash
Tra
nsfe
rIs
suer’
s
Account
PA
's A
ccount
AM
I’s A
ccount
Bond H
old
er’
s
Account
Pa
yin
g A
ge
nt
AM
IB
OJ(B
OJ-N
ET
)9. In
tere
st
Paym
ent
10. In
tere
st
Paym
ent
12.T
ax P
aym
ent
(Incom
e T
ax)
13.Tax P
aym
ent (L
ocal Tax)
Sam
e E
ntity
Sam
e E
ntity
8.I
nstr
uction for
cash tra
nsfe
r
446 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP09.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
ge
nt se
nd
s p
aym
ent r
eq
uest of in
tere
st t
o b
on
d is
sue
r.
2.
Bon
d is
sue
r in
str
ucts
payin
g a
ge
nt to
pay in
tere
st.
3
.B
on
d h
old
ers
se
nd th
eir ta
x s
tatu
s d
ata
to
accou
nt m
ana
ge
men
t in
stitu
tio
ns(A
MIs
).4
.A
MIs
of bo
nd h
old
ers
se
nd
th
e tax s
tatu
s d
ata
of bo
ndh
old
ers
to J
apa
n S
ecuritie
s
De
pository
Cen
ter,
Inc. (
JA
SD
EC
).5
.JA
SD
EC
sen
ds p
aym
ent r
equ
est o
f in
tere
st t
o p
ayin
g a
ge
nt.
6.
Payin
g a
ge
nt ap
pro
ve
s re
qu
est f
rom
JA
SD
EC
.7
.P
ayin
g a
gent tr
ansfe
rs c
ash fo
r in
tere
st p
aym
ent fr
om
issu
er’s a
cco
unt to
it’s
ow
n a
cco
un
t.8
.P
ayin
g a
ge
nt in
str
ucts
BO
J to
tra
nsfe
r cash to
AM
Is.
9.
BO
Jm
ake
s in
tere
st p
aym
ents
, de
du
cting
inco
me
tax if
ap
plic
able
, to
accou
nt
man
age
me
nt i
nstitu
tions
via
BO
J-N
ET.
10.
AM
Is c
redit to
bo
ndh
old
er’
s a
ccou
nts
with
inte
rest p
aid
by p
ayin
g a
gen
t, d
edu
ctin
g lo
cal
tax if
ap
plic
ab
le.
11.
AM
Is n
otifie
s b
on
d h
old
ers
of in
tere
st p
aym
en
t.1
2.
Payin
g a
ge
nt pa
ys in
co
me
tax to ta
x o
ffic
e v
ia it
’s o
wn a
cco
unt,
if ta
x is
app
licab
le.
13.
Acco
unt m
an
age
me
nt i
nstitu
tions p
ay lo
ca
l ta
x to
ta
x o
ffic
e if
ap
plic
able
.
Pro
cess
of In
tere
st P
aym
ent
447ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP10.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
JA
SD
EC
1.P
aym
ent
Request
2.P
aym
ent
Instr
uction
4.B
ond H
old
er’
s T
ax
Sta
tus D
ata3.B
ond H
old
er’
s T
ax
Sta
tus D
ata
5.P
aym
ent
Request
6.A
ppro
val
Pa
yin
gA
ge
nt
AM
I(A
ccount
Managem
ent
Institu
tion)
Cash
Flo
w
Info
rmation
Flo
w
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
rS
ide
14.R
edem
ption P
aym
ent
Notice
Sam
e E
ntity
Sam
e E
ntity
8.I
nstr
uction for
cash tra
nsfe
r
10.R
edem
ptio
n
11.D
ele
te B
ond
Regis
tratio
n
Tax O
ffic
e
7. C
ash
Tra
nsfe
rIs
suer’
s
Account
PA
's A
ccount
AM
I’s A
ccount
Bond H
old
er’
s
Account
Pa
yin
g A
ge
nt
AM
IB
OJ(B
OJ-N
ET
) 9. R
edem
ption
Paym
ent
12. R
edem
ption
Paym
ent
13.T
ax P
aym
ent
(Incom
e T
ax)
15.Tax P
aym
ent (L
ocal Tax)
448 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
JP10.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
gent sends p
aym
ent r
equest of re
dem
ption to
bond is
suer.
2.
Bond is
suer in
str
ucts
payin
g a
gent to
pay redem
ption.
3.
Bond h
old
ers
send their tax s
tatu
s d
ata
to a
ccount m
anagem
ent i
nstitu
tions(A
MIs
).4.
AM
Is o
f bond h
old
ers
send tax s
tatu
s d
ata
of bondhold
ers
to J
AS
DE
C.
5.
JA
SD
EC
sends p
aym
ent r
equest o
f re
dem
ption to
payin
g a
gent.
6.
Payin
g a
gent appro
ves request f
rom
JA
SD
EC
.7.
Payin
g a
gent tr
ansfe
r cash for
redem
ption p
aym
ent f
rom
issuer’
s a
ccount t
o it
’s o
wn a
ccount.
8.
Payin
g a
gent in
str
ucts
BO
J to
tra
nsfe
r cash , d
educting in
com
e ta
x if
applic
able
, to A
MIs
’ accounts
.9.
BO
Jm
akes redem
ption p
aym
ents
to A
MIs
via
BO
J-N
ET.
10.
JA
SD
EC
makes b
ond redem
ption.
11.
Payin
g a
gent dele
tes b
ond r
egis
tration.
12.
AM
Is c
redit to
bondhold
er’
s a
ccounts
with redem
ption p
aid
by p
ayin
g a
gent,
deducting lo
cal
tax if
applic
able
.13.
Payin
g a
gent pays in
com
e ta
x to the tax o
ffic
e v
ia it
’s o
wn a
ccount,
if tax is
applic
able
.14.
AM
Is n
otifies b
ond h
old
ers
of re
dem
ption p
aym
ent.
15.
Account m
anagem
ent i
nstitu
tions p
ay lo
cal t
ax to tax o
ffic
e if
applic
able
.
Pro
cess
of R
edem
ptio
n P
aym
ent
449ASEAN+3 Bond Market Guide | Volume 3 | Part 3
Cambodia(KH)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Interest & Redemption Payment Flow (Government Bond)
5. Interest & Redemption Payment Flow (Corporate Bond)
450 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
451ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
NB
C
NB
C(B
ES)
NBC:
National Bank
of Cam
bodia
BES: Book
Entr
y Sys
tem
452 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
(Po
st)
Tra
de m
atc
h
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
CS
X
(CS
D)
NB
C
CSX:
Cam
bodia
Secu
rities
Exc
hange
NBC:
National Bank
of Cam
bodia
CSD
: Cam
bodia
n S
ecu
rities
Deposi
tory
CS
X
CS
X (
CS
D)
453ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
454 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sell
Sid
eB
uy S
ide
1. T
rade
3.M
atc
hin
g
2.D
eliv
ery
of T
ransfe
r F
orm
NB
C
5. C
ash S
ett
lem
ent
4. S
ale
/Purc
hase A
dvic
e4. S
ale
/Purc
hase A
dvic
e
(BE
S)
3. R
eg
istr
ation
455ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
OT
C m
ark
et
2.
NB
C r
ece
ive
s T
ran
sfe
r F
orm
fo
r G
ove
rnm
en
t S
ecu
ritie
s w
ith s
ign
atu
re o
f se
ll sid
e a
nd
bu
y s
ide
.3
.N
BC
re
gis
ters
the
tra
de
in
form
atio
n in
Bo
ok E
ntr
y S
yste
m (
BE
S).
4.
NB
C s
en
ds S
ale
/Pu
rch
ase
ad
vic
es to
se
ll sid
e a
nd
bu
y s
ide
. 5
.N
BC
ca
rrie
s o
ut
ca
sh
se
ttle
me
nt.
OT
C M
ark
et
456 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
457ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
CS
X(C
SD
))
Sell
Sid
eS
ecuri
ties
Com
pany
Buy S
ide
Securi
ties
Com
pany
NB
C
6. N
ett
ing
Result
6. N
ett
ing
Result
9. C
ash S
ett
lem
ent
10. S
ett
lem
ent R
eport
8. S
ett
lem
ent D
ata
7. H
old
ing
Bonds
11. B
onds S
ett
lem
ent
Sell
Sid
e’s
Corr
espondin
g
Bank
Buy S
ide’s
Corr
espondin
g
Bank
1. T
rade O
rder
1. T
rade O
rder
2. M
atc
hin
g
3. T
rade c
onfirm
ation
4. T
akin
g O
blig
ation
(novation)
5. N
ett
ing
12. S
ett
lem
ent R
eport
(Bond &
Cash)
12. S
ett
lem
ent R
eport
(Bond &
Cash)
458 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
en
ter
tra
din
g o
rde
r in
to t
he
CS
X t
rad
ing
syste
m.
2.
CS
X p
erf
orm
s m
atc
hin
g.
3.
CS
X m
ake
s tra
de
co
nfirm
atio
n.
4.
CS
X t
ake
s o
blig
atio
n (
no
va
tion
) fo
r C
SX
me
mb
ers
. 5
.C
SX
pe
rfo
rms n
ettin
g.
6
.C
SX
se
nd
s d
eta
il o
f n
ettin
g r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
via
syste
m.
7.
CS
X c
he
cks a
va
ilab
ility
an
d h
old
s s
ecu
ritie
s.
8.
CS
X s
en
ds s
ettle
me
nt
da
ta t
o N
BC
au
tom
atic
ally
via
FT
P.
9.
NB
C e
xe
cu
tes c
ash
se
ttle
me
nt.
10
.N
BC
no
tice
s c
ash
se
ttle
me
nt
co
nfirm
atio
n t
o C
SX
.1
1.
NB
C r
ele
ase
s h
eld
se
cu
ritie
s a
nd
exe
cu
tes s
ecu
ritie
s d
eliv
ery
.1
2.
CS
X s
en
ds s
ettle
me
nt
rep
ort
to
se
ll sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
459ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
460 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
05
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
ME
F(M
inis
try o
f E
co
no
my a
nd
F
ina
nce
)
Bo
nd
Ho
lde
r
NB
C(G
SM
A)
Cash
Flo
w
Info
rmation
Flo
w
Co
mm
erc
ial B
an
k(S
ub
scri
be
r)
Tax O
ffic
e
NB
C’s
A
ccount
Com
merc
ial B
ank’s
Account
Bond H
old
er’
s
Account
NB
C5. In
tere
st
Paym
ent
Sam
e E
ntity
Tre
asury
Account
3. In
tere
st
Paym
ent
2. In
tere
st
Paym
ent
Co
mm
erc
ial B
an
ks
NB
C
4. N
otification o
f P
aym
ent D
eta
il
Sam
e E
ntity
6. In
tere
st
Paym
ent
Confirm
ation
1. D
ebit O
rder
of Tre
asury
A
ccount
Sam
e E
ntity
461ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
05.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
ME
F p
rovid
es o
rder
of d
ebit to
NB
C in
ad
va
nce
of in
tere
st p
aym
en
t da
te.
2.
On p
aym
en
t date
, N
BC
de
bits in
tere
st p
aym
en
t am
ou
nt f
rom
Tre
asu
ry A
cco
un
t fo
llow
ing
o
rder o
f d
eb
it b
y M
EF
an
d c
red
it it
to
it’s
ow
n a
ccou
nt.
3
.N
BC
tra
nsfe
rs c
ash
for in
tere
st p
aym
en
t to c
om
me
rcia
l ba
nk’s
acco
un
t via
NB
C C
lea
ring
H
ou
se
.4
.N
BC
se
nd
s le
tte
r o
f n
otifica
tion
for in
tere
st p
aym
en
t to s
ubscribe
r.5
.C
om
me
rcia
l ba
nk c
redits in
tere
st a
mou
nt t
o it
s c
lien
t’s a
cco
unt
in th
e c
ase
tha
t b
ond
is
held
by the
clie
nt.
6.
Co
mm
erc
ial b
ank n
otifie
s b
on
d h
old
ers
of in
tere
st p
aym
en
t.
Pro
cess
of In
tere
st P
aym
ent
462 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
06
. R
edem
pti
on F
low
of
Govern
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
ME
F(M
inis
try o
f E
co
no
my a
nd
F
ina
nce
)
Bo
nd
Ho
lde
r
NB
C(G
SM
A)
Cash
Flo
w
Info
rmation
Flo
w
Co
mm
erc
ial B
an
k(S
ub
scri
be
r)
Tax O
ffic
e
NB
C’s
A
ccount
Com
merc
ial B
ank’s
Account
Bond H
old
er’
s
Account
NB
C6. R
edem
ption
Paym
ent
Sam
e E
ntity
Tre
asury
A
ccount
3. R
edem
ption
Paym
ent
2. R
edem
ption
Paym
ent
Co
mm
erc
ial B
an
ks
NB
C
4. N
otification o
f P
aym
ent D
eta
il
Sam
e E
ntity
Sam
e E
ntity
7. R
edem
ption
Confirm
ation
1. D
ebit O
rder
of Tre
asury
A
ccount
5.R
edem
ption
463ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KH
06.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
ME
F p
rovid
es o
rde
r of de
bit to N
BC
in a
dva
nce
of re
de
mp
tio
n d
ue d
ate
.2
.O
n d
ue
date
, N
BC
deb
its re
de
mp
tio
n p
aym
en
t am
oun
t fro
m T
reasu
ry A
cco
unt
follo
win
g
ord
er o
f d
eb
it b
y M
EF
an
d c
red
it it
to
it’s
ow
n a
ccou
nt.
3
.N
BC
tra
nsfe
rs c
ash
for re
de
mp
tio
n to
co
mm
erc
ial b
ank’s
acco
un
t via
NB
C C
lea
rin
g
Ho
use
.4
.N
BC
se
nd
s le
tte
r o
f n
otifica
tion
for re
de
mp
tio
n to
su
bscrib
er.
5.
NB
C m
ake
s b
on
d re
de
mp
tio
n.
6.
Co
mm
erc
ial b
ank c
redits re
de
mp
tio
n p
aym
en
t to
its c
lien
t’s a
cco
unt
in th
e c
ase
that bo
nd
is h
eld
by the
clie
nt.
7.
Co
mm
erc
ial b
ank n
otifie
s b
on
d h
old
ers
of re
de
mption
.
Pro
cess
of R
edem
ptio
n P
aym
ent
464 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
Republic ofKorea (KR)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
465ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
466 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
KR
XO
TC
mark
et
KS
D(K
SD
SA
FE
+)
KR
X
KS
D(K
SD
SA
FE
+)
BO
K(B
OK
-Wir
e+) or
Ban
k
O
TC
: O
ver
the C
ounte
r
KR
X :
Kore
a E
xchange
K
SD
: K
ore
a S
ecurities D
epository
K
SD
SA
FE
+ :
the n
am
e o
f K
SD
’s S
yste
m(S
AF
E : S
peedy, A
ccura
te, F
aithfu
l, E
ffic
ient)
Settlement detail
Settlement detail
BO
K
B
OK
: B
ank o
f K
ore
a
BO
K W
ire+
: the n
am
e o
f B
OK
’s S
yste
m
Bank :
Com
merc
ial B
ank
467ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
KR
XO
TC
mark
et
KS
D(K
SD
SA
FE
+)
KR
X
KS
D(K
SD
SA
FE
+)
BO
K(B
OK
Wir
e+)
or
Ban
k
O
TC
: O
ver
the C
ounte
r
KR
X :
Kore
a E
xchange
K
SD
: K
ore
a S
ecurities D
epository
K
SD
SA
FE
+ :
the n
am
e o
f K
SD
’s S
yste
m(S
AF
E : S
peedy, A
ccura
te, F
aithfu
l, E
ffic
ient)
B
OK
: B
ank o
f K
ore
a
BO
K W
ire+
: the n
am
e o
f B
OK
’s S
yste
m
Bank :
Com
merc
ial B
ank
Settlement detail
Settlement detail
Ban
k
468 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
469ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
Buy S
ide
KO
FIA
Sell
Sid
e1. T
rade
4. T
rade D
ata
3. T
rade M
atc
hin
g
6. M
atc
hin
g S
tatu
s A
dvic
e6. M
atc
hin
g S
tatu
s A
dvic
e
4. T
rade D
ata
KS
D(S
AF
E+
)
5. M
atc
hin
g
13.B
ond S
ett
lem
ent
12.S
ett
lem
ent R
eport
(Cash)
12. S
ett
lem
ent R
eport
(Cash)
14. S
ett
lem
ent R
eport
(Bond)
14. S
ett
lem
ent R
eport
(Bond)
BO
K(B
OK
-Wir
e+
)
11.C
ash S
ett
lem
ent
7. S
ett
lem
ent In
str
uctions fo
r D
VP
(no n
eeds f
or
typic
al f
low
)
9 S
ett
lem
ent D
ata
for D
VP8
. Hold
ing
Bonds
12. S
ett
lem
ent R
eport
(C
ash)
7. S
ett
lem
ent In
str
uctions fo
r D
VP
(no n
eeds f
or
typic
al f
low
)
(B-T
RiS
)
2. R
eport
ing
Tra
de d
eta
ils2. R
eport
ing
Tra
de d
eta
ils
3. D
isclo
sure
FS
S(F
IMS
)
10-1
.Paym
ent R
eq
uest
10-2
.Paym
ent I
nstr
uction
470 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
ove
r th
e c
ou
nte
r m
ostly
with
pri
va
te m
esse
ng
er,
an
d s
om
e t
ran
sa
ctio
ns a
re
do
ne
with
Fre
eB
on
dp
rovid
ed
by K
OF
IA w
hic
h is
a s
up
po
rtin
g a
nd
co
nfirm
atio
n s
yste
m
for
bo
nd
tra
din
g.
2.
Fin
an
cia
l in
ve
stm
en
t co
mp
an
ies e
ng
ag
ed
in t
rad
ing
mu
st
rep
ort
tra
din
g d
eta
ils t
o K
OF
IA w
ithin
15
min
ute
s
aft
er
tra
din
g e
xe
cu
tion
. T
he
y a
lso
re
po
rt tra
din
g d
eta
ils t
o F
SS
via
Fo
reig
n In
ve
stm
en
t M
an
ag
em
en
t S
yste
m(F
IMS
).3
.K
OF
IA d
isclo
se
s th
is in
form
atio
n o
n it
s B
on
d-T
rad
e R
ep
ort
& I
nfo
rma
tion
Se
rvic
e (
B-T
ris).
4.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
de
da
ta t
o K
ore
a S
ecu
ritie
s D
ep
osito
ry (
KS
D).
5
.K
SD
co
llate
s tra
de
da
ta f
rom
th
e s
ell
sid
e a
nd
bu
y s
ide
. 6
.K
SD
se
nd
s m
atc
hin
g s
tatu
s a
dvis
e to
th
e s
ell
sid
e a
nd
bu
y s
ide
.7
.S
ell
sid
e a
nd
bu
y s
ide
se
nd
s s
ettle
me
nt
instr
uctio
ns f
or
DV
P t
o K
SD
. 8
.K
SD
ho
lds b
on
ds b
efo
re c
ash
se
ttle
me
nt.
9.
KS
D s
en
ds s
ettle
me
nt
da
ta t
o B
an
k o
f K
ore
a (
BO
K).
1
0-1
.Th
e B
OK
se
nd
s p
aym
en
t re
qu
est(
ca
sh
) to
th
e b
uy s
ide
.1
0-2
. Th
e b
uy s
ide
se
nd
s th
e p
aym
en
t in
str
uctio
n f
or
DV
P t
o B
OK
.1
1.
BO
K e
xe
cu
tes c
ash
se
ttle
me
nt.
12
.B
OK
se
nd
s s
ettle
me
nt
rep
ort
to
se
ll sid
e,
the
bu
y s
ide
an
d K
SD
. 1
3.
KS
D e
xe
cu
tes b
on
d s
ettle
me
nt.
14
.K
SD
se
nd
s s
ettle
me
nt
rep
ort
to
se
ll sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
471ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
Buy S
ide
Sell
Sid
e
KR
X (
KT
S)
1. T
rade O
rder
6. S
ett
lem
ent D
eta
il6. S
ett
lem
ent D
eta
il
1. T
rade O
rder
KS
D(S
AF
E+
)
2. M
atc
hin
g
11.S
ett
lem
ent R
eport
(Cash)
11. S
ett
lem
ent R
eport
(Cash)
13. S
ett
lem
ent R
eport
(Bond)
13. S
ett
lem
ent R
eport
(Bond)
BO
K(B
OK
-Wir
e+
)
10.C
ash S
ett
lem
ent
Thro
ug
h K
RX
a/c
9. S
ett
lem
ent D
ata
for D
VP
8. H
old
ing
Bonds
11. S
ett
lem
ent
Report
(cash)
5. N
ett
ing
12. B
ond S
ett
lem
ent
Thro
ug
h K
RX
a/c
7. S
ett
lem
ent In
str
uctions fo
r D
VP
3. T
rade C
onfirm
ation
4. T
akin
g O
blig
ation
(novation) (K
RX
-mem
ber)
472 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
1.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
de
ord
er
to K
ore
a E
xch
an
ge
(KR
X).
2.
KR
X p
erf
orm
s m
atc
hin
g.
3.
KR
X m
ake
s tra
de
co
nfirm
atio
n.
4.
KR
X t
ake
s o
blig
atio
n (
no
va
tion
) fo
r K
RX
me
mb
ers
.5
.K
RX
pe
rfo
rms n
ettin
g.
6.
KR
X s
en
ds s
ettle
me
nt
de
tails
to
se
ll sid
e a
nd
bu
y s
ide
.7
.K
RX
se
nd
s s
ettle
me
nt
instr
uctio
n f
or
DV
P t
o K
ore
a S
ecu
rity
De
po
sito
ry(K
SD
).8
.K
SD
ho
lds b
on
ds b
efo
re c
ash
se
ttle
me
nt.
9.
KS
D s
en
ds s
ettle
me
nt
da
ta t
o B
an
k o
f K
ore
a (
BO
K).
1
0.
BO
K e
xe
cu
tes c
ash
se
ttle
me
nt.
11
.B
OK
se
nd
s s
ettle
me
nt
rep
ort
(ca
sh
) to
se
ll sid
e, th
e b
uy s
ide
an
d K
SD
. 1
2.
KS
D e
xe
cu
tes b
on
d s
ettle
me
nt
thro
ug
h K
RX
acco
un
t.1
3.
KS
D s
en
ds s
ettle
me
nt
rep
ort
to
se
ll sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
473ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
474 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
05.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
157
Buy S
ide
Sell
Sid
e
KO
FIA
7. T
rade D
ata
3. T
rade M
atc
hin
g
9. M
atc
hin
g S
tatu
s A
dvic
e9. M
atc
hin
g S
tatu
s A
dvic
e
7. T
rade D
ata
KS
D(S
AF
E+
)
8. M
atc
hin
g
15.B
ond S
ett
lem
ent
14.S
ett
lem
ent R
eport
(Cash)
14. S
ett
lem
ent R
eport
(Cash)
16. S
ett
lem
ent R
eport
(Bond)
16. S
ett
lem
ent R
eport
(Bond)
BO
K(B
OK
-Wir
e+
)
13.C
ash S
ett
lem
ent
10. S
ett
lem
ent In
str
uctions fo
r D
VP
(no n
eeds f
or
typic
al f
low
)
12 S
ett
lem
ent D
ata
for D
VP1
1. H
old
ing
Bonds
14. S
ett
lem
ent R
eport
(C
ash)
10 S
ett
lem
ent In
str
uctions fo
r D
VP
(no n
eeds f
or
typic
al f
low
)
(B-T
RiS
)
5. R
eport
ing
Tra
de d
eta
ils5. R
eport
ing
Tra
de d
eta
ils6. D
isclo
sure
FS
S(F
IMS
)
2. A
cknow
ledg
em
ent o
f ord
er
1.T
ransfe
ing
ord
er
info
rmation
3.E
xecution/ R
eje
ction o
f ord
er
1.T
ransfe
ing
ord
er
info
rmation
3.E
xecution/ R
eje
ction o
f ord
er
(Fre
eB
on
d)
4. T
rade
475ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
05.
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
If th
e c
lien
t is
a f
ore
ign
inve
sto
r, th
e s
ell
sid
e a
nd
/or
the
bu
y s
ide
of
se
cu
ritie
s c
om
pa
nie
s tra
nsfe
r o
rde
r in
form
atio
n to
Fin
an
cia
l S
up
erv
iso
ry S
erv
ice
(FS
S)
via
Fo
reig
n I
nve
stm
en
t M
an
ag
em
en
t S
yste
m(F
IMS
).2
.F
SS
ackn
ow
led
ge
s o
r re
jects
ord
er.
3.
If h
old
ing
s is
en
ou
gh
, F
SS
tra
nsfe
rs o
rde
r in
form
atio
n to
th
e s
ell
sid
e a
nd
/or
the
bu
y s
ide
of
se
cu
ritie
s
co
mp
an
ies a
nd
Ko
rea
Exch
an
ge
.4
.T
he
se
ll a
nd
bu
y tra
de
ove
r th
e c
ou
nte
r w
ith a
fo
rma
lize
d b
on
d tra
din
g s
yste
m,
wh
ose
na
me
is F
ree
Bo
nd
.5
.B
oth
th
e s
ell
an
d b
uy m
ust
rep
ort
tra
din
g d
eta
ils t
o t
he
KO
FIA
with
in 1
5 m
inu
tes a
fte
r tr
ad
ing
exe
cu
tion
.6
.K
OF
IA d
isclo
se
s th
is in
form
atio
n o
n it
s B
on
d-T
rad
e R
ep
ort
an
d In
form
atio
n S
erv
ice
(B-T
rIS
).7
.T
he
se
ll sid
e a
nd
Bu
y s
ide
se
nd
tra
de
da
ta t
o K
SD
.8
.K
SD
co
llate
s tra
de
da
ta f
rom
th
e s
elle
r a
nd
bu
ye
r.9
.K
SD
se
nd
s m
atc
hin
g s
tatu
s a
dvis
e to
th
e s
ell
sid
e a
nd
bu
y s
ide
.1
0.
Th
e s
ell
sid
e a
nd
bu
y s
ide
se
nd
se
ttle
me
nt
instr
uctio
ns f
or
DV
P t
o K
SD
.1
1.
KS
D h
old
s b
on
ds b
efo
re c
ash
se
ttle
me
nt.
12
.K
SD
se
nd
s s
ettle
me
nt
da
ta t
o B
OK
.1
3.
BO
K e
xe
cu
tes c
ash
se
ttle
me
nt.
14
.B
OK
se
nd
s s
ettle
me
nt
rep
ort
to
th
e s
ell
sid
e,
bu
y s
ide
an
d K
SD
.1
5.
KS
D e
xe
cu
tes b
on
d s
ettle
me
nt.
16
.K
SD
se
nd
s s
ettle
me
nt
rep
ort
to
th
e s
ell
sid
e a
nd
bu
y s
ide
.
OT
C M
ark
et
476 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
06.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
Buy S
ide
Sell
Sid
e
1. T
rade O
rder
1. T
rade O
rder
6. S
ett
lem
ent D
eta
il6. S
ett
lem
ent D
eta
il
2. M
atc
hin
g
3. T
rade c
onfirm
ation
4. T
akin
g O
blig
ation
(novation) (K
RX
-mem
ber)
5. N
ett
ing
7. S
ett
lem
ent In
str
uctions fo
r D
VP
8. H
old
ing
Bonds
9. B
ond S
ett
lem
ent T
hro
ug
h
KR
X a
/c
9. C
ash
Sett
lem
ent T
hro
ug
h
KR
X a
/c
10. S
ett
lem
ent R
eport
(Bond &
Cash)
10. S
ett
lem
ent R
eport
(Bond &
Cash)
KR
X (
Extu
re)
KS
D (
SA
FE
+)
Com
merc
ial B
anks
(DV
P)
7.S
ett
lem
ent I
nstr
uction fo
r D
VP
477ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
06.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades (
Exchange)
1.
Sell
sid
e a
nd b
uy s
ide s
end tra
de o
rder
to K
ore
a E
xchange(K
RX
).
2.
KR
X p
erf
orm
s m
atc
hin
g.
3.
KR
X m
akes tr
ade c
onfirm
ation.
4.
KR
X ta
kes o
blig
ation (novation) fo
r K
RX
mem
bers
.
5.
KR
X p
erf
orm
s n
ett
ing.
6.
KR
X s
ends s
ett
lem
ent d
eta
ils to
sell
sid
e a
nd b
uy s
ide
7.
KR
X s
ends s
ett
lem
ent i
nstr
uctio
n fo
r D
VP
to K
ore
a S
ecurity
Depository
(KS
D).
8.
KS
D h
old
s b
onds b
efo
re c
ash s
ett
lem
ent.
9.
KS
D e
xecute
s b
ond &
cash s
ett
lem
ent f
or D
VP
thro
ugh K
RX
account.
10.
KS
D s
ends s
ett
lem
ent r
eport
to s
ell
sid
e a
nd b
uy s
ide.
Exc
hange M
ark
et
478 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
479ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
07.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
Co
un
ter-
pa
rty
BO
K
BO
K-W
ire
Clearing Matching & Settlement
Cross-Border
KS
D
As C
ash
Corr
espondent
Trading
KO
FIA
Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
5 T
rade C
onfirm
atio
n7
Tra
de C
onfirm
atio
n
8S
ettle
ment
Inst
ructio
n
20
Settle
ment
Confirm
9 a
Settle
ment
Inst
ructio
n
9 b
FX
/Fundin
g I
nst
ructio
n
14
FX
Confirm
atio
n
23
Cash
Sta
tem
ent
4Trade
Reporting
13
Tra
nsa
ctio
n S
tatu
s U
pdate
18
Settle
ment
Confirm
atio
n
21
Securitie
s S
tate
ment
19
Fundin
g o
f T
rades
22
Cash
Sta
tem
ent
10
Tra
nsm
issi
on o
f S
ettle
ment
Deta
ils
17
Settle
ment
Confirm
atio
n
15
Fundin
g o
f B
oK
Account
16
Confirm
atio
n o
f D
ebit/
Cre
dit
11
Aff
irm
atio
n o
f S
ettle
ment
Deta
ils
6S
endin
g o
f
Tra
de D
eta
ils
12
Aff
irm
atio
n
Sta
tus
480 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
07.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
1.
Fore
ign Institu
tional In
vesto
r pla
ces o
rder
with I
nte
rnational B
roker
2.
Inte
rnational B
roker
pla
ces o
rder
with D
om
estic B
roker/
Bank
3.
Dom
estic B
roker/
Bank tra
des O
TC
with C
ounte
rpart
y (
via
phone o
r e.g
. B
loom
berg
)4.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y r
eport
tra
de to K
OF
IA w
ithin
15 m
inute
s o
f tr
ade
5.
Dom
estic B
roker/
Bank s
end t
rade c
onfirm
ation to Inte
rnational B
roker
6.
Dom
estic B
roker/
Bank s
ends t
rade d
eta
ils t
o K
SD
7.
Fore
ign Institu
tional In
vesto
r re
ceiv
es t
rade c
onfirm
ation
8.
Fore
ign Institu
tional In
vesto
r in
str
ucts
Glo
bal C
usto
dia
n o
n s
ecurities s
ett
lem
ent deta
ils,
and F
X/f
undin
g9.
Glo
bal C
usto
dia
n instr
ucts
Dom
estic C
usto
dia
n o
n (
a)
securities s
ett
lem
ent deta
ils,
and (
b)
FX
/fundin
g r
equirem
ents
10.
KS
D s
ends P
relim
inary
Sett
lem
ent D
ata
to D
om
estic C
usto
dia
n,
via
SA
FE
11.
Dom
estic C
usto
dia
n a
ffirm
s s
ett
lem
ent deta
ils12.
KS
D s
ends a
ffirm
ation s
tatu
s to D
om
estic B
roker/
Bank
13.
Dom
estic C
usto
dia
n r
eport
s tra
nsaction s
tatu
s u
pdate
to G
lobal C
usto
dia
n14.
Dom
estic C
usto
dia
n s
ends F
X c
onfirm
ation to G
lobal C
usto
dia
n15.
Dom
estic C
usto
dia
n f
unds B
OK
account
16.
Upon tra
nsfe
r of
cash, B
OK
sends s
ett
lem
ent confirm
ation t
o D
om
estic C
usto
dia
n17.
Upon tra
nsfe
r of
securities, K
SD
sends s
ett
lem
ent confirm
ation to D
om
estic C
usto
dia
n18.
Dom
estic C
usto
dia
n s
ends s
ett
lem
ent confirm
ation t
o G
lobal C
usto
dia
n19.
Glo
bal C
usto
dia
n f
unds a
ccount w
ith D
om
estic C
usto
dia
n,
or
into
FC
Y n
ostr
o(b
efo
re e
nd o
f day)
20.
Glo
bal C
usto
dia
n s
ends s
ett
lem
ent confirm
ation to F
ore
ign I
nstitu
tional In
vesto
r21.
Dom
estic C
usto
dia
n s
ends s
ecurities s
tate
ment to
Glo
bal C
usto
dia
n22.
Dom
estic C
usto
dia
n s
ends c
ash c
redit/d
ebit c
onfirm
ation in
cash s
tate
ment to
Glo
bal C
usto
dia
n23.
Glo
bal C
usto
dia
n s
ends c
redit/d
ebit c
onfirm
ation in
cash s
tate
ment to
Fore
ign I
nstitu
tional I
nvesto
r
Trade Date T+1 (SD-1) Settlement Date
481ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
482 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
08
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
KS
D
Re
gis
tra
r(B
OK
)
KS
D’s
P
art
icip
an
t
Tax O
ffic
e
Cash
Flo
w
Info
rmation
Flo
w
8. Tax P
aym
ent (f
or
Resid
ents
)9. Tax P
aym
ent (
for N
on-r
esid
ents
)
3. In
tere
st
Paym
ent
BO
KA
ccount
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
BO
K(B
OK
-Wir
e+
)C
usto
dia
n
7.I
nte
rest P
aym
ent
Notice
1.I
nte
rest P
aym
ent Lis
t N
otification 6
. In
tere
st
Paym
ent
(net)
Sam
e E
ntity
(Entr
ust In
tere
st
Paym
ent B
usin
ess)
KS
D’s
A
ccount
2. In
put &
Request
the
Inte
rest via
BO
K
Term
inal
5. In
tere
st
Paym
ent (n
et)
KS
D
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
Sam
e E
ntity
4. P
aym
ent
Instr
uction
483ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
08.
Inte
rest
Paym
ent
Flo
w G
overn
ment
Bond
1.
Kore
a S
ecurities D
ep
osito
ry(K
SD
) no
tifie
s K
SD
part
icip
an
ts o
f in
tere
st p
aym
ent l
ist.
2.
KS
D in
pu
ts a
nd re
qu
est th
e in
tere
st v
ia B
ok te
rmin
al.
3.
BO
K m
akes in
tere
st p
aym
en
t to B
OK
accou
nt o
f K
SD
. 4
.K
SD
withh
old
s in
com
e ta
x o
n r
eceiv
ing
inte
rest a
nd
se
nd
s p
aym
ent i
nstr
uctio
n to
BO
K.
5.
BO
K tra
nsfe
rs in
tere
st f
rom
BO
K a
ccou
nt o
f K
SD
to K
SD
part
icip
ant.
6.
KS
D p
art
icip
ants
ma
ke in
tere
st p
aym
ents
to b
ond
ho
lde
rs.
7.
KS
D’s
part
icip
an
ts n
otify
bon
d h
old
ers
of in
tere
st p
aym
en
t.8
.K
SD
’ pa
ys ta
x fo
r re
sid
en
ts to
tax o
ffic
e.
9.
KS
D’s
pa
rtic
ipan
ts p
ay ta
x fo
r no
n-r
esid
en
ts to
ta
x o
ffic
e.
Pro
cess
of In
tere
st P
aym
ent
484 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
09
. R
edem
pti
on F
low
of
Govern
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
KS
D
Re
gis
tra
r(B
OK
)
KS
D’s
P
art
icip
an
t
Tax O
ffic
e
Cash
Flo
w
Info
rmation
Flo
w
10. Tax P
aym
ent (f
or
Resid
ents
)11. Tax P
aym
ent
(fo
r N
on-r
esid
ents
)
3. R
edem
ption
Paym
ent
BO
KA
ccount
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
BO
K(B
OK
-Wir
e+
)C
usto
dia
n
7.R
edem
ption N
otice
1.R
edem
ption L
ist
Notification
Sam
e E
ntity
6. R
edem
ption
Paym
ent
(net)
Sam
e E
ntity
(Entr
ust R
edem
ption
Paym
ent B
usin
ess)
KS
D’s
A
ccount
2. In
put &
Request
Redem
ption v
ia B
OK
Term
inal
5. R
edem
ption
Paym
ent (n
et)
8.
Redem
ption
9. D
ele
te B
ond
Regis
tration
KS
D
Sam
e E
ntity
(No C
onfirm
ation
Necessary
)
4. P
aym
ent
Instr
uction
485ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
09.
Redem
pti
on F
low
Govern
ment
Bond
1.
Kore
a S
ecurities D
ep
osito
ry(K
SD
) n
otifies K
SD
pa
rtic
ipa
nts
of re
de
mp
tio
n p
aym
en
t lis
t.2
.K
SD
inpu
ts a
nd re
qu
est th
e r
ed
em
ption
via
Bo
k te
rmin
al.
3.
BO
K m
ake
s re
de
mption
pa
ym
ent t
o B
OK
acco
un
t of K
SD
. 4
.K
SD
withh
old
s in
com
e ta
x o
n r
eceiv
ing
princip
al a
nd s
end
s p
aym
en
t in
str
uction
to B
OK
.5
.B
OK
tra
nsfe
rs re
de
mp
tion
pa
ym
en
t fro
m B
OK
acco
unt o
f K
SD
to
KS
D p
art
icip
ant.
6.
KS
D p
art
icip
ants
ma
ke
re
de
mp
tio
n p
aym
en
ts to
bo
nd
hold
ers
.7
.K
SD
’s p
art
icip
an
ts n
otify
bon
d h
old
ers
of
red
em
ption
paym
ent.
8.
KS
D m
ake
s b
on
d r
ed
em
ptio
n.
9.
BO
K d
ele
tes th
e r
eg
istr
atio
n o
f re
dee
med
bo
nd.
10.
KS
D’ p
ays ta
x fo
r re
sid
en
ts to
ta
x o
ffic
e.
11.
KS
D’s
pa
rtic
ipan
ts p
ay ta
x fo
r no
n-r
esid
en
ts to
ta
x o
ffic
e.
Pro
cess
of R
edem
ptio
n
486 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
487ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
10
. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
3. N
otification
Via
KF
TC
KS
D’s
Ba
nk
6. P
aym
ent
Instr
uction
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Pa
ym
en
tB
an
kK
SD
’s
Pa
rtic
ipa
nt
Tax O
ffic
e
Cash
Flo
w
Info
rmation
Flo
w
13. Tax P
aym
ent (
for
resid
ents
)14. Tax P
aym
ent (f
or
non-r
esid
ents
)
5. In
tere
st
Paym
ent
BO
K(B
OK
-Wir
e+
)C
usto
dia
n
12.I
nte
rest P
aym
ent
Notice
Sam
e E
ntity
11. In
tere
st
Paym
ent
Sam
e E
ntity
Pa
ym
en
t B
an
k7. In
tere
st
Paym
ent
9. In
tere
st
Paym
ent
(net)
Issuer’
s
Account
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
KS
D’s
Account
Paym
ent
Bank's
A
ccount
4. F
und p
aym
ent
(deposit in
tere
st)
Sam
e E
ntity
KS
D
10. In
tere
st
Paym
ent
Notification
KS
D’s
Ba
nk
8. P
aym
ent
In
str
uction
2. B
ondhold
ers
-lis
t
1. N
otification o
f B
ond
Hold
er’
s in
form
ation
488 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
10.
Inte
rest
Paym
ent
Flo
w C
orp
ora
te B
ond
1.
Kore
a S
ecu
rities D
ep
osito
ry(K
SD
)’s
pa
rtic
ipan
ts n
otifies K
SD
of in
form
ation
of b
on
d
hold
ers
.2
.K
SD
se
nd
s K
SD
’s b
an
k o
f b
on
dho
lders
-lis
t.3
.K
SD
’s b
ank
notifies is
su
er’
s p
aym
ent b
an
k o
f in
tere
st p
aym
en
t via
KO
RE
A F
INA
NC
IAL
TE
LE
CO
MM
UN
ICA
TIO
NS
& C
LE
AR
ING
S IN
ST
ITU
TE
(K
FT
C).
4.
A b
on
d is
su
er m
akes fu
nd p
aym
en
t for
inte
rest t
o a
pa
ym
en
t ban
k.
5.
Paym
ent B
ank e
xe
cu
tes in
tere
st p
aym
en
t fro
m is
su
er’
s a
ccou
nt t
o it
’s a
cco
unt.
6.
Paym
en
t ba
nk in
str
ucts
BO
K to p
ay in
tere
st f
rom
pa
ym
en
t ba
nk’s
acco
unt t
o K
SD
s’
Ban
k’s
accou
nt.
7.
BO
K e
xecu
tes in
tere
st p
aym
en
t fro
m p
aym
en
t ba
nks’ a
cco
un
t to K
SD
’s a
ccou
nt.
8.
KS
D in
str
ucts
KS
D’s
ba
nk to
pa
y in
tere
st t
o c
usto
dia
ns(K
SD
pa
rtic
ipan
ts)’
accou
nt.
9.
KS
D’s
ba
nk e
xe
cu
tes in
tere
st p
aym
en
t fro
m K
SD
’s a
ccou
nt t
o c
usto
dia
ns(K
SD
p
art
icip
ants
)’ a
ccou
nt ,
de
du
ctin
g in
com
e tax if
app
licab
le.
10.
KS
D n
otifie
s it
’s p
art
icip
an
ts o
f in
tere
st p
aym
en
t.1
1.
Cu
sto
dia
n (K
SD
’s p
art
icip
ants
) cre
dit b
ond
hold
ers
’ accou
nts
with in
tere
st p
aid
by is
sue
r,
ded
uctin
g ta
x if
app
licab
le..
12.
Cu
sto
dia
n (K
SD
’s p
art
icip
ants
) n
otify
bon
d h
old
ers
of in
tere
st p
aym
ent.
13.
KS
D’s
ban
k p
ays tax for
resid
en
ts to
ta
x o
ffic
e.
14.
KS
D’s
pa
rtic
ipan
ts p
ay ta
x fo
r no
n-r
esid
ents
to ta
x o
ffic
e.
Pro
cess
of In
tere
st P
aym
ent
489ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
11
. R
edem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Pa
ym
en
tB
an
kK
SD
’s
Pa
rtic
ipa
nt
Tax O
ffic
e
Cash
Flo
w
Info
rmation
Flo
w
11. R
edem
ption
Paym
ent
Notification
14. Tax P
aym
ent (f
or
resid
ents
)15. Tax P
aym
ent (f
or
non-r
esid
ents
)
5. R
edem
tion
Paym
ent
Cu
sto
dia
n
13.R
edem
ption P
aym
ent
Notice
1. N
otification o
f B
ond
Hold
er’
s in
form
ation
Sam
e E
ntity
12. R
edem
ption
Paym
ent
Sam
e E
ntity
Pa
ym
en
t B
an
k
Issuer’
s
Account
Bond H
old
er’
s
Account
4. F
und p
aym
ent
(deposit p
rincip
al)
BO
K(B
OK
-Wir
e+
)
7. R
edem
ption
Paym
ent
9. R
edem
ption
Paym
ent
(net)
KS
D’s
Account
Sam
e E
ntity
KS
D
KS
D’s
Ba
nk
8. P
aym
ent
In
str
uction
2. B
ondhold
ers
-lis
t
Paym
ent
Bank's
A
ccount
Part
icip
ant’s
Account
10.
Redem
ption
KS
D’s
Ba
nk
6. P
aym
ent
In
str
uction
3. N
otification
Via
KF
TC
490 ASEAN+3 Bond Market Guide | Volume 3 | Part 3
KR
11.
Redem
pti
on P
aym
ent
Flo
w C
orp
ora
te B
ond
1.
Kore
a S
ecurities D
ep
osito
ry(K
SD
)’s
pa
rtic
ipan
ts n
otifies K
SD
of in
form
ation
of b
on
d
hold
ers
.2
.K
SD
se
nd
s K
SD
’s B
an
k o
f b
on
dho
lders
-lis
t.3
.K
SD
’s b
ank
notifie
s is
su
er’
s p
aym
ent b
an
k o
f re
de
mp
tio
n p
aym
en
t via
KO
RE
A
FIN
AN
CIA
L T
ELE
CO
MM
UN
ICA
TIO
NS
& C
LE
AR
ING
S IN
ST
ITU
TE
(K
FT
C).
4.
A b
on
d is
su
er m
ake
s fu
nd
pa
ym
en
t for
red
em
ption
to a
pa
ym
en
t ban
k.
5.
Paym
ent B
ank e
xe
cu
tes re
de
mption
pa
ym
en
t fro
m is
su
er’
s a
ccou
nt t
o it
’s a
cco
unt.
6.
Paym
ent B
ank in
str
ucts
BO
K to
pa
y r
ede
mption
fro
m p
aym
en
t ba
nk’s
accou
nt t
o K
SD
’s
acco
un
t.7
.B
OK
execu
tes re
de
mption
pa
ym
en
t fro
m p
aym
en
t ba
nks’ a
cco
un
t to
KS
D’s
acco
unt.
8.
KS
D in
str
ucts
KS
D’s
Ban
k to
pa
y re
dem
ption
to c
usto
dia
ns(K
SD
pa
rtic
ipants
)’ a
ccou
nt.
9.
KS
D’s
ba
nk e
xe
cu
tes re
de
mp
tio
n p
aym
en
t fro
m K
SD
’s a
ccou
nt t
o c
usto
dia
ns(K
SD
p
art
icip
ants
)’ a
ccou
nt, d
ed
uctin
g ta
x if
app
lica
ble
..1
0.
KS
D m
ake
s b
on
d r
ed
em
ptio
n.
11.
KS
D n
otifies it
’s p
art
icip
an
ts o
f re
de
mption
pa
ym
ent.
12.
Cu
sto
dia
n (K
SD
’s p
art
icip
ants
) cre
dit b
on
d h
old
ers
’ accou
nts
with red
em
ption
paid
by
issu
er,
ded
uctin
g ta
x if
ap
plic
able
.1
3.
Cu
sto
dia
n (K
SD
’s p
art
icip
ants
) n
otify
bon
d h
old
ers
of re
de
mp
tio
n p
aym
ent.
14.
KS
D’s
Ba
nk p
ays tax fo
r re
sid
en
ts to
ta
x o
ffic
e.
15.
KS
D’s
pa
rtic
ipan
ts p
ay ta
x fo
r no
n-r
esid
en
ts to
ta
x o
ffic
e.
Pro
cess
of R
edem
ptio
n P
aym
ent
491ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Lao PDR(LA)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Interest & Redemption Payment Flow (Government Bond)
5. Interest & Redemption Payment Flow (Corporate Bond)
492 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
493ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
BO
L
BO
L
BO
L: B
ank
of La
o P
DR
494 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
(Po
st)
Tra
de m
atc
h
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
LSX
(Bo
ok
En
try
Sy
ste
m)
BO
L
LSX:
Lao S
ecu
rities
Exc
hange
BO
L: B
ank
of La
o P
DR
LSX
LSX
495ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
496 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sell
Sid
eB
uy S
ide
1. T
rade
3.M
atc
hin
g
2.D
eliv
ery
of P
hysic
al
Cert
ific
ate
BO
L
4. C
ash S
ett
lem
ent
5. D
eliv
ery
of P
hysic
al
Cert
ific
ate
3. R
eg
istr
ation
497ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
OT
C m
ark
et
by te
lep
ho
ne
or
by F
AX
in
th
e f
orm
of
ph
ysic
al c
ert
ific
ate
.2
.S
ell
sid
e d
eliv
er
ph
ysic
al c
ert
ific
ate
with
evid
en
ce
of
tra
de
to
BO
L.
3.
BO
L r
eg
iste
rs tra
de
on
bo
ok.
4.
BO
L
ma
ke
s c
ash
se
ttle
me
nt
fro
m b
uy s
ide
to
se
ll sid
e.
5.
Bu
y s
ide
bri
ng
s b
ack B
OL p
hysic
al c
ert
ific
ate
fro
m B
OL
.
OT
C M
ark
et
498 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
499ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
LS
XS
ell
Sid
eS
ecuri
ties
Com
pany
Buy S
ide
Securi
ties
Com
pany
BO
L
6. N
ett
ing
Results
6. N
ett
ing
Results
9. C
ash S
ett
lem
ent
10. S
ett
lem
ent R
eport
8. S
ett
lem
ent D
ata
7. H
old
ing
Bonds
11. B
onds S
ett
lem
ent
Sell
Sid
e’s
Corr
espondin
g
Bank
Buy S
ide’s
Corr
espondin
g
Bank
1. T
rade O
rder
2. M
atc
hin
g
3. T
rade c
onfirm
ation
4. T
akin
g O
blig
ation
(novation)
5. N
ett
ing
12. S
ett
lem
ent R
eport
(Bond &
Cash)
12. S
ett
lem
ent R
eport
(Bond &
Cash)
1. T
rade O
rder
500 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
de
ord
er
to L
SX
.2
.L
SX
pe
rfo
rms m
atc
hin
g.
3.
LS
X m
ake
s tra
de
co
nfirm
atio
n.
4.
LS
X t
ake
s o
blig
atio
n (
no
va
tion
) fo
r L
SX
me
mb
ers
. 5
.L
SX
pe
rfo
rms n
ettin
g.
6
.L
SX
se
nd
de
tails
of
ne
ttin
g r
esu
lts to
se
ll sid
e a
nd
bu
y s
ide
via
syste
m.
7.
LS
X c
he
cks a
va
ilab
ility
an
d h
old
s s
ecu
ritie
s.
8.
LS
X s
en
ds s
ettle
me
nt
da
ta t
o B
OL a
uto
ma
tica
lly v
ia F
TP.
9.
BO
L e
xe
cu
tes c
ash
se
ttle
me
nt.
10
.B
OL n
otic
es c
ash
se
ttle
me
nt
co
nfirm
atio
n to
LS
X.
11
.L
SX
re
lea
se
s h
eld
se
cu
ritie
s a
nd
exe
cu
tes s
ecu
ritie
s d
eliv
ery
.1
2.
LS
X s
en
ds s
ettle
me
nt
rep
ort
to
se
ll sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
501ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
502 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA05.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
F(M
inis
try o
f F
ina
nce
)B
on
d H
old
er
BO
L4. R
eport
of
Advance
Inte
rest
Paym
ent
Cash
Flo
w
Info
rmation
Flo
w
Co
mm
erc
ial B
an
k(o
rig
ina
l bo
nd
h
old
er)
5. A
ppro
val of
Advance
Inte
rest
Paym
ent
Tax O
ffic
e
BO
L’s
A
ccount
Com
merc
ial B
ank’s
Account
Bond H
old
er’
s
Account
BO
L1. In
tere
st
Paym
ent
Sam
e E
ntity
MO
F’s
A
ccount
3. In
tere
st
Paym
ent
6. In
tere
st
Paym
ent
Co
mm
erc
ial B
an
ks
BO
L2. N
otification o
f A
dvance Inte
rest
Paym
ent
Sam
e E
ntity
503ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA05.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
Com
merc
ial b
anks, w
hic
h a
re o
rigin
ally
allo
cate
d T
-bill
s, m
ake in
tere
st p
aym
ent i
n
advance t
o b
ond h
old
ers
deducting in
com
e ta
x if
applic
able
on b
ehalf o
f M
OF
on in
tere
st
paym
ent d
ate
. 2.
The c
om
merc
ial b
anks report
to B
OL the a
dvance in
tere
st p
aym
ents
they m
ade o
n b
ehalf
of M
OF.
3.
BO
L reim
burs
es th
e a
dvance p
aym
ent t
o c
om
merc
ial b
anks o
n b
ehalf o
f M
OF.
4.
BO
L n
otifies M
OF
of t
he a
dvance in
tere
st p
aym
ent m
ade b
y c
om
merc
ial b
anks o
n a
quart
erly b
asis
thro
ugh a
report
, and r
equests
MO
F to
pay the a
mount.
5.
MO
F reconcile
s th
e p
aym
ent d
eta
ils w
ith B
OL b
efo
re m
akin
g p
aym
ents
, and a
ppro
ve to
pay th
e a
mount t
o B
OL.
6.
MO
F p
ays the in
tere
st a
mount to
BO
L.
7.
Com
merc
ial b
anks
pays in
com
e ta
x to the tax o
ffic
e v
ia it
’s o
wn a
ccount,
if tax is
applic
able
.
Pro
cess
of In
tere
st P
aym
ent
504 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA06. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Cash
Flo
w
Info
rmation
Flo
w
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
F(M
inis
try o
f F
ina
nce
)B
on
d H
old
er
BO
L
4. R
eport
of
Advance
Redem
ption
Paym
ent
Co
mm
erc
ial B
an
k(o
rig
ina
l bo
nd
h
old
er)
5. A
ppro
val of
Advance R
edem
ption
Paym
ent
Tax O
ffic
e
BO
L’s
A
ccount
Com
merc
ial B
ank’s
Account
Bond H
old
er’
s
Account
BO
L1. R
edem
ption
Paym
ent
Sam
e E
ntity
MO
F’s
A
ccount
3. R
edem
ption
Paym
ent
7. R
edem
ption
Paym
ent
Co
mm
erc
ial B
an
ks
BO
L
6. R
edem
ption o
f B
onds
2. N
otification o
f A
dvance R
edem
ption
Paym
ent
Sam
e E
ntity
505ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
LA06.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
Com
merc
ial b
anks, w
ho a
re o
rigin
ally
allo
cate
d T
-bill
s,
pay the a
mount f
or
redem
ption
and in
tere
st p
aym
ent i
n a
dvance to
bond h
old
ers
deducting in
com
e ta
x if
applic
able
on
behalf o
f M
OF
on the redem
ption d
ate
. 2.
Com
merc
ial b
anks a
sk B
OL to p
ay the a
mount f
or
redem
ption.
3.
BO
L m
akes th
e p
aym
ent t
o c
om
merc
ial b
anks o
n b
ehalf o
f M
OF.
4.
BO
L n
otifies M
OF
of th
e a
dvance redem
ption m
ade b
y c
om
merc
ial b
anks, a
nd requests
M
OF
to p
ay the a
mount.
5.
MO
F reconcile
s th
e p
aym
ent d
eta
ils w
ith B
OL b
efo
re m
akin
g p
aym
ents
, and a
ppro
ve to
pay th
e a
mount t
o B
OL.
6.
BO
L p
erf
orm
s redem
ption.
7.
MO
F m
akes reim
burs
em
ent f
or th
e p
aym
ent t
o B
OL follo
win
g th
e p
resenta
tion o
f th
e
lett
er.
8.
Com
merc
ial b
anks
pays in
com
e ta
x to the tax o
ffic
e v
ia it
’s o
wn a
ccount,
if tax is
applic
able
.
Pro
cess
of R
edem
ptio
n P
aym
ent
506 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Myanmar(MM)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Interest & Redemption Payment Flow (Government Bond)
507ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
508 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
ME
B, M
SE
C
MEB:
Mya
nm
a E
co
no
mic
Ba
nk
MSEC:
Mya
nm
ar
Se
cu
ritie
s E
xch
an
ge
Ce
ntr
e
ME
B, M
SE
C
509ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
510 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
02.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sell
Sid
e(B
ank)
Buy S
ide
Sale
s A
gent (M
EB
,MS
EC
))
CB
M
9. R
eg
istr
ation
4. D
eliv
ery
of P
hysic
al
Cert
ific
ate
4. P
aym
ent w
ith C
heck
(in th
e c
ase S
ale
s A
gent is
M
SE
C)
7. D
eliv
er
of P
hysic
al
Cert
ific
ate
8. R
eport
Ow
ners
hip
C
hang
e
7. D
eliv
ery
of P
aid
Check
(in th
e c
ase S
ale
s A
gent is
M
SE
C)
3. T
rade
1. B
ond I
nfo
rmation
2. F
indin
g a
Buyer
5. T
ransfe
r of O
wners
hip
MS
EC
Tra
de
1. B
ond I
nfo
rmation
3. T
rade D
ata
6. E
ndors
em
ent on c
heck
from
buy s
ide(M
SE
C)
or
Cash S
ett
lem
ent (M
EB
)
3. T
rade D
ata
511ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
02.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Sell
sid
e in
form
s C
BM
and M
SE
C o
f bond in
form
ation s
uch a
s the face v
alu
e, m
atu
rity
date
and
num
bers
of bonds w
hic
h th
ey w
ant to
sell.
2.
MS
EC
finds a
buy s
ide w
ho a
ccepts
the p
rice (quote
driven tra
de) fo
r tr
ade.
3.
MS
EC
report
s to
CB
M a
bout th
e s
ale
s o
f bond d
irectly o
r via
.M
EB
.4.
If b
uyer
and s
elle
r agre
e the p
rice, t
he s
elle
r brings p
hysic
al c
ert
ific
ate
to M
SE
C o
r M
EB
with
the s
ignatu
re o
n the b
ack o
f bond c
ert
ific
ate
by a
uth
orized p
ers
on to tra
nsfe
r th
e o
wners
hip
. T
he b
uyer m
akes c
heck w
hen s
ale
s a
gent is
MS
EC
.5.
Tra
nsfe
r of ow
ners
hip
is d
one b
y s
ale
s a
gent (M
EB
or
ME
SE
C).
6.
ME
B c
onducts
account t
ransfe
r or
MS
EC
makes e
ndors
em
ent o
n c
heck.
7.
Bond c
ert
ific
ate
is d
eliv
ere
d to
buyer.
Paid
check is
deliv
ere
d to
selle
r (o
nly
when s
ale
agent is
M
SE
C).
8.
Aft
er bond tra
din
g, M
SE
C report
s to C
BM
about th
e c
hangin
g o
f bond o
wners
hip
.9.
CB
M m
akes regis
tration.
OT
C M
ark
et
Note
: T
he f
low
in t
he p
revio
us p
age s
how
s f
rom
tra
de to s
ett
lem
ent betw
een b
anks in
OT
C m
ark
et.
M
SE
C q
uote
s b
onds o
f sell
sid
e (
bank)
and s
ell
them
to b
uy s
ide (
bank)
as s
ole
inte
rmedia
ry (
securities c
om
pany)
in O
TC
mark
et.
Regard
ing r
eta
il in
vesto
rs,
ME
B a
nd M
SE
C a
re the inte
rmedia
ry b
etw
een s
elle
r and b
uyer
of T
-bond.
512 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t)B
on
d)
3.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
513ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
03
. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
F(M
inis
try o
f F
ina
nce
)In
ve
sto
r
CB
M a
s P
A
Cash
Flo
w
Info
rmation
Flo
w
ME
B a
nd
CS
D
Pre
cip
itan
ts
(ba
nks)
Tax O
ffic
e
ME
B a
nd C
SD
part
icip
ants
Investo
r’s
Account
CB
M
Re
ve
nu
e
De
pa
rtm
en
t A
cco
un
t
3. In
tere
st P
aym
ent
ME
B a
nd
CS
D p
art
icip
an
ts
CB
M
4. N
otification o
f P
aym
ent D
eta
il
Sam
e E
ntity
Deliv
ery
of
coupon
Sam
e E
ntity
5. In
tere
st
Paym
ent
Sam
e E
ntity
1.P
aym
ent
Request
2.A
ppro
val
No w
ithhold
ing t
ax
514 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
03.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
CB
M s
end p
aym
ent r
equest t
o M
OF.
2.
MO
F a
ppro
ves it
.3.
CB
M p
ays in
tere
sts
to b
anks (C
SD
part
icip
ants
inclu
din
g M
EB
) by d
ebitin
g R
evenue
Depart
ment A
ccount a
nd c
reditin
g it
to the b
anks’ a
ccount.
4.
CB
M s
ends le
tter of notification fo
r in
tere
st p
aym
ent t
o b
anks in
clu
din
g M
EB
. (B
anks
bring c
oupons to
CB
M e
xcept f
or
ME
B.)
5.
ME
B tr
ansfe
rs c
ash fo
r in
tere
st p
aym
ent t
o in
vesto
r’s a
ccounts
upon receip
t of coupons.
Pro
cess
of In
tere
st P
aym
ent
Note
: T
here
is n
o w
ithhold
ing t
ax for
govern
ment bonds.
515ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
04
. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
F(M
inis
try o
f F
ina
nce
)In
ve
sto
r
CB
M a
s P
A
Cash
Flo
w
Info
rmation
Flo
w
ME
B a
nd
CS
D
Pre
cip
itan
ts
(ba
nks)
Tax O
ffic
e
ME
B a
nd C
SD
part
icip
ants
Investo
r’s
Account
CB
M
Revenue
Depart
ment
Account
3. R
edem
ption P
aym
ent
ME
B a
nd
CS
D p
art
icip
an
ts
CB
M
4. N
otification o
f P
aym
ent D
eta
il
Sam
e E
ntity
Deliv
ery
of
cert
ific
ate
s
Sam
e E
ntity
5. R
edem
ption
Paym
ent
Sam
e E
ntity
To b
e c
onfirm
ed
1.P
aym
ent
Request
2.A
ppro
val
(3. R
edem
ption)
516 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MM
04.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
CB
M s
end
pa
ym
en
t re
qu
est t
o M
OF.
2.
MO
F a
ppro
ves it
.3
.C
BM
pa
ys in
tere
sts
to b
anks (C
SD
pa
rtic
ipa
nts
inclu
din
g M
EB
) b
y d
ebitin
g R
eve
nue
D
ep
art
me
nt A
cco
un
t and
cre
ditin
g it
to
th
e b
anks’ a
cco
un
t. C
BM
ma
ke
s re
de
mption
.4
.C
BM
se
nd
s le
tte
r o
f n
otification
for re
de
mption
pa
ym
en
t to
ban
ks in
clu
din
g M
EB
. (B
anks
brin
g c
irtifica
tes
to C
BM
exce
pt f
or
ME
B.)
5.
ME
B tr
an
sfe
rs c
ash fo
r re
dem
ption
paym
ent t
o in
vesto
r’s a
ccou
nts
upo
n re
ce
ipt o
f ce
rtific
ate
s.
Pro
cess
of In
tere
st P
aym
ent
517ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Malaysia(MY)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
518 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
519ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
ET
P –
Ele
ctr
onic
Tra
din
g P
latf
orm
BN
M -
Bank N
egara
Mala
ysia
RE
NT
AS
–R
eal-tim
e E
lectr
onic
Tra
nsfe
r of F
unds a
nd S
ecurities
BM
S –
Burs
a M
ala
ysia
Securities
BT
S –
Burs
a T
rade S
yste
m
BM
SC
–B
urs
a M
ala
ysia
Securities C
learing
BC
S –
Burs
a C
learing &
Sett
lem
ent S
yste
mS
ST
S –
Scriple
ss
Securities T
radin
g S
yste
m
BM
D –
Burs
a M
ala
ysia
Depository
C
DS
–C
entr
al D
epository
Syste
m
IFT
S –
Inte
rbank F
unds T
ransfe
r S
yste
m
BN
M (
RE
NT
AS
-SS
TS
)
BN
M (R
EN
TA
S-I
FT
S)
BM
D(C
DS
)
Bu
rsa
Ma
laysia
(E
TP
)
BM
SC
(B
CS
)
BM
S(B
TS
)
520 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
t
OT
C M
ark
et
ET
P –
Ele
ctr
onic
Tra
din
g P
latf
orm
BN
M -
Bank N
egara
Mala
ysia
RE
NT
AS
–R
eal-tim
e E
lectr
onic
Tra
nsfe
r of F
unds a
nd S
ecurities
BM
S –
Burs
a M
ala
ysia
Securities
BT
S –
Burs
a T
rade S
yste
m
BM
SC
–B
urs
a M
ala
ysia
Securities C
learing
BC
S –
Burs
a C
learing &
Sett
lem
ent S
yste
mS
ST
S –
Scriple
ss
Securities T
radin
g S
yste
m
BM
D –
Burs
a M
ala
ysia
Depository
C
DS
–C
entr
al D
epository
Syste
m
IFT
S –
Inte
rbank F
unds T
ransfe
r S
yste
m
BN
M (
RE
NT
AS
-SS
TS
)
BN
M (R
EN
TA
S-I
FT
S)
BM
D(C
DS
)
Bu
rsa
Ma
laysia
(E
TP
)
BM
SC
(B
CS
)
BM
S(B
TS
)
521ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
522 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
Buy S
ide
Sell
Sid
e1. T
rade (
dir
ect d
ealin
g
or via
Money B
rokers
)
5. A
cknow
ledg
em
ent
2. T
rade R
eport
ing
RE
NT
AS
7. C
ash S
ett
lem
ent
4. C
onfirm
ation
6. B
ond S
ett
lem
ent
5. A
cknow
ledg
em
ent
3. I
nitia
te U
nconfirm
ed
Sett
lem
ent A
dvic
e
ET
P2. T
rade R
eport
ing
DV
P
8. S
ett
lem
ent C
om
ple
tion
Advic
e (B
ond &
Cash)
8. S
ett
lem
ent C
om
ple
tion
Advic
e (B
ond &
Cash)
(RE
NT
AS
-SS
TS
)
(RE
NT
AS
-IF
TS
)
523ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades (
OTC
)
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
ove
r th
e c
ou
nte
r b
y te
lep
ho
ne
(d
ire
ct d
ea
ling
or
thro
ug
h M
on
ey B
roke
r). 9
5%
o
f b
on
d tra
de
s a
re d
ea
lt in
OT
C m
ark
et. C
om
me
rcia
l b
an
ks a
nd
Isla
mic
ba
nks c
an
tra
de
bo
nd
s.
2.
All
tra
de
s a
re r
eco
rde
d in
Ele
ctr
on
ic T
rad
ing
Pla
tfo
rm (
ET
P).
3.
Se
ll sid
e (
or
bu
y s
ide
) in
pu
ts t
rad
e d
ata
in
to R
EN
TA
S a
s in
itia
te u
nco
nfirm
ed
se
ttle
me
nt
ad
vic
e.
4.
Bu
y s
ide
(o
r se
ll sid
e)
co
nfirm
s a
n u
nco
nfirm
ed
se
ttle
me
nt
ad
vic
e u
sin
g b
y c
on
firm
atio
n m
en
u o
f R
EN
TA
S.
5.
Se
ll sid
e a
nd
bu
y s
ide
acce
ss r
ep
ort
me
nu
of R
EN
TA
S a
nd
co
nfirm
s th
at
co
nfirm
atio
n o
f lo
ca
l ma
tch
ing
is
pe
rfo
rme
d.
6.7
O
n s
ettle
me
nt
da
te,
bo
nd
an
d c
ash
are
se
ttle
d o
n D
VP
ba
sis
.8
.S
ell
sid
e a
nd
bu
y s
ide
acce
ss R
ep
ort
me
nu
of
RE
NTA
S a
nd
co
nfirm
s r
ep
ort
of
bo
nd
se
ttle
me
nt
an
d c
ash
se
ttle
me
nt.
OT
C M
ark
et
524 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY04.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
(Au
tho
rise
d
De
po
sito
ry
Instit
utio
n, A
DI)
Co
un
ter-
pa
rty
BN
MR
EN
TA
S-
IFT
S
Clearing Matching & Settlement
Cross-Border
BN
M
( MyC
lear)
RE
NT
AS
S
ST
S
As C
ash
Corr
espondent
Trading
ET
P
(Burs
a
Mala
ysia
)
Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
4 T
rade C
onfirm
atio
n5
Tra
de C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
19
Settle
ment
Confirm
8 a
Settle
ment
Inst
ructio
n
8 b
FX
/Fundin
g I
nst
ructio
n
11
FX
Confirm
atio
n
22
Cash
Sta
tem
ent
6Trade
Reporting
10
Pre
-Matc
hin
g S
tatu
s
17
Settle
ment
Confirm
atio
n
20
Securitie
s S
tate
ment
18
Fundin
g o
f T
rades
21
Cash
Sta
tem
ent
12
Captu
re o
f T
ransa
ctio
n D
eta
ils
& A
cknow
ledgem
ent
of
Receip
t
13
Retr
ieval of
Matc
hin
g S
tatu
s
15
Settle
ment
Confirm
atio
n
14
Fundin
g o
f B
NM
Account
16
Confirm
atio
n o
f D
ebit/
Cre
dit
12
Advic
e o
f unconfirm
ed T
rade
& C
onfirm
atio
n o
f T
rade in S
ST
S
-O
R -
525ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
526 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
(Au
tho
rise
d
De
po
sito
ry
Instit
utio
n, A
DI)
Co
un
ter-
pa
rty
BN
MR
EN
TA
S-
IFT
S
Clearing Matching & Settlement
Cross-Border
BN
M
( MyC
lear)
RE
NT
AS
S
ST
S
As C
ash
Corr
espondent
Trading
ET
P
(Burs
a
Mala
ysia
)
Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
4 T
rade C
onfirm
atio
n5
Tra
de C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
19
Settle
ment
Confirm
8 a
Settle
ment
Inst
ructio
n
8 b
FX
/Fundin
g I
nst
ructio
n
11
FX
Confirm
atio
n
22
Cash
Sta
tem
ent
6Trade
Reporting
10
Pre
-Matc
hin
g S
tatu
s
17
Settle
ment
Confirm
atio
n
20
Securitie
s S
tate
ment
18
Fundin
g o
f T
rades
21
Cash
Sta
tem
ent
12
Captu
re o
f T
ransa
ctio
n D
eta
ils
& A
cknow
ledgem
ent
of
Receip
t
13
Retr
ieval of
Matc
hin
g S
tatu
s
15
Settle
ment
Confirm
atio
n
14
Fundin
g o
f B
NM
Account
16
Confirm
atio
n o
f D
ebit/
Cre
dit
12
Advic
e o
f unconfirm
ed T
rade
& C
onfirm
atio
n o
f T
rade in S
ST
S
-O
R -
MY05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
527ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
1.
Fore
ign Institu
tional In
vesto
r pla
ces o
rder
with I
nte
rnational B
roker
2.
Inte
rnational B
roker/
Dom
estic Investo
r pla
ces o
rder
with D
om
estic B
roker/
Bank
3.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y a
gre
e o
n O
TC
tra
de (
via
e.g
. phone o
r B
loom
berg
)4.
Dom
estic B
roker/
Bank s
ends t
rade c
onfirm
ation to Inte
rnational B
roker
5.
Fore
ign Institu
tional In
vesto
r re
ceiv
es t
rade c
onfirm
ation
6.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y c
aptu
re tra
de in
ET
P,
by e
nd o
f tr
adin
g d
ay
7.
Fore
ign Institu
tional In
vesto
r in
str
ucts
Glo
bal C
usto
dia
n,
on s
ecurities s
ett
lem
ent and c
ash/f
undin
g d
eta
ils8.
Glo
bal C
usto
dia
n instr
ucts
Dom
estic C
usto
dia
n/A
DI
on (
a)
securities s
ett
lem
ent deta
ils,
(b)
FX
request
or
fundin
g
deta
ils (
sin
ce 3
rd P
art
y F
X p
ossib
le)
9.
Dom
estic C
usto
dia
n/A
DI
and C
ounte
rpart
y p
re-m
atc
h s
ett
lem
ent deta
ils, via
phone
10.
Dom
estic C
usto
dia
n/A
DI
sends p
re-m
atc
hin
g r
esult in
form
ation (
e.g
. m
issin
g instr
uctions)
to G
lobal C
usto
dia
n11.
Dom
estic C
usto
dia
n/A
DI
pro
vid
es c
onfirm
ation o
f F
X b
ooked (
in c
ase o
f earlie
r F
X r
equest)
12.
Dom
estic C
usto
dia
n/A
DI
captu
res s
ett
lem
ent deta
ils into
SS
TS
and r
eceiv
es S
ST
S a
cknow
ledgm
ent
of re
ceip
t of
data
(selli
ng s
ide),
OR
receiv
es a
lleged t
rade n
otice (
advic
e o
f unconfirm
ed tra
de)
from
SS
TS
and c
onfirm
s
sett
lem
ent deta
ils in S
ST
S (
buyin
g s
ide)
13.
Dom
estic C
usto
dia
n/A
DI
retr
ieves s
ett
lem
ent m
atc
hin
g s
tatu
s14.
Dom
estic C
usto
dia
n/A
DI
eff
ects
fundin
g o
f its a
ccount at
Bank N
egara
Mala
ysia
(B
NM
) via
RE
NTA
S (
IFT
S)
if
necessary
15.
Upon s
ett
ling s
ecurities, S
ST
S s
ends s
ett
lem
ent confirm
ation for
securities t
o D
om
estic C
usto
dia
n/A
DI
16.
Upon s
ett
ling c
ash, R
EN
TA
S s
ends d
ebit/c
redit c
onfirm
ation to D
om
estic C
usto
dia
n/A
DI
17.
Dom
estic C
usto
dia
n/A
DI
sends s
ett
lem
ent confirm
ation t
o G
lobal C
usto
dia
n18.
Glo
bal C
usto
dia
n f
unds a
ccount w
ith D
om
estic C
usto
dia
n/A
DI
(befo
re e
nd o
f day)
19.
Glo
bal C
usto
dia
n s
ends s
ends
sett
lem
ent confirm
ation to F
ore
ign I
nstitu
tional In
vesto
r20.
Dom
estic C
usto
dia
n/A
DI
sends s
tate
ment of securities t
o G
lobal C
usto
dia
n (
at end o
f day)
21.
Dom
estic C
usto
dia
n/S
ub-r
egis
try s
ends d
ebit/c
redit in
form
ation in
cash s
tate
ment (a
t end o
f day)
22.
Glo
bal C
usto
dia
n s
ends s
ends
debit/c
redit in
form
ation in
cash s
tate
ment to
FII
(at end o
f day)
Trade Date T+1 Settlement Date
528 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
529ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY0
6. B
ond T
ransacti
on F
low
for
Fore
ign Investo
rs
OTC
Mark
et
/ D
VP
(No
Ta
x D
ata
N
ece
ssa
ry)
(No
Ta
x D
ata
N
ece
ssa
ry)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
BN
M
(RE
NT
AS
-SS
TS
)a
s C
SD
Tax O
ffic
e
Au
tho
rize
d
De
po
sito
ry
Instit
utio
n(A
DI)
Cash
Flo
w
Info
rmation
Flo
w
4. In
tere
st P
aym
ent
MO
F’s
A
ccount
AD
I’s A
ccount
Bond H
old
er’
s
Account
BN
M (
RE
NT
AS
-IF
TS
)A
DI
5. In
tere
st
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
6.I
nte
rest P
aym
ent
Notice
(No T
ax f
or
Inte
rest)
(No T
ax f
or
Inte
rest)
BN
M
as P
ayin
g A
ge
nt
2. P
aym
ent
Instr
uction
Fa
cili
ty A
ge
nt
1. D
ebit
Notification
3. P
aym
ent
Instr
uction
530 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
On in
tere
st p
aym
en
t da
y, R
EN
TA
S s
en
ds D
ebit N
otification
s to
Facili
ty A
ge
nts
(FA
s) o
n
the a
ctu
al a
mo
unt of in
tere
st p
roce
eds to
be
pa
id to P
ayin
g A
ge
nt.
2.
MO
F in
str
ucts
FA
sto
ma
ke
red
em
ptio
n p
aym
ent.
3.
FA
s s
end
pa
ym
en
t instr
uctio
n to
Payin
g A
ge
nt.
4.
BN
M e
xecute
s in
tere
st p
aym
ent f
rom
MO
F’s
accou
nt t
o A
uth
orized
De
po
sitory
In
stitu
tion
s(A
DIs
)’ a
cco
unts
.5
.A
DIs
cre
dit to
bo
nd
ho
lde
r’s a
cco
un
ts w
ith in
tere
st p
aid
by M
OF.
6.
AD
Isn
otify
bo
nd h
old
ers
of in
tere
st p
aym
en
t.
Pro
cess
of In
tere
st P
aym
ent
531ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY0
7. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
(No
Ta
x D
ata
N
ece
ssa
ry)
(No
Ta
x D
ata
N
ece
ssa
ry)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
BN
M
as P
ayin
g A
ge
nt
Au
tho
rize
d
De
po
sito
ry
Instit
utio
n(A
DI)
2. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
4. R
edem
ption P
aym
ent
MO
F’s
A
ccount
AD
I’s A
ccount
Bond H
old
er’
s
Account
BN
M (
RE
NT
AS
-IF
TS
)A
DI
6. R
edem
ption
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
7.R
edem
ption P
aym
ent
Notice
(No T
ax f
or
Inte
rest)
(No T
ax f
or
Inte
rest)
BN
M
(RE
NT
AS
-SS
TS
)
5.R
edem
ption
Tax O
ffic
e
Fa
cili
ty A
ge
nt
1. D
ebit
Notification
3. P
aym
ent
Instr
uction
532 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
On re
de
mption
pa
ym
en
t day,
RE
NTA
S s
en
ds D
ebit N
otifica
tion
s to
Facili
ty A
gen
ts(F
As)
on th
e a
ctu
al a
mou
nt o
f p
rocee
ds to
be p
aid
to P
ayin
g A
ge
nt.
2.
MO
F in
str
ucts
FA
sto
ma
ke
red
em
ptio
n p
aym
ent.
3.
FA
s s
end
pa
ym
en
t instr
uctio
n to
Payin
g A
ge
nt.
4.
BN
M e
xecute
s red
em
ptio
n p
aym
ent f
rom
MO
F’s
acco
unt t
o A
uth
orized
De
po
sitory
In
stitu
tion
s(A
DIs
)’ a
cco
unts
.5
.B
NM
as C
SD
ma
ke
s b
on
d r
ed
em
ptio
n.
6.
AD
Is c
red
it to
bo
nd
hold
er’
s a
cco
un
ts w
ith
last i
nte
rest a
nd p
rin
cip
al p
aid
by M
OF.
7.
AD
Isn
otify
bo
nd h
old
ers
of re
de
mp
tio
n p
aym
en
t.
No
te: I
t is
su
pp
osed
that re
de
mp
tio
n a
lways in
vo
lve
s la
st i
nte
rest p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
533ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
534 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY08. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
Pa
yin
g A
ge
nt
(No
Ta
x D
ata
N
ece
ssa
ry)
(No
Ta
x D
ata
N
ece
ssa
ry)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
BN
M
(RE
NT
AS
-SS
TS
)a
s C
SD
Pa
yin
g A
ge
nt
Au
tho
rize
d
De
po
sito
ry
Instit
utio
n(A
DI)
2. P
aym
en
tIn
str
uctio
n
1. P
aym
en
tR
eq
ue
st
Cash
Flo
w
Info
rmation
Flo
w
220
3. In
tere
st
Paym
ent
Bond H
old
er’
s
Account
BN
M (
RE
NT
AS
-IF
TS
)A
DI
6. In
tere
st
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
7.I
nte
rest P
aym
ent
Notice
(No T
ax f
or
Inte
rest)
(No T
ax f
or
Inte
rest)
Tax O
ffic
e
5. In
tere
st
Paym
ent
4. P
aym
ent
Instr
uction
Issuer’
s
Account
AD
I’s A
ccount
PA
's A
ccount
535ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
ge
nt re
qu
ests
inte
rest p
aym
ent t
o b
on
d is
su
er.
2.
Bon
d is
sue
r in
str
ucts
payin
g a
ge
ntto
ma
ke in
tere
st p
aym
ent.
3.
Payin
g a
ge
nt tr
an
sfe
rs in
tere
st f
rom
issu
er’
s a
cco
unt t
o it
’s a
cco
un
t.4
.P
ayin
g a
ge
nt in
str
ucts
Ba
nk N
ega
ra M
ala
ysia
(B
NM
) to
tra
nsfe
r ca
sh
from
it’s
acco
un
t to
Auth
orized
De
po
sitory
Institu
tion
s(A
DIs
)’ a
cco
un
ts v
ia R
EN
TA
S-I
FT
S.
5.
BN
M tr
ansfe
rs c
ash
fro
m p
ayin
g a
ge
nt’s a
ccou
nt t
o A
uth
orized
De
posito
ry
Institu
tion
s(A
DIs
)’ a
cco
unts
.6
.A
DIs
cre
dit to
bo
nd
hold
er’
s a
cco
un
ts w
ith
inte
rest p
aid
by b
on
d is
sue
r.7
.A
DIs
notify
bo
nd h
old
ers
of in
tere
st p
aym
en
t.
Pro
cess
of In
tere
st P
aym
ent
536 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY09. R
edem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Sa
me
En
tity
(No
Co
nfirm
atio
n
Ne
ce
ssa
ry)
(No
Ta
x D
ata
N
ece
ssa
ry)
(No
Ta
x D
ata
N
ece
ssa
ry)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Pa
yin
g A
ge
nt
Au
tho
rize
d
De
po
sito
ry
Instit
utio
n(A
DI)
2. P
aym
en
tIn
str
uctio
n
1. P
aym
en
tR
eq
ue
st
Cash
Flo
w
Info
rmation
Flo
w
Sam
e E
ntity
Sam
e E
ntity
8.R
edem
ption P
aym
ent
Notice
BN
M
(RE
NT
AS
-SS
TS
)
6.R
edem
ption
4. P
aym
ent
Instr
uction
Pa
yin
g A
ge
nt
3. R
edem
ption
Paym
ent
Bond H
old
er’
s
Account
BN
M (
RE
NT
AS
-IF
TS
)A
DI
7. R
edem
ption
Paym
ent
(No T
ax f
or
Inte
rest)
(No T
ax f
or
Inte
rest)
Tax O
ffic
e
5. R
edem
ption P
aym
ent
Issuer’
s
Account
AD
I’s A
ccount
PA
's A
ccount
537ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
MY09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
ge
nt re
qu
ests
red
em
ptio
n p
aym
en
t to
bo
nd
issu
er.
2.
Bon
d is
sue
r in
str
ucts
payin
g a
ge
ntto
ma
ke red
em
ptio
n p
aym
en
t.3
.P
ayin
g a
ge
nt tr
an
sfe
rs la
st i
nte
rest a
nd
prin
cip
al f
rom
issu
er’
s a
ccou
nt t
o it
’s a
ccou
nt.
4.
Payin
g a
gen
t in
str
ucts
Ban
k N
eg
ara
Ma
laysia
(B
NM
) to
tra
nsfe
r ca
sh
fro
m it
’s a
ccou
nt t
o
Auth
orized
De
po
sitory
Institu
tion
s(A
DIs
)’ a
cco
un
ts v
ia R
EN
TA
S-I
FT
S.
5.
BN
M tr
ansfe
rs c
ash
fro
m p
ayin
g a
ge
nt’s a
ccou
nt t
o A
uth
orized
De
posito
ry
Institu
tion
s(A
DIs
)’ a
cco
unts
. 6
.B
NM
as C
SD
ma
ke
s b
on
d r
ed
em
ptio
n.
7.
AD
Is c
red
it to
bo
nd
hold
er’
s a
cco
un
ts w
ith
last i
nte
rest a
nd p
rin
cip
al p
aid
by b
ond
issu
er.
8.
AD
Isn
otify
bo
nd h
old
ers
of re
de
mp
tio
n p
aym
en
t.
No
te: I
t is
su
pp
osed
that re
de
mp
tio
n a
lways in
vo
lve
s la
st i
nte
rest p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
538 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Philippines(PH)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
539ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
540 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
SP
(P
hilP
aS
S)
PD
Ex –
Phili
pp
ine
Dea
ling
& E
xch
ang
ee
DvP
–E
xp
an
de
d D
eliv
ery
vs. P
aym
en
t Syste
m P
DT
C –
Phili
pp
ine
Dep
osito
ry &
Tru
st C
orp
ora
tio
nR
oS
S –
Re
gis
try o
f S
crip
less S
ecu
rities B
SP
-B
an
gko
Sen
tra
l ng
Pili
pin
as
PhilP
aS
S –
Phili
pp
ine
Pa
ym
en
ts a
nd
Sett
lem
ent S
yste
m
Ca
sh
se
ttle
me
nt b
y s
ett
lem
ent b
an
ks is
fo
r g
ove
rnm
ent a
nd c
orp
ora
te b
on
ds.
Bu
rea
u o
f T
rea
su
ry
(BT
r-R
oS
S)
PD
Ex
(Ro
ss S
TP
Fa
cili
ty)
PD
TC
OT
C m
ark
et
Ex. m
rkt
PD
Ex (F
ixe
d In
co
me
Tra
din
g S
yste
m)
Se
ttle
.ba
nksP
DE
x(e
DvP
)
541ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
SP
(P
hilP
aS
S)
PD
Ex –
Phili
ppin
e D
ealin
g &
Exchange
eD
vP
–E
xpanded D
eliv
ery
vs. P
aym
ent S
yste
m P
DT
C –
Phili
ppin
e D
epository
& T
rust C
orp
ora
tion
RoS
S –
Regis
try o
f S
criple
ss S
ecurities B
SP
-B
angko S
entr
al n
g P
ilipin
as
PhilP
aS
S –
Phili
ppin
e P
aym
ents
and S
ett
lem
ent S
yste
m
Cash
sett
lem
ent b
y s
ett
lem
ent b
anks is
for govern
ment a
nd c
orp
ora
te b
onds.
PD
TC
De
po
sito
ry
OT
C (
qu
ote
-dri
ve
n)
PD
Ex (F
ixe
d In
co
me
Tra
din
g S
yste
m)
Se
ttle
.b
an
ks
Exch
an
ge
(o
rde
r-d
rive
n)
PD
Ex (
Cle
ari
ng
syste
m)
542 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
1.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
543ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades G
SED
s M
ark
et
/ D
VP
229
PD
Ex
Sell
Sid
eB
uy S
ide
Bure
au o
f T
reasury
(BT
r-R
oS
S)
9. H
old
ing
Bonds
12. S
ett
lem
ent R
eport
(Cash)
12. S
ett
lem
ent R
eport
(Cash)
.9. F
und S
ett
lem
ent
6. S
ett
lem
ent D
eta
il6. S
ett
lem
ent D
eta
il
3. M
atc
hin
g
2. T
rade O
rder
2. T
rade O
rder
(FI T
radin
g S
yste
ms)
(PD
Ex-R
oS
S S
TP
Facili
ty)
7. A
uth
ori
zation o
f S
ett
lem
ent
Instr
uction F
or D
VP
7. A
uth
ori
zation o
f S
ett
lem
ent
Instr
uction fo
r D
VP
4. M
atc
hin
g R
esult
4. M
atc
hin
g R
esult
BS
P (
PhilP
aS
S)
11.C
ash S
ett
lem
ent
10. S
ett
lem
ent D
ata
12. S
ett
lem
ent
Report
(C
ash)
13. B
ond S
ett
lem
ent
5. T
rade D
ata
1. N
eg
otiation (
OT
C)
8. S
ett
lem
ent D
ata
14. S
ett
lem
ent S
tatu
s
15. M
onitor
Sett
lem
ent
Sta
tus
15. M
onitor
Sett
lem
ent
Sta
tus*G
SE
D: G
overn
ment
Securities E
ligib
le D
eale
r
544 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades G
SED
s M
ark
et
/ D
VP
1.
In O
TC
ma
rke
t, t
he
se
ll sid
e a
nd
bu
y s
ide
ne
go
tiate
be
fore
the
y in
pu
t th
e t
rad
e d
ata
to
PD
Ex.
Th
is
pro
ce
ss is
om
itte
d i
n t
he
Exch
an
ge
Ma
rke
t.2
.S
ell
sid
e a
nd
bu
y s
ide
tra
de
via
PD
Ex(F
I T
rad
ing
Syste
m).
3
.P
DE
x(F
I T
rad
ing
Syste
m)
ma
tch
es o
rde
r o
r re
co
rds n
eg
otia
ted
de
als
be
twe
en
se
ll sid
e a
nd
bu
y s
ide
.4
.P
DE
x(F
I T
rad
ing
Syste
m)
se
nd
s m
atc
hin
g r
esu
lt to
th
e s
ell
sid
e a
nd
bu
y s
ide
. 5
.P
DE
x(F
I T
rad
ing
Syste
m)
se
nd
s tra
de
da
ta t
o P
DE
x(P
DE
x-R
oS
S S
TP
Fa
cili
ty).
6.
PD
Ex(P
DE
x-R
oS
S S
TP
Fa
cili
ty)
se
nd
s s
ettle
me
nt
de
tail
to t
he
se
ll sid
e a
nd
bu
y s
ide
.7
.S
ell
sid
e a
nd
bu
y s
ide
au
tho
rize
th
e s
ettle
me
nt
instr
uctio
n f
or
DV
P.
8.
PD
Ex(P
DE
x-R
oS
S S
TP
Fa
cili
ty)
se
nd
s s
ettle
me
nt
da
ta t
o B
ure
au
of T
rea
su
ry R
eg
istr
y o
f S
cri
ple
ss
Se
cu
ritie
s(B
Tr-
Ro
SS
).9
.B
Tr-
Ro
SS
ho
lds b
on
ds b
efo
re c
ash
se
ttle
me
nt.
10
.B
Tr-
Ro
SS
se
nd
s s
ettle
me
nt
da
ta t
o B
an
gko
Se
ntr
al n
g P
ilip
ina
s(B
SP).
11
.B
SP
exe
cu
tes c
ash
se
ttle
me
nt.
12
.B
SP
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to s
ell
sid
e,
bu
y s
ide
an
d B
Tr-
Ro
SS
.1
3.
BT
r-R
oss e
xe
cu
tes b
on
d s
ettle
me
nt.
14
.B
Tr-
Ro
ss s
en
ds b
on
d s
ettle
me
nt
sta
tus t
o P
DE
x-R
oS
S S
TP
Fa
cili
ty.
15
.S
ell
sid
e a
nd
bu
y s
ide
ca
n m
on
itor
se
ttle
me
nt
sta
tus v
ia P
DE
x-R
oS
S S
TP
Fa
cili
ty.
Exc
hange M
ark
et-
GS
ED
s
*GS
ED
: G
overn
ment
Securities E
ligib
le D
eale
r
545ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades n
on-G
SED
s M
ark
et
/ D
VP
231
PD
EX
Sell
Sid
eB
uy S
ide
13. C
ash S
ett
lem
ent
Report
13. C
ash S
ett
lem
ent
Report
.9. F
und S
ett
lem
ent
6. S
ett
lem
ent D
eta
il6. S
ett
lem
ent D
eta
il
3. M
atc
hin
g
2. T
rade O
rder
2. T
rade O
rder
(FI T
radin
g S
yste
ms)
(eD
VP
Syste
m)
7. A
uth
ori
zation o
f S
ett
lem
ent I
nstr
uctions
For
DV
P
7. A
uth
ori
zation o
f S
ett
lem
ent I
nstr
uctions
for D
VP
4. M
atc
hin
g R
esults
4. M
atc
hin
g R
esults
BS
P(P
hilP
aS
S)
12.C
ash S
ett
lem
ent
PD
TC
(PD
TC
Depository
)
11. E
arm
ark
ed B
onds
15. B
ond S
ett
lem
ent
12. C
ash S
ett
lem
ent R
eport
15. S
ett
lem
ent R
eport
(Bond)
15. S
ett
lem
ent R
eport
(Bond)
14. S
ett
lem
ent
instr
uction
1. N
eg
otiation (
OT
C)
9. E
arm
ark
ed
Instr
uction
5. T
rade D
ata 16. S
ett
lem
ent
Sta
tus
17. B
ond S
ett
lem
ent
Sta
tus
*GS
ED
: G
overn
ment
Securities E
ligib
le D
eale
r
17. B
ond S
ett
lem
ent
Sta
tus
10. C
ash S
ett
lem
ent
Instr
uction
8. C
heck c
ash
bala
nce
546 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
04.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades n
on-G
SED
s M
ark
et
/ D
VP
1.
In O
TC
ma
rke
t, s
ell
sid
e a
nd
bu
y s
ide
ne
go
tiate
be
fore
th
ey in
pu
t th
e t
rad
e d
ata
to
PD
Ex.
Th
is p
roce
ss is
o
mitt
ed
in
th
e E
xch
an
ge
Ma
rke
t.2
.S
ell
sid
e a
nd
bu
y s
ide
tra
de
via
PD
Ex (
FI T
rad
ing
Syste
m).
3
.P
DE
x (
FI
Tra
din
g S
yste
m)
co
llate
s o
rde
rs f
rom
se
ll sid
e a
nd
bu
y s
ide
. 4
.P
DE
x (
FI
Tra
din
g S
yste
m)
se
nd
s m
atc
hin
g r
esu
lts to
se
ll sid
e a
nd
bu
y s
ide
. 5
.P
DE
x (
FI
Tra
din
g S
yste
m)
se
nd
s tr
ad
e d
ata
to
PD
Ex (
eD
VP
Syste
m).
6.
PD
Ex (
eD
VP
Syste
m)
se
nd
s s
ettle
me
nt
de
tails
to
se
ll sid
e a
nd
bu
y s
ide
.7
.S
ell
sid
e a
nd
bu
y s
ide
au
tho
rize
se
ttle
me
nt
instr
uctio
n f
or
DV
P.
8.
Ch
eck c
ash
ba
lan
ce
of
bu
y s
ide
in P
hilP
ass
9.
PD
Ex (
eD
VP
Syste
m)
se
nd
s e
arm
ark
ed
instr
uctio
n to
Ph
ilip
pin
e D
ep
osito
ry &
Tru
st
Co
rp (
PD
TC
).1
0.
PD
Ex (
eD
VP
Syste
m)
se
nd
s c
ash
se
ttle
me
nt
instr
uctio
n t
o B
SP.
11
.P
DT
C h
old
s b
on
ds b
efo
re c
ash
se
ttle
me
nt.
PD
TC
acts
as s
ub
-re
gis
try.
1
2.
BS
P e
xe
cu
tes c
ash
se
ttle
me
nt.
13
.B
SP
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to s
ell
sid
e,
bu
y s
ide
, a
nd
PD
Ex(e
DV
P S
yste
m)
. 1
4.
PD
Ex (
eD
VP
Syste
m)
se
nd
s s
ettle
me
nt
instr
uctio
n t
o P
DT
C.
15
.P
DT
C e
xe
cu
tes b
on
d s
ettle
me
nt.
16
.P
DT
C s
en
ds s
ettle
me
nt
sta
tus t
o P
DE
x (
eD
VP
Syste
m).
17
.P
DE
x (
eD
VP
Syste
m)
se
nd
s b
on
d s
ettle
me
nt
sta
tus t
o s
ell
sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et-
Non G
SE
Ds
*GS
ED
: G
overn
ment
Securities E
ligib
le D
eale
r
547ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
548 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
05 C
orp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
Buy S
ide
PD
EX
Sell
Sid
e
6. S
ett
lem
ent D
eta
il6. S
ett
lem
ent D
eta
il
3. M
atc
hin
g
2. T
rade O
rder
2. T
rade O
rder
(FI T
radin
g S
yste
ms)
(eD
VP
Syste
m)
7. A
uth
ori
zation o
f S
ett
lem
ent I
nstr
uctions
for D
VP
7. A
uth
ori
zation o
f S
ett
lem
ent I
nstr
uctions
for D
VP
4. M
atc
hin
g R
esults
4. M
atc
hin
g R
esults
1. N
eg
otiation (
OT
C)
5. T
rade D
ata
13. C
ash S
ett
lem
ent
Report
13. C
ash S
ett
lem
ent
Report
.9. F
und S
ett
lem
ent
BS
P(P
hilP
aS
S)
12.C
ash S
ett
lem
ent
PD
TC
(PD
TC
Depository
)
11. E
arm
ark
ed B
onds
15. B
ond S
ett
lem
ent
12. C
ash S
ett
lem
ent R
eport
15. S
ett
lem
ent R
eport
(Bond)
15. S
ett
lem
ent R
eport
(Bond)
14. S
ett
lem
ent
instr
uction
9. E
arm
ark
ed
Instr
uction
16. S
ett
lem
ent
Sta
tus
17. B
ond S
ett
lem
ent
Sta
tus
17. B
ond S
ett
lem
ent
Sta
tus
10. C
ash S
ett
lem
ent
Instr
uction
8. C
heck c
ash
bala
nce
549ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
05.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
In O
TC
ma
rke
t, s
ell
sid
e a
nd
bu
y s
ide
ne
go
tiate
be
fore
th
ey in
pu
t th
e t
rad
e d
ata
to
PD
Ex.
Th
is p
roce
ss is
o
mitt
ed
in
th
e E
xch
an
ge
Ma
rke
t.2
.S
ell
sid
e a
nd
bu
y s
ide
tra
de
via
PD
Ex(F
I T
rad
ing
Syste
m).
3
.P
DE
x(F
I T
rad
ing
Syste
m)
co
llate
s o
rde
rs fro
m s
ell
sid
e a
nd
bu
y s
ide
. 4
.P
DE
x(F
I T
rad
ing
Syste
m)
se
nd
s m
atc
hin
g r
esu
lts to
se
ll sid
e a
nd
bu
y s
ide
. 5
.P
DE
x(F
I T
rad
ing
Syste
m)
se
nd
s tra
de
da
ta t
o P
DE
x(e
DV
P S
yste
m).
6.
PD
Ex(e
DV
P S
yste
m)
se
nd
s s
ettle
me
nt
de
tails
to
se
ll sid
e a
nd
bu
y s
ide
.7
.se
ll sid
e a
nd
bu
y s
ide
au
tho
rize
se
ttle
me
nt
instr
uctio
n f
or
DV
P.
8.
Ch
eck c
ash
ba
lan
ce
of
bu
y s
ide
in P
hilP
ass
9.
PD
Ex(e
DV
P S
yste
m)
se
nd
s e
arm
ark
ed
instr
uctio
n t
o P
hili
pp
ine
De
po
sito
ry &
Tru
st C
orp
(PD
TC
).1
0.
PD
Ex(e
DV
P S
yste
m)
se
nd
s c
ash
se
ttle
me
nt
in
str
uctio
n to
BS
P.
11
.P
DT
C h
old
s b
on
ds b
efo
re c
ash
se
ttle
me
nt.
PD
TC
acts
as s
ub
-re
gis
try.
1
2.
BS
P e
xe
cu
tes c
ash
se
ttle
me
nt.
13
.B
SP
se
nd
s c
ash
se
ttle
me
nt
rep
ort
to s
ell
sid
e,
bu
y s
ide
, a
nd
PD
Ex(e
DV
P S
yste
m)
. 1
4.
PD
Ex(e
DV
P S
yste
m)
se
nd
s s
ettle
me
nt
instr
uctio
n to
PD
TC
.1
5.
PD
TC
exe
cu
tes b
on
d s
ettle
me
nt.
16
.P
DT
C s
en
ds s
ettle
me
nt
sta
tus t
o P
DE
x(e
DV
P S
yste
m)
.1
7.
PD
Ex(e
DV
P S
yste
m)
se
nd
s b
on
d s
ettle
me
nt
sta
tus to
se
ll sid
e a
nd
bu
y s
ide
.
Exc
hange M
ark
et
550 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
551ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
06 O
TC
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
BS
PP
hilP
aS
S
Clearing Matching & Settlement
Cross-Border
BT
rR
OS
S
As C
ash
Corr
espondent
Trading Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
5 T
rade C
onfirm
atio
n6
Tra
de C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
20
Settle
ment
Confirm
8 S
ettle
ment
Inst
ructio
n
13 F
X Inst
ructio
n
14
FX
Confirm
atio
n
24
Cash
Sta
tem
ent
12
Pre
-Matc
hin
g S
tatu
s
18
Settle
ment
Confirm
atio
n
22
Securitie
s S
tate
ment
19
Fundin
g o
f A
ccount
23
Cash
Sta
tem
ent
10
Captu
re/U
L o
f T
ransa
ctio
n D
eta
ils
11 R
etr
ieval of
Matc
hin
g S
tatu
s
17
Settle
ment
Confirm
atio
n
15
Fundin
g o
f B
SP
Account
16
Confirm
atio
n o
f D
ebit/
Cre
dit
4T
rade R
eport
ing/C
aptu
re
Co
un
ter-
pa
rty
PD
EX
(FI)
21
Issu
e o
f B
SR
D
552 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
06.
OTC
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
1.
Fore
ign Institu
tional In
vesto
r pla
ces o
rder
with I
nte
rnational B
roker
2.
Inte
rnational B
roker
pla
ces o
rder
with D
om
estic B
roker/
GS
ED
3.
Dom
estic B
roker
or
Deale
r tr
ades O
TC
with C
ounte
rpart
y4.
Dom
estic B
roker
or
Deale
r captu
res tra
de in
PD
Ex
syste
m, fo
r price d
iscovery
, w
ithin
10 m
ins
5.
Inte
rnational B
roker
receiv
es tra
de c
onfirm
ation
6.
Fore
ign Institu
tional In
vesto
r re
ceiv
es t
rade c
onfirm
ation
7.
Fore
ign Institu
tional In
vesto
r in
str
ucts
Glo
bal C
usto
dia
n,
on s
ecurities s
ett
lem
ent and F
X/c
ash f
undin
g d
eta
ils8.
Glo
bal C
usto
dia
n instr
ucts
Dom
estic C
usto
dia
n o
n s
ecurities s
ett
lem
ent deta
ils9.
Dom
estic C
usto
dia
n c
onducts
phone p
re-m
atc
hin
g w
ith C
ounte
rpart
yor
custo
dia
n o
f counte
rpart
y
10.
Dom
estic C
usto
dia
n e
nte
rs s
ett
lem
ent data
into
RoS
S(t
ypic
ally
via
3rd
Part
y fro
nt-
end)
11.
Dom
estic C
usto
dia
n r
etr
ieves tra
nsaction m
atc
hin
g s
tatu
s12.
Dom
estic C
usto
dia
n r
eport
s m
atc
hin
g s
tatu
s u
pdate
to G
lobal C
usto
dia
n13.
Glo
bal C
usto
dia
n s
ends F
X instr
uction f
or
pro
jecte
d fundin
g r
equirem
ents
14.
Dom
estic C
usto
dia
n s
ends F
X c
onfirm
ation
15.
Dom
estic C
usto
dia
n f
unds B
SP
accounts
, via
PhilP
AS
S(R
TG
S)
if n
ecessary
16.
Upon tra
nsfe
r of
cash (
aft
er
pro
mpting fro
m R
oS
S),
PhilP
aS
Ssends c
ash s
ett
lem
ent confirm
ation t
o D
om
estic
Custo
dia
n17.
Upon c
onfirm
ation o
f cash s
ett
lem
ent,
RoS
Seff
ects
bond s
ett
lem
ent,
sends c
onfirm
ation t
o D
om
estic C
usto
dia
n18.
Dom
estic C
usto
dia
n s
ends s
ett
lem
ent confirm
ation t
o G
lobal C
usto
dia
n19.
Glo
bal C
usto
dia
n f
unds a
ccount w
ith D
om
estic C
usto
dia
n in P
HP,
or
into
FC
Y n
ostr
o(b
efo
re e
nd o
f day)
20.
Glo
bal C
usto
dia
n s
ends s
ett
lem
ent confirm
ation to F
ore
ign I
nstitu
tional In
vesto
r21.
Dom
estic C
usto
dia
n issues B
SR
D (
Bangko
Sentr
alR
egis
tration D
ocum
ent)
, fo
r capital re
patr
iate
and/o
r re
mitta
nce o
f in
tere
st paym
ent
22.
Dom
estic C
usto
dia
n s
ends s
ecurities s
tate
ment to
Glo
bal C
usto
dia
n23.
Dom
estic C
usto
dia
n s
ends d
ebit/c
redit c
onfirm
ations, in
form
of
cash s
tate
ment,
to G
lobal C
usto
dia
n24.
Glo
bal C
usto
dia
n s
ends c
ash s
tate
ment to
Fore
ign I
nstitu
tional I
nvesto
r
Trade Date T+1 Settlement Date
553ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
554 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
07 Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
BSP: Banko S
entr
al ng P
hilip
inas
RD
DA:
Regula
r D
em
and D
eposi
t Acc
ount
CSA:
Cash
Sett
lem
ent Acc
ount
BTr:
Bure
au o
f th
e T
reasury
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
BT
rB
on
d H
old
er
BT
r: R
oS
S
Tax O
ffic
e
4.I
nte
rest P
aym
ent
Notice (
only
PD
TC
and
custo
dia
ns)
RO
SS
Pa
rtic
ipa
nts
(QI, R
eta
il, P
DT
C
an
d C
usto
dia
n)
5.T
ax P
aym
ent
( book-e
ntr
y thro
ugh journ
al e
ntr
y V
oucher
: by g
overn
ment re
venue in
tern
al accounting s
yste
m)
1. P
aym
ent
Instr
uction
Cash
Flo
w
Info
rmation
Flo
w
2. I
nte
rest P
aym
ent
thro
ugh R
DD
A
(net)
BTr’
s
RO
SS
part
icip
ant/
Sett
lem
ent B
ank
RO
SS
Part
icip
ants
’ CS
A/
Bond H
old
ers
’ a/c
BS
PR
OS
S p
art
icip
an
t/S
ettle
me
nt
Ba
nk
Sam
e E
ntity
3. In
tere
st
Paym
ent
Sam
e E
ntity
BT
r
Sam
e E
ntity
Sam
e E
ntity
revis
ed
555ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
07.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
BTr
instr
ucts
BS
P to
make in
tere
st p
aym
ent
2.
BS
P e
xe
cute
s in
tere
st p
aym
ent f
rom
BT
r’s
RD
DA
(R
eg
ula
r D
em
an
d D
ep
osit A
ccou
nt)
to
RO
SS
Pa
rtic
ipan
ts’ o
r th
eir s
ett
lem
ent b
anks’ R
DD
A, d
ed
ucting
tax if
ap
plic
able
.3
.S
ett
lem
ent B
an
ks c
red
it C
SA
(C
ash S
ett
lem
en
t Acco
unt)
of R
OS
S p
art
icip
ants
wh
ich
do
n
ot ha
ve
RD
DA
in B
SP
. R
OS
S p
art
icip
ants
wh
ich
ho
ld R
DD
A in
BS
P c
redit in
tere
st
paym
ent t
o b
on
d h
old
ers
’ accou
nts
.4
.C
usto
dia
ns
(whic
h a
re R
OS
S p
art
icip
an
ts w
ith R
DD
A in
BS
P) no
tify
bon
d h
old
ers
of
inte
rest p
aym
en
t5
.B
Ts P
ays W
HT
to
the
ta
x o
ffic
e. (
Cu
sto
dia
ns
ha
ve
two
type
s o
f a
cco
unt T
axab
le a
nd
Ta
x-
exem
pt)
100
% fo
r Ta
xa
ble
an
d 0
% fo
r Ta
x-e
xe
mp
t.
Note
: F
ollo
win
gs a
re s
om
e n
ote
on t
ax in
Phili
ppin
es.
RO
SS
0%
or
20%
Except m
ulti c
urr
ency R
TB
($or
Euro
)0%
(TE
I: T
ax e
xem
pt entity
), 1
0%
(FC
DU
: fo
reig
n c
urr
ency d
educta
ble
unit),
and 2
0%
(QII
).
Tax tra
ckin
g s
yste
m P
DE
xsyste
m a
ttached to R
OS
SB
Tr
is n
ow
enhancin
g T
ax T
rackin
g S
yste
m to c
over
all
coupon b
earing d
om
estic g
overn
ment bond (
pla
nnin
g t
o s
tart
opera
tion
by 2
013 J
anuary
)
QI;
qualif
ied investo
rs)
: B
anks,
insura
nce c
om
panie
s, tr
ust com
panie
s,
investm
ent com
panie
s, socia
l securities in
stitu
tions
(pensio
n funds),
inte
rnational b
anks,
fore
ign a
nd local govern
ment,
Pro
cess
of In
tere
st P
aym
ent
556 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
08 R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Ho
lde
r
Cash
Flo
w
Info
rmation
Flo
w
BT
r
BT
r: R
oS
SS
am
e E
ntity
Sam
e E
ntity
2.R
edem
ption
RO
SS
Pa
rtic
ipa
nts
(QI, R
eta
il, P
DT
C
an
d C
usto
dia
n)
1. P
aym
ent
Instr
uction
BT
r
Sam
e E
ntity
BTr:
Bure
au o
f th
e T
reasury
Tax O
ffic
e
5.T
ax P
aym
ent
( book-e
ntr
y thro
ugh journ
al e
ntr
y V
oucher
: by g
overn
ment re
venue in
tern
al accounting s
yste
m)
2. R
edem
ption a
nd
last In
tere
st P
aym
ent
thro
ugh R
DD
A
(net)
BTr’
s
RO
SS
part
icip
ant/
Sett
lem
ent B
ank
RO
SS
Part
icip
ants
’ CS
A/
Bond H
old
ers
’ a/c
BS
PR
OS
S p
art
icip
an
t/S
ettle
me
nt
Ba
nk
3. R
ed.
& I
nt.
P
aym
ent
BSP: Banko S
entr
al ng P
hilip
inas
RD
DA:
Regula
r D
em
and D
eposi
t Acc
ount
CSA: Cash
Sett
lem
ent Acc
ount
4.R
ed &
Int.
Paym
ent
Notice (
only
PD
TC
and
custo
dia
ns)
revis
ed
557ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
08.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
BTr
instr
ucts
BS
P to
make red
em
ptio
n p
aym
en
t.2
.B
SP
exe
cute
s red
em
ptio
n p
aym
en
t with
last In
tere
st p
aym
en
t to
RO
SS
part
icip
ants
’ R
DD
A (R
egu
lar D
em
an
d D
ep
osit A
ccou
nt)
or S
ett
lem
ent B
an
ks’ R
DD
A if
RO
SS
p
art
icip
ants
do n
ot h
ave R
DD
A.
Reg
ard
ing
last i
nte
rest p
aym
ent,
tax is
ded
ucte
d, i
f a
pp
licab
le.
Bo
nd is
dele
ted
fro
m B
Tr
RO
SS
syste
m (R
ede
mptio
n)
3.
Sett
lem
ent B
an
ks c
red
it C
SA
(C
ash S
ett
lem
en
t Acco
unt)
of R
OS
S p
art
icip
ants
wh
ich
do
n
ot h
ave
RD
DA
in B
SP
. R
OS
S p
art
icip
an
ts w
hic
h h
old
RD
DA
in B
SP
cre
dit p
rincip
al a
nd
in
tere
st (
net)
pa
ym
en
t to
bo
nd
ho
lders
’ accou
nts
.4
.C
usto
dia
ns
(whic
h a
re R
OS
S p
art
icip
an
ts w
ith
RD
DA
in B
SP
) n
otify
bo
nd h
old
ers
of
red
em
ption
with in
tere
st p
aym
ent
5.
BTs
Pays W
HT
of la
st in
tere
st t
o the
ta
x o
ffic
e. (
Cu
sto
dia
ns h
ave
two
type
s o
f a
cco
un
t Ta
xab
le a
nd
Ta
x-e
xe
mp
t) 1
00%
for
Taxab
le a
nd 0
% fo
r Ta
x-e
xe
mp
t.
No
te: L
ast i
nte
rest i
s p
aid
with red
em
ptio
n.
Pro
cess
of R
edem
ptio
n P
aym
ent
558 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
559ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
09
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Tax O
ffic
e
2. P
aym
ent
Instr
uction
8.R
edem
ption P
aym
ent
Notice (
to b
e c
onfirm
ed)
4.T
ax P
aym
ent
Issu
er’
sB
an
k
PD
TC :
Phili
ppin
e D
eposi
tory
& T
rust
Corp
.
1.A
dvis
e o
f R
edem
ption P
aym
ent
and W
ithhold
ing T
ax A
mount
PhilP
aSS :
Phili
ppin
e P
aym
ents
& S
ett
lem
ent
Sys
tem
5.P
aym
ent In
str
uction
Cash
Flo
w
Info
rmation
Flo
w
Sam
e E
ntity
6.D
ele
te
Bond R
egis
tration
PD
TC
3. C
ash
Tra
nsfe
rIs
suer’
s
Account
PD
TC
’s A
ccount
Issu
er’
s B
an
kB
SP
6. R
edem
ption &
In
tere
st P
aym
ent
(net)
PD
TC
Pa
rtic
ipa
nts
(QI, R
eta
il, a
nd
C
usto
dia
n)
PD
TC
part
icip
ant/
Sett
lem
ent B
ank
PD
TC
Part
icip
ants
’ CS
A/
Bond H
old
ers
’ a/c
PD
TC
pa
rtic
ipa
nt/S
ettle
me
nt
Ba
nk
7. R
ed.
&
inte
r.
Paym
ent
Sam
e E
ntity
560 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Phili
pp
ine
De
posito
ry &
Tru
st C
orp
(P
DT
C) a
dvis
es is
sue
r of re
de
mp
tio
n p
aym
en
t an
d
last i
nte
rest p
aym
ent.
Reg
ard
ing
last i
nte
rest p
aym
ent,
info
rmation
on
with
ho
ldin
g ta
x
am
ou
nt b
ased
on
lis
t o
f bo
nd h
old
ers
is n
otifie
d.
2.
Bon
d is
sue
r in
str
ucts
it’s
Pa
yin
g A
gen
cy (Is
su
er’
s B
an
k) to
make
re
de
mp
tio
n a
nd la
st
inte
rest p
aym
en
t.
3.
Issu
er’
s ba
nk tr
ansfe
rs c
ash fo
r re
dem
ptio
n p
aym
en
t an
d n
et a
mou
nt of la
st in
tere
st
paym
ent t
o P
DT
C’s
acco
unt.
Reg
ard
ing la
st i
nte
rest p
aym
ent,
WH
T is
ded
ucte
d b
efo
re
paym
ent i
f a
pp
licab
le.
4.
Issu
er p
ays ta
x to ta
x o
ffic
e if
app
licab
le.
5.
PD
TC
instr
ucts
BS
P to
tra
nsfe
r ca
sh
from
it’s
RD
DA
to P
DT
C p
art
icip
ants
RD
DA
or
Sett
lem
ent B
an
k’s
RD
DA
if P
DT
C p
art
icip
an
t do
es n
ot h
ave
RD
DA
in B
SP
via
Phili
ppin
e
Paym
ents
& S
ett
lem
en
t Syste
m (P
hilP
aS
S).
At t
he
sa
me
tim
e, P
DT
C m
ake
s b
on
d
red
em
ption
. 6
.C
usto
dia
ns
(PD
TC
part
icip
ants
wh
ich
ho
ld R
DD
A in
BS
P) cre
dit b
ond
ho
lder’
s a
ccou
nts
w
ith
last in
tere
st a
nd p
rin
cip
al.
7.
Cu
sto
dia
ns
notify
bo
nd h
old
ers
of re
dem
ptio
n p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
561ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
10
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Tax O
ffic
e
2. P
aym
ent
Instr
uction
9.R
edem
ption P
aym
ent
Notice
4.T
ax P
aym
ent
Issu
er’
sB
an
k
PD
TC :
Phili
ppin
e D
eposi
tory
& T
rust
Corp
.
1.A
dvis
e o
f R
edem
ption P
aym
ent
and W
ithhold
ing T
ax A
mount
PhilP
aSS :
Phili
ppin
e P
aym
ents
& S
ett
lem
ent
Sys
tem
5.P
aym
ent In
str
uction
Cash
Flo
w
Info
rmation
Flo
w
Sam
e E
ntity
6.D
ele
te
Bond R
egis
tration
PD
TC
3. C
ash
Tra
nsfe
rIs
suer’
s
Account
PD
TC
’s A
ccount
Issu
er’
s B
an
kB
SP
6. R
edem
ption &
In
tere
st P
aym
ent
(net)
PD
TC
Pa
rtic
ipa
nts
(QI, R
eta
il, a
nd
C
usto
dia
n)
PD
TC
part
icip
ant/
Sett
lem
ent B
ank
PD
TC
Part
icip
ants
’ CS
A/
Bond H
old
ers
’ a/c
PD
TC
pa
rtic
ipa
nt/S
ettle
me
nt
Ba
nk
7. R
ed.
&
inte
r.
Paym
ent
Sam
e E
ntity
8.I
nte
rest
Paym
ent
Notice
8.I
nte
rest
Paym
ent
Notice
562 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
PH
10.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Phili
pp
ine
De
posito
ry &
Tru
st C
orp
(P
DT
C) , in
its c
ap
acity a
s a
re
gis
try,
ad
vis
es is
su
er of
red
em
ption
paym
ent a
nd la
st in
tere
st p
aym
en
t. R
ega
rdin
g la
st i
nte
rest p
aym
ent,
in
form
atio
n o
n w
ith
hold
ing
tax a
mo
un
t ba
se
d o
n lis
t o
f b
on
d h
old
ers
is n
otified
. 2
.B
on
d is
sue
r in
str
ucts
it’s
Pa
yin
g A
gen
cy (Is
su
er’
s B
an
k) to
ma
ke
re
de
mp
tio
n a
nd la
st
inte
rest p
aym
en
t.
3.
Issu
er’
s ba
nk tr
ansfe
rs c
ash fo
r re
dem
ptio
n p
aym
en
t an
d n
et a
mou
nt of la
st in
tere
st
paym
ent t
o P
DT
C’s
acco
unt.
Reg
ard
ing la
st i
nte
rest p
aym
ent,
WH
T is
ded
ucte
d b
efo
re
paym
ent i
f a
pp
licab
le.
4.
Issu
er p
ays ta
x to ta
x o
ffic
e if
app
licab
le.
5.
PD
TC
(o
r th
e Issu
er’
s p
ayin
g b
ank) in
str
ucts
BS
P t
o p
ay re
dem
ption
and
last in
tere
st
fro
m P
DT
C’s
(o
r Is
su
er pa
yin
g b
an
k’s
) a
cco
unt t
o b
on
dh
old
er’
s R
DD
A o
r th
e R
DD
A o
f th
e
Sett
lem
ent B
an
ks d
esig
na
ted
by b
on
dho
lders
. 6
.B
SP
exe
cute
s red
em
ptio
n/inte
rest
pa
ym
en
t an
d, w
he
re a
pp
lica
ble
, th
e d
esig
nate
d
Sett
lem
ent B
an
k c
red
its th
e a
cco
un
ts o
f th
e b
on
dh
old
ers
up
on c
heckin
g th
at i
ts B
SP
R
DD
A h
as b
ee
n c
red
ite
d.
7.
Cu
sto
dia
ns
hold
ing
RD
DA
in B
SP
re
ce
ive
s re
dem
ptio
n/in
tere
st p
aym
en
t in
to th
eir R
DD
A
acco
unts
and
make
corr
esp
on
din
g c
red
its to
acco
unts
of th
eir c
lient-
bo
nd
ho
lders
. 8
.P
DT
C, a
s re
gis
try,
no
tifies a
ll re
gis
tere
d b
ond
hold
ers
of th
e r
ed
em
ptio
n/inte
rest
pa
ym
en
t,
inclu
din
g c
usto
dia
ns.
9.
Cu
sto
dia
ns
als
o n
otify
its c
lient-
bo
nd
ho
lde
rs o
f re
de
mp
tion
/in
tere
st p
aym
ent.
10.
PD
TC
syste
m m
ark
s th
e b
ond
as m
atu
red
.
Pro
cess
of R
edem
ptio
n P
aym
ent
563ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Singapore(SG)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
564 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
565ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tM
AS
(M
EP
S+
RT
GS
)
SG
X –
Sin
gap
ore
Exc
han
ge L
td.,
CD
P –
Cen
tral D
ep
ository
(P
te.)
Ltd
,M
AS
-M
on
eta
ry A
uth
ori
ty o
f S
ing
ap
ore
DC
SS
–D
eb
t S
ecu
rities C
leari
ng
an
d S
ettle
men
t S
yste
m
ME
PS
+ –
MA
S E
lectr
on
ic P
aym
en
t S
yste
m
CD
P(D
CS
S)
SG
X
MA
S(M
EP
S+
SG
S)
OT
C M
ark
et
566 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tM
AS
(M
EP
S+
RT
GS
)
SG
X –
Sin
gap
ore
Exc
han
ge L
td.,
CD
P –
Cen
tral D
ep
ository
(P
te.)
Ltd
,M
AS
-M
on
eta
ry A
uth
ori
ty o
f S
ing
ap
ore
DC
SS
–D
eb
t S
ecu
rities C
leari
ng
an
d S
ettle
men
t S
yste
m
ME
PS
+ –
MA
S E
lectr
on
ic P
aym
en
t S
yste
m
Inte
rdeale
r M
ark
et
(O
TC)
SG
X-S
T(e
xch
an
ge)
CD
P(C
lea
rin
g H
ou
se)
CD
P(S
ettle
me
nt)
-PS
MS
(DC
SS
)C
DP
(S
ettle
me
nt)
–P
SM
S
(DV
PT
/FO
PT
)
CD
P(D
ep
osito
ry)
567ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
568 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
Buy S
ide
MA
S
(ME
PS
Plu
s S
GS
)
Sell
Sid
e1. T
rade
4. R
eceip
t In
str
uction
6. N
otice o
f S
ett
lem
ent
Matc
hin
g S
tatu
s
3. D
eliv
ery
Instr
uction
5. M
atc
hin
g
12.B
ond S
ett
lem
ent
12. D
VP
Ord
er
11.S
ett
lem
ent R
eport
(Cash)
11. S
ett
lem
ent R
eport
(Cash)
13. S
ett
lem
ent R
eport
(Bond)
13. S
ett
lem
ent R
eport
(Bond)
(ME
PS
Plu
sR
TG
S)
10.C
ash S
ett
lem
ent
9. S
ett
lem
ent D
ata
for D
VP
8. H
old
ing
Bonds
11. S
ett
lem
ent
Report
(C
ash)
2. T
rade M
atc
hin
g
6. N
otice o
f S
ett
lem
ent
Matc
hin
g S
tatu
s
7. D
VP
Ord
er
569ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Sin
gapore
govern
ment s
ecurities (S
GS
)is
tra
ded o
n o
ver-
the-c
ounte
r basis
.
2.
Tra
des a
re m
atc
hed a
mong s
ell
sid
e a
nd b
uy s
ide.
3.
Sell
sid
e s
ends th
e a
gre
ed tra
de in
str
uction to
ME
PS
+ S
GS
.
4.
Buy
sid
e s
ends th
e a
gre
ed tra
de in
str
uction to
ME
PS
+ S
GS
.
5.
ME
PS
+ S
GS
perf
orm
s b
ond m
atc
hin
g.
6.
ME
PS
+ S
GS
sends the n
otice o
f bond m
atc
hin
g s
tatu
s to
sell
sid
e a
nd b
uy s
ide.
7.
ME
PS
+ S
GS
cre
ate
s th
e D
VP
ord
er.
8.
When s
ell
sid
e’s
SG
S a
ccount h
as s
uff
icie
nt S
GS
, the S
GS
are
earm
ark
ed fo
r tr
ansfe
r to
buy s
ide.
9.
Sett
lem
ent d
ata
for
DV
P is
sent to
ME
PS
+ R
TG
S.
10.
When fu
nds a
re a
vaila
ble
, am
ount i
s d
ebited fro
m b
uy s
ide’s
RT
GS
account a
nd c
redited to
sell
sid
e’s
RT
GS
account.
11.
ME
PS
+ R
TG
S s
imultaneousl
y M
EP
S+
SG
S to
tra
nsfe
r securities a
nd report
s c
ash
sett
lem
ent s
tatu
s to
both
sid
es o
f tr
ade.
12.
ME
PS
+S
GS
tra
nsfe
r bonds to b
uy s
ide’s
account.
13.
ME
PS
+S
GS
report
s s
ett
lem
ent s
tatu
s to
both
sell
sid
e a
nd b
uy s
ide.
OT
C M
ark
et
570 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
571ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
Sett
lem
ent B
ank
CD
P
MA
S
DC
SS
(Deb
t S
ecu
riti
es
Cle
ari
ng
an
d S
ett
lem
en
t S
yste
m )
Deliv
eri
ng
D
epository
Ag
ent
Receiv
ing
D
epository
Ag
ent
1. O
TC
Tra
de
2. S
ett
lem
ent In
str
uction
5. S
tatu
s
2. S
ett
lem
ent In
str
uction
9.T
ransfe
r B
ond
8.S
ett
lem
ent R
eport
(Money)
8. S
ett
lem
ent R
eport
(Money)
10. S
ett
lem
ent
Confirm
ation
10. S
ett
lem
ent
Confirm
ation
(ME
PS
Plu
s)
7.C
ash S
ett
lem
ent
8. C
ash S
ett
lem
ent
Confirm
ation
4. E
arm
ark
Bonds
5. S
tatu
s
PS
MS
(Pre
-sett
lem
en
t M
atc
hin
g S
yste
m)
3. M
atc
h S
ett
lem
ent
Instr
uction
6. M
oney S
ett
lem
ent
Instr
uction
6. M
oney S
ett
lem
ent
Instr
uction
Sett
lem
ent B
ank
Selli
ng
Clie
nt
Buyin
g C
lient
3. S
ett
lem
ent In
str
uction
572 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
co
rpo
rate
bo
nd
ove
r-th
e c
ou
nte
r.
2.
Bo
th s
ell
sid
e a
nd
bu
y s
ide
se
nd
se
ttle
me
nt
instr
uctio
ns in
to P
SM
S (
Pre
-Se
ttle
me
nt
Ma
tch
ing
Syste
m).
3.
PS
MS
ma
tch
es s
ettle
me
nt
instr
uctio
ns a
nd
se
nd
s s
ettle
me
nt
instr
uctio
n t
o D
eb
t S
ecu
ritie
s C
lea
rin
g a
nd
S
ettle
me
nt
Syste
m(D
CS
S).
4.
CD
P (
DC
SS
) h
old
s b
on
ds o
n b
oo
k e
ntr
y s
yste
m.
CD
P (
De
po
sito
ry)
ea
rma
rks th
e b
on
ds in
se
ll sid
e’s
a
cco
un
t fo
r d
eliv
ery
.
5.
PS
MS
se
nd
s s
ettle
me
nt
instr
uctio
ns s
tatu
s b
ack to
de
po
sito
ry a
ge
nts
of
bo
th s
ide
s o
f tr
ad
e.
6.
Bo
th s
ide
s o
f se
ttle
me
nt
ba
nks s
en
d m
on
ey s
ettle
me
nt
instr
uctio
n t
o R
TG
S s
yste
m in
Ce
ntr
al B
an
k (
MA
S
Ele
ctr
on
ic P
aym
en
t S
yste
m –
ME
PS
).
7.
Ca
sh
se
ttle
me
nt
take
s p
lace
in R
TG
S s
yste
m in
ME
PS
.
8.
MA
S s
en
d c
on
firm
atio
n o
f ca
sh
se
ttle
me
nt
to C
DP
(D
CS
S)
an
d b
oth
sid
es o
f se
ttle
me
nt
ba
nks.
9.
Bo
nd
tra
nsfe
r e
ffe
cte
d in
DC
SS
.
10
.D
CS
S s
en
ds b
on
d s
ettle
me
nt
co
nfirm
atio
n to
de
po
sito
ry a
ge
nts
of
bo
th s
ide
s o
f tr
ad
e.
OT
C M
ark
et
Assu
mp
tion
: T
his
ap
plie
s to
SG
D-d
en
om
ina
ted
bo
nd
s w
hic
h a
re s
afe
-ke
ep
in C
DP
(D
ep
osito
ry).
P
aym
en
t ta
ke
s p
lace
in c
en
tra
l ba
nk S
GD
acco
un
ts (
kn
ow
n a
s M
EP
S)
on
RT
GS
mo
de
.
573ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
574 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
05 B
ond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
Co
un
ter-
pa
rty
MA
S(M
EP
S+
RT
GS
)
Clearing Matching & Settlement
Cross-Border
MA
S
(ME
PS
+S
GS
)
As C
ash
Corr
espondent
Trading Cash Settlement
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
4 T
rade C
onfirm
atio
n5
Tra
de C
onfirm
atio
n
6S
ettle
ment
Inst
ructio
n
17
Settle
ment
Confirm
7 S
ettle
ment
Inst
ructio
n
20
Cash
Sta
tem
ent
9T
ransa
ctio
n S
tatu
s U
pdate
15
Settle
ment
Confirm
atio
n
18
Securitie
s S
tate
ment
16
Fundin
g o
f T
rades
19
Cash
Sta
tem
ent
10
Captu
re o
f S
ettle
ment
Deta
ils
14
Settle
ment
Confirm
atio
n
12
Fundin
g o
f M
AS
Account
13
Confirm
atio
n o
f D
ebit/
Cre
dit
11
Settle
ment
Sta
tus
Update
575ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
05.
OTC
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
1.
Fo
reig
n In
stit
utio
na
l In
ve
sto
r p
lace
s o
rde
r w
ith I
nte
rna
tion
al B
roke
r2
.In
tern
atio
na
l Bro
ke
r p
lace
s o
rde
r w
ith D
om
estic
Bro
ke
r o
r B
an
k3
.D
om
estic
Bro
ke
r/B
an
k tra
de
s O
TC
with
Co
un
terp
art
y (
via
ph
on
e,
Blo
om
be
rg)
4.
Do
me
stic
Bro
ke
r/B
an
k s
en
ds tra
de
co
nfirm
atio
n to
In
tern
atio
na
l B
roke
r5
.F
ore
ign
Instit
utio
na
l In
ve
sto
r re
ce
ive
s tr
ad
e c
on
firm
atio
n
6.
Fo
reig
n In
stit
utio
na
l In
ve
sto
r in
str
ucts
Glo
ba
l Cu
sto
dia
n o
n s
ecu
ritie
s s
ettle
me
nt
de
tails
an
d f
un
din
g
de
tails
7.
Glo
ba
l Cu
sto
dia
n in
str
ucts
Do
me
stic
Cu
sto
dia
n o
n s
ecu
ritie
s s
ettle
me
nt
de
tails
8
.D
om
estic
Cu
sto
dia
n a
nd
Co
un
terp
art
y p
re-m
atc
h s
ettle
me
nt
de
tails
, via
ph
on
e9
.D
om
estic
Cu
sto
dia
n p
rovid
es r
esu
lt o
f p
re-m
atc
hin
g to
Glo
ba
l C
usto
dia
n1
0.
Do
me
stic
Cu
sto
dia
n tra
nsm
its s
ettle
me
nt
de
tails
to
ME
PS
+ S
GS
.1
1.
Do
me
stic
Cu
sto
dia
n m
on
itors
se
ttle
me
nt
sta
tus u
pd
ate
s (
on
line
)1
2.
Do
me
stic
Cu
sto
dia
n f
un
ds M
AS
acco
un
t via
ME
PS
+ R
TG
S.
13
.U
po
n tr
an
sfe
r o
f ca
sh
, d
eb
it/cre
dit
co
nfirm
atio
n f
rom
ME
PS
+ R
TG
S.
14
.U
po
n tr
an
sfe
r o
f se
cu
ritie
s, se
ttle
me
nt
co
nfirm
atio
n f
rom
MA
S,
via
ME
PS
+1
5.
Up
on
tra
nsfe
r o
f se
cu
ritie
s, se
ttle
me
nt
co
nfirm
atio
n f
rom
ME
PS
+ S
GS
.1
6.
Glo
ba
l Cu
sto
dia
n f
un
ds S
GD
acco
un
t w
ith D
om
estic
Cu
sto
dia
n, o
r F
CY
no
str
o(b
efo
re e
nd
of d
ay)
17
.G
lob
al C
usto
dia
n s
en
ds s
ettle
me
nt
co
nfirm
atio
n to
Fo
reig
n In
stit
utio
na
l In
ve
sto
r1
8.
Do
me
stic
Cu
sto
dia
n s
en
ds s
ecu
ritie
s s
tate
me
nt
to G
lob
al In
ve
sto
r1
9.
Do
me
stic
Cu
sto
dia
n s
en
ds d
eb
it/cre
dit
co
nfirm
atio
ns a
s c
ash
sta
tem
en
t to
Glo
ba
l C
usto
dia
n2
0.
Glo
ba
l Cu
sto
dia
n s
en
ds c
ash
sta
tem
en
t to
Fo
reig
n In
stit
utio
na
l In
ve
sto
r
Trade Date Settlement Date / T+1
576 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
577ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
06. In
tere
st
Paym
ent
Flo
w o
f G
overn
ment
Bond
Sam
e E
ntity
(No c
onfirm
ation
necessary
)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
1. P
aym
ent
Request
4.N
otification o
f P
aym
ent D
eta
ils
9.I
nte
rest P
aym
ent
Notice
7.T
ax P
aym
ent
(Incom
e T
ax)
Cu
sto
dia
nM
AS
as P
ayin
g A
ge
nt
10.T
ax P
aym
ent
(Local T
ax)
2. F
und
Request
MA
Sa
s C
SD
6.N
otification o
f P
aym
ent D
eta
ils
3. Tax S
tatu
s
Data
Cash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
5. In
tere
st P
aym
ent
MO
F’s
A
ccount
Custo
dia
n’s
Account
Bond H
old
er’
s
Account
MA
S (
ME
PS
+)
Cu
sto
dia
n8. In
tere
st
Paym
ent
Sam
e E
ntity
Sam
e E
ntity
578 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
Moneta
ry A
uth
ority
of S
ingap
ore
(MA
S) as p
aym
ent a
gent re
quests
Min
istr
y o
f F
ina
nce
(MO
F) fo
r in
tere
st p
aym
ent.
2.
MO
F a
ppro
ves request o
f in
tere
st p
aym
ent f
rom
MA
S.
3.
Custo
dia
ns
send ta
x s
tatu
s d
ata
to M
AS
.4.
MA
S n
otifies c
usto
dia
ns o
f pa
ym
en
t deta
ils.
5.
MA
S a
s p
aym
ent a
gent execute
s in
tere
st p
aym
ent f
rom
MO
F’s
account t
o c
usto
dia
ns’
account
via
ME
PS
+, d
ed
ucting ta
x if
applic
able
.6.
MA
S n
otifies c
usto
dia
ns o
f pa
ym
en
t deta
ils a
gain
. 7.
MA
S a
s p
ayin
g a
gent pays in
com
e ta
x to tax o
ffic
e if
applic
able
. 8.
Custo
dia
ns
cre
dit b
ond h
old
ers
’ accou
nts
with in
tere
st p
aid
by M
OF.
9.
Custo
dia
ns
notify
bond h
old
ers
of in
tere
st p
aym
ent.
10.
Custo
dia
ns
pay lo
cal t
ax to tax o
ffic
e if
app
licab
le.
Note
: No d
iffe
rence b
etw
een n
on-r
esid
en
ts a
nd d
om
estic in
vesto
rs e
xcept a
ccount i
s tag
ged
as
“non-r
esid
ent”
for w
ithho
ldin
g ta
x p
urp
oses.
For
SG
Scoupon
paym
ents
within
ME
PS
+S
GS
,M
EP
S+
SG
Sauto
matic
ally
calc
ula
tes
the
coupon
paym
ent
at
the
beg
innin
gof
the
ex-d
ate
acc
ord
ing
toth
ecoupon
rate
and
coupon
freq
uenc
yofth
esecurities
and
the
mem
bers
’hold
ings.T
he
ex-d
ate
peri
od,
coupon
paym
ent
date
,coupon
pay
ment
rate
and
coupon
paym
ent
freq
uency
are
speci
fied
for
each
SG
Sis
sue
inM
EP
S+
SG
Sat
the
start
and
ME
PS
+S
GS
will
derive
the
rest
of
the
coupon
paym
ent
schedule
accord
ing
ly.
On
the
coupon
paym
ent
date
,M
EP
S+
SG
Sauto
matic
ally
pays
the
calc
ula
ted
coupon
am
ounts
toth
ehold
er
(as
at
ex-d
ate
)of
the
SG
Sby
debitin
gth
eM
AS
’M
EP
S+
RT
GS
acc
ount
and
cre
diti
ng
the
cus
todia
n’s
ME
PS
+R
TG
Sac
count.
For
all
outs
tandin
g(a
sat
ex-
date
)in
terb
ank
repo
transac
tions
inM
EP
S+
SG
S,
the
revers
ein
tere
stam
ounts
will
als
obe
auto
matic
ally
debited
from
the
orig
inalre
ceiv
ing
mem
ber’s
acc
ount
(ie
the
receiv
ing
mem
ber
for
the
openin
gle
gof
the
transaction)and
cre
dited
toth
eori
gin
ald
eliv
eri
ng
mem
ber’
saccount.
Pro
cess
of In
tere
st P
aym
ent
579ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
07. R
edem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Sam
e E
ntity
(No c
onfirm
ation
necessary
)
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
MO
FB
on
d H
old
er
1. P
aym
ent
Request
4.N
otification o
f P
aym
ent D
eta
ils
8.T
ax P
aym
ent
(Incom
e T
ax)
Cu
sto
dia
nM
AS
as P
ayin
g A
ge
nt
11.T
ax P
aym
ent (L
ocal Tax)
2. F
und
Request
6.N
otification o
f P
aym
ent D
eta
ils
3. Tax S
tatu
s
Data
Cash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
5. R
edem
ption P
aym
ent
MO
F’s
A
ccount
Custo
dia
n’s
Account
Bond H
old
er’
s
Account
MA
S (
ME
PS
+)
Cu
sto
dia
n9.R
edem
ption
Paym
ent
MA
Sa
s C
SD
7.R
edem
ption
10.R
edem
ption
Paym
ent
Notice
Sam
e E
ntity
Sam
e E
ntity
580 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
MA
S (M
on
eta
ry A
uth
ority
of S
inga
pore
) a
s p
aym
ent a
gen
t re
que
sts
Min
istr
y o
f F
ina
nce
(MO
F) fo
r re
dem
ptio
n p
aym
ent.
2.
MO
F a
ppro
ves re
qu
est o
f re
dem
ption
paym
ent f
rom
MA
S.
3.
Cu
sto
dia
ns
se
nd
tax s
tatu
s d
ata
to
MA
S.
4.
MA
S n
otifies c
usto
dia
ns o
f pa
ym
en
t deta
ils.
5.
MA
S a
s p
aym
en
t age
nt e
xecute
s red
em
ptio
n p
aym
ent f
rom
MO
F’s
acco
unt t
o c
usto
dia
ns’
acco
un
t via
ME
PS
+, d
ed
uctin
g ta
x if
ap
plic
able
.6
.M
AS
notifie
s c
usto
dia
ns o
f pa
ym
en
t deta
ils a
gain
.
7.
MA
S a
s C
SD
make
s b
ond
red
em
ptio
n.
8.
MA
S a
s a
pa
yin
g a
ge
nt pa
ys in
co
me
tax to ta
x o
ffic
e if
ap
plic
ab
le.
9.
Cu
sto
dia
ns
cre
dit b
on
d-h
old
ers
’ bank a
ccou
nts
with la
st in
tere
st a
nd p
rin
cip
al p
aid
by
MA
S, d
ed
uctin
g lo
ca
l tax if
ap
plic
ab
le.
10.
Cu
sto
dia
ns
notify
bon
d h
old
ers
of
red
em
ption
paym
ent.
11.
Cu
sto
dia
ns
pay lo
cal t
ax to
ta
x o
ffic
e if
app
licab
le.
No
te: R
ede
mptio
n a
lwa
ys in
vo
lve
s la
st i
nte
rest p
aym
en
t.
Pro
cess
of R
edem
ptio
n P
aym
ent
581ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
582 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
08. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
CD
P
8. P
aym
ent
Request
Pa
yin
g A
ge
nt
Cu
sto
dia
n
2. F
und
Request
5.P
aym
ent
Request
4.B
ondhold
ers
’Tax S
tatu
s
Cash
Flo
w
Info
rmation
Flo
w
Pa
yin
g A
ge
nt
Issuer’
s
Account
MA
S(M
EP
S+
)
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
Cu
sto
dia
n10. In
tere
st
Paym
ent
12.T
ax P
aym
ent
(Incom
e T
ax)
13.T
ax P
aym
ent
(Local T
ax)
Tax O
ffic
e
Sam
e E
ntity
Sam
e E
ntity
11.I
nte
rest
Paym
ent
Notice
CD
P’s
A
ccount
PA
's
Account
3. In
tere
st
Paym
ent
6. P
aym
ent
Request
1. P
aym
ent
Request
7. In
tere
st
Paym
ent
9. In
tere
st
Paym
ent
583ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
ge
nt send
s p
aym
ent r
eq
uest of in
tere
st t
o b
ond is
sue
r.2.
Bon
d is
sue
r sends fun
d reque
st t
o the p
ayin
g a
gen
t.3.
Payin
g a
ge
nt tr
ansfe
rs c
ash fr
om
issuer’
s a
ccoun
t to o
wn a
ccou
nt.
4.
Custo
dia
ns
of b
ond
ho
lders
sen
d tax s
tatu
s to
CD
P.
5.
CD
P s
end
s p
aym
ent r
eq
ue
st t
o p
ayin
g a
gen
t.6.
Payin
g a
ge
nt in
str
ucts
MA
S to
money tr
an
sfe
r re
que
ste
d fr
om
CD
P.
7.
MA
S e
xecute
s in
tere
st p
aym
ent f
rom
pa
yin
g a
ge
nt’s a
ccoun
t to C
DP
’s a
ccount v
ia
ME
PS
+, d
educting
incom
e ta
x if
ap
plic
able
.8.
CD
P in
str
ucts
MA
S to
paym
ent r
equest.
9.
MA
S e
xecute
s in
tere
st p
aym
ent f
rom
CD
P’s
account t
o c
usto
dia
ns a
ccount v
ia M
EP
S+
.10.
Custo
dia
ns
cre
dit b
on
d h
old
ers
’ accou
nts
with in
tere
st p
aym
en
ts, d
edu
cting lo
cal t
ax if
app
licab
le.
11.
Custo
dia
ns
notify
bo
nd h
old
ers
of in
tere
st p
aym
ent.
12.
Payin
g a
ge
nt pa
ys in
com
e ta
x to tax o
ffic
e.
13.
Custo
dia
ns
pay lo
cal t
ax to tax o
ffic
e.
Note
: N
o d
iffe
rence b
etw
een n
on-r
esid
ents
and d
om
estic in
vesto
rs e
xcept th
at account
is t
agged a
s “
non-r
esid
ent”
for
withhold
ing t
ax p
urp
oses.
Assum
ption: C
DP
is t
he c
entr
al d
epository
for
the c
orp
ora
te b
ond (
Issuer C
SD
).
Bond h
old
ers
manage their b
onds thro
ugh
custo
dia
ns.
Pro
cess
of In
tere
st P
aym
ent
584 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
6. P
aym
ent
Request
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
CD
P
Pa
yin
g A
ge
nt
Cu
sto
dia
n
2. F
und
Request
5.P
aym
ent
Request
4.B
ondhold
ers
’Tax S
tatu
s
Cash
Flo
w
Info
rmation
Flo
w
Pa
yin
g A
ge
nt
Issuer’
s
Account
MA
S(M
EP
S+
)
Custo
dia
n’s
A
ccount
Bond H
old
er’
s
Account
Cu
sto
dia
n13. R
edem
ption
Paym
ent
15.T
ax P
aym
ent
(Incom
e T
ax)
16.T
ax P
aym
ent
(Local T
ax)
Tax O
ffic
e
Sam
e E
ntity
Sam
e E
ntity
14.R
edem
ption
Paym
ent
Notice
CD
P’s
A
ccount
PA
's
Account
3. R
edem
ption
Paym
ent
1. P
aym
ent
Request
7. R
edem
ption
Paym
ent
9. R
edem
ption
Paym
ent
10.R
edem
ption
11.D
ele
te
Bond R
egis
tration
12.N
otice o
f R
edem
ption
8. P
aym
ent
Request
585ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
SG
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Payin
g a
gent sends p
aym
ent r
equest of re
dem
ption to
the b
ond is
suer.
2.
Bond is
suer sends fund request t
o the p
ayin
g a
gent.
3.
Payin
g a
gent tr
ansfe
rs c
ash fr
om
issuer’
s a
ccount t
o o
wn a
ccount.
4.
Custo
dia
ns
of b
ond h
old
ers
send tax s
tatu
s to
CD
P.
5.
CD
P s
ends p
aym
ent r
equest t
o p
ayin
g a
gent.
6.
Payin
g a
gent in
str
ucts
MA
S to
money tr
ansfe
r re
queste
d fr
om
CD
P.
7.
MA
S e
xecute
s redem
ption p
aym
ent f
rom
payin
g a
gent’s a
ccount t
o C
DP
’s a
ccount v
ia
ME
PS
+, d
educting in
com
e ta
x if
applic
able
.8.
CD
P in
str
ucts
MA
S to
paym
ent r
equest.
9.
MA
S e
xecute
s redem
ption p
aym
ent f
rom
CD
P’s
account t
o c
usto
dia
ns a
ccount v
ia
ME
PS
+.
10.
CD
P m
akes b
ond redem
ption.
11.
Payin
g a
gent dele
tes b
ond r
egis
tration.
12.
Payin
g a
gent notifies c
usto
dia
ns o
f redem
ption.
13.
Custo
dia
ns
cre
dit b
ond h
old
ers
’ accounts
with la
st in
tere
st a
nd p
rincip
al, d
educting lo
cal
tax if
applic
able
. 14.
Custo
dia
ns
notify
bond h
old
ers
of re
dem
ption p
aym
ent.
15.
Payin
g a
gent pays in
com
e ta
x to tax o
ffic
e.
16.
Custo
dia
ns
pay lo
cal t
ax to tax o
ffic
e.
Note
: N
o d
iffe
rence b
etw
een n
on-r
esid
ents
and d
om
estic in
vesto
rs e
xcept th
at account
is t
agged a
s “
non-r
esid
ent”
for
withhold
ing t
ax p
urp
oses.
Assum
ption: C
DP
is t
he c
entr
al d
epository
for
the c
orp
ora
te b
ond (
Issuer C
SD
).
Bond h
old
ers
manage their b
onds thro
ugh
custo
dia
ns.
Pro
cess
of R
edem
ptio
n P
aym
ent
586 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Thailand(TH)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
587ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
588 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
h.
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
OT
(B
AH
TN
ET
)
TS
D
(P
TI)
SE
T(B
EX
)
TC
HP
TI (M
NS
)
BE
X –
Th
e B
on
d E
lectr
on
ic E
xch
an
ge
(T
he
Sto
ck E
xch
an
ge
of
Th
aila
nd
)
SE
T –
Sto
ck E
xch
an
ge
of T
ha
ilan
dB
OT
–B
an
k o
f T
ha
ilan
dP
TI
–P
ost
Tra
de
In
teg
ratio
n (
Th
e S
tock E
xch
an
ge
of
Th
aila
nd
)T
SD
–T
ha
ilan
d S
ecu
ritie
s D
ep
osito
ry (
Th
e S
tock E
xch
an
ge
of
Th
aila
nd
)T
CH
–T
ha
ilan
d C
lea
rin
g H
ou
se
(T
he
Sto
ck E
xch
an
ge
of T
ha
ilan
d)
BA
HT
NE
T –
Th
e B
an
k o
f T
ha
ilan
d A
uto
ma
ted
Hig
h-v
alu
e T
ran
sfe
r N
etw
ork
M
NS
–M
ulti
late
ral
Ne
ttin
g S
yste
m
OT
C M
ark
et
589ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
h.
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
OT
(B
AH
TN
ET
)
BE
X –
Th
e B
on
d E
lectr
on
ic E
xch
an
ge
(T
he
Sto
ck E
xch
an
ge
of
Th
aila
nd
)
SE
T –
Sto
ck E
xch
an
ge
of T
ha
ilan
dB
OT
–B
an
k o
f T
ha
ilan
dP
TI
–P
ost
Tra
de
In
teg
ratio
n (
Th
e S
tock E
xch
an
ge
of
Th
aila
nd
)T
SD
–T
ha
ilan
d S
ecu
ritie
s D
ep
osito
ry (
Th
e S
tock E
xch
an
ge
of
Th
aila
nd
)T
CH
–T
ha
ilan
d C
lea
rin
g H
ou
se
(T
he
Sto
ck E
xch
an
ge
of T
ha
ilan
d)
BA
HT
NE
T –
Th
e B
an
k o
f T
ha
ilan
d A
uto
ma
ted
Hig
h-v
alu
e T
ran
sfe
r N
etw
ork
M
NS
–M
ulti
late
ral
Ne
ttin
g S
yste
m
TS
D
(PT
I)
SE
T(B
EX
)
TC
HP
TI (M
NS
)
OT
C M
ark
et
590 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
591ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
TS
D
TS
D
(PT
I)
Sell
Sid
eB
uy S
ide
1. T
rade
3.M
atc
hin
g
2.T
rade D
ata
2.T
rade D
ata
BO
T(
BA
HT
NE
T )
4. M
atc
hin
g R
esults
4. M
atc
hin
g R
esults
7. C
ash S
ett
lem
ent
8. C
onfirm
ation o
f C
redit
(Cash)
8. C
onfirm
ation o
f D
ebit
(Cash)
8. P
aym
ent R
esponse
Messag
e6. S
ett
lem
ent D
eta
ils
10. S
ett
lem
ent R
eport
(Bond)
10. S
ett
lem
ent R
eport
(Bond)
5. H
old
ing
Bonds
9. B
onds S
ett
lem
ent
Sell
Sid
e’s
Bank
Buy S
ide’s
Bank
592 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
OT
C m
ark
et.
2.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
nsa
ctio
n d
eta
ils t
oT
SD
via
PT
I S
yste
m.
3.
TS
D m
atc
he
s tra
de
da
ta f
rom
se
ll sid
e a
nd
bu
y s
ide
.4
.T
SD
se
nd
s m
atc
hin
g r
esu
lts to
se
ll sid
e a
nd
bu
y s
ide
via
PT
I S
yste
m.
5.
TS
D c
he
cks a
va
ilab
ility
an
d b
locks s
ecu
ritie
s in
me
mb
ers
’ acco
un
t.6
.T
SD
se
nd
s c
ash
se
ttle
me
nt
de
tails
to
BO
T.7
.B
OT
exe
cu
tes c
ash
se
ttle
me
nt.
8.
BO
T s
en
ds c
ash
se
ttle
me
nt
co
nfirm
atio
n to
se
ll sid
e,
bu
y s
ide
an
d T
SD
.9
.T
SD
re
lea
se
s b
locke
d s
ecu
ritie
s a
nd
exe
cu
tes s
ecu
ritie
s d
eliv
ery
.1
0.
TS
D s
en
ds s
ettle
me
nt
rep
ort
s to
se
ll sid
e,
bu
y s
ide
via
PT
I S
yste
m.
OT
C M
ark
et
593ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
594 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
TS
D
TS
D
(PT
I)
Sell
Sid
eB
uy S
ide
1. T
rade
3.M
atc
hin
g
2.T
rade D
ata
2.T
rade D
ata
BO
T(
BA
HT
NE
T )
4. M
atc
hin
g R
esults
4. M
atc
hin
g R
esults
7. C
ash S
ett
lem
ent
8. C
onfirm
ation o
f C
redit
(Cash)
8. C
onfirm
ation o
f D
ebit
(Cash)
8. P
aym
ent R
esponse
Messag
e6. S
ett
lem
ent D
eta
ils
10. S
ett
lem
ent R
eport
(Bond)
10. S
ett
lem
ent R
eport
(Bond)
5. H
old
ing
Bonds
9. B
onds S
ett
lem
ent
Sell
Sid
e’s
Bank
Buy S
ide’s
Bank
595ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
via
OT
C m
ark
et.
2.
Se
ll sid
e a
nd
bu
y s
ide
se
nd
tra
nsa
ctio
n d
eta
ils t
oT
SD
via
PT
I S
yste
m.
3.
TS
D m
atc
he
s tra
de
da
ta f
rom
se
ll sid
e a
nd
bu
y s
ide
.4
.T
SD
se
nd
s m
atc
hin
g r
esu
lts to
se
ll sid
e a
nd
bu
y s
ide
via
PT
I S
yste
m.
5.
TS
D c
he
cks a
va
ilab
ility
an
d b
locks s
ecu
ritie
s in
me
mb
ers
’ acco
un
t.6
.T
SD
se
nd
s c
ash
se
ttle
me
nt
de
tails
to
BO
T.7
.B
OT
exe
cu
tes c
ash
se
ttle
me
nt.
8.
BO
T s
en
ds c
ash
se
ttle
me
nt
co
nfirm
atio
n to
se
ll sid
e,
bu
y s
ide
an
d T
SD
.9
.T
SD
re
lea
se
s b
locke
d s
ecu
ritie
s a
nd
exe
cu
tes s
ecu
ritie
s d
eliv
ery
.1
0.
TS
D s
en
ds s
ettle
me
nt
rep
ort
s to
se
ll sid
e,
bu
y s
ide
via
PT
I S
yste
m.
OT
C M
ark
et
596 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
597ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
or
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
Co
un
ter-
pa
rty
BO
TB
ahtN
et
ClearingMatching & Settlement
Cross-Border
TS
DP
TI
As C
ash
Corr
espondent
Trading
Th
ai
BM
A
Cash Settlement
Bank o
f T
haila
nd
1T
rade O
rder
3 A
gre
em
ent
on T
rade
& C
onfirm
atio
n
2T
rade O
rder
5 T
rade C
onfirm
atio
n6
Tra
de C
onfirm
atio
n
7S
ettle
ment
Inst
ructio
n
25
Settle
ment
Confirm
8 a
Settle
ment
Inst
ructio
n
8 b
FX
/Fundin
g I
nst
ructio
n
11
FX
Confirm
atio
n
28
Cash
Sta
tem
ent
4Trade
Reporting
10
Pre
-Matc
hin
g S
tatu
s
22 S
ettle
ment
Confirm
atio
n
26
Securitie
s S
tate
ment
24
Fundin
g o
f T
rades
27
Cash
Sta
tem
ent
12
Captu
re o
f T
ransa
ctio
n D
eta
ils
13
Matc
hin
g S
tatu
s
21
Settle
ment
Confirm
atio
n
19
Fundin
g o
f B
oT
Account
20
Confirm
atio
n o
f D
ebit/
Cre
dit
23
Report
NR
BS
Bala
nces
15
Request
Use
of B
ala
nce
14
Fundin
g R
eport
16
FX
Inst
ructio
n17
FX
Inst
ructio
n
18
FX
Confirm
atio
n
598 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
05.
OTC
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
/ D
VP
1.
Fore
ign Institu
tional
Investo
r pla
ces o
rder
with I
nte
rnational B
roker
2.
Inte
rnational B
roker
pla
ces o
rder
with D
om
estic B
roker/
Bank
3.
Dom
estic B
roker/
Bank t
rades O
TC
with C
ounte
rpart
y (
via
phone o
r B
loom
berg
)4.
Dom
estic B
roker/
Bank a
nd C
ounte
rpart
y r
eport
tra
de t
o T
hai B
MA
within
30 m
inute
s o
f tr
ade (
web input
or,
e.g
., v
ia B
loom
berg
)5.
Dom
estic B
roker/
Bank s
end t
rade c
onfirm
ation t
o Inte
rnational
Bro
ker
6.
Fore
ign Institu
tional
Investo
r re
ceiv
es t
rade c
onfirm
ation
7.
Fore
ign Institu
tional
Investo
r in
str
ucts
Glo
bal C
usto
dia
n o
n s
ecurities s
ettle
ment
and c
ash/fundin
g d
eta
ils8.
Glo
bal C
usto
dia
n i
nstr
ucts
Dom
estic C
usto
dia
n o
n (
a)
securities s
ettle
ment
deta
ils,
(b)
FX
request
or
fundin
g d
eta
ils (
sin
ce 3
rdP
art
y F
X p
ossib
le)
9.
Dom
estic C
usto
dia
n p
re-m
atc
hes w
ith C
ounte
rpart
y,
typic
ally
via
phone
10.
Dom
estic C
usto
dia
n s
ends p
re-m
atc
hin
g r
esults t
o G
lobal C
usto
dia
n11.
Dom
estic C
usto
dia
n s
ends F
X c
onfirm
ation t
o G
lobal C
usto
dia
n
12.
Dom
estic C
usto
dia
n c
aptu
res s
ettle
ment
deta
ils in P
TI
13.
Dom
estic C
usto
dia
n r
etr
ieves m
atc
hin
g r
esults,
via
TS
D t
erm
inal
14.
Dom
estic C
usto
dia
n s
ends f
undin
g r
eport
to G
lobal C
usto
dia
n15.
Glo
bal C
usto
dia
n s
ends,
if s
o r
equired,
request
to u
se T
HB
bala
nce t
o F
ore
ign I
nstitu
tional
Investo
r16.
Fore
ign Institu
tional
Investo
r sends,
if s
o r
equired,
FX
instr
uction (
or
additio
nal
securities p
urc
hase t
rade)
to G
lobal C
usto
dia
n17.
Glo
bal C
usto
dia
n,
if s
o r
equired,
sends F
X instr
uction t
o D
om
estic C
usto
dia
n,
as F
X b
ank
18.
Dom
estic C
usto
dia
n,
as F
X b
ank,
confirm
s F
X d
eal
19.
Dom
estic C
usto
dia
n f
unds c
learing a
ccount
at
Bank o
f T
haila
nd
20.
Upon c
ash s
ettle
ment/tr
ansfe
r, B
AH
TN
ET
II sends c
redit/d
ebit c
onfirm
ation t
o D
om
estic C
usto
dia
n (
as B
AH
TN
ET
II part
icip
ant)
21.
Upon c
ash s
ettle
ment
confirm
ation,
TS
D t
ransfe
rs s
ecurities a
nd s
ends s
ettle
ment
confirm
ation t
o D
om
estic C
usto
dia
n22.
Dom
estic C
usto
dia
n s
ends s
ettle
ment
confirm
ation t
o G
lobal
Custo
dia
n23.
Dom
estic C
usto
dia
n r
eport
s c
lients
’ N
RB
S a
ccount
bala
nces t
o B
ank o
f T
haila
nd (
prior
to e
nd o
f day)
24.
Glo
bal C
usto
dia
n f
unds a
ccount
with D
om
estic C
usto
dia
n d
irectly,
or
into
FC
Y n
ostr
oaccount
(by e
nd o
f day)
25.
Glo
bal C
usto
dia
n s
ends s
ettle
ment
confirm
ation t
o F
ore
ign I
nstitu
tional
Investo
r26.
Dom
estic C
usto
dia
n s
ends s
tate
ment
of
securities t
o G
lobal C
usto
dia
n (
end o
f day)
27.
Dom
estic C
usto
dia
n s
ends c
ash c
redit/d
ebit info
rmation i
n c
ash s
tate
ment
to G
lobal C
usto
dia
n (
end o
f day)
28.
Glo
bal C
usto
dia
n s
ends c
ash c
redit/d
ebit info
rmation t
o F
II in c
ash s
tate
ment
(end o
f day)
Trade Date T+1 Settlement Date
599ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
600 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
MO
FB
on
d H
old
er
7. S
ubm
it W
ithhold
ing T
ax
BO
T
as P
ayin
g A
ge
nt
Acco
un
t M
an
ag
em
en
t In
stit
utio
n
TS
D
3. P
aym
ent
Instr
uction
1. B
ook
Clo
sure
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ideCash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
4. In
tere
st P
aym
ent
MO
F’s
A
ccount
Account M
anagem
ent
Institu
tion’s
Account
Bond H
old
er’
s
Account
BO
TA
cco
un
t M
an
ag
em
en
t In
stit
utio
n5. In
tere
st
Paym
ent
Sam
e E
ntity
2. R
equest
for
Inte
rest
Paym
ent
6.I
nte
rest
Paym
ent
Notice
Sam
e E
ntity
601ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1.
Ban
k o
fT
haila
nd
(B
OT
) as a
re
gis
tra
r a
nd
pa
yin
g a
ge
nt clo
se
s th
e r
ecord
book fo
r in
tere
st p
aym
ent b
y g
ath
erin
g b
ond
ho
lders
’ nam
es fro
m th
e T
SD
in c
ase o
f scriple
ss
se
cu
rities.
Th
e b
ook c
losure
perio
d v
arie
s b
etw
een
10
-30
da
ys.
(In
case
of scrip
se
cu
ritie
s, n
o n
ee
d to
ga
the
r in
form
ation
fro
m T
SD
, b
eca
use
BO
T o
wns
bond
hold
er’
s n
am
es.)
2
.B
OT
su
bm
its le
tte
r re
qu
esting
for
inte
rest p
aym
en
t to M
OF
45
-60
da
ys p
rior to
p
aym
ent
date
.3
.O
n the p
aym
ent d
ate
, MO
F in
str
ucts
BO
T to
make
inte
rest p
aym
entw
ithin
10
.00 a
.m.
4.
BO
T e
xecute
s in
tere
st p
aym
ent f
rom
MO
F’s
acco
un
t to a
ccou
nt m
anag
em
ent i
nstitu
tio
ns’
acco
unt v
ia B
AH
TN
ET
on th
e p
aym
ent d
ate
, d
edu
ctin
g ta
x if
ap
plic
able
. 5
.A
cco
unt m
ana
gem
en
t in
stitu
tions
cre
dit b
on
dho
lders
’ acco
un
ts w
ith in
tere
st p
aid
by M
OF.
6.
Acco
unt m
ana
gem
en
t in
stitu
tions
notify
bo
nd h
old
ers
of in
tere
st p
aym
ent.
7.
BO
T s
ubm
its w
ith
hold
ing
tax to
th
e R
eve
nue
De
part
me
nt (
on
a m
onth
ly b
asis
).
<In
Case o
f R
eta
il B
ond H
old
er>
•P
rior
to in
tere
st paym
ent fr
om
BO
T (
No.4
), B
OT
sends d
ata
and r
eport
of bond h
old
ers
’ nam
es, bank a
ccount
num
bers
to
whic
h inte
rest w
ill b
e s
ent,
and in
tere
st am
ount to
banks w
here
reta
il bond h
old
ers
have a
ccounts
with. T
his
is d
one in
3 w
ork
ing d
ays p
rior
to the p
aym
ent date
to p
repare
for
paym
ent
thro
ugh in
-house d
irect cre
dit s
yste
m o
f each b
ank.
•In
ste
ad o
f pro
cess N
o.4
, B
OT
tra
nsfe
rs fund to b
anks for
cre
ditin
g t
o r
eta
il bond h
old
ers
’ accounts
on t
he p
aym
ent date
.
Pro
cess
of In
tere
st P
aym
ent
602 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
2. In
form
ation a
bout
Redem
ption 3. R
etu
rn B
ond
Cert
ific
ate
MO
FB
on
d H
old
er
Acco
un
t M
an
ag
em
en
t In
stit
utio
n
TS
D
BO
T
as P
ayin
g A
ge
nt
1. B
ook C
losure
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
7.R
edem
ption
8.D
ele
te r
egis
tration
4. R
equest
for
Princip
al P
aym
ent
Cash
Flo
w
Info
rmation
Flo
w
11. S
ubm
it W
ithhold
ing T
ax
Tax O
ffic
e
6. R
edm
ption
Paym
ent
MO
F’s
A
ccount
Bond H
old
er’
s
Account
BO
TA
cco
un
t M
an
ag
em
en
t In
stit
utio
n9. R
edem
ption
Paym
ent
Sam
e E
ntity
5. P
aym
ent
Instr
uction
10.R
edem
ption
Paym
ent
Notice
Sam
e E
ntity
Account M
anagem
ent
Institu
tion’s
Account
603ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
Ban
k o
fT
ha
ilan
d (
BO
T)
as a
re
gis
tra
r a
nd
pa
yin
g a
ge
nt clo
se
s th
e r
ecord
bo
ok fo
r p
rin
cip
al p
aym
ent b
y g
ath
erin
g b
ond
ho
lders
’ na
me
s fr
om
the
TS
D. T
he
bo
ok c
losure
p
erio
d is
1 w
ork
ing
da
y fo
r sh
ort
-te
rm s
ecu
rities ,
an
d 1
0-3
0 d
ays fo
r lo
ng
-te
rm s
ecuritie
s.
(In
ca
se
of scrip
se
cu
ritie
s, n
o n
ee
d to
gath
er in
form
atio
n fr
om
TS
D, b
ecau
se
BO
T o
wns
bon
d h
old
er’
s n
am
es.)
2
.B
OT
se
nd
s p
rin
cip
al r
ed
em
ptio
n fo
rms to
info
rm th
e b
on
d h
old
ers
ab
out re
de
mp
tio
n a
nd
re
turn
bo
nd c
ert
ific
ate
s.3
.B
on
d h
old
ers
retu
rn b
ond
cert
ific
ate
s to
BO
T.4
.B
OT
su
bm
its le
tte
r re
qu
esting
for
prin
cip
al p
aym
en
t to
MO
F 4
5-6
0 d
ays p
rio
r to
p
aym
en
t d
ate
.5
.O
n th
e p
aym
en
t d
ate
, M
OF
instr
uct
s B
OT
to m
ake r
edem
ption p
aym
en
t.w
ithin
10.0
0 a
.m.
6.
BO
T e
xecute
s red
em
ptio
n p
aym
en
t fro
m M
OF
’s a
cco
unt t
o a
cco
un
t man
ag
em
ent
institu
tio
ns’ a
ccou
nt v
ia B
AH
TN
ET
on
th
e p
aym
ent d
ate
, d
edu
ctin
g ta
x if
ap
plic
ab
le.
7.
TS
D m
ake
s b
on
d red
em
ptio
n.
8.
BO
T d
ele
tes b
on
d r
eg
istr
ation
.9
.A
cco
unt m
an
age
me
nt i
nstitu
tio
ns
cre
dit b
on
dho
lders
’ acco
un
ts w
ith
last in
tere
st a
nd
prin
cip
al.
10.
Acco
unt m
an
age
me
nt i
nstitu
tions
notify
bo
nd h
old
ers
of re
dem
ptio
n p
aym
ent.
11.
BO
T s
ubm
its w
ith
hold
ing
tax to
th
e R
eve
nue
De
part
me
nt (
on
a m
onth
ly b
asis
).
Pro
cess
of R
edem
ptio
n P
aym
ent
1/2
604 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Pro
cess
of R
edem
ptio
n P
aym
ent
2/2
<In
Case o
f R
eta
il B
ond H
old
er>
•P
rior to
redem
ption p
aym
ent f
rom
BO
T(N
o.6
), B
OT
sends d
ata
and r
ep
ort
of bond
hold
ers
’ nam
es, b
ank a
ccount n
um
bers
to w
hic
h in
tere
st w
ill b
e s
ent,
and in
tere
st a
mount
to b
anks w
here
reta
il bond h
old
ers
have a
ccounts
with. T
his
is d
one in
3 w
ork
ing d
ays
prior to
the p
aym
ent d
ate
to p
repare
for paym
ent t
hro
ugh in
-house d
irect c
redit s
yste
m o
f each b
ank.
•In
ste
ad o
f pro
cess N
o.4
, BO
T tra
nsfe
rs fu
nd to b
anks for
cre
ditin
g to
reta
il bond h
old
ers
’ accounts
on th
e p
aym
ent d
ate
.
605ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
606 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
08. In
tere
st
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
8. S
ubm
it W
ithhold
ing T
ax
Pa
yin
g A
ge
nt
Acco
un
t M
an
ag
em
en
t In
stit
utio
n
TS
D
3. P
aym
ent
Instr
uction
1. B
ook
Clo
sure
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ideCash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
5. In
tere
st P
aym
ent
Bond H
old
er’
s
Account
BO
TA
cco
un
t M
an
ag
em
en
t In
stit
utio
n6. In
tere
st
Paym
ent
2. R
equest
for
Inte
rest
Paym
ent
7.I
nte
rest
Paym
ent
Notice
Account M
anagem
ent
Institu
tion’s
Account
Sam
e E
ntity
Pa
yin
g A
ge
nt
Issuer’
s
Account
4. In
tere
st
Paym
ent
Sam
e E
ntity
PA
’s A
ccount
607ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
1.
Ban
k o
fT
ha
ilan
d (
BO
T)
as a
regis
trar and
payin
g a
ge
nt clo
ses th
e r
ecord
bo
ok for
inte
rest p
aym
en
t by g
ath
ering b
ond
ho
lders
’ nam
es fro
m the T
SD
in c
ase o
f scriple
ss
securities.
The b
ook c
losure
period v
aries b
etw
een
10
-30 d
ays.
(In c
ase o
f scrip s
ecurities, n
o n
ee
d to g
ath
er in
form
ation
from
TS
D, b
ecause B
OT
ow
ns
bon
d h
old
er’
s n
am
es.)
2.
Payin
g a
ge
nt subm
its le
tter re
questing
for
inte
rest p
aym
ent t
o is
su
er 45-6
0 d
ays p
rior
to
paym
ent d
ate
.3.
On the
pa
ym
en
t date
, bond is
sue
r in
str
ucts
BO
T to
ma
ke in
tere
st p
aym
entw
ithin
10.0
0
a.m
. 4.
Payin
g a
ge
nt tr
ansfe
rs c
ash fr
om
issuer’
s a
ccoun
t to o
wn a
ccou
nt.
5.
BO
T e
xecute
s in
tere
st p
aym
ent f
rom
issuer’
s a
ccoun
t to a
ccou
nt m
ana
gem
ent
institu
tions’ a
ccou
nt v
ia B
AH
TN
ET
on the p
aym
ent d
ate
, dedu
cting ta
x if
ap
plic
able
. 6.
Acc
ount m
anag
em
ent
inst
itutions
credit
bon
dhold
ers
’ acc
ou
nts
with
inte
rest
paid
by is
sue
r.7.
Account m
an
age
ment i
nstitu
tions
notify
bond h
old
ers
of in
tere
st p
aym
ent.
8.
BO
T s
ubm
its w
ithhold
ing ta
x to
the R
evenue
Depart
ment (
on
a m
onth
ly b
asis
).
<In
Case o
f R
eta
il B
ond H
old
er>
•P
rior
to in
tere
st paym
ent fr
om
BO
T (
No.4
), B
OT
sends d
ata
and r
eport
of bond h
old
ers
’ nam
es, bank a
ccount
num
bers
to
whic
h inte
rest w
ill b
e s
ent,
and in
tere
st am
ount to
banks w
here
reta
il bond h
old
ers
have a
ccounts
with. T
his
is d
one in
3 w
ork
ing d
ays p
rior
to the p
aym
ent date
to p
repare
for
paym
ent
thro
ugh in
-house d
irect cre
dit s
yste
m o
f each b
ank.
•In
ste
ad o
f pro
cess N
o.4
, B
OT
tra
nsfe
rs fund to b
anks for
cre
ditin
g t
o r
eta
il bond h
old
ers
’ accounts
on t
he p
aym
ent date
.
Pro
cess
of In
tere
st P
aym
ent
608 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
2. In
form
ation a
bout
Redem
ption 3. R
etu
rn B
ond
Cert
ific
ate
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
Acco
un
t M
an
ag
em
en
t In
stit
utio
n
TS
D
Pa
yin
g A
ge
nt
1. B
ook C
losure
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
8.R
edem
ption
9.D
ele
te r
egis
tration
4. R
equest
for
Princip
al P
aym
ent
Cash
Flo
w
Info
rmation
Flo
w
Tax O
ffic
e
Bond H
old
er’
s
Account
BO
TA
cco
un
t M
an
ag
em
en
t In
stit
utio
n10. R
edem
ption
Paym
ent
Sam
e E
ntity
5. P
aym
ent
Instr
uction
11.R
edem
ption
Paym
ent
Notice
Sam
e E
ntity
12. S
ubm
it W
ithhold
ing T
ax
Pa
yin
g A
ge
nt
Issuer’
s
Account
6. R
edem
ption
Paym
ent
7. R
edem
ption P
aym
ent
Account M
anagem
ent
Institu
tion’s
Account
PA
’s A
ccount
609ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
09.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1.
Bank o
fT
haila
nd (
BO
T)
as a
regis
trar and p
ayin
g a
gent clo
ses th
e r
ecord
book for
princip
al p
aym
ent b
y g
ath
ering b
ond h
old
ers
’ nam
es fr
om
the T
SD
. T
he b
ook c
losure
period is
1 w
ork
ing d
ay for
short
-term
securities ,
and 1
0-3
0 d
ays fo
r lo
ng
-term
securities.
(In c
ase o
f scrip s
ecurities, n
o n
eed to g
ath
er in
form
ation fr
om
TS
D, because B
OT
ow
ns
bond h
old
er’
s n
am
es.)
2.
Payin
g a
gent sends p
rincip
al r
edem
ption fo
rms to
info
rm b
ond h
old
ers
about re
dem
ption
and retu
rn b
ond c
ert
ific
ate
s.3.
Bond h
old
ers
retu
rn b
ond c
ert
ific
ate
s to
BO
T.4.
BO
T s
ubm
its le
tter re
questing fo
r princip
al p
aym
ent t
o b
ond is
suer 45
-60 d
ays p
rior
to
paym
ent d
ate
.5.
On the p
aym
ent d
ate
, bond is
suer
instr
ucts
BO
T to
make redem
ption p
aym
ent.
within
10.0
0 a
.m.
6.
Payin
g a
gent tr
ansfe
rs c
ash fr
om
issuer’
s a
ccount t
o o
wn a
ccount.
7.
BO
T e
xecute
s redem
ption p
aym
ent f
rom
issuer’
s a
ccount t
o a
ccount m
anagem
ent
institu
tions’ a
ccount v
ia B
AH
TN
ET
on the p
aym
ent d
ate
, deducting ta
x if
applic
able
. 8.
TS
D m
akes b
ond redem
ption. (
to b
e c
onfirm
ed)
9.
BO
T d
ele
tes b
ond r
egis
tration. (
to b
e c
onfirm
ed)
10.
Account m
anagem
ent i
nstitu
tions
cre
dit b
ondhold
ers
’ accounts
with la
st in
tere
st a
nd
princip
al.
11.
Account m
anagem
ent i
nstitu
tions
notify
bond h
old
ers
of re
dem
ption p
aym
ent.
12.
BO
T s
ubm
its w
ithhold
ing ta
x to
the R
evenue D
epart
ment (
on a
month
ly b
asis
). (to
be
confirm
ed)
Pro
cess
of R
edem
ptio
n P
aym
ent
1/2
610 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
TH
09.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
Pro
cess
of R
edem
ptio
n P
aym
ent
2/2
<In
Ca
se
of R
eta
il B
ond
Ho
lder>
•P
rio
r to
re
dem
ptio
n p
aym
ent f
rom
BO
T(N
o.6
), B
OT
se
nds d
ata
an
d r
epo
rt o
f b
ond
h
old
ers
’ nam
es, b
an
k a
ccou
nt n
um
bers
to w
hic
h in
tere
st w
ill b
e s
en
t, a
nd in
tere
st a
mo
un
t to
ba
nks w
he
re reta
il b
on
d h
old
ers
ha
ve
acco
un
ts w
ith. T
his
is d
on
e in
3 w
ork
ing
da
ys
prio
r to
th
e p
aym
en
t da
te to p
repa
re fo
r pa
ym
ent t
hro
ug
h in
-ho
use
dire
ct c
red
it s
yste
m o
f e
ach
ban
k.
•In
ste
ad
of pro
ce
ss N
o.4
, BO
T tra
nsfe
rs fu
nd to b
anks fo
r cre
ditin
g to
re
tail
bon
d h
old
ers
’ a
cco
un
ts o
n th
e p
aym
en
t da
te.
611ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
Viet Nam(VN)
1. Bond Market Infrastructure Diagram
2. Bond Transaction Flow for Domestic Trades (Government Bond)
3. Bond Transaction Flow for Domestic Trades (Corporate Bond)
4. Bond Transaction Flow for Foreign Investors
5. Interest & Redemption Payment Flow (Government Bond)
6. Interest & Redemption Payment Flow (Corporate Bond)
612 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
613ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
01.
Govern
ment
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
IDV
HN
X –
The H
anoi S
tock E
xchange
VS
D –
Vie
tnam
Securities D
epository
BID
V –
Bank for
Investm
ent a
nd D
evelo
pm
ent o
f Vie
tnam
VS
D
HN
X (
Sp
ecia
lized
Govern
men
t B
on
d M
ark
et)
614 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
02.
Corp
ora
te B
ond M
ark
et
Infr
astr
uctu
re D
iagra
m
Tra
din
g
Tra
de m
atc
hin
g
CC
P
Settle
men
t m
atc
h.
Bon
d s
ettle
men
t
Cash
settle
men
tB
IDV
HN
X –
Th
e H
ano
i Sto
ck E
xch
ang
eH
OS
E –
Ho
Ch
i Min
h S
tock E
xchan
ge
VS
D –
Vie
tnam
Se
cu
rities D
eposito
ryB
IDV
–B
ank for
Inve
stm
ent a
nd D
evelo
pm
ent o
f Vie
tnam
VS
D
HO
SE
HN
X
615ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
616 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
HN
XS
ell
Sid
eB
uy S
ide
VS
D6. N
otice o
f tr
ansaction results
6. N
otice o
f tr
ansaction results
2.M
atc
hin
g
1. T
rade O
rder
1. T
rade O
rder
7. M
em
bers
confirm
transaction
results (and tr
adin
g a
mendm
ent
docum
ents
if a
ny)
7. M
em
bers
confirm
transaction
results (and tr
adin
g a
mendm
ent
docum
ents
if a
ny)
3.M
atc
hin
g R
esults
3.M
atc
hin
g R
esults
12. B
ond
Sett
lem
ent
BID
V
12. C
ash S
ett
lem
ent
4. T
rade D
ata
11. N
otice o
f lis
t of
mem
bers
who a
re
in d
efa
ult o
f cash (
if a
ny)
10. T
ransfe
r of F
unds
9. S
um
mary
notice o
f cash m
ultila
tera
l nett
ing
and p
aym
ent/
or
Sum
mary
notice o
f tr
ade b
y tra
de p
aym
ent of
cash w
ith U
SD
bonds
8. N
otice o
f cash/b
ond m
ultila
tera
l nett
ing
and p
aym
ent/
or
Notice o
f tr
ade b
y tra
de p
aym
ent of
securi
ties/c
ash w
ith U
SD
bonds
8.
Notice o
f cash/b
ond m
ultila
tera
l nett
ing
and p
aym
ent/
or
Notice o
f tr
ade b
y tra
de p
aym
ent of
securi
ties/c
ash w
ith U
SD
bonds
5. B
lockin
g b
onds
Note
: T
his
Busin
ess P
rocess F
low
sim
plif
ies t
he flo
wchart
of
the p
revio
us p
age.
617ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
03.
Govern
ment
Bond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
at
Th
e H
an
oi S
tock E
xch
an
ge
(H
NX
) o
r H
o C
hi M
inh
Sto
ck E
xch
an
ge
(H
OS
E).
2.
HN
X/H
OS
E m
atc
he
s tra
de
.3
.H
NX
/HO
SE
se
nd
s m
atc
hin
g r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
.4
.H
NX
/HO
SE
se
nd
s tr
ad
e d
ata
to
VS
D.
5.
VS
D h
old
s b
on
ds fro
m s
ell
sid
e’s
acco
un
t.6
.V
SD
no
tifie
s tra
nsa
ctio
n r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
. 7
.S
ell
sid
e a
nd
bu
y s
ide
co
nfirm
tra
nsa
ctio
n r
esu
lts (
an
d tra
din
g a
me
nd
me
nt
do
cu
me
nts
if
an
y).
8.
VS
D n
otif
ies s
ell
sid
e a
nd
bu
y s
ide
of
ca
sh
/bo
nd
mu
ltila
tera
l n
ettin
g a
nd
pa
ym
en
t o
r tr
ad
e b
y tra
de
p
aym
en
t o
f se
cu
ritie
s/c
ash
with
US
D b
on
ds.
9.
Bu
y s
ide
tra
nsfe
rs c
ash
to B
IDV
.1
0.
VS
D n
otif
ies th
e s
um
ma
ry o
f ca
sh
mu
ltila
tera
l n
ettin
g a
nd
pa
ym
en
t o
r tr
ad
e b
y tra
de
pa
ym
en
t o
f ca
sh
w
ith U
SD
bo
nd
s
11
.B
IDV
exe
cu
tes c
ash
se
ttle
me
nt.
12
.B
IDV
no
tifie
s o
f th
e lis
t o
f m
em
be
rs w
ho
are
in d
efa
ult
of
ca
sh
if a
ny.
13
.V
SD
exe
cu
tes b
on
d s
ettle
me
nt.
Exc
hange M
ark
et
(for
liste
d b
onds)
618 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
619ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
HN
X a
nd
HO
SE
Sell
Sid
eB
uy S
ide
VS
D6. N
otice o
f tr
ansaction results
6. N
otice o
f tr
ansaction results
2.M
atc
hin
g
1. T
rade O
rder
1. T
rade O
rder
7. M
em
bers
confirm
transaction
results (and tr
adin
g a
mendm
ent
docum
ents
if a
ny)
7. M
em
bers
confirm
transaction
results (and tr
adin
g a
mendm
ent
docum
ents
if a
ny)
3.M
atc
hin
g R
esults
3.M
atc
hin
g R
esults
13. B
ond
Sett
lem
ent
BID
V
11. C
ash S
ett
lem
ent
4. T
rade D
ata
12. N
otice o
f lis
t of
mem
bers
who a
re
in d
efa
ult o
f cash (
if a
ny)
10. T
ransfe
r of F
unds
9. S
um
mary
notice o
f cash m
ultila
tera
l nett
ing
and p
aym
ent/
or
Sum
mary
notice o
f tr
ade b
y tra
de p
aym
ent of
cash w
ith U
SD
bonds
8. N
otice o
f cash/b
ond m
ultila
tera
l nett
ing
and p
aym
ent/
or
Notice o
f tr
ade b
y tra
de p
aym
ent of
securi
ties/c
ash w
ith U
SD
bonds
8. N
otice o
f cash/b
ond m
ultila
tera
l nett
ing
and p
aym
ent/
or
Notice o
f tr
ade b
y tra
de p
aym
ent of
securi
ties/c
ash w
ith U
SD
bonds
5. B
lockin
g b
onds
620 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
04.
Corp
ora
te B
ond T
ransacti
on F
low
for
Dom
esti
c T
rades
1.
Se
ll sid
e a
nd
bu
y s
ide
tra
de
at
Th
e H
an
oi S
tock E
xch
an
ge
(H
NX
) o
r H
o C
hi M
inh
Sto
ck E
xch
an
ge
(H
OS
E).
2.
HN
X/H
OS
E m
atc
he
s tra
de
.3
.H
NX
/HO
SE
se
nd
s m
atc
hin
g r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
.4
.H
NX
/HO
SE
se
nd
s tr
ad
e d
ata
to
VS
D.
5.
VS
D h
old
s b
on
ds fro
m s
ell
sid
e’s
acco
un
t.6
.V
SD
no
tifie
s tra
nsa
ctio
n r
esu
lt to
se
ll sid
e a
nd
bu
y s
ide
. 7
.S
ell
sid
e a
nd
bu
y s
ide
co
nfirm
tra
nsa
ctio
n r
esu
lts (
an
d tra
din
g a
me
nd
me
nt
do
cu
me
nts
if
an
y).
8.
VS
D n
otif
ies s
ell
sid
e a
nd
bu
y s
ide
of
ca
sh
/bo
nd
mu
ltila
tera
l n
ettin
g a
nd
pa
ym
en
t o
r tr
ad
e b
y tra
de
p
aym
en
t o
f se
cu
ritie
s/c
ash
with
US
D b
on
ds.
9.
VS
D n
otif
ies th
e s
um
ma
ry o
f ca
sh
mu
ltila
tera
l n
ettin
g a
nd
pa
ym
en
t o
r tr
ad
e b
y tra
de
pa
ym
en
t o
f ca
sh
w
ith U
SD
bo
nd
s
10
.B
uy s
ide
tra
nsfe
rs c
ash
to B
IDV
.1
1.
BID
V e
xe
cu
tes c
ash
se
ttle
me
nt.
12
.B
IDV
no
tifie
s o
f th
e lis
t o
f m
em
be
rs w
ho
are
in d
efa
ult
of
ca
sh
if a
ny.
13
.V
SD
exe
cu
tes b
on
d s
ettle
me
nt.
Exc
hange M
ark
et
(for
liste
d b
onds)
621ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
622 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
05.
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs O
TC
Mark
et
Do
me
stic
Ba
nk
As F
X B
ank
As C
ash
Corr
espondent
Foreign Institutional Investor (direct or Investment Manager)
Glo
ba
l C
usto
dia
n
Inte
rna
tion
al
Bro
ke
r
Do
me
stic
B
roke
r
Do
me
stic
Cu
sto
dia
n
Co
un
ter-
pa
rty
BID
V
Transaction result
Clearing & Settlement
Cross-Border
VS
D
As C
ash
Corr
espondent
Trading Cash Settlement
3T
rade O
rder
12Balance Enquiry
5 A
gre
em
ent
on T
rade
& S
ignin
g o
f C
ontr
act
4T
rade O
rder
6 T
rade C
onfirm
atio
n7
Tra
de C
onfirm
atio
n
9S
ettle
ment
Inst
ructio
n
24
Settle
ment
Confirm
10 S
ettle
ment
Inst
ructio
n
2 F
X/F
undin
g I
nst
ructio
n
17
FX
Confirm
atio
n
27
Cash
Sta
tem
ent
16
Matc
hin
g/S
tatu
s U
pdate
22
Settle
ment
Confirm
atio
n
25
Securitie
s S
tate
ment
23
Fundin
g o
f T
rade
26
Cash
Sta
tem
ent
(15
Corr
ectio
n o
f T
ransa
ctio
n D
eta
ils)
20
Retr
ieval of
Settle
ment
Confirm
14
Settle
ment
Report
19
Fundin
g o
f B
IDV
Account
21
Retr
ieval of
Debit/
Cre
dit
Info
HN
X
(eB
on
d)
13 C
aptu
re T
rade D
eta
ils
1F
X/F
undin
g I
nst
ructio
n
8Trade Confirmation
11 R
ela
y o
f T
rade D
eta
ils
18
FX
Confirm
atio
n
623ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
05.
OTC
Bond T
ransacti
on F
low
for
Fore
ign Investo
rs
1.F
ore
ign Institu
tional In
vesto
r sends F
X/f
undin
g instr
uction t
o G
lobal C
usto
dia
n (
for
pla
nned b
ond t
rades)
2.G
lobal C
usto
dia
n s
ends F
X/f
undin
g instr
uction t
o D
om
estic C
usto
dia
n (
to e
nsure
tim
ely
availa
bili
ty o
f V
ND
)3.F
ore
ign Institu
tional In
vesto
r pla
ces o
rder
with I
nte
rnational B
roker
4.I
nte
rnational B
roker
pla
ces o
rder,
typic
ally
with D
om
estic B
ank
5.D
om
estic B
roker/
Bank tra
de O
TC
with C
ounte
rpart
y (
via
phone),
both
part
ies s
ign t
rade a
gre
em
ent (c
ontr
act)
6.D
om
estic B
roker/
Bank s
ends t
rade c
onfirm
ation to Inte
rnational B
roker,
and to D
om
estic C
usto
dia
n7.I
nte
rnational B
roker
sends tra
de c
onfirm
ation t
o F
ore
ign I
nstitu
tional I
nvesto
r8.D
om
estic B
ank s
ends t
rade c
onfirm
ation to D
om
estic C
usto
dia
n9.F
ore
ign Institu
tional In
vesto
r sends s
ecurities s
ett
lem
ent in
str
uction t
o G
lobal C
usto
dia
n10.G
lobal C
usto
dia
n instr
ucts
Dom
estic C
usto
dia
n o
n s
ecurities s
ett
lem
ent deta
ils11.D
om
estic B
ank r
ela
ys t
rade d
eta
ils t
o D
om
estic B
roker
(as H
NX
mem
ber)
for
trade c
aptu
re
12.D
om
estic B
roker
checks a
vaila
ble
funds/b
onds w
ith D
om
estic C
usto
dia
n13.D
om
estic B
roker
captu
res tra
de d
eta
ils o
n H
NX
, ty
pic
ally
via
eB
ond
front-
end s
yste
m14.V
SD
pro
vid
es S
ett
lem
ent
Report
to D
om
estic C
usto
dia
n (
at
end o
f ‘T
rade D
ate
’)15.O
nly
in t
he e
vent of
a d
iscre
pancy,
does D
om
estic C
usto
dia
n n
eed to c
onta
ct V
SD
(hence d
ashed a
rrow
)16.D
om
estic C
usto
dia
n p
rovid
es s
ett
lem
ent/
matc
hin
g s
tatu
s to G
lobal C
usto
dia
n17.D
om
estic C
usto
dia
n s
ends F
X c
onfirm
ation to G
lobal C
usto
dia
n18.G
lobal C
usto
dia
n
sends F
X c
onfirm
ation to Investo
r19.D
om
estic C
usto
dia
n e
ffects
fundin
g o
f B
IDV
account
20.A
fter sett
lem
ent deadlin
e,
Dom
estic C
usto
dia
n r
etr
ieves s
ett
lem
ent confirm
ation fro
m V
SD
(hard
copy, or
onlin
e)
21.A
fter sett
lem
ent deadlin
e,
Dom
estic C
usto
dia
n r
etr
ieves c
ash d
ebit/c
redit c
onfirm
ations fro
m B
IDV
(hard
copy)
22.D
om
estic C
usto
dia
n s
ends s
ett
lem
ent confirm
ation t
o G
lobal C
usto
dia
n23.G
lobal C
usto
dia
n e
ffects
fundin
g o
f account w
ith D
om
estic C
usto
dia
n,
or
into
FC
Y n
ostr
oaccount (b
efo
re e
nd o
f day)
24.G
lobal C
usto
dia
n s
ends s
ett
lem
ent confirm
ation to F
ore
ign I
nstitu
tional In
vesto
r25.D
om
estic C
usto
dia
n s
ends s
ecurities s
tate
ment to
Glo
bal C
usto
dia
n26.D
om
estic C
usto
dia
n s
ends d
ebit/c
redit in
form
ation in
cash s
tate
ment to
Glo
bal C
usto
dia
n27.G
lobal C
usto
dia
n s
ends c
ash s
tate
ment to
Fore
ign I
nstitu
tional I
nvesto
r
T-1 Trade Date Settle Date / T+1
624 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
625ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond
1. N
otification o
f R
ecord
Date
2. N
otification o
f B
ondhold
ers
-lis
t5. C
onfirm
ation o
f P
aym
ent D
eta
ils
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Sta
te T
rea
su
ryM
inis
try o
f F
ina
nce
Bo
nd
Ho
lde
r
VS
Da
s C
SD
VS
D’s
Me
mb
er
VS
Da
s P
ayin
g A
ge
nt
8. P
aym
ent
Instr
uction
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
1. N
otification o
f R
ecord
Date
3. C
onfirm
ation o
f B
ondhold
ers
-lis
t
Tax O
ffic
e
7. C
ash
Tra
nsfe
rM
OF
’s
Account
VS
D M
em
ber’
s
Account
Bond H
old
er’
s
Account
BID
VC
usto
dia
n9. In
tere
st
Paym
ent
Se
ttle
me
nt
Ba
nk
4. P
aym
ent In
str
uction &
B
ondhold
ers
-lis
t
6. I
nstr
uction o
f C
ash
Tra
nsfe
r
11.I
nte
rest
Paym
ent
Notice
VS
D’s
A
ccount
10. In
tere
st
Paym
ent
Sam
e E
ntity
626 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
06.
Inte
rest
Paym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
1.
Vie
tnam
Securities D
eposito
ry (V
SD
) as a
payin
g a
gent notifies th
e record
date
to S
tate
Tre
asury
-M
inis
try o
f F
inance (is
suers
), V
SD
’s m
em
bers
and o
ther re
late
d o
rganiz
ations.
2.
VS
D m
akes a
nd s
ends it
’s m
em
bers
bondhold
ers
-lis
t receiv
ing b
ond in
tere
st p
aym
ent.
3.
Mem
bers
send V
SD
the c
onfirm
ation o
f the b
ondhold
ers
list.
4.
VS
D s
ends is
suers
paym
ent r
equest a
nd c
om
pre
hensiv
e b
ondhold
ers
list.
5.
VS
D s
ends it
’s m
em
bers
confirm
ation o
f inte
rest d
istr
ibution to
investo
rs n
am
ed in
the
bondhold
ers
list.
6.
Issuers
instr
uct s
ett
lem
ent b
ank to
tra
nsfe
r cash for in
tere
st f
rom
issuers
’ account t
o
VS
D’s
account.
7.
Sett
lem
ent b
ank tr
ansfe
rs c
ash a
s r
equeste
d.
8.
VS
D in
str
ucts
BID
Vto
tra
nsfe
r cash for
inte
rest f
rom
VS
D’s
account t
o rela
ted V
SD
m
em
bers
’ account.
9.
BID
V tr
ansfe
rs c
ash a
s requeste
d.
10.
VS
D m
em
bers
cre
dit b
ondhold
ers
’ account w
ith in
tere
st.
11.
VS
D m
em
bers
notify
bond h
old
ers
of in
tere
st p
aym
ent.
Pro
cess
of In
tere
st P
aym
ent
627ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond
1. N
otification o
f R
ecord
Date
2. N
otification o
f B
ondhold
ers
-lis
t5. C
onfirm
ation o
f P
aym
ent D
eta
ils
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Sta
te T
rea
su
ryM
inis
try o
f F
ina
nce
Bo
nd
Ho
lde
r
VS
D’s
Me
mb
er
VS
Da
s P
ayin
g A
ge
nt
8. P
aym
ent
Instr
uction
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
1. N
otification o
f R
ecord
Date
3. C
onfirm
ation o
f B
ondhold
ers
-lis
t
Tax O
ffic
e
7. C
ash
Tra
nsfe
rM
OF
’s
Account
VS
D M
em
ber’
s
Account
Bond H
old
er’
s
Account
BID
VC
usto
dia
n9. R
edem
ption
Paym
ent
Se
ttle
me
nt
Ba
nk
4. P
aym
ent In
str
uction &
B
ondhold
ers
-lis
t
6. I
nstr
uction o
f C
ash
Tra
nsfe
r
12.R
edem
ption
Paym
ent
Notice
VS
D’s
A
ccount
11. R
edem
ption
Paym
ent
10.R
edem
ption
VS
Da
s C
SD
Sam
e E
ntity
628 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
07.
Redem
pti
on P
aym
ent
Flo
w o
f G
overn
ment
Bond O
TC
Mark
et
1.
Vie
tnam
Securities D
eposito
ry (V
SD
) as a
payin
g a
gent notifies th
e record
date
to S
tate
Tre
asury
-M
inis
try o
f F
inance (is
suers
), V
SD
’sm
em
bers
and o
ther re
late
d o
rganiz
ations.
2.
VS
D m
akes
and s
ends it
’s m
em
bers
bondhold
ers
-lis
t re
ceiv
ing b
ond r
edem
ptio
n p
aym
ent.
3.
Mem
bers
send V
SD
confirm
ation o
f bondhold
ers
list.
4.
VS
D s
ends is
suers
paym
ent r
equest a
nd c
om
pre
hensiv
e b
ondhold
ers
list.
5.
VS
D s
ends it
’s m
em
bers
confirm
ation o
f inte
rest a
nd p
rincip
al d
istr
ibution to
investo
rs
nam
ed in
bondhold
ers
list.
6.
Issuers
instr
uct s
ett
lem
ent b
ank to
tra
nsfe
r cash for re
dem
ption fr
om
issuers
’ account t
o
VS
D’s
account.
7.
Sett
lem
ent b
ank tr
ansfe
rs c
ash a
s r
equeste
d.
8.
VS
D in
str
ucts
BID
Vto
tra
nsfe
r cash for
redem
ption fr
om
VS
D’s
account t
o rela
ted V
SD
m
em
bers
’ account.
9.
BID
V tr
ansfe
rs c
ash a
s requeste
d.
10.
VS
D m
akes b
ond r
edem
ption.
11.
VS
D m
em
bers
cre
dit b
ond h
old
ers
’ accounts
with la
st in
tere
st a
nd p
rincip
al, d
educting
incom
e ta
x if
applic
able
.12.
VS
D m
em
bers
notify
bond h
old
ers
of re
dem
ption p
aym
ent.
Pro
cess
of R
edem
ptio
n P
aym
ent
629ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
1.
Bond M
ark
et
Infr
astr
uctu
re D
iagra
m
2.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Gove
rnm
en
t B
ond)
3.
Bond T
ransaction F
low
for
Dom
estic T
rades (
Corp
ora
te B
ond)
4.
Bond T
ransaction F
low
for
Fore
ign I
nve
sto
rs
5.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Gove
rnm
ent
Bond)
6.
Inte
rest
& R
edem
ption P
aym
ent
Flo
w (
Corp
ora
te B
ond)
630 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond
2. N
otification o
f R
ecord
Date
4. N
otification o
f B
ondhold
ers
-lis
t8. C
onfirm
ation o
f P
aym
ent D
eta
ils
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
VS
Da
s C
SD
VS
D’s
Me
mb
er
VS
Da
s P
ayin
g A
ge
nt
11. P
aym
ent
Instr
uction
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
1.N
otification o
f C
orp
ora
te A
ction
5. C
onfirm
ation o
f B
ondhold
ers
-lis
t
Tax O
ffic
e
10. C
ash
Tra
nsfe
r
Issuer’
s
Account
VS
D M
em
ber’
s
Account
Bond H
old
er’
s
Account
BID
VC
usto
dia
n12. I
nte
rest
Paym
ent
Se
ttle
me
nt
Ba
nk
6. B
ondhold
ers
-lis
t
9. I
nstr
uction o
f C
ash
Tra
nsfe
r
14.I
nte
rest
Paym
ent
Notice
VS
D’s
A
ccount
13. In
tere
st
Paym
ent3
.Record
Date
Notice
7.C
onfirm
ation o
f B
ondhold
ers
-lis
t
Sam
e E
ntity
15.T
ax P
aym
ent
631ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
08.
Inte
rest
Paym
ent
Flo
w o
f C
orp
ora
te B
ond O
TC
Mark
et
1.
Issu
ers
se
nd
s th
e a
de
qu
ate
an
d le
ga
l d
ossie
r n
otif
yin
g c
orp
ora
te a
ctio
n t
o V
ietn
am
Se
cu
ritie
s
De
po
sito
ry (
VS
D)
.2
.V
SD
as a
pa
yin
g a
ge
nt
no
tifie
s r
eco
rd d
ate
to
VS
D’s
me
mb
ers
an
d o
the
r re
late
d o
rga
niz
atio
ns.
3.
VS
D’s
me
mb
ers
no
tify r
eco
rd d
ate
to
bo
nd
ho
lde
rs.
4.
VS
D m
ake
s a
nd
se
nd
s it
’s m
em
be
rs b
on
dh
old
ers
-lis
t re
ce
ivin
g b
on
d in
tere
st p
aym
en
t.
5.
Me
mb
ers
se
nd
VS
D c
on
firm
atio
n o
f b
on
dh
old
ers
-lis
t.6
.V
SD
se
nd
s is
su
ers
co
mp
reh
en
siv
e b
on
dh
old
ers
list.
7.
Bo
nd
issu
er
se
nd
s c
on
firm
atio
n o
f b
on
dh
old
ers
-lis
t.8
.V
SD
se
nd
s it
’s m
em
be
rs c
on
firm
atio
n o
f in
tere
st
dis
trib
utio
n t
o in
ve
sto
rs n
am
ed
in
bo
nd
ho
lde
rs li
st.
9.
Issu
ers
instr
uct
se
ttle
me
nt
ba
nk to
tra
nsfe
r ca
sh
fo
r in
tere
st fr
om
issu
ers
’ acco
un
t to
VS
D’s
acco
un
t in
B
IDV
.1
0.
Se
ttle
me
nt
ba
nk tra
nsfe
rs c
ash
as r
eq
ue
ste
d.
11
.V
SD
in
str
ucts
BID
Vto
tra
nsfe
r ca
sh
fo
r in
tere
st
fro
m V
SD
’s a
cco
un
t to
re
late
d m
em
be
rs’ a
cco
un
t.1
2.
BID
V t
ran
sfe
rs c
ash
as r
eq
ue
ste
d.
13
.M
em
be
rs c
red
it b
on
dh
old
ers
’ acco
un
t w
ith in
tere
st.
14
.M
em
be
rs n
otif
y b
on
d h
old
ers
of
inte
rest
pa
ym
en
t.1
5.
Bo
nd
issu
ers
pa
y in
co
me
ta
x t
o t
ax o
ffic
e if
ap
plic
ab
le.
Pro
cess
of In
tere
st P
aym
ent
632 ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond
2. N
otification o
f R
ecord
Date
4. N
otification o
f B
ondhold
ers
-lis
t8. C
onfirm
ation o
f P
aym
ent D
eta
ils
Bo
nd
Issu
er
Sid
eC
SD
Bo
nd
Ho
lde
r S
ide
Bo
nd
Issu
er
Bo
nd
Ho
lde
r
VS
D’s
Me
mb
er
VS
Da
s P
ayin
g A
ge
nt
11. P
aym
ent
Instr
uction
Sam
e
Entity
Cash
Flo
w
Info
rmation
Flo
w
1.N
otification o
f C
orp
ora
te A
ction
5. C
onfirm
ation o
f B
ondhold
ers
-lis
t
Tax O
ffic
e
10. C
ash
Tra
nsfe
r
Issuer’
s
Account
VS
D M
em
ber’
s
Account
Bond H
old
er’
s
Account
BID
VC
usto
dia
n12. R
edem
ption
Paym
ent
Se
ttle
me
nt
Ba
nk
6. B
ondhold
ers
-lis
t
9. I
nstr
uction o
f C
ash
Tra
nsfe
r
15.R
edem
ption
Paym
ent
Notice
VS
D’s
A
ccount
14. R
edem
ption
Paym
ent3
.Record
Date
Notice
7.C
onfirm
ation o
f B
ondhold
ers
-lis
t
13.R
edem
ption
VS
Da
s C
SD
Sam
e E
ntity
16.T
ax P
aym
ent
633ASEAN+3 Information on Transaction Flows and Settlement Infrastructures ▌ Part 3: Bond Market Infrastructure Diagrams, Domestic . . .
VN
09.
Redem
pti
on P
aym
ent
Flo
w o
f C
orp
ora
te B
ond O
TC
Mark
et
1.
Issu
ers
se
nd
s th
e a
de
qu
ate
an
d le
ga
l d
ossie
r n
otif
yin
g c
orp
ora
te a
ctio
n t
o V
ietn
am
Se
cu
ritie
s
De
po
sito
ry (
VS
D)
.2
.V
SD
as a
pa
yin
g a
ge
nt
no
tifie
s r
eco
rd d
ate
to
VS
D’s
me
mb
ers
an
d o
the
r re
late
d o
rga
niz
atio
ns.
3.
VS
D’s
me
mb
ers
no
tifie
s r
eco
rd d
ate
to
bo
nd
ho
lde
rs.
4.
VS
D m
ake
s a
nd
se
nd
s it
’s m
em
be
rs b
on
dh
old
ers
-lis
t.5
.M
em
be
rs s
en
d V
SD
co
nfirm
atio
n o
f b
on
dh
old
ers
-lis
t.6
.V
SD
se
nd
s is
su
ers
co
mp
reh
en
siv
e b
on
dh
old
ers
list.
7.
Bo
nd
issu
er
se
nd
s c
on
firm
atio
n o
f b
on
dh
old
ers
-lis
t.8
.V
SD
se
nd
s it
’s m
em
be
rs c
on
firm
atio
n o
f re
de
mp
tion
pa
ym
en
t to
in
ve
sto
rs n
am
ed
in b
on
dh
old
ers
list.
9.
Issu
ers
instr
uct
se
ttle
me
nt
ba
nk to
tra
nsfe
r ca
sh
fo
r re
de
mp
tion
pa
ym
en
t fr
om
issu
ers
’ acco
un
t to
V
SD
’s a
cco
un
t in
BID
V.
10
.S
ettle
me
nt
ba
nk tra
nsfe
rs c
ash
as r
eq
ue
ste
d.
11
.V
SD
in
str
ucts
BID
Vto
tra
nsfe
r ca
sh
fo
r re
de
mp
tion
pa
ym
en
t fr
om
VS
D’s
acco
un
t to
re
late
d m
em
be
rs’
acco
un
t.
12
.B
IDV
tra
nsfe
rs c
ash
as r
eq
ue
ste
d.
13
.V
SD
as C
SD
ma
ke
s b
on
d r
ed
em
ptio
n.
14
.M
em
be
rs c
red
it b
on
dh
old
ers
’ acco
un
t w
ith r
ed
em
ptio
n.
15
.M
em
be
rs n
otif
y b
on
d h
old
ers
of
red
em
ptio
n p
aym
en
t.1
6.
Issu
ers
pa
y in
co
me
ta
x to
ta
x o
ffic
e if
ap
plic
ab
le.
Pro
cess
of R
edem
ptio
n P
aym
ent