i
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Part 3Bond Market Infrastructure Diagrams, Domestic Bond Transaction Flows, and Cross-border Bond Transaction Flows
Contents
People’s Republic of China (PRC) ............................................................................................................1Figure 1. PRC Bond Market Infrastructure Diagram .......................................................................................2Figure 2. PRC Bond Transaction Flow for Domestic Trades OTC Market/DVP ................................................3
Note: Description of PRC Bond Transaction Flow for Domestic Trades OTC Market/DVP .............................4Figure 3. PRC Bond Transaction Flow for Domestic Trades Exchange Market/DVP ........................................5
Note: Description of PRC Bond Transaction Flow for Domestic Trades Exchange Market/DVP .....................6Figure 4. PRC Bond Transaction Flow for Foreign Investors OTC Market/RMB Banks ....................................7
Note: Description of PRC Bond Transaction Flow for Foreign Investors OTC Market/RMB Banks..................8Figure 5. PRC Bond Transaction Flow for Foreign Investors Exchange Market/QFII .......................................9
Note: Description of PRC Bond Transaction Flow for Foreign Investors Exchange Market/QFII ...................10
Hong Kong, China (HKG) ......................................................................................................................11Figure 1. HKG Bond Market Infrastructure Diagram ....................................................................................12Figure 2. HKG Bond Transaction Flow for Domestic Trades OTC Market/DVP.............................................13
Note: Description of HKG Bond Transaction Flow for Domestic Trades OTC Market/DVP ..........................14Figure 3. HKG Bond Transaction Flow for Foreign Investors OTC Market/DVP ............................................15
Note: Description of HKG Bond Transaction Flow for Foreign Investors OTC Market/DVP ..........................16
Indonesia (INO) ....................................................................................................................................17Figure 1. INO Bond Market Infrastructure Diagram .....................................................................................18Figure 2. INO Bond Transaction Flow for Domestic Trades OTC Market/DVP .............................................19
Note: Description of INO Bond Transaction Flow for Domestic Trades OTC Market/DVP ...........................20Figure 3. INO Bond Transaction Flow for Foreign Trades OTC Market/DVP .................................................21
Note: Description of INO Bond Transaction Flow for Foreign Trades OTC Market/DVP ..............................22
Japan (JPN) ...........................................................................................................................................23Figure 1. JPN Bond Market Infrastructure Diagram ......................................................................................24Figure 2. JPN Bond Transaction Flow for Domestic Trades OTC Market
(JGB)/DVP through Trade Matching (PSMS) ..................................................................................25Note: Description of JPN Bond Transaction Flow for Domestic Trades OTC Market
(JGB)/DVP through Trade Matching (PSMS) .............................................................................26Figure 3. JPN Bond Transaction Flow for Foreign Investors OTC Market (JGB)/DVP ....................................27
Note: Description of JPN Bond Transaction Flow for Foreign Investors OTC Market (JGB)/DVP ..................28
iii
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
iv
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figure 4. JPN Bond Transaction Flow for Domestic Trades OTC Market (JGB)/DVP (New BOJ-NET) through Trade Matching (PSMS) ........................................................29
Figure 5. JPN Bond Transaction Flow OTC Market (JGB)/DVP (New BOJ-NET) through Trade Matching (PSMS) and JGBCC (1/2) .........................................................................30
Figure 5. JPN Bond Transaction Flow OTC Market (JGB)/DVP (New BOJ-NET) through Trade Matching (PSMS) and JGBCC (2/2) .........................................................................31
Note: Description of JPN Bond Transaction Flow OTC Market (JGB)/DVP (New BOJ-NET) through Trade Matching (PSMS) and JGBCC .............................................................................32
Figure 6. JPN Bond Transaction Flow OTC Market (Corporate Bonds)/DVP (BOJ-NET) through Trade Matching (PSMS) ...................................................................................................33
Figure 7. JPN Bond Transaction Flow OTC Market (JGB)/DVP other types of Trade Matching (PSMS) (1/2) ..................................................................................................................................34
Figure 7. JPN Bond Transaction Flow OTC Market (JGB)/DVP other types of Trade Matching (PSMS) (2/2) ..................................................................................................................................35
Republic of Korea (KOR) .......................................................................................................................36Figure 1. KOR Bond Market Infrastructure Diagram ....................................................................................37Figure 2. KOR Bond Transaction Flow for Domestic Trades OTC Market/DVP .............................................38
Note: Description of KOR Bond Transaction Flow for Domestic Trades OTC Market/DVP ..........................39Figure 3. KOR Bond Transaction Flow for Domestic Trades Exchange Market/DVP ......................................40Figure 4. KOR Bond Transaction Flow for Foreign Investors OTC Market/DVP ............................................41
Note: Description of KOR Bond Transaction Flow for Foreign Investors OTC Market/DVP ..........................42
Malaysia (MAL) .....................................................................................................................................43Figure 1. MAL Bond Market Infrastructure Diagram ....................................................................................44Figure 2. MAL Bond Transaction Flow for Domestic Trades OTC Market/DVP .............................................45
Note: Description of MAL Bond Transaction Flow for Domestic Trades OTC Market/DVP ..........................46Figure 3. MAL Bond Transaction Flow for Foreign Investors OTC Market/DVP ............................................47
Note: Description of MAL Bond Transaction Flow for Foreign Investors OTC Market/DVP ..........................48
Philippines (PHI) ...................................................................................................................................49Figure 1. PHI Bond Market Infrastructure Diagram ......................................................................................50Figure 2. PHI Bond Transaction Flow for Domestic Trades GSEDs Market/DVP ...........................................51
Note: Description of PHI Bond Transaction Flow for Domestic Trades GSEDs* Market/DVP ......................52Figure 3. PHI Bond Transaction Flow for Domestic Trades Non-GSEDs Market/DVP ...................................53
Note: Description of PHI Bond Transaction Flow for Domestic Trades Non-GSEDs* Market/DVP ...............54Figure 4. PHI Bond Transaction Flow for Foreign Investors OTC Market/DVP .............................................55
Note: Description of PHI Bond Transaction Flow for Foreign Investors OTC Market/DVP ...........................56
Singapore (SIN) .....................................................................................................................................57Figure 1. SIN Bond Market Infrastructure Diagram ......................................................................................58Figure 2. SIN Bond Transaction Flow for Domestic Trades OTC Market/DVP...............................................59
Note: Description of SIN Bond Transaction Flow for Domestic Trades OTC Market/DVP ...........................60Figure 3. SIN Bond Transaction Flow for Foreign Investors OTC Market/DVP ..............................................61
Note: Description of SIN Bond Transaction Flow for Foreign Investors OTC Market/DVP ...........................62
v
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Thailand (THA)......................................................................................................................................63Figure 1. THA Bond Market Infrastructure Diagram ....................................................................................64Figure 2. THA Bond Transaction Flow for Domestic Trades OTC Market/DVP .............................................65
Note: Description of THA Bond Transaction Flow for Domestic Trades OTC Market/DVP ...........................66Figure 3. THA Bond Transaction Flow for Foreign Investors OTC Market/DVP ............................................67
Note: Description of THA Bond Transaction Flow for Foreign Investors OTC Market/DVP ..........................68
Viet Nam (VIE) ......................................................................................................................................69Figure 1. VIE Bond Settlement Infrastructure Diagram .................................................................................70Figure 2. VIE Business Process Flow Government Bond Market/DVP ...........................................................71
Note: Description of VIE Business Process Flow Government Bond Market/DVP (1/2) .............................72Note: Description of VIE Business Process Flow Government Bond Market/DVP (2/2) .............................73
Figure 3. VIE Business Process Flow: Revised Bond Market/DVP .................................................................74Figure 4. VIE OTC Bond Transaction Flow for Foreign Investors ...................................................................75
Note: Description of VIE OTC Bond Transaction Flow for Foreign Investors .............................................76
Bond Market Infrastructure Diagram ....................................................................................................77Figure 1. ASEAN+3 Government Bond Market Infrastructure Diagram .......................................................78
1
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Peop
le’s
Repu
blic
of C
hina
(PRC
)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
2
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
CCDC
= C
hina
Cen
tral D
epos
itory
and
Cle
arin
g Co
rpor
atio
n; C
FETS
and
NIF
C =
Chi
na F
orei
gn E
xcha
nge
Trade
Sys
tem
and
Nat
iona
l Inte
rban
k Fu
ndin
g Ce
nter
; CN
APS
= C
hina
Nat
iona
l Aut
omat
ic Pa
ymen
t Sys
tem
; CSD
CC =
Chi
na S
ecur
ities
Dep
osito
ry a
nd C
lear
ing
Corp
orat
ion;
SHC
H =
Sha
ngha
i Cle
arin
g Ho
use;
SS
E =
Sha
ngha
i Sto
ck E
xcha
nge;
SZS
E =
She
nzhe
n St
ock
Exch
ange
;No
te: C
omm
ercia
l Ban
k Co
unte
r Mar
ket i
s no
t sho
wn h
ere.
Sour
ce: A
BMF
SF2.
Chin
a OT
C M
arke
t In
ter-b
ank
Bond
Mar
ket
CFET
S
SSEEx
chan
ge M
arke
t SZSE
CCDC
SHCH
PBOC
(CNA
PS)
Com
mer
cial b
anks
CSDC
C
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. P
RC
Bon
d M
arke
t In
fras
truc
ture
Dia
gram
3
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
CCDC
(CBG
S)
CFET
S
PBOC
(CNA
PS)
1. Tr
ade
10. F
und
trans
fer
proc
essin
g
4. S
ettle
men
t in
stru
ctio
n re
ceivi
ng
5. S
ettle
men
t in
stru
ctio
n m
atch
ing
6. S
ettle
men
t con
tract
pr
oduc
ing
7. C
ontra
ct e
xecu
ting
on d
elive
ry d
ay
8. S
elle
r’s b
ond
lock
ing
9. D
VP fu
nd s
ettle
men
t re
ques
t
13. B
ond
Deliv
ery
2. Tr
ade
Data
3. Tr
ade
Data
3. Tr
ade
Data
4. S
ettle
men
t ins
truct
ion
4. S
ettle
men
t ins
truct
ion
5. S
ettle
men
t ins
truct
ion
mat
chin
g no
tice
5. S
ettle
men
t ins
truct
ion
mat
chin
g no
tice
7. S
ettle
men
t exe
cutin
g st
atus
not
ice7.
Set
tlem
ent e
xecu
ting
stat
us n
otice
14. S
ettle
men
t co
mpl
etio
n no
tice
14. S
ettle
men
t co
mpl
etio
n no
tice
11. F
und
trans
fer n
otice
11. F
und
trans
fer n
otice
9. D
VP F
und
settl
emen
t req
uest
12. D
VP F
und
settl
emen
t not
ice
Selle
r
Figu
re 2
. P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es O
TC M
arke
t/D
VP
Sour
ce: A
BMF
SF2.
Buye
r
4
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
OTC
Mar
ket
1.
Selle
r and
buy
er tr
ade
bond
via
Chi
na F
orei
gn E
xcha
nge
Trad
e Sy
stem
(CFE
TS).
CFET
S pr
ovid
es s
ever
al tr
adin
g m
etho
ds in
clud
ing
bila
tera
l neg
otia
tion
and
Clic
k-an
d-D
eal.
In C
hina
OTC
bon
d m
arke
t, m
ost o
f tra
nsac
tions
are
con
duct
ed th
roug
h th
e el
ectro
nic
tradi
ng
plat
form
pro
vided
by
CFET
S, a
nd a
sm
all p
art o
f the
tran
sact
ions
are
con
duct
ed th
roug
h te
leph
one
or s
ome
othe
r way
s.
2.
CFET
S se
nds
trade
dat
a to
Chi
na C
entra
l Dep
osito
ry a
nd C
lear
ing
(CCD
C) o
r Sha
ngha
i Cle
arin
g Ho
use
(SHC
H).
Abou
t 5%
of t
rade
dat
a ar
e en
tere
d to
CCD
C di
rect
ly fro
m s
elle
r and
buy
er (r
efer
to 4
. Set
tlem
ent i
nstru
ctio
n).
3.
CCD
C or
SHC
H se
nds
trade
dat
a to
sel
ler a
nd b
uyer
for v
erifi
catio
n.
4.
Whe
n se
ller a
nd b
uyer
rece
ived
trade
dat
a fro
m C
CDC
or S
HCH,
sel
ler a
nd b
uyer
ver
ify th
e da
ta. I
f the
dat
a ar
e co
rrect
, sel
ler a
nd
buye
r sen
d af
firm
ative
mes
sage
to C
CDC.
The
mes
sage
s ar
e re
gard
ed a
s “s
ettle
men
t ins
truct
ions
” to
CCD
C or
SHC
H. A
bout
5%
of
trad
es a
re d
irect
ly en
tere
d to
CCD
C af
ter t
rade
d in
Chi
na O
TC M
arke
t. In
this
case
, one
par
ty (e
ither
sel
ler o
r buy
er) n
eeds
to
send
set
tlem
ent i
nstru
ctio
n in
to C
CDC
syst
em. T
he s
ettle
men
t ins
truct
ion
need
s to
con
tain
full
mes
sage
item
s ne
cess
ary
for t
he
settl
emen
t. CC
DC
syst
em a
utom
atic
ally
asks
the
othe
r par
ty to
con
firm
. If n
ot, C
CDC
does
not
pro
cess
set
tlem
ent.
Afte
r mat
chin
g th
e or
der (
loca
l mat
chin
g), C
CDC
settl
es th
e tra
de in
FOP
or D
VP a
s re
ques
ted
by c
usto
mer
s.5.
CC
DC
or S
HCH
mat
ches
set
tlem
ent i
nstru
ctio
ns fr
om th
e se
ller a
nd b
uyer
and
not
ifies
mat
ched
resu
lt.
6.
CCD
C or
SHC
H pr
oduc
es s
ettle
men
t con
tract
.7.
On
the
settl
emen
t day
, CCD
C or
SHC
H ex
ecut
es th
e se
ttlem
ent c
ontra
ct a
nd n
otifi
es th
e st
atus
to th
e se
ller a
nd b
uyer
.8.
CC
DC
or S
HCH
bloc
ks s
elle
r’s b
ond
to s
ecur
e D
VP tr
ansa
ctio
n.9.
CC
DC
or S
HCH
send
s D
VP fu
nd s
ettle
men
t req
uest
to P
eopl
e’s
Bank
of C
hina
(PBO
C).
10.
PBOC
exe
cute
s fu
nd s
ettle
men
t. Fu
nd is
tran
sfer
red
from
buy
er’s
cur
rent
acc
ount
to s
elle
r’s c
urre
nt a
ccou
nt b
y Hi
gh V
alue
Pay
men
t Sy
stem
(HVP
S) o
f CN
APS.
11.
PBOC
sen
ds fu
nd tr
ansf
er n
otic
e to
the
selle
r and
buy
er.
12.
PBOC
sen
ds D
VP fu
nd s
ettle
men
t not
ice
to C
CDC
or S
HCH.
13.
CCD
C or
SHC
H ex
ecut
es b
ond
deliv
ery
(rele
ase
bloc
ked
bond
).14
. CC
DC
or S
HCH
send
s se
ttlem
ent c
ompl
etio
n no
tice
to th
e se
ller a
nd b
uyer
. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es O
TC M
arke
t/D
VP
5
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
CSDC
C
Mul
tilat
eral
Net
Se
ttle
men
t Sys
tem
(MNS
Sys
tem
)
SSE
or S
ZSE
Paym
ent B
anks
2. Tr
ade
Mat
chin
g
11. C
ash
Settl
emen
t
5. C
lear
ing
7. S
ettle
men
t Dat
a
13. B
ond
Settl
emen
t
4. Tr
ade
Data
6. C
lear
ing
Resu
lt6.
Cle
arin
g Re
sult
1. Tr
ade
Data
1. Tr
ade
Data
3. N
otice
of T
rade
3. N
otice
of T
rade
9. A
ffirm
atio
n of
Se
ttlem
ent
9. A
ffirm
atio
n of
Se
ttlem
ent
8. N
otific
atio
n of
Trad
e to
be
Settl
ed8.
Not
ificat
ion
of Tr
ade
to b
e Se
ttled
14. S
ettle
men
t Rep
ort
(Bon
ds a
nd C
ash)
14. S
ettle
men
t Rep
ort
(Bon
ds a
nd C
ash)
12. S
ettle
men
t Rep
ort
(cas
h)12
. Set
tlem
ent R
epor
t (c
ash)
10. S
ettle
men
t Dat
a 12
. Set
tlem
ent R
epor
t
Selle
rBu
yer
Figu
re 3
. P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es E
xcha
nge
Mar
ket/
DVP
Sour
ce: A
BMF
SF2.
6
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Exch
ange
Mar
ket
1.
The
selle
r and
buy
er tr
ade
via S
hang
hai S
tock
Exc
hang
e (S
SE) o
r She
nzhe
n St
ock
Exch
ange
(SZS
E).
2.
SSE/
SZSE
col
late
s or
ders
from
the
selle
r and
buy
er.
3.
SSE/
SZSE
sen
ds n
otic
e of
trad
e to
the
selle
r and
buy
er.
4.
SSE/
SZSE
sen
ds tr
ade
data
to C
hina
Cen
tral D
epos
itory
and
Cle
arin
g Co
rpor
atio
n (C
SDCC
).5.
Cl
earin
g fu
nctio
n in
CSD
CC e
xecu
tes
clea
ring
proc
ess.
6.
Clea
ring
func
tion
in C
SDCC
sen
ds c
lear
ing
resu
lt to
the
selle
r and
buy
er.
7.
Clea
ring
func
tion
in C
SDCC
sen
ds s
ettle
men
t dat
a to
CSD
func
tion
in C
SDCC
.8.
CS
D fu
nctio
n in
CSD
CC s
ends
not
ice
of tr
ade
to b
e se
ttled
to th
e se
ller a
nd b
uyer
.9.
Th
e se
ller a
nd b
uyer
sen
d af
firm
atio
n of
set
tlem
ent.
10.
CSD
CC s
ends
set
tlem
ent d
ata
to p
aym
ent b
anks
.11
. Pa
ymen
t ban
ks p
erfo
rm c
ash
settl
emen
t.12
. Pa
ymen
t ban
ks s
ends
set
tlem
ent r
epor
ts to
CSD
CC, s
elle
r and
buy
er.
13.
CSD
func
tion
in C
SDCC
exe
cute
s bo
nd s
ettle
men
t.14
. CS
DCC
sen
ds s
ettle
men
t rep
ort (
bond
s an
d ca
sh) t
o th
e se
ller a
nd b
uyer
. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es E
xcha
nge
Mar
ket/
DVP
7
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
5. Trade Confirmation
Sett
lem
ent
Agen
t(C
usto
dian
)CC
DC
CFET
S
PBOC
CNAP
S
As C
ash
Co
rres
pond
ent
Sett
lem
ent
Agen
t(A
utho
rized
Bro
ker)
Foreign Central Banks; RMB Settlement Banks (HKG, Macau); Overseas Participants Banks
As own banker
1. Tr
ade
Orde
r2.
Trad
e Ex
ecut
ion
4. Tr
ade
Conf
irmat
ion
3. Tr
ade
Conf
irmat
ion
Optio
nal
7. S
ettle
men
t Ins
truct
ion
6. A
dvice
of S
ettle
men
t Det
ails
Cash Settlement
Clearing Matching and Settlement
Trading
13. S
ettle
men
t Con
firm
atio
n10
. Con
firm
atio
n of
Se
ttlem
ent D
etai
ls
14. S
ecur
ities
Sta
tem
ent
12. S
ettle
men
t Con
firm
atio
n
8. R
emitt
ance
of F
unds
9. F
undi
ng o
f PBO
C Ac
coun
t
15. C
ash
Stat
emen
t11
. Con
firm
atio
n of
Deb
it/Cr
edit
Cross-Border
Figu
re 4
. P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
OTC
Mar
ket/
RM
B B
anks
Sour
ce: A
BMF
SF2.
8
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
OTC
Mar
ket/
RM
B B
anks
Trad
e Da
te1.
El
igib
le In
stitu
tion/
RMB
Bank
pla
ces
orde
r with
Set
tlem
ent A
gent
(Aut
horiz
ed B
roke
r).2.
Se
ttlem
ent A
gent
, exe
cute
s tra
de o
n CF
ETS,
then
cap
ture
s tra
de d
etai
ls in
CFE
TS.
3.
Settl
emen
t Age
nt re
ceive
s tra
de c
onfir
mat
ion
from
/via
CFE
TS.
4.
Settl
emen
t Age
nt s
ends
trad
e co
nfirm
atio
n to
Elig
ible
Inst
itutio
n/RM
B Ba
nk.
5.
Settl
emen
t Age
nt s
ends
trad
e co
nfirm
atio
n to
Set
tlem
ent A
gent
(cus
todi
an).
6.
CCD
C se
nds
advic
e of
set
tlem
ent d
etai
ls se
nt d
irect
ly fro
m C
FETS
to S
ettle
men
t Age
nt.
Sett
lem
ent D
ate
(T +
1)
7.
Elig
ible
Inst
itutio
n/RM
B Ba
nk in
stru
cts
Settl
emen
t Age
nt o
n se
ttlem
ent d
etai
ls.8.
El
igib
le In
stitu
tion/
RMB
Bank
rem
its R
MB
amou
nt to
Set
tlem
ent A
gent
(cus
todi
an).
9.
Settl
emen
t Age
nt fu
nds
own
PBOC
acc
ount
, in
prep
arat
ion
for s
ettle
men
t.10
. Se
ttlem
ent A
gent
con
firm
s/af
firm
s se
ttlem
ent d
etai
ls via
CCD
C (fr
ont-e
nd) s
yste
m.
11.
Upon
con
firm
atio
ns fr
om b
oth
Settl
emen
t Age
nts,
cas
h se
ttlem
ent i
s tri
gger
ed b
y CC
DC
and
PBOC
will
send
a c
onfir
mat
ion
of d
ebit
or
cred
it to
the
Settl
emen
t Age
nt.
12.
Upon
con
firm
atio
ns fr
om b
oth
Settl
emen
t Age
nts,
sec
uriti
es s
ettle
men
t is
effe
cted
and
CCD
C wi
ll se
nd a
sec
uriti
es s
ettle
men
t co
nfirm
atio
n to
the
Settl
emen
t Age
nt.
13.
Settl
emen
t Age
nt s
ends
set
tlem
ent c
onfir
mat
ion
to E
ligib
le In
stitu
tion/
RMB
Bank
.14
. At
end
of d
ay, S
ettle
men
t Age
nt s
ends
sec
uriti
es s
tate
men
t to
Elig
ible
Inst
itutio
n/RM
B Ba
nk.
15.
At e
nd o
f day
, Set
tlem
ent A
gent
sen
ds c
ash
mov
emen
t con
firm
atio
n/ca
sh s
tate
men
t to
Elig
ible
Inst
itutio
n/RM
B Ba
nk.
Sour
ce: A
BMF
SF2.
9
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
QFII
Cus
todi
anGl
obal
Cu
stod
ian
CSDC
C
CSDC
C(C
CP)
SSE
or
SZS
E
Desi
gnat
ed
Paym
ent
Bank
Cash
Co
rres
pond
ent
In c
apac
ity
as G
loba
l Cu
stod
ian
Desi
gnat
ed
QFII
Brok
er
Foreign Institutional Investor (direct or Investment Manager)
2. Tr
ade
Orde
r3.
Trad
e Ex
ecut
ion
5. Tr
ade
Conf
irmat
ion
4. Tr
ade
Conf
irmat
ion
10. S
ettle
men
t In
stru
ctio
n
1. Cash Projection Report
5. Trade Confirmation
(7. C
orre
ctio
n of
Tran
sact
ion
Deta
ils)
Cash Settlement
Clearing Matching and Settlement
Trading
14. S
ettle
men
t Co
nfirm
atio
n
9. S
tatu
s Up
date
or C
onfir
mat
ion
11. S
ettle
men
t Ins
truct
ion
13. S
ettle
men
t Con
firm
atio
n
16. S
ecur
ities
Sta
tem
ent
8. B
ond
Trans
fer C
onfir
mat
ion
12. F
undi
ng v
ia N
ostro
Acc
ount
18. C
ash
Stat
emen
t17
. Cas
h St
atem
ent
15. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
6. R
epor
t on
Trade
Obli
gatio
ns
Figu
re 5
. P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
Exch
ange
Mar
ket/
QFI
I
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
10
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f P
RC
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
Exch
ange
Mar
ket/
QFI
I
Trad
e Da
te1.
QF
II Cu
stod
ian
send
s ca
sh p
roje
ctio
n re
port
to D
esig
nate
d QF
II Br
oker
.2.
QF
II pl
aces
ord
er w
ith D
esig
nate
d QF
II Br
oker
.3.
D
esig
nate
d QF
II Br
oker
che
cks
bala
nce,
exe
cute
s tra
de o
n Sh
angh
ai S
tock
Exc
hang
e (S
SE),
or S
henz
hen
Stoc
k Ex
chan
ge (S
ZSE)
.4.
D
esig
nate
d QF
II Br
oker
rece
ives
trade
con
firm
atio
n.5.
D
esig
nate
d QF
II Br
oker
sen
ds tr
ade
conf
irmat
ion
to Q
FII,
and
to Q
FII C
usto
dian
.6.
QF
II Cu
stod
ian
down
load
s Re
port
on T
rade
Obl
igat
ions
from
CSD
CC (C
lear
ing
func
tion)
.7.
On
ly in
the
even
t of a
disc
repa
ncy,
QFII
Cust
odia
n ne
eds
to c
onta
ct C
SDCC
.8.
CS
DCC
(Set
tlem
ent f
unct
ion)
sen
ds c
onfir
mat
ion
of tr
ansf
er o
f bon
ds to
QFI
I Cus
todi
an (o
n T
even
ing)
.9.
QF
II Cu
stod
ian
send
s st
atus
upd
ate
or p
artia
l set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
Sett
lem
ent D
ate
10.
QFII
inst
ruct
s Gl
obal
Cus
todi
an o
n se
ttlem
ent d
etai
ls.11
. Gl
obal
Cus
todi
an in
stru
cts
QFII
Cust
odia
n on
set
tlem
ent d
etai
ls.12
. QF
II Cu
stod
ian
fund
s se
ttlem
ent c
lear
ing
rese
rve
acco
unt (
CSD
CC a
ccou
nt a
t Pay
men
t Ban
k).
13.
Afte
r cas
h se
ttlem
ent d
eadl
ine
(in e
ffect
com
plet
ion
of tr
ade
settl
emen
t), Q
FII C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
Gl
obal
Cus
todi
an.
14.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
QFI
I.15
. Pa
ymen
t Ban
k se
nds
debi
t/cre
dit i
nfor
mat
ion
in fo
rm o
f cas
h st
atem
ent t
o QF
II Cu
stod
ian.
16.
QFII
Cust
odia
n se
nds
secu
ritie
s st
atem
ent t
o Gl
obal
Cus
todi
an (e
nd o
f day
).17
. QF
II Cu
stod
ian
send
s ca
sh m
ovem
ent c
onfir
mat
ion/
cash
sta
tem
ent t
o Gl
obal
Cus
todi
an (e
nd o
f day
).18
. Gl
obal
Cus
todi
an s
ends
cas
h m
ovem
ent c
onfir
mat
ion/
cash
sta
tem
ent t
o QF
II (e
nd o
f day
). So
urce
: ABM
F SF
2.
11
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Hon
g Ko
ng, C
hina
(HKG
)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
12
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
OTC
Mar
ket
HKM
A-(C
MU)
HKM
A-(C
MU)
HKM
A (C
HATS
)
HKM
A-(C
MU)
net
ting
Note
: The
re is
no
CCP
for b
onds
in H
ong
Kong
, Chi
na.
CHAT
S =
Cle
arin
g Ho
use
Auto
mat
ed Tr
ansf
er S
yste
m; C
MU
= C
entra
l Mon
eym
arke
ts U
nit;
HKM
A =
Hon
g Ko
ng M
onet
ary
Auth
ority
Sour
ce: A
BMF
SF2.
Figu
re 1
. H
KG
Bon
d M
arke
t In
fras
truc
ture
Dia
gram
13
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
HKM
A(C
MU)
HKM
A(C
HATS
)
1. Tr
ade
8. C
ash
Settl
emen
t
3. V
alid
atio
n
and
Mat
chin
g
5. H
oldi
ng b
ond
10. B
ond
Settl
emen
t
2. S
ettle
men
t In
stru
ctio
n2.
Set
tlem
ent
Inst
ruct
ion
7. P
aym
ent
Inst
ruct
ion
11. S
ettle
men
t Co
nfirm
atio
n11
. Set
tlem
ent
Conf
irmat
ion
4. M
atch
ing
Resu
lt4.
Mat
chin
g Re
sult
11. S
ettle
men
t Rep
ort
(Cas
h)11
. Set
tlem
ent R
epor
t(C
ash)
6. S
ettle
men
t Dat
a 9.
Set
tlem
ent R
epor
t(c
ash)
Selle
rBu
yer
Figu
re 2
. H
KG
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es O
TC M
arke
t/D
VP
Sour
ce: A
BMF
SF2.
14
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f H
KG
Bon
d Tr
ansa
ctio
n Fl
ow f
or D
omes
tic
Trad
es O
TC M
arke
t/D
VP
OTC
Mar
ket
1.
Selle
r and
buy
er tr
ade
over
the
coun
ter.
2.
The
selle
r and
buy
er s
end
inst
ruct
ions
to C
entra
l Mon
eym
arke
ts U
nit (
CMU)
via
CM
T, SW
IFT,
Fax,
AFT
or b
y ha
nd. W
hen
they
use
sy
stem
, eith
er s
elle
r or b
uyer
ent
ers
trade
dat
a to
be
forw
arde
d to
the
coun
terp
art (
buye
r or s
elle
r). T
he c
ount
erpa
rt ca
n ut
ilize
the
trade
info
rmat
ion
as a
mes
sage
inst
ruct
ion
to b
e se
nt to
the
CMU.
Par
ticip
ants
nee
d to
sen
d th
e m
essa
ge in
stru
ctio
ns b
efor
e th
e cu
toff
time
(4:0
0 p.
m.)
on s
ettle
men
t day
.3.
CM
U pe
rform
s va
lidat
ion
and
mat
chin
g.
4.
CMU
send
s m
atch
ing
resu
lt to
the
selle
r and
buy
er.
5.
CMU
hold
s th
e bo
nd.
6.
CMU
send
s se
ttlem
ent d
ata
to C
HATS
.7.
Fo
r rea
l tim
e D
VP s
ettle
men
t inv
olvin
g no
n-ba
nk d
ebt s
ecur
ities
buy
er, t
he b
uyer
inst
ruct
s its
ban
k to
pay
by
send
ing
paym
ent
inst
ruct
ion
to C
HATS
.8.
CH
ATS
exec
utes
cas
h se
ttlem
ent.
9.
CHAT
S se
nds
cash
set
tlem
ent r
epor
t to
CMU.
10.
CMU
exec
utes
bon
d se
ttlem
ent.
11.
CHAT
S se
nds
cash
set
tlem
ent r
epor
t to
the
buye
r and
sel
ler r
espe
ctive
ly, w
hile
CM
U se
nds
secu
ritie
s se
ttlem
ent c
onfir
mat
ion
to
the
selle
r and
buy
er.
Sour
ce: A
BMF
SF2.
15
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
or B
ank
Dom
estic
Cus
todi
anGl
obal
Cu
stod
ian
Inte
rnat
iona
lBr
oker
HKM
A CM
U
Coun
ter-
part
y
HKM
A CH
ATS
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
5. Tr
ade
Conf
irmat
ion
4. Tr
ade
Conf
irmat
ion
6. S
ettle
men
t In
stru
ctio
n
4. Trade Confirmation
8. C
aptu
re/U
L of
Tra
nsac
tion
Deta
ils
Cash Settlement
Clearing Matching and Settlement
Trading
16. S
ettle
men
t Co
nfirm
atio
n
7. S
ettle
men
t Ins
truct
ion
10. M
atch
ing
Stat
us U
pdat
e
15. S
ettle
men
t Con
firm
atio
n
18. S
ecur
ities
Sta
tem
ent
9. M
atch
ing
Conf
irmat
ion
14. S
ettle
men
t Con
firm
atio
n
12. F
undi
ng o
f HKM
A Ac
coun
t
20. C
ash
Stat
emen
t19
. Cas
h St
atem
ent
17. F
undi
ng o
f Tra
des
11. F
undi
ng A
dvice
13. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
Figu
re 3
. H
KG
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
OTC
Mar
ket/
DVP
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
16
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f H
KG
Bon
d Tr
ansa
ctio
n Fl
ow f
or F
orei
gn In
vest
ors
OTC
Mar
ket/
DVP
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r/Ban
k.3.
D
omes
tic B
roke
r/Ban
k tra
des
OTC
with
Cou
nter
party
(via
pho
ne o
r, e.
g., B
loom
berg
).4.
D
omes
tic B
roke
r/Ban
k se
nds
trade
con
firm
atio
n to
Inte
rnat
iona
l Bro
ker.
5.
Fore
ign
Inst
itutio
nal I
nves
tor r
ecei
ves
trade
con
firm
atio
n.6.
Fo
reig
n In
stitu
tiona
l Inv
esto
r ins
truct
s Gl
obal
Cus
todi
an, o
n se
curit
ies
settl
emen
t and
cas
h fu
ndin
g de
tails
.
T +
17.
Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an o
n se
curit
ies
settl
emen
t.
Sett
lem
ent D
ate
8.
Dom
estic
Cus
todi
an c
aptu
res
(eCM
T or
upl
oad)
set
tlem
ent i
nstru
ctio
ns in
to C
MU.
9.
Dom
estic
Cus
todi
an re
ceive
s tra
nsac
tion
mat
chin
g co
nfirm
atio
n fro
m C
MU,
or s
tatu
s up
date
s.10
. D
omes
tic C
usto
dian
sen
ds m
atch
ing
stat
us u
pdat
e to
Glo
bal C
usto
dian
, eith
er a
s re
port
or, t
ypic
ally,
per
indi
vidua
l tra
nsac
tion.
11.
Glob
al C
usto
dian
adv
ises
fund
ing
deta
ils to
Dom
estic
Cus
todi
an.
12.
Dom
estic
Cus
todi
an e
ffect
s fu
ndin
g of
HKM
A ac
coun
t via
CHA
TS.
13.
Upon
tran
sfer
of c
ash,
HKM
A se
nds
cash
set
tlem
ent c
onfir
mat
ion
to D
omes
tic C
usto
dian
.14
. Up
on tr
ansf
er o
f bon
ds, C
MU
send
s bo
nd s
ettle
men
t con
firm
atio
n to
Dom
estic
Cus
todi
an.
15.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
16.
Fore
ign
Inst
itutio
nal I
nves
tor r
ecei
ves
settl
emen
t con
firm
atio
n fro
m G
loba
l Cus
todi
an.
17.
Glob
al C
usto
dian
fund
s tra
des
into
Dom
estic
Cus
todi
an H
KD a
ccou
nt, o
r int
o FC
Y no
stro
.18
. D
omes
tic C
usto
dian
sen
ds s
ecur
ities
sta
tem
ent t
o Gl
obal
Cus
todi
an (e
nd o
f day
).19
. D
omes
tic C
usto
dian
sen
ds d
ebit/
cred
it co
nfirm
atio
n as
cas
h st
atem
ent t
o Gl
obal
Cus
todi
an (e
nd o
f day
).20
. Gl
obal
Cus
todi
an s
ends
deb
it/cr
edit
conf
irmat
ion
in c
ash
stat
emen
t to
Fore
ign
Inst
itutio
nal I
nves
tor (
end
of d
ay).
Sour
ce: A
BMF
SF2.
17
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Indo
nesia
(IN
O)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
18
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
BI =
Ban
k In
done
sia; B
I-SSS
S =
Ban
k In
done
sia S
crip
less
Sec
uriti
es S
ettle
men
t Sys
tem
; C-B
EST
= C
entra
l Dep
osito
ry a
nd B
ook
Entry
Set
tlem
ent;
CTP
=
Cent
raliz
ed T
radi
ng P
latfo
rm; e
-BOC
S =
Ele
ctro
nic
Bond
Cle
arin
g Sy
stem
; FITS
= F
ixed-
Inco
me
Tradi
ng S
yste
m; I
DX =
Indo
nesia
n St
ock
Exch
ange
; KPE
I =
Indo
nesia
Cle
arin
g an
d Gu
aran
tee
Corp
orat
ion;
KSE
I = In
done
sian
Cent
ral S
ecur
ities
Dep
osito
rySo
urce
: ABM
F SF
2.
Figu
re 1
. IN
O B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am
OTC
Mar
ket (
tele
phon
e)
IDX
(CTP
)
IDX
(FITS
)
KPEI
(e-B
OCS)
KSEI
(C-B
EST)
BI (B
I-SSS
S)
BI (B
I-RTG
S)
Paym
ent B
anks
19
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. IN
O B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
BI
IDX
(CTP
)
(BI-S
SSS)
(BI-R
TGS)
1. Tr
ade(
Tele
phon
e/
Bloo
mbe
rg/ R
eute
rs)
2. P
re-S
ettle
men
t M
atch
ing(
Tele
phon
e/SW
IFT)
4. C
ode
Num
berin
g
7. M
atch
ing
DVP
9. E
arm
ark
Bond
11. C
ash
Settl
emen
t
14. B
ond
Settl
emen
t
13. I
rrevo
cabl
e De
bit/C
redi
t10
. Pay
men
t M
essa
ge
3. O
TC Tr
ade
Repo
rting
Re
quire
men
t
5. R
epor
t Ref
eren
ce C
ode
3. O
TC Tr
ade
Repo
rting
Re
quire
men
t
6. D
VP In
stru
ctio
n6.
RVP
Inst
ruct
ion
15. S
ettle
men
t Sta
tem
ent
12. C
ash
Settl
emen
t St
atem
ent
15. S
ettle
men
t Sta
tem
ent
12. C
ash
Settl
emen
t St
atem
ent
5. R
epor
t Ref
eren
ce C
ode
8. M
atch
ing
Resu
lt8.
Mat
chin
g Re
sult
Selle
r
Selle
r/Se
ller’s
Sub
re
gistry
Buye
r
Buye
r/Bu
yer’s
Sub
re
gistry
Sour
ce: A
BMF
SF2.
20
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f IN
O B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
OTC
Mar
ket
1.
The
selle
r and
buy
er tr
ade
gove
rnm
ent b
onds
ove
r-the
-cou
nter
. Mos
t of t
rade
s ar
e do
ne b
y te
leph
ones
.2.
Bo
th s
elle
r and
buy
er s
end
pre-
settl
emen
t mat
chin
g in
stru
ctio
ns o
ver t
he S
WIF
T or
pre
-mat
ch th
e tra
ded
data
for s
ettle
men
t ove
r th
e te
leph
one.
Bef
ore
the
pre-
settl
emen
t mat
chin
g tw
o co
mpo
nent
s of
bon
d ta
xes
whic
h ar
e ca
pita
l gai
ns ta
x (C
GT) a
nd in
tere
st
(with
hold
ing)
tax
need
to b
e ca
lcul
ated
. Pre
-set
tlem
ent m
atch
ing
is pe
rform
ed v
ia te
leph
one
or s
wift.
3.
The
selle
r or b
uyer
hav
e to
repo
rt tra
de d
ata
to C
entra
lized
Tra
ding
Pla
tform
(CTP
) of I
ndon
esia
Sto
ck E
xcha
nge
(IDX)
with
in 3
0 m
inut
es
of tr
ade.
4.
IDX
puts
the
code
on
each
trad
e.5.
Th
e se
ller a
nd b
uyer
rece
ive re
port
refe
renc
e co
de fr
om ID
X.6.
Th
e se
ller a
nd b
uyer
key
in th
e D
VP a
nd R
VP in
stru
ctio
ns to
BI-S
SSS,
resp
ectiv
ely.
7.
BI-S
SSS
perfo
rms
the
mat
chin
g.8.
BI
-SSS
S re
ports
the
mat
chin
g re
sults
to th
e se
ller a
nd b
uyer
.9.
Bo
nd is
ear
mar
ked
to s
ecur
e th
e D
VP.
10.
Paym
ent m
essa
ge fo
r DVP
is s
ent t
o Ba
nk In
done
sia R
eal T
ime
Gros
s Se
ttlem
ent (
BI-R
TGS)
11.
Whe
n th
e fu
nds
are
avai
labl
e, th
e am
ount
is d
ebite
d fro
m th
e bu
yer’s
cas
h ac
coun
t and
cre
dite
d to
the
selle
r’s c
ash
acco
unt.
12.
BI-R
TGS
send
s th
e ca
sh s
ettle
men
t sta
tem
ents
to th
e se
ller a
nd b
uyer
.13
. BI
-RTG
S no
tifie
s th
e irr
evoc
able
deb
it/cr
edit
stat
us to
BI-S
SSS.
14.
BI-S
SSS
com
plet
es b
ond
settl
emen
t.15
. BI
-SSS
S re
ports
the
settl
emen
t sta
tus
to b
oth
selle
r and
buy
er.
Sour
ce: A
BMF
SF2.
21
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
or B
ank
Dom
estic
Cus
todi
an
(Sub
-Reg
istr
y)
IDX
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
BI
BI-S
SSS
Coun
ter-
part
y
BI
BI-R
TGS
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
4. Trade Reporting
9. Trade Reporting
6. Tr
ade
Conf
irmat
ion
5. Tr
ade
Conf
irmat
ion
13. A
men
ded
Inst
ruct
ion
7. S
ettle
men
t In
stru
ctio
n18
. Cap
ture
/UL
of
Trans
actio
n De
tails
4. Tr
ade R
eport
ing
10. P
re-matc
hing (o
riginal
instru
ction)
15. P
re-matc
hing (a
mended
instru
ction)
Cash Settlement
Clearing Matching and Settlement
Trading
23. S
ettle
men
t Co
nfirm
atio
n
12. R
eque
st
Amen
dmen
t
8a. S
ettle
men
t Ins
truct
ion
11. P
re-M
atch
ing
Stat
us Ta
x Inf
o
14. A
men
ded
Inst
ruct
ion
re-Ta
x
22. S
ettle
men
t Con
firm
atio
n
25. S
ecur
ities
Sta
tem
ent
19. M
atch
ing
Conf
irmat
ion
21. S
ettle
men
t Con
firm
atio
n
17. F
undi
ng o
f BI A
ccou
nt
27. C
ash
Stat
emen
t26
. Cas
h St
atem
ent
24. F
undi
ng o
f Tra
des
16. F
X Co
nfirm
atio
n
8b. F
X/Fu
ndin
g In
stru
ctio
n
20. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
Figu
re 3
. IN
O B
ond
Tran
sact
ion
Flow
for
For
eign
Tra
des
OTC
Mar
ket/
DVP
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
22
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker/D
omes
tic In
vest
or p
lace
s or
der w
ith D
omes
tic B
roke
r/Ban
k.3.
D
omes
tic B
roke
r/Ban
k an
d Co
unte
rpar
ty a
gree
on
OTC
trade
(via
e.g
. pho
ne o
r Blo
ombe
rg).
4.
Dom
estic
Bro
ker/B
ank
and
Coun
terp
arty
repo
rt tra
de to
IDX
for p
rice
disc
over
y (w
ithin
30
min
utes
of t
rade
).5.
D
omes
tic B
roke
r/Ban
k se
nds
trade
con
firm
atio
n to
Inte
rnat
iona
l Bro
ker.
6.
Fore
ign
Inst
itutio
nal I
nves
tor r
ecei
ves
trade
con
firm
atio
n.
T +
17.
Fo
reig
n In
stitu
tiona
l Inv
esto
r ins
truct
s Gl
obal
Cus
todi
an, o
n se
curit
ies
settl
emen
t and
cas
h/fu
ndin
g de
tails
.8.
Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an/S
ub-R
egist
ry o
n (a
) sec
uriti
es s
ettle
men
t det
ails,
(b) F
X re
ques
t or f
undi
ng d
etai
ls.9.
D
omes
tic C
usto
dian
/Sub
-Reg
istry
repo
rts tr
ade
deta
ils to
IDX
(with
in 3
0 m
inut
es o
f rec
eipt
of i
nstru
ctio
n), a
nd o
btai
ns C
TP n
umbe
r.10
. D
omes
tic C
usto
dian
/Sub
-Reg
istry
pre
-mat
ches
with
Cou
nter
party
(via
pho
ne o
r em
ail),
cap
ital g
ains
tax
(CGT
) cal
cula
ted
and
agre
ed.
11.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry a
dvise
s Gl
obal
Cus
todi
an o
n re
quire
d am
endm
ent o
f set
tlem
ent a
mou
nt fo
r CGT
.12
. Gl
obal
Cus
todi
an re
ques
ts F
orei
gn In
stitu
tiona
l Inv
esto
r to
amen
d se
ttlem
ent a
mou
nt fo
r CGT
.
Sett
lem
ent D
ate
13.
Fore
ign
Inst
itutio
nal I
nves
tor s
ends
am
ende
d se
ttlem
ent i
nstru
ctio
n to
Glo
bal C
usto
dian
.14
. Gl
obal
Cus
todi
an s
ends
am
ende
d se
ttlem
ent i
nstru
ctio
n to
Dom
estic
Cus
todi
an/S
ub-R
egist
ry.15
. D
omes
tic C
usto
dian
/Sub
-Reg
istry
and
Cou
nter
party
pre
-mat
ch a
gain
on
amen
ded
settl
emen
t am
ount
(via
pho
ne o
r em
ail).
16.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry c
onfir
ms
actu
al F
X am
ount
to G
loba
l Cus
todi
an.
17.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry fu
nds
its a
ccou
nt a
t BI v
ia R
TGS.
18.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry e
nter
s or
upl
oads
trad
e de
tails
into
BI-S
SSS
syst
em.
19.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry re
triev
es B
I-SSS
S m
atch
ing
stat
us.
20.
Upon
set
tling
cas
h, B
I-RTG
S se
nds
debi
t/cre
dit c
onfir
mat
ion
to D
omes
tic C
usto
dian
/Sub
-Reg
istry.
21.
Upon
set
tling
sec
uriti
es, B
I-SSS
S se
nds
settl
emen
t con
firm
atio
n fo
r sec
uriti
es to
Dom
estic
Cus
todi
an/S
ub-R
egist
ry.22
. D
omes
tic C
usto
dian
/Sub
-regi
stry
sen
ds s
ettle
men
t con
firm
atio
n to
Glo
bal C
usto
dian
.23
. Gl
obal
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to F
orei
gn In
stitu
tiona
l Inv
esto
r.24
. Gl
obal
Cus
todi
an fu
nds
acco
unt w
ith D
omes
tic C
usto
dian
/Sub
-Reg
istry.
25.
Dom
estic
Cus
todi
an/S
ub-R
egist
ry s
ends
sta
tem
ent o
f sec
uriti
es to
Glo
bal C
usto
dian
(at e
nd o
f day
).26
. D
omes
tic C
usto
dian
/Sub
-regi
stry
sen
ds d
ebit/
cred
it in
form
atio
n in
cas
h st
atem
ent (
at e
nd o
f day
).27
. Gl
obal
Cus
todi
an s
ends
deb
it/cr
edit
info
rmat
ion
in c
ash
stat
emen
t (at
end
of d
ay) t
o Fo
reig
n In
stitu
tiona
l Inv
esto
r. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f IN
O B
ond
Tran
sact
ion
Flow
for
For
eign
Tra
des
OTC
Mar
ket/
DVP
23
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Japa
n (JP
N)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
24
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Note
s: 1
) Cur
rent
set
tlem
ent c
ycle
is T
+3.
In A
pril
2012
, set
tlem
ent c
ycle
will
be T
+2
(JGB)
. 2) N
on fi
xed
inco
me
bond
s su
ch a
s co
nver
tible
bon
ds a
re n
ot
inclu
ded
here
.BO
J =
Ban
k of
Jap
an; J
ASDE
C =
Jap
an S
ecur
ities
Dep
osito
ry C
ente
r; JG
B =
Jap
anes
e Go
vern
men
t Bon
d; J
GBCC
= J
apan
ese
Gove
rnm
ent B
ond
Clea
ring
Corp
orat
ion;
JSCC
= Ja
pan
Secu
ritie
s Cl
earin
g Co
rpor
atio
n; O
TC =
Ove
r the
Cou
nter
; PSM
S =
Pre
-Set
tlem
ent M
atch
ing
Syst
em; T
SE =
Toky
o St
ock
Exch
ange
Sour
ce: A
BMF
SF2.
Figu
re 1
. JP
N B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Toky
o OT
C m
arke
t
JASD
EC (P
SMS)
TSE
JSCC
JGBC
C
JASD
EC(P
SMS)
JASD
EC (P
SMS)
JASD
EC
(Boo
k-En
try
Tran
sfer
Sys
tem
)BO
J (B
OJ-N
ET JG
B Se
rvic
es)
BOJ (
BOJ-
NET
Fund
s Tr
ansf
er S
yste
m)
Trans. Flow for Foreign Investors
Trans. Flow for Foreign Investors
Tran. Flow for Corporate Bond
Tran. Flow for JGB (via JGBCC)
Tran. Flow for JGB
25
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. JP
N B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket
(JG
B)/
DVP
thr
ough
Tra
de
Mat
chin
g (P
SM
S)
BOJ
(BOJ
-NET
)
Secu
ritie
s se
rvic
es
DVP
RTGS
JASD
EC
(PSM
S)
1. Tr
ade
3. Tr
ade
Mat
chin
g
Stan
ding
Set
tlem
ent
Inst
ruct
ion
5. S
ettle
men
t Mat
chin
g
10. B
ond
Settl
emen
t
10. C
ash
Settl
emen
t
2. Tr
ade
repo
rt 2.
Trad
e re
port
4. N
otice
Dat
a of
Trade
Mat
chin
g St
atus
4. N
otice
Dat
a of
Trade
Mat
chin
g St
atus
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
11. N
otice
of c
redi
t to
curre
nt
acco
unt f
or D
VP
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
8–2.
Not
ice o
f DVP
Req
uest
by
Deliv
erer
of J
GB
9–1.
DVP
Req
uest
9–2.
Not
ice o
f Acc
epta
nce
of
DVP
Requ
est
11. N
otice
of D
VP S
ettle
men
t (F
und)
8–2.
Not
ice o
f Acc
epta
nce
of
DVP
Requ
est
11. N
otice
of D
VP S
ettle
men
t
11. N
otice
of D
VP S
ettle
men
t
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
6. JG
B Tra
nsfe
r Ins
truct
ion
for D
VP
8–1.
DVP
Req
uest
Selle
r
Selle
r’s
agen
t for
se
curit
ies
(Del
ivere
r of
JGB)
Selle
r’s
agen
t for
fu
nds
(Rec
eive
r of
Fund
s)
Buye
r
Buye
r’s
agen
t for
se
curit
ies
(Rec
eive
r of
JGB)
Buye
r’s
agen
t for
fu
nds
(Sen
der o
f Fu
nds)
Sour
ce: A
BMF
SF2.
26
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f JP
N B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket
(JG
B)/
DVP
thr
ough
Tr
ade
Mat
chin
g (P
SM
S)
1. T
he s
elle
r and
buy
er tr
ade
gove
rnm
ent b
ond
over
-the-
coun
ter.
2. B
oth
selle
r and
buy
er s
end
Trad
e Re
port
data
into
PSM
S (P
re-S
ettle
men
t Mat
chin
g Sy
stem
).3.
PSM
S pe
rform
s m
atch
ing.
4. P
SMS
send
s th
e N
otic
e D
ata
of T
rade
Mat
chin
g St
atus
to b
oth
sides
of t
rade
.5.
The
buy
er o
r the
sel
ler s
ends
DVP
inst
ruct
ion
to B
OJ-N
ET.
6. B
OJ-N
ET s
ends
the
Not
ice
of A
ccep
tanc
e of
JGB
Tra
nsfe
r Ins
truct
ion
for D
VP to
the
selle
r (or
the
buye
r). 7
–1.
The
selle
r ent
ers
DVP
Requ
est t
o BO
J-NE
T. 7
–2.
The
buye
r ent
ers
DVP
Requ
est t
o BO
J-NE
T (fo
r cas
h).
8–1
. BO
J-NE
T se
nds
the
Notic
e of
Acc
epta
nce
of D
VP R
eque
st to
sel
ler a
nd c
ompl
etes
set
tlem
ent.
8–2
. BO
J-NE
T se
nds
the
Notic
e of
Acc
epta
nce
of D
VP R
eque
st to
buy
er a
nd c
ompl
etes
set
tlem
ent (
for c
ash)
.
9. B
OJ-N
ET p
erfo
rms
secu
rity
and
cash
set
tlem
ent.
10.
Whe
n DV
P se
ttlem
ent c
ompl
eted
, BOJ
-NET
sen
ds th
e No
tice
of c
redi
t to
curre
nt a
ccou
nt fo
r DVP
to th
e se
ller a
nd b
uyer
. So
urce
: ABM
F SF
2.
27
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
or B
ank
Dom
estic
Cus
todi
an
As D
irect
Pa
rtic
ipan
t
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
BOJ-
NET
(J
GB
Serv
ices
)
Coun
ter-
part
y
PSM
S (J
ASDE
C)
BOJ-
NET
(R
TGS)
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
Trad
eEx
ecut
ion
(OTC
)
5. Tr
ade
Conf
irmat
ion
4. Tr
ade
Conf
irmat
ion
6. S
ettle
men
t In
stru
ctio
n11
. Tra
nsfe
r of I
nstru
ctio
nNo
tice
of A
ccep
tanc
e
Cash Settlement
Clearing Matching and Settlement
Trading and Matching
16. S
ettle
men
t Co
nfirm
atio
n
7. S
ettle
men
t Ins
truct
ion
10. M
atch
ing
Stat
us U
pdat
e
14. S
ettle
men
t Con
firm
atio
n
17. S
ecur
ities
Sta
tem
ent
12a.
DVP
Req
uest
13a.
Set
tlem
ent C
onfir
mat
ion
DVP
Requ
est (
for c
ash)
19. C
ash
Stat
emen
t18
. Cas
h St
atem
ent
15. F
undi
ng o
f Tra
des
13b.
Con
firm
atio
n of
De
bit/C
redi
t
Cross-Border
8. S
ettlem
ent in
struc
tion
8. S
ettle
men
t ins
truct
ion
9 Re
spon
se on
Matc
hing S
tatus
Figu
re 3
. JP
N B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t (J
GB
)/D
VP
Sour
ce: A
BMF
SF2.
28
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f JP
N B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t (J
GB
)/D
VP
T+2
– Tr
ade
Date
1.
Fore
ign
Inst
itutio
nal I
nves
tor p
lace
s or
der w
ith In
tern
atio
nal B
roke
r.2.
In
tern
atio
nal B
roke
r pla
ces
orde
r with
Dom
estic
Bro
ker/B
ank.
3.
Dom
estic
Bro
ker/B
ank
trade
s OT
C wi
th C
ount
erpa
rty (v
ia p
hone
or e
.g. B
loom
berg
).4.
D
omes
tic B
roke
r/Ban
k se
nd tr
ade
conf
irmat
ion
to In
tern
atio
nal B
roke
r.5.
Fo
reig
n In
stitu
tiona
l Inv
esto
r rec
eive
s tra
de c
onfir
mat
ion.
6.
Fore
ign
Inst
itutio
nal I
nves
tor i
nstru
cts
Glob
al C
usto
dian
on
secu
ritie
s se
ttlem
ent d
etai
ls.7.
Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an o
n se
curit
ies
settl
emen
t det
ails.
8.
Dom
estic
Bro
ker a
nd d
omes
tic C
usto
dian
inpu
t tra
de d
etai
ls in
to P
SMS.
9.
PSM
S re
spon
ds w
ith m
atch
ing
stat
us.
10.
Dom
estic
Cus
todi
an re
ports
tran
sact
ion
stat
us u
pdat
e to
Glo
bal C
usto
dian
.
Sett
lem
ent D
ate
11.
Dom
estic
Cus
todi
an/D
irect
Par
ticip
ant s
ends
JGB
tran
sfer
inst
ruct
ion
for D
VP a
nd re
ceive
s N
otifi
catio
n of
Acc
epta
nce.
12.
Dom
estic
Cus
todi
an/D
irect
Par
ticip
ant s
end
DVP
requ
est t
o BO
J-N
ET.
13.
Dom
estic
Cus
todi
an/D
irect
Par
ticip
ant a
s re
ceive
s co
nfirm
atio
n of
DVP
set
tlem
ent.
14.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
15.
Glob
al C
usto
dian
fund
s ac
coun
t with
Dom
estic
Cus
todi
an, o
r int
o FC
Y no
stro
(bef
ore
end
of d
ay).
16.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
17.
Dom
estic
Cus
todi
an s
ends
sec
uriti
es s
tate
men
t to
Glob
al C
usto
dian
.18
. D
omes
tic C
usto
dian
sen
ds c
ash
cred
it/de
bit c
onfir
mat
ion
in c
ash
stat
emen
t to
Glob
al C
usto
dian
.19
. Gl
obal
Cus
todi
an s
ends
cre
dit/d
ebit
conf
irmat
ion
in c
ash
stat
emen
t to
Fore
ign
Inst
itutio
nal I
nves
tor.
Sour
ce: A
BMF
SF2.
29
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
JASD
EC
(PSM
S)
BOJ
(BOJ
-NET
)
Secu
ritie
s se
rvice
s
DVP
RTGS
1. Tr
ade
3. Tr
ade
Mat
chin
g
5. S
ettle
men
t Mat
chin
g
Stan
ding
Set
tlem
ent I
nstru
ctio
n
10. B
ond
Settl
emen
t
6. JG
B Tra
nsfe
r Ins
truct
ion
for D
VP7.
Not
ice o
f Acc
epta
nce
of JG
B Tra
nsfe
r Ins
truct
ion
for D
VP
10. C
ash
Settl
emen
t
2. Tr
ade
repo
rt 2.
Trad
e re
port
4. N
otice
Dat
a of
Trade
Mat
chin
g St
atus
4. N
otice
Dat
a of
Trade
Mat
chin
g St
atus
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
7. N
otice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
11. N
otice
of c
redi
t to
curre
nt
acco
unt f
or D
VP
11. N
otice
of D
VP S
ettle
men
t
7. N
otice
of J
GB Tr
ansf
er
Inst
ruct
ion
for D
VP8b
. Not
ice o
f DVP
Req
uest
by
Del
ivere
r of J
GB
9a. D
VP R
eque
st (f
or c
ash)
9b. N
otice
of A
ccep
tanc
e of
DV
P Re
ques
t (fo
r cas
h)
11. N
otice
of D
VP S
ettle
men
t
8b. N
otice
of A
ccep
tanc
e
of D
VP R
eque
st
11. N
otice
of D
VP S
ettle
men
t
8a. D
VP R
eque
st
Selle
r
Selle
r’s
agen
t for
se
curit
ies
(Del
ivere
r of
JGB)
Selle
r’s
agen
t for
fu
nds
(Rec
eive
r of
Fun
ds)
Buye
r
Buye
r’s
agen
t for
se
curit
ies
(Rec
eive
r of
JGB)
Buye
r’s
agen
t for
fu
nds
(Sen
der o
f Fu
nds)
Figu
re 4
. JP
N B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket
(JG
B)/
DVP
(N
ew B
OJ-
NET
)
thro
ugh
Trad
e M
atch
ing
(PS
MS
)
Sour
ce: A
BMF
SF2.
30
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 5
. JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(JG
B)/
DVP
(N
ew B
OJ-
NET
) th
roug
h Tr
ade
Mat
chin
g (P
SM
S)
and
JGB
CC
(1/
2)
JGBC
C
JASD
EC(P
SMS)
1. Tr
ade
6. A
ppro
val o
f Obl
igatio
n
8. N
ovat
ion
10. N
ettin
g
12. D
VP O
rder
3. Tr
ade
Mat
chin
g
5. M
atch
ed Tr
ade
Repo
rt
2. Tr
ade
repo
rt
PSM
SPS
MS
2. Tr
ade
repo
rt
4. N
otice
Dat
a of
Tra
de M
atch
ing
Stat
us
7. N
otice
Dat
a of
App
rova
l of
Obl
igatio
n7.
Not
ice D
ata
of A
ppro
val
of O
bliga
tion
9. N
otice
Dat
a of
Nov
atio
n9.
Not
ice D
ata
of N
ovat
ion
11. N
otice
Dat
a of
Net
ting
11. N
otice
Dat
a of
Net
ting
4. N
otice
Dat
a of
Tra
de M
atch
ing
Stat
us
Selle
rBu
yer
Sour
ce: B
ank
of Ja
pan
and
JASD
EC (m
odifie
d by
pre
sent
er).
31
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
JGBC
C
14
. No
tice
of A
ccep
tanc
e of
JGB
Trans
fer
Inst
ruct
ion
for D
VP
17.
Notic
e of
DVP
Set
tlem
ent
Notic
e of
DVP
Set
tlem
ent (
Fund
)
14
. No
tice
of A
ccep
tanc
e of
JGB
Trans
fer
Inst
ruct
ion
for D
VP
17.
Notic
e of
DVP
Req
uest
Notic
e of
cre
dit t
o cu
rrent
acc
ount
for D
VP13
. JGB
Tran
sfer
In
stru
ctio
n fo
r DVP
13. J
GB Tr
ansf
er
Inst
ruct
ion
for D
VP
BOJ (
BOJ-
NET)
Secu
ritie
s se
rvic
es
DVP
RTGS
14. N
otice
of A
ccep
tanc
e of
JG
B Tra
nsfe
r Ins
truct
ion
for D
VP
17. N
otice
of D
VP S
ettle
men
t
14. N
otice
of J
GB Tr
ansf
er
Inst
ruct
ion
for D
VP
15–1
. DVP
Req
uest
15–2
. Not
ice o
f Acc
epta
nce
of
DVP
Requ
est
17. N
otice
of D
VP S
ettle
men
t(F
und)
Buye
r’s
agen
t for
se
curit
ies
(Rec
eive
r of
JGB)
Buye
r’s
agen
t for
fu
nds
(Sen
der o
f Fu
nds)
14. N
otice
of A
ccep
tanc
e of
JG
B Tra
nsfe
r Ins
truct
ion
for D
VP
17. N
otice
of c
redi
t to
curre
nt
acco
unt f
or D
VP
15–2
. Not
ice o
f Acc
epta
nce
of
DVP
Req
uest
17. N
otice
of D
VP S
ettle
men
t
15–1
. DVP
Req
uest
Selle
r’s a
gent
fo
r sec
uriti
es
(Del
ivere
r of
JGB)
Selle
r’s a
gent
fo
r fun
ds
(Rec
eive
r of
Fund
s)
Figu
re 5
. JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(JG
B)/
DVP
(N
ew B
OJ-
NET
) th
roug
h Tr
ade
Mat
chin
g (P
SM
S)
and
JGB
CC
(2/
2)
16. B
ond
Settl
emen
t
16. C
ash
Settl
emen
t
Sour
ce: B
ank
of Ja
pan
(mod
ified
by p
rese
nter
).
32
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(JG
B)/
DVP
(N
ew B
OJ-
NET
) th
roug
h Tr
ade
Mat
chin
g (P
SM
S)
and
JGB
CC
1.
The
sel
ler a
nd b
uyer
trad
e go
vern
men
t bon
d ov
er-th
e-co
unte
r.
2. B
oth
selle
r and
buy
er k
ey in
Trad
e Re
port
data
into
PSM
S (P
re-S
ettle
men
t Mat
chin
g Sy
stem
).
3. P
SMS
perfo
rms
trade
mat
chin
g.
4. P
SMS
send
s th
e No
tice
Data
of T
rade
Mat
chin
g St
atus
to b
oth
sides
of t
rade
.
5. P
SMS
trans
mits
the
mes
sage
of M
atch
ed Tr
ade
Repo
rt da
ta to
JGBC
C.
6. J
GBCC
mak
es a
ppro
val o
f obl
igatio
n.
7. J
GBCC
sen
ds th
e No
tice
Data
of A
ppro
val o
f Obl
igatio
n to
the
selle
r and
buy
er v
ia P
SMS.
8.
JGB
CC p
erfo
rms
the
nova
tion.
9.
JGB
CC s
ends
the
Notic
e Da
ta o
f Nov
atio
n to
the
selle
r and
buy
er v
ia P
SMS.
10
. JG
BCC
perfo
rms
the
netti
ng.
11
. JG
BCC
send
s th
e No
tice
Data
of N
ettin
g to
the
selle
r and
buy
er v
ia P
SMS.
12
. JG
BCC
com
pile
s DV
P or
der.
13
. JG
BCC
send
s th
e JG
B Tra
nsfe
r Ins
truct
ion
for D
VP to
BOJ
-NET
.
14.
BOJ-
NET
send
s th
e No
tice
of A
ccep
tanc
e of
JGB
Trans
fer I
nstru
ctio
n fo
r DVP
to th
e se
ller,
the
buye
r and
JGBC
C. 15
–1.
The
selle
r/the
buy
er e
nter
s DV
P Re
ques
t to
BOJ-
NET.
15–2
. BO
J-NE
T se
nds
the
Notic
e of
Acc
epta
nce
of D
VP R
eque
st to
the
selle
r / th
e bu
yer a
nd c
ompl
etes
set
tlem
ent.
16
. BO
J-NE
T pe
rform
s se
curit
y an
d ca
sh s
ettle
men
t.
17.
Whe
n DV
P se
ttlem
ent c
ompl
eted
, BOJ
-NET
sen
ds th
e No
tice
of D
VP s
ettle
men
t to
the
buye
r and
JGBC
C an
d BO
J-NE
T se
nds
the
Notic
e of
cre
dit t
o cu
rrent
acc
ount
for D
VP to
the
selle
r and
JGBC
C.
Sour
ce: A
BMF
SF2.
33
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
BOJ
(BOJ
NET
)
JASD
EC(P
SMS)
1. Tr
ade
11. C
ash
Settl
emen
t
3. Tr
ade
Mat
chin
g
5. S
ettle
men
t Mat
chin
g
7. H
oldi
ng B
onds
13. B
ond
Settl
emen
t
Stan
ding
Set
tlem
ent I
nstru
ctio
n
JASD
EC(B
ook
Entr
y Tr
ansf
er S
yste
m)
2. Tr
ade
repo
rt2.
Trad
e re
port
4. N
otice
of M
atch
ing
Stat
us
6. N
otice
of M
atch
ing
Stat
us
14. S
ettle
men
t Rep
ort
(Bon
d)
8. F
und
Settl
emen
t Dat
afo
r DVP
11. N
otice
of R
ecei
pt
Com
plet
ion
(Cas
h)
4. N
otice
of M
atch
ing
Stat
us
6. N
otice
of M
atch
ing
Stat
us
14. S
ettle
men
t Rep
ort
(Bon
d)
9. P
aym
ent R
eque
st(C
ash)
10. P
aym
ent I
nstru
ctio
n(C
ash)
12. S
ettle
men
t Rep
ort
(Cas
h)12
. Set
tlem
ent R
epor
t(C
ash)
Selle
rBu
yer
Figu
re 6
. JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(Cor
pora
te B
onds
)/D
VP (
BO
J-N
ET)
thro
ugh
Tr
ade
Mat
chin
g (P
SM
S)
Sour
ce: A
BMF
SF2.
34
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 7
. JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(JG
B)/
DVP
oth
er t
ypes
of
Trad
e M
atch
ing
(P
SM
S)
(1/2
)
JASD
EC(P
SMS)
Mat
chin
g Ty
pe :
Own
Acco
unt T
rade
(pro
per t
ype)
Mat
chin
g Ty
pe :
Thre
e-pa
rty
Cent
er M
atch
ing
1. Tr
ade
1. Tr
ade
3. Tr
ade
Mat
chin
g
2. Tr
ade
repo
rt
2. Tr
ade
repo
rt2.
Inve
stm
ent I
nstru
ctio
n
3. Tr
ade
Repo
rt Af
firm
atio
n 4.
Not
ice o
f Tra
de R
epor
t Af
firm
atio
n St
atus
4. N
otice
of M
atch
ing
Stat
us
5. In
vest
men
t Ins
truct
ion
and
Trade
Rep
ort
6. Tr
ade
Repo
rt Af
firm
atio
n 7.
Not
ice o
f Tra
de R
epor
t Af
firm
ing
Stat
us
4. N
otice
of M
atch
ing
Stat
us
Inst
itutio
nal
Inve
stor
Inve
stm
ent
Man
ager
Trust
Ban
k
Exec
utin
g Br
oker
Exec
utin
g Br
oker
JASD
EC(P
SMS)
Sour
ce: A
BMF
SF2.
35
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Trust
Ban
k
Mat
chin
g Ty
pe :
Thro
ugh
1. Tr
ade
4. Tr
ade
Mat
chin
g
2. In
vest
men
t Ins
truct
ion
3. In
vest
men
t Ins
truct
ion
3. Tr
ade
Repo
rt
5. Tr
ade
Repo
rt Af
firm
atio
n 6.
Not
ice o
f Tra
de R
epor
t Af
firm
ing
Stat
us
Inve
stm
ent
Man
ager
Exec
utin
g Br
oker
2. Tr
ade
repo
rt
JASD
EC(P
SMS)
Figu
re 7
. JP
N B
ond
Tran
sact
ion
Flow
OTC
Mar
ket
(JG
B)/
DVP
oth
er t
ypes
of
Trad
e M
atch
ing
(P
SM
S)
(2/2
)
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
36
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Repu
blic
of K
orea
(KO
R)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
37
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
BISS
= B
ond
Inst
itutio
nal
Settl
emen
t Sy
stem
; BO
K-W
ire+
= T
he B
ank
of K
orea
Fin
ancia
l W
ire N
etwo
rk;
KSD
= T
he K
orea
Sec
uriti
es D
epos
itory
; KR
X =
The
Kor
ea E
xcha
nge;
KTS
= K
RX E
lect
roni
c Tra
ding
Sys
tem
for G
over
nmen
t Bon
dsSo
urce
: ABM
F SF
2.
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. KO
R B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am OTC
Mar
ket
KRX
(KTS
)
BOK
(BOK
-Wire
+)
KRX
KSD
38
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. KO
R B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
KOFI
A
FSS
(FIM
S)
BOK
(BOK
-Wire
+)
KSD
(SSS
)
5. M
atch
ing
1. Tr
ade
8. H
oldi
ng B
onds
13. B
ond
Settl
emen
t
11. C
ash
Settl
emen
t
(B-T
RiS)
3. D
isclo
sure
4. Tr
ade
Data
via
. KSD
SAF
E Sy
stem
4. Tr
ade
Data
vis
. KSD
SAF
E Sy
stem
7. S
ettle
men
t Ins
truct
ions
for D
VP
(no
need
s fo
r typ
ical f
low)
7. S
ettle
men
t Ins
truct
ions
for D
VP
(no
need
s fo
r typ
ical f
low)
6. M
atch
ing
Stat
us A
dvice
6. M
atch
ing
Stat
us A
dvice
14. S
ettle
men
t Rep
ort
(Bon
d)
12. S
ettle
men
t Rep
ort
(Cas
h)
14. S
ettle
men
t Rep
ort
(Bon
d)
12. S
ettle
men
t Rep
ort
(Cas
h)
9. S
ettle
men
t Dat
afo
r DVP
12. S
ettle
men
t Rep
ort
(Cas
h)
Selle
rBu
yer
2. R
epor
ting
Trade
det
ails
10–2
. Pay
men
t Ins
truct
ion
10–1
. Pay
men
t Req
uest
2. R
epor
ting
Trade
det
ails
Sour
ce: A
BMF
SF2.
39
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f KO
R B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
1.
The
sel
ler a
nd b
uyer
trad
e ov
er th
e co
unte
r mos
tly w
ith p
rivat
e m
esse
nger
, and
som
e tra
nsac
tions
are
don
e wi
th F
reeB
ond
prov
ided
by
KOFI
A wh
ich is
a s
uppo
rting
and
con
firm
atio
n sy
stem
for b
ond
tradi
ng.
2.
Fin
ancia
l inve
stm
ent c
ompa
nies
eng
aged
in tr
adin
g m
ust r
epor
t tra
ding
det
ails
to th
e KO
FIA
with
in 1
5 m
inut
es a
fter t
radi
ng e
xecu
tion.
Th
ey a
lso re
port
tradi
ng d
etai
ls to
FSS
via
For
eign
Inve
stm
ent M
anag
emen
t Sys
tem
(FIM
S).
3.
KOF
IA d
isclo
ses
this
info
rmat
ion
on it
s Bo
nd-Tr
ade
Repo
rt an
d In
form
atio
n Se
rvice
(B-T
Ris)
.
4. T
he s
elle
r and
buy
er s
end
trade
dat
a to
Kor
ea S
ecur
ities
Dep
osito
ry (K
SD).
5.
KSD
col
late
s tra
de d
ata
from
the
selle
r and
buy
er.
6.
KSD
sen
ds m
atch
ing
stat
us a
dvise
to th
e se
ller a
nd b
uyer
.
7. T
he s
elle
r and
buy
er s
end
settl
emen
t ins
truct
ions
for D
VP to
KSD
.
8. K
SD h
olds
bon
ds b
efor
e ca
sh s
ettle
men
t.
9. K
SD s
ends
set
tlem
ent d
ata
to B
ank
of K
orea
(BOK
). 10
–1.
The
BOK
send
s pa
ymen
t req
uest
(cas
h) to
the
buye
r. 10
–2.
The
buye
r sen
ds th
e pa
ymen
t ins
truct
ion
for D
VP to
the
BOK.
11
. BO
K ex
ecut
es c
ash
settl
emen
t.
12.
BOK
send
s se
ttlem
ent r
epor
t to
the
KSD.
13.
KSD
exec
utes
bon
d se
ttlem
ent.
14
. KS
D se
nds
settl
emen
t rep
ort t
o th
e se
ller a
nd b
uyer
. So
urce
: ABM
F SF
2.
40
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 3
. KO
R B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
Exc
hang
e M
arke
t/D
VP
FSS
(FIM
S)
KRX
(KTS
)
BOK
(BOK
-Wire
+)
KSD
(SSS
)
2. A
ckno
wled
gem
ent
of o
rder
10. S
ettle
men
t Ins
truct
ions
for D
VP
7. Ta
king
oblig
atio
n (n
ovat
ion)
(KRX
-mem
ber)
5. M
atch
ing
6. Tr
ade
Conf
irmat
ion
8. N
ettin
g
11. H
oldi
ng B
onds
15. B
ond
Settl
emen
tTh
roug
h KR
X a/
c
13. C
ash
Settl
emen
tTh
roug
h KR
X a/
c
4. Tr
ade
Orde
r4.
Trad
e Or
der
1. Tr
ansf
errin
g or
der
info
rmat
ion
16. S
ettle
men
t Rep
ort
(Bon
d)
9. S
ettle
men
t Det
ail
14. S
ettle
men
t Rep
ort
(Cas
h)
16. S
ettle
men
t Rep
ort
(Bon
d)
9. S
ettle
men
t Det
ail
14. S
ettle
men
t Rep
ort
(Cas
h)
1. Tr
ansf
errin
g or
der
info
rmat
ion
3. E
xecu
tion/
Reje
ctio
n
of o
rder
3. E
xecu
tion/
Reje
ctio
n
of o
rder
12. S
ettle
men
t Dat
a fo
r DVP
14. S
ettle
men
t Rep
ort (
Cash
)
Selle
rBu
yer
Sour
ce: A
BMF
SF2.
41
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 4
. KO
R B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
or B
ank
Dom
estic
Cus
todi
anGl
obal
Cu
stod
ian
Inte
rnat
iona
lBr
oker
KSD
Coun
ter-
part
y
KOFI
A
BOK-
Wire
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
6. Se
nding
of Tr
ade D
etails
12. A
ffirmati
on St
atus
7. Tr
ade
Conf
irmat
ion
5. Tr
ade
Conf
irmat
ion
8. S
ettle
men
t In
stru
ctio
n10
. Tra
nsm
issio
n of
Se
ttlem
ent D
etai
ls
Cash Settlement
Clearing Matching and Settlement
Trading
20. S
ettle
men
t Co
nfirm
atio
n
9a. S
ettle
men
t Ins
truct
ion
13. T
rans
actio
n St
atus
Upd
ate
18. S
ettle
men
t Con
firm
atio
n
21. S
ecur
ities
Sta
tem
ent
11. A
ffirm
atio
n of
Set
tlem
ent
Deta
ils
17. S
ettle
men
t Con
firm
atio
n
15. F
undi
ng o
f BOK
Acc
ount
23. C
ash
Stat
emen
t
19. F
undi
ng o
f Tra
des
22. C
ash
Stat
emen
t
14.
FX
Conf
irmat
ion
9b. F
X/Fu
ndin
g In
stru
ctio
n
16. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
4. Trade Reporting
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
42
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r/Ban
k.3.
D
omes
tic B
roke
r/Ban
k tra
des
OTC
with
Cou
nter
party
(via
pho
ne o
r e.g
. Blo
ombe
rg).
4.
Dom
estic
Bro
ker/B
ank
and
Coun
terp
arty
repo
rt tra
de to
KOF
IA w
ithin
15
min
utes
of t
rade
.5.
D
omes
tic B
roke
r/Ban
k se
nd tr
ade
conf
irmat
ion
to In
tern
atio
nal B
roke
r. 6.
D
omes
tic B
roke
r/Ban
k se
nds
trade
det
ails
to K
SD.
7.
Fore
ign
Inst
itutio
nal I
nves
tor r
ecei
ves
trade
con
firm
atio
n.
T+1
(SD–
1)8.
Fo
reig
n In
stitu
tiona
l Inv
esto
r ins
truct
s Gl
obal
Cus
todi
an o
n se
curit
ies
settl
emen
t det
ails,
and
FX/
fund
ing.
9.
Glob
al C
usto
dian
inst
ruct
s D
omes
tic C
usto
dian
on
(a) s
ecur
ities
set
tlem
ent d
etai
ls, a
nd (b
) FX/
fund
ing
requ
irem
ents
.10
. KS
D s
ends
Pre
limin
ary
Settl
emen
t Dat
a to
Dom
estic
Cus
todi
an, v
ia S
AFE.
11
. D
omes
tic C
usto
dian
affi
rms
settl
emen
t det
ails.
12.
KSD
sen
ds a
ffirm
atio
n st
atus
to D
omes
tic B
roke
r/Ban
k.13
. D
omes
tic C
usto
dian
repo
rts tr
ansa
ctio
n st
atus
upd
ate
to G
loba
l Cus
todi
an.
14.
Dom
estic
Cus
todi
an s
ends
FX
conf
irmat
ion
to G
loba
l Cus
todi
an.
Sett
lem
ent D
ate
15.
Dom
estic
Cus
todi
an fu
nds
BOK
acco
unt.
16.
Upon
tran
sfer
of c
ash,
BOK
sen
ds s
ettle
men
t con
firm
atio
n to
Dom
estic
Cus
todi
an.
17.
Upon
tran
sfer
of s
ecur
ities
, KSD
sen
ds s
ettle
men
t con
firm
atio
n to
Dom
estic
Cus
todi
an.
18.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
19.
Glob
al C
usto
dian
fund
s ac
coun
t with
Dom
estic
Cus
todi
an, o
r int
o FC
Y no
stro
(bef
ore
end
of d
ay).
20.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
21.
Dom
estic
Cus
todi
an s
ends
sec
uriti
es s
tate
men
t to
Glob
al C
usto
dian
.22
. D
omes
tic C
usto
dian
sen
ds c
ash
cred
it/de
bit c
onfir
mat
ion
in c
ash
stat
emen
t to
Glob
al C
usto
dian
.23
. Gl
obal
Cus
todi
an s
ends
cre
dit/d
ebit
conf
irmat
ion
in c
ash
stat
emen
t to
Fore
ign
Inst
itutio
nal I
nves
tor.
Sour
ce: A
BMF
SF2.
Not
e: D
escr
ipti
on o
f KO
R B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
43
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Mal
aysia
(MA
L)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
44
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
BCS
= B
ursa
Cle
arin
g an
d Se
ttlem
ent S
yste
m; B
MD
= B
ursa
Mal
aysia
Dep
osito
ry; B
MS
= B
ursa
Mal
aysia
Sec
uriti
es; B
MSC
= B
ursa
Mal
aysia
Sec
uriti
es
Clea
ring;
BNM
= B
ank
Nega
ra M
alay
sia; B
TS =
Bur
sa Tr
ade
Syst
em; C
DS =
Cen
tral D
epos
itory
Sys
tem
; ETP
= E
lect
roni
c Tra
ding
Pla
tform
; IFT
S =
Inte
rban
k Fu
nds
Trans
fer S
yste
m; R
ENTA
S =
Rea
l-tim
e El
ectro
nic
Trans
fer o
f Fun
ds a
nd S
ecur
ities
; SSD
S =
Scr
iple
ss S
ecur
ities
Dep
osito
ry S
yste
mSo
urce
: ABM
F SF
2.
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. M
AL B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am OTC
Mar
ket
Burs
a M
alay
sia
(ETP
)
BMS
(BTS
)
Bank
Neg
ara
Mal
aysi
a (R
ENTA
S-IF
TS)
BMSC
(BCS
)
BMD
(CDS
)Ba
nk N
egar
a M
alay
sia
(REN
TAS-
SSDS
)
45
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. M
AL B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
BNM
1. Tr
ade
(dire
ct d
ealin
g
or v
ia M
oney
Bro
kers
)
6. B
ond
Settl
emen
t
7. C
ash
Settl
emen
t
Burs
a M
alay
sia
(ETP
)
(REN
TAS-
SDSS
)
(REN
TAS-
IFTS
)
DVP
2. Tr
ade
Repo
rting
4. C
onfir
mat
ion
2. Tr
ade
Repo
rting
3. In
itiat
e Un
conf
irmed
Se
ttlem
ent A
dvice
5. A
ckno
wled
gem
ent
5. A
ckno
wled
gem
ent
8. S
ettle
men
t Com
plet
ion
Advic
e (B
ond
and
Cash
)8.
Set
tlem
ent C
ompl
etio
n Ad
vice
(Bon
d an
d Ca
sh)
Selle
rBu
yer
Sour
ce: A
BMF
SF2.
46
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
OTC
Mar
ket
1.
The
sel
ler a
nd b
uyer
trad
e ov
er th
e co
unte
r by
tele
phon
e (d
irect
dea
ling
or th
roug
h M
oney
Bro
ker).
95%
of b
ond
trade
s ar
e de
alt i
n OT
C m
arke
t. Co
mm
ercia
l ban
ks a
nd Is
lam
ic ba
nks
can
trade
the
bond
s.
2. A
ll tra
des
are
reco
rded
in E
lect
roni
c Tra
ding
Pla
tform
(ETP
).
3. T
he s
elle
r (or
Buy
er) i
nput
trad
e da
ta in
to R
ENTA
S as
initi
ate
unco
nfirm
ed s
ettle
men
t adv
ice.
4.
The
Buy
er (o
r Sel
ler)
conf
irms
an u
ncon
firm
ed s
ettle
men
t adv
ice u
sing
by C
onfir
mat
ion
men
u of
REN
TAS.
5.
The
sel
ler a
nd b
uyer
acc
ess
Repo
rt m
enu
of R
ENTA
S an
d co
nfirm
that
con
firm
atio
n of
loca
l mat
chin
g is
perfo
rmed
.6.
7.
On s
ettle
men
t dat
e, b
ond
and
cash
are
set
tled
on D
VP b
asis.
8.
The
sel
ler a
nd b
uyer
acc
ess
Repo
rt m
enu
of R
ENTA
S an
d co
nfirm
repo
rt of
Bon
d se
ttlem
ent a
nd c
ash
settl
emen
t. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f M
AL B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
47
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 3
. M
AL B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Sour
ce: A
BMF
SF2.
or B
ank
Dom
estic
Cus
todi
an(A
utho
rised
De
posit
ory
In
stitu
tion,
ADI
)
ETP
(B
ursa
M
alay
sia)
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
BNM
(M
y Cl
ear)
RENT
AS
SSDS
Coun
ter-
part
y
BNM
RE
NTAS
-IFTS
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
6. Tr
ade R
eport
ing
9. Pre
-matc
hing
6. Trade Reporting
5. Tr
ade
Conf
irmat
ion
4. Tr
ade
Conf
irmat
ion
7. S
ettle
men
t In
stru
ctio
n
12. C
aptu
re o
f Tra
nsac
tion
Deta
ilsan
d Ac
know
ledg
emen
t of R
ecei
pt
12. A
dvice
of U
ncon
firm
ed Tr
ade
and
Conf
irmat
ion
of Tr
ade
in S
SDS
– OR
–
Cash SettlementClearing Matching and SettlementTrading
19. S
ettle
men
t Co
nfirm
atio
n
8a. S
ettle
men
t Ins
truct
ion
10. P
re-m
atch
ing
Stat
us
17. S
ettle
men
t Con
firm
atio
n
20. S
ecur
ities
Sta
tem
ent
13. R
etrie
val o
f Mat
chin
g St
atus
15. S
ettle
men
t Con
firm
atio
n
14. F
undi
ng o
f BNM
Acc
ount
22. C
ash
Stat
emen
t21
. Cas
h St
atem
ent
18. F
undi
ng o
f Tra
des
11. F
X Co
nfirm
atio
n
8b. F
X/Fu
ndin
g In
stru
ctio
n
16. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
48
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f M
AL B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r/Ban
k.3.
D
omes
tic B
roke
r/Ban
k an
d Co
unte
rpar
ty a
gree
s on
OTC
trad
e (v
ia e
.g.,
phon
e or
Blo
ombe
rg).
4.
Dom
estic
Bro
ker/B
ank
send
s tra
de c
onfir
mat
ion
to In
tern
atio
nal B
roke
r.5.
Fo
reig
n In
stitu
tiona
l Inv
esto
r rec
eive
s tra
de c
onfir
mat
ion.
6.
Dom
estic
Bro
ker/B
ank
and
Coun
terp
arty
cap
ture
trad
e in
ETP
, by
end
of tr
adin
g da
y.
T+1 7.
Fore
ign
Inst
itutio
nal I
nves
tor i
nstru
cts
Glob
al C
usto
dian
, on
secu
ritie
s se
ttlem
ent a
nd c
ash/
fund
ing
deta
ils.
8.
Glob
al C
usto
dian
inst
ruct
s D
omes
tic C
usto
dian
/AD
I on
(a) s
ecur
ities
set
tlem
ent d
etai
ls, (b
) FX
requ
est o
r fun
ding
det
ails.
9.
Dom
estic
Cus
todi
an/A
DI a
nd C
ount
erpa
rty p
re-m
atch
set
tlem
ent d
etai
ls, v
ia p
hone
.10
. D
omes
tic C
usto
dian
/AD
I sen
ds p
re-m
atch
ing
resu
lt in
form
atio
n (e
.g.,
miss
ing
inst
ruct
ions
) to
Glob
al C
usto
dian
.11
. D
omes
tic C
usto
dian
/AD
I pro
vides
con
firm
atio
n of
FX
book
ed (i
n ca
se o
f ear
lier F
X re
ques
t).
Sett
lem
ent D
ate
12.
Dom
estic
Cus
todi
an/A
DI c
aptu
res
settl
emen
t det
ails
into
SSD
S an
d re
ceive
s SS
DS
ackn
owle
dgm
ent o
f rec
eipt
of d
ata
(sel
ling
side)
, OR
rece
ives
alle
ged
trade
not
ice
(adv
ice
of u
ncon
firm
ed tr
ade)
from
SSD
S an
d co
nfirm
s se
ttlem
ent d
etai
ls in
SSD
S (b
uyin
g sid
e).
13.
Dom
estic
Cus
todi
an/A
DI r
etrie
ves
settl
emen
t mat
chin
g st
atus
.14
. D
omes
tic C
usto
dian
/AD
I effe
cts
fund
ing
of it
s ac
coun
t at B
ank
Neg
ara
Mal
aysia
(BN
M) v
ia R
ENTA
S (IF
TS) i
f nec
essa
ry.15
. Up
on s
ettli
ng s
ecur
ities
, SSD
S se
nds
settl
emen
t con
firm
atio
n fo
r sec
uriti
es to
Dom
estic
Cus
todi
an/A
DI.
16.
Upon
set
tling
cas
h, R
ENTA
S se
nds
debi
t/cre
dit c
onfir
mat
ion
to D
omes
tic C
usto
dian
/AD
I.17
. D
omes
tic C
usto
dian
/AD
I sen
ds s
ettle
men
t con
firm
atio
n to
Glo
bal C
usto
dian
.18
. Gl
obal
Cus
todi
an fu
nds
acco
unt w
ith D
omes
tic C
usto
dian
/AD
I (be
fore
end
of d
ay).
19.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
20.
Dom
estic
Cus
todi
an/A
DI s
ends
sta
tem
ent o
f sec
uriti
es to
Glo
bal C
usto
dian
(at e
nd o
f day
).21
. D
omes
tic C
usto
dian
/AD
I sen
ds d
ebit/
cred
it in
form
atio
n in
cas
h st
atem
ent (
at e
nd o
f day
).22
. Gl
obal
Cus
todi
an s
ends
deb
it/cr
edit
info
rmat
ion
in c
ash
stat
emen
t to
FII (
at e
nd o
f day
). So
urce
: ABM
F SF
2.
49
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Phili
ppin
es (P
HI)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
50
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Note
: Cas
h se
ttlem
ent b
y se
ttlem
ent b
anks
is fo
r gov
ernm
ent a
nd c
orpo
rate
bon
ds.
eDVP
= E
xpan
ded
Deliv
ery
vs. P
aym
ent S
yste
m; P
DEx
= P
hilip
pine
Dea
ling
and
Exch
ange
; PDT
C =
Phi
lippi
ne D
epos
itory
and
Tru
st C
orpo
ratio
n; P
hilP
aSS
=
Philip
pine
Pay
men
ts a
nd S
ettle
men
t Sys
tem
; RoS
S =
Reg
istry
of S
crip
less
Sec
uriti
esSo
urce
: ABM
F SF
2.
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. P
HI B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am
OTC
Mar
ket
PDEx
(Fixe
d In
com
e Tra
ding
Sys
tem
)
PDEx
(Ros
s ST
P Fa
cility
)PD
Ex (e
DVP)
Ex. M
arke
t
Bang
ko S
entr
al n
g Pi
lipin
as (P
hilP
aSS)
Bure
au o
f the
Tre
asur
y (B
Tr-Ro
SS)
PDTC
Settl
emen
t Ba
nks
51
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. P
HI B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
GS
EDs
Mar
ket/
DVP
Sour
ce: A
BMF
SF2.
PDEx
Bang
ko S
entr
al n
g Pi
lipin
as
(Phi
lPaS
S)
Bure
au o
f the
Tre
asur
y(B
Tr-R
oSS)
1. N
egot
iatio
n (O
TC)
(PDE
x-Ro
SS S
TP F
acili
ty)
(FI T
radi
ng S
yste
ms)
9. H
oldi
ng B
onds
5. Tr
ade
Data
3. M
atch
ing
13. B
ond
Settl
emen
t
11. C
ash
Settl
emen
t
2. Tr
ade
Orde
r2.
Trad
e Or
der
4. M
atch
ing
Resu
lt4.
Mat
chin
g Re
sult
12. S
ettle
men
t Rep
ort
(Cas
h)
15. M
onito
r Set
tlem
ent
Stat
us
7. A
utho
rizat
ion
of S
ettle
men
t In
stru
ctio
n fo
r DVP
6. S
ettle
men
t Det
ail
6. S
ettle
men
t Det
ail
7. A
utho
rizat
ion
of S
ettle
men
t In
stru
ctio
n fo
r DVP
15. M
onito
r Set
tlem
ent
Stat
us
12. S
ettle
men
t Rep
ort
(Cas
h)
8. S
ettle
men
t Dat
a
10. S
ettle
men
t Dat
a12
. Set
tlem
ent R
epor
t (C
ash)
14. S
ettle
men
t Sta
tus
Selle
rBu
yer
52
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f P
HI B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
GS
EDs*
Mar
ket/
DVP
GSED
s1.
In
OTC
mar
ket,
the
selle
r and
buy
er n
egot
iate
bef
ore
they
inpu
t the
trad
e da
ta to
PD
Ex. T
his
proc
ess
is om
itted
in th
e Ex
chan
ge M
arke
t.2.
Th
e se
ller a
nd b
uyer
trad
e via
PD
Ex(F
I Tra
ding
Sys
tem
). 3.
PD
Ex(F
I Tra
ding
Sys
tem
) mat
ches
ord
er o
r rec
ords
neg
otia
ted
deal
s be
twee
n bu
yer a
nd s
elle
r.4.
PD
Ex(F
I Tra
ding
Sys
tem
) sen
ds m
atch
ing
resu
lt to
the
selle
r and
buy
er.
5.
PDEx
(FI T
radi
ng S
yste
m) s
ends
trad
e da
ta to
PD
Ex(P
DEx
-RoS
S ST
P Fa
cilit
y).
6.
PDEx
(PD
Ex-R
oSS
STP
Faci
lity)
sen
ds s
ettle
men
t det
ail t
o th
e se
ller a
nd b
uyer
.7.
Th
e se
ller a
nd b
uyer
aut
horiz
e th
e se
ttlem
ent i
nstru
ctio
n fo
r DVP
.8.
PD
Ex(P
DEx
-RoS
S ST
P Fa
cilit
y) s
ends
set
tlem
ent d
ata
to B
urea
u of
the
Trea
sury
Reg
istry
of S
crip
less
Sec
uriti
es (B
Tr-Ro
SS).
9.
BTr-R
oSS
hold
s bo
nds
befo
re c
ash
settl
emen
t.10
. BT
r-RoS
S se
nds
settl
emen
t dat
a to
Ban
gko
Sent
ral n
g Pi
lipin
as (B
SP).
11.
BSP
exec
utes
cas
h se
ttlem
ent.
12.
BSP
send
s ca
sh s
ettle
men
t rep
ort t
o se
ller,
buye
r and
BTr-
RoSS
.13
. BT
r-Ros
s ex
ecut
es b
ond
settl
emen
t. 14
. BT
r-Ros
s se
nds
bond
set
tlem
ent s
tatu
s to
PD
Ex-R
oSS
STP
Faci
lity.
15.
The
selle
r and
the
buye
r can
mon
itor
settl
emen
t sta
tus
via P
DEx
-RoS
S ST
P Fa
cilit
y.
*GSE
D =
Gov
ernm
ent S
ecur
ities
Elig
ible
Dea
ler
Sour
ce: A
BMF
SF2.
53
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
PDEx
Bang
ko S
entr
al n
g Pi
lipin
as (P
hilP
aSS)
PDTC
(BTr
-RoS
S)
1. N
egot
iatio
n (O
TC)
(eDV
P Sy
stem
)
(FI T
radi
ng S
yste
ms)
10. E
arm
arke
d Bo
nds
5. Tr
ade
Data
3. M
atch
ing
13. S
ettle
men
t In
stru
ctio
n
14. B
ond
Settl
emen
t
11. C
ash
Settl
emen
t
2. Tr
ade
Orde
r2.
Trad
e Or
der
4. M
atch
ing
Resu
lt4.
Mat
chin
g Re
sult
16. B
ond
Settl
emen
t St
atus
6. S
ettle
men
t Det
ail
6. S
ettle
men
t Det
ail
7. A
utho
rizat
ion
of
Settl
emen
t Ins
truct
ion
fo
r DVP
7. A
utho
rizat
ion
of
Settl
emen
t Ins
truct
ion
fo
r DVP
16. B
ond
Settl
emen
t St
atus
12. C
ash
Settl
emen
t Re
port
12. C
ash
Settl
emen
t Re
port
14. S
ettle
men
t Rep
ort
(Bon
d)14
. Set
tlem
ent R
epor
t(B
ond)
8. E
arm
arke
d In
stru
ctio
n
12. C
ash
Settl
emen
t Re
port
9. C
ash
Settl
emen
t In
stru
ctio
n
15. S
ettle
men
t St
atus
Selle
rBu
yer
Figu
re 3
. P
HI B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
Non
-GS
EDs
Mar
ket/
DVP
Sour
ce: A
BMF
SF2.
54
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f P
HI B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
Non
-GS
EDs*
Mar
ket/
DVP
Non-
GSED
s1.
In
OTC
mar
ket,
the
selle
r and
buy
er n
egot
iate
bef
ore
they
inpu
t the
trad
e da
ta to
PD
Ex. T
his
proc
ess
is om
itted
in th
e
Exch
ange
Mar
ket.
2.
The
selle
r and
buy
er tr
ade
via P
DEx
(FI T
radi
ng S
yste
m).
3.
PDEx
(FI T
radi
ng S
yste
m) a
utom
atic
ally
mat
ches
ord
ers
from
sel
ler a
nd b
uyer
. 4.
PD
Ex (F
I Tra
ding
Sys
tem
) sen
ds m
atch
ing
resu
lts to
the
selle
r and
buy
er.
5.
PDEx
(FI T
radi
ng S
yste
m) s
ends
trad
e da
ta to
PD
Ex (e
DVP
Sys
tem
).6.
PD
Ex (e
DVP
Sys
tem
) sen
ds s
ettle
men
t det
ails
to th
e se
ller a
nd b
uyer
.7.
Th
e se
ller a
nd b
uyer
aut
horiz
e th
e se
ttlem
ent i
nstru
ctio
n fo
r DVP
.8.
PD
Ex (e
DVP
Sys
tem
) sen
ds e
arm
arke
d in
stru
ctio
n to
PD
TC.
9.
PDEx
(eD
VP S
yste
m) s
ends
cas
h se
ttlem
ent
inst
ruct
ion
to B
SP.
10.
PDTC
and
BTr-
RoSS
hol
ds b
onds
bef
ore
cash
set
tlem
ent.
PDTC
act
s as
sub
-regi
stry.
11
. BS
P ex
ecut
es c
ash
settl
emen
t.12
. BS
P se
nds
cash
set
tlem
ent r
epor
t to
the
selle
r, bu
yer,
and
PDEx
(eD
VP S
yste
m).
13.
PDEx
(eD
VP S
yste
m) s
ends
set
tlem
ent i
nstru
ctio
n to
Phi
lippi
ne D
epos
itory
and
Tru
st C
orp
(PD
TC) a
nd B
Tr-Ro
SS.
14.
PDTC
and
BTr-
RoSS
exe
cute
s bo
nd s
ettle
men
t.15
. PD
TC a
nd B
Tr-Ro
SS s
ends
set
tlem
ent s
tatu
s to
PD
Ex (e
DVP
Sys
tem
).16
. PD
Ex (e
DVP
Sys
tem
) sen
ds b
ond
settl
emen
t sta
tus
to th
e se
ller a
nd b
uyer
. *G
SED
= G
over
nmen
t Sec
uriti
es E
ligib
le D
eale
r So
urce
: ABM
F SF
2.
55
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 4
. P
HI B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
or B
ank
Dom
estic
Cus
todi
an(A
utho
rised
De
posit
ory
In
stitu
tion,
ADI
)
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
BTr
ROSS
Coun
ter-
part
y
PDEx
(FI)
BSP
PhilP
aSS
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
6. Tr
ade
Conf
irmat
ion
5. Tr
ade
Conf
irmat
ion
4. Tr
ade
Repo
rting
/Cap
ture
7. S
ettle
men
t In
stru
ctio
n10
. Cap
ture
/UL
of
Trans
actio
n De
tails
9. Pre
-matc
hing
Cash SettlementClearing Matching and SettlementTrading
20. S
ettle
men
t Co
nfirm
atio
n
8. S
ettle
men
t Ins
truct
ion
12. P
re-m
atch
ing
Stat
us
18. S
ettle
men
t Con
firm
atio
n
22. S
ecur
ities
Sta
tem
ent
11. R
etrie
val o
f Mat
chin
g St
atus
17. S
ettle
men
t Con
firm
atio
n
15. F
undi
ng o
f BSP
Acc
ount
24. C
ash
Stat
emen
t
23. C
ash
Stat
emen
t
21. I
ssue
of B
SRD
19. F
undi
ng o
f Acc
ount
14. F
X Co
nfirm
atio
n
13. F
X In
stru
ctio
n
16. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
56
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f P
HI B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r/GSE
D.
3.
Dom
estic
Bro
ker o
r Dea
ler t
rade
s OT
C wi
th C
ount
erpa
rty.
4.
Dom
estic
Bro
ker o
r Dea
ler c
aptu
res
trade
in P
DEx
sys
tem
, for
pric
e di
scov
ery,
with
in 1
0 m
inut
es.
5.
Inte
rnat
iona
l Bro
ker r
ecei
ves
trade
con
firm
atio
n.6.
Fo
reig
n In
stitu
tiona
l Inv
esto
r rec
eive
s tra
de c
onfir
mat
ion.
T+1 7.
Fore
ign
Inst
itutio
nal I
nves
tor i
nstru
cts
Glob
al C
usto
dian
, on
secu
ritie
s se
ttlem
ent a
nd F
X/ca
sh fu
ndin
g de
tails
.8.
Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an o
n se
curit
ies
settl
emen
t det
ails.
9.
Dom
estic
Cus
todi
an c
ondu
cts
phon
e pr
e-m
atch
ing
with
Cou
nter
party
or c
usto
dian
of c
ount
erpa
rty.
Sett
lem
ent D
ate
10.
Dom
estic
Cus
todi
an e
nter
s se
ttlem
ent d
ata
into
BTr-
RoSS
.11
. D
omes
tic C
usto
dian
retri
eves
tran
sact
ion
mat
chin
g st
atus
.12
. D
omes
tic C
usto
dian
repo
rts m
atch
ing
stat
us u
pdat
e to
Glo
bal C
usto
dian
.13
. Gl
obal
Cus
todi
an s
ends
FX
inst
ruct
ion
for p
roje
cted
fund
ing
requ
irem
ents
.14
. D
omes
tic C
usto
dian
sen
ds F
X co
nfirm
atio
n.15
. D
omes
tic C
usto
dian
fund
s BS
P ac
coun
ts, v
ia P
hilP
ASS
(RTG
S) if
nec
essa
ry.16
. Up
on tr
ansf
er o
f cas
h (a
fter p
rom
ptin
g fro
m B
Tr-Ro
SS),
PhilP
aSS
send
s ca
sh s
ettle
men
t con
firm
atio
n to
Dom
estic
Cus
todi
an.
17.
Upon
con
firm
atio
n of
cas
h se
ttlem
ent,
BTr-R
oSS
effe
cts
bond
set
tlem
ent,
send
s co
nfirm
atio
n to
Dom
estic
Cus
todi
an.
18.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
19.
Glob
al C
usto
dian
fund
s ac
coun
t with
Dom
estic
Cus
todi
an in
PHP
, or i
nto
FCY
nost
ro (b
efor
e en
d of
day
). 20
. Gl
obal
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to F
orei
gn In
stitu
tiona
l Inv
esto
r.21
. D
omes
tic C
usto
dian
issu
es B
SRD
(Ban
gko
Sent
ral R
emitt
ance
Doc
umen
t), c
ertif
ying
FCY
inflo
w fo
r abi
lity
to re
patri
ate
at la
ter s
tage
wi
thou
t con
sider
atio
n of
FX
limita
tions
.22
. D
omes
tic C
usto
dian
sen
ds s
ecur
ities
sta
tem
ent t
o Gl
obal
Cus
todi
an.
23.
Dom
estic
Cus
todi
an s
ends
deb
it/cr
edit
conf
irmat
ions
, in
form
of c
ash
stat
emen
t, to
Glo
bal C
usto
dian
.24
. Gl
obal
Cus
todi
an s
ends
cas
h st
atem
ent t
o Fo
reig
n In
stitu
tiona
l Inv
esto
r. So
urce
: ABM
F SF
2.
57
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Sing
apor
e (S
IN)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
58
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
CDP
= C
entra
l Dep
osito
ry (P
te.)
Ltd.
; DCS
S =
Deb
t Sec
uriti
es C
lear
ing
and
Settl
emen
t Sys
tem
; MAS
= M
onet
ary
Auth
ority
of S
inga
pore
; MEP
S+ =
MAS
El
ectro
nic
Paym
ent S
yste
m; S
GX =
Sin
gapo
re E
xcha
nge
Ltd.
Sour
ce: A
BMF
SF2.
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. S
IN B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am
OTC
Mar
ket
MAS
(MEP
S+ R
TGS)
MAS
(MEP
S+ S
GS)
SGX
CDP
(DCS
S)
59
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. S
IN B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
MAS
(MEP
S Pl
us)
(MEP
S Pl
us S
GS)
1. Tr
ade
2. Tr
ade
Mat
chin
g
10. C
ash
Settl
emen
t
5. M
atch
ing
7. D
VP O
rder
8. H
oldi
ng B
onds
12. B
ond
Settl
emen
t
9. S
ettle
men
t Dat
afo
r DVP
11. S
ettle
men
t Re
port
(Cas
h)
3. D
elive
ry
Inst
ruct
ion
6. N
otice
of S
ettle
men
t M
atch
ing
Stat
us
4. R
ecei
pt
Inst
ruct
ion
6. N
otice
of S
ettle
men
t M
atch
ing
Stat
us
13. S
ettle
men
t Rep
ort
(Bon
d)13
. Set
tlem
ent R
epor
t(B
ond)
11. S
ettle
men
t Rep
ort
(Cas
h)11
. Set
tlem
ent R
epor
t(C
ash)
Selle
rBu
yer
Sour
ce: A
BMF
SF2.
60
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
1.
SGS
(Sin
gapo
re g
over
nmen
t sec
uriti
es) i
s do
ne o
n an
ove
r-the
-cou
nter
bas
is.2.
Tr
ades
are
mat
ched
am
ong
selle
r and
buy
er.
3.
The
bond
sel
ler s
ends
the
agre
ed tr
ade
inst
ruct
ion
to M
EPS+
SGS
.4.
Th
e bo
nd b
uyer
sen
ds th
e ag
reed
trad
e in
stru
ctio
n to
MEP
S+ S
GS.
5.
MEP
S+ S
GS p
erfo
rms
bond
mat
chin
g.6.
M
EPS+
SGS
sen
ds th
e no
tice
of b
ond
mat
chin
g st
atus
to s
elle
r and
buy
er.
7.
MEP
S Pl
us B
ook-
entry
cle
arin
g sy
stem
cre
ates
the
DVP
ord
er.
8.
Whe
n th
e se
ller’s
SGS
acc
ount
has
suf
ficie
nt S
GS, t
he S
GS a
re e
arm
arke
d fo
r tra
nsfe
r to
the
buye
r.9.
Se
ttlem
ent d
ata
for D
VP is
sen
t to
MEP
S+ R
TGS.
10.
Whe
n th
e fu
nds
are
avai
labl
e, th
e am
ount
is d
ebite
d fro
m th
e bu
yer’s
RTG
S ac
coun
t and
cre
dite
d to
the
selle
r’s R
TGS
acco
unt.
11.
MEP
S+ R
TGS
simul
tane
ously
MEP
S+ S
GS to
tran
sfer
the
secu
ritie
s an
d re
port
the
cash
set
tlem
ent s
tatu
s to
bot
h sid
es o
f the
trad
e.12
. M
EPS+
SGS
tran
sfer
s th
e bo
nds
to th
e bu
yer’s
acc
ount
.13
. M
EPS+
SGS
repo
rts th
e se
ttlem
ent s
tatu
s to
bot
h se
ller a
nd b
uyer
. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f S
IN B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
61
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
or B
ank
Dom
estic
Cus
todi
anGl
obal
Cu
stod
ian
Inte
rnat
iona
lBr
oker
MAS
(M
EPS
+SG
S)
Coun
ter-
part
y
MAS
(M
EPS
+RT
GS)
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n5.
Trad
e Co
nfirm
atio
n
4. Tr
ade
Conf
irmat
ion
6. S
ettle
men
t In
stru
ctio
n
10. C
aptu
re o
f Set
tlem
ent D
etai
ls
8. Pre
-matc
hing
Cash SettlementClearing Matching and SettlementTrading
17. S
ettle
men
t Co
nfirm
atio
n
7. S
ettle
men
t Ins
truct
ion
15. S
ettle
men
t Con
firm
atio
n
18. S
ecur
ities
Sta
tem
ent
9. Tr
ansa
ctio
n St
atus
Upd
ate
11. S
ettle
men
t Sta
tus
Upda
te
14. S
ettle
men
t Con
firm
atio
n
12. F
undi
ng o
f MAS
Acc
ount
20. C
ash
Stat
emen
t19
. Cas
h St
atem
ent
16. F
undi
ng o
f Tra
des
13. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
Figu
re 3
. S
IN B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
62
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f S
IN B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r or B
ank.
3.
Dom
estic
Bro
ker/B
ank
trade
s OT
C wi
th C
ount
erpa
rty (v
ia p
hone
, Blo
ombe
rg).
4.
Dom
estic
Bro
ker/B
ank
send
s tra
de c
onfir
mat
ion
to In
tern
atio
nal B
roke
r.5.
Fo
reig
n In
stitu
tiona
l Inv
esto
r rec
eive
s tra
de c
onfir
mat
ion.
Sett
lem
ent D
ate/
T+1
6.
Fore
ign
Inst
itutio
nal I
nves
tor i
nstru
cts
Glob
al C
usto
dian
on
secu
ritie
s se
ttlem
ent d
etai
ls an
d fu
ndin
g de
tails
.7.
Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an o
n se
curit
ies
settl
emen
t det
ails.
8.
D
omes
tic C
usto
dian
and
Cou
nter
party
pre
-mat
ch s
ettle
men
t det
ails,
via
pho
ne.
9.
Dom
estic
Cus
todi
an p
rovid
es re
sult
of p
re-m
atch
ing
to G
loba
l Cus
todi
an.
10.
Dom
estic
Cus
todi
an tr
ansm
its s
ettle
men
t det
ails
to M
EPS+
SGS
.11
. D
omes
tic C
usto
dian
mon
itors
set
tlem
ent s
tatu
s up
date
s (o
nlin
e).
12.
Dom
estic
Cus
todi
an fu
nds
MAS
acc
ount
via
MEP
S+ R
TGS.
13.
Upon
tran
sfer
of c
ash,
deb
it/cr
edit
conf
irmat
ion
from
MEP
S+ R
TGS.
14.
Upon
tran
sfer
of s
ecur
ities
, set
tlem
ent c
onfir
mat
ion
from
MAS
, via
MEP
S+ S
GS.
15.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
16.
Glob
al C
usto
dian
fund
s SG
D a
ccou
nt w
ith D
omes
tic C
usto
dian
, or F
CY n
ostro
(bef
ore
end
of d
ay).
17.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
18.
Dom
estic
Cus
todi
an s
ends
sec
uriti
es s
tate
men
t to
Glob
al C
usto
dian
.19
. D
omes
tic C
usto
dian
sen
ds d
ebit/
cred
it co
nfirm
atio
ns a
s ca
sh s
tate
men
t to
Glob
al C
usto
dian
.20
. Gl
obal
Cus
todi
an s
ends
cas
h st
atem
ent t
o Fo
reig
n In
stitu
tiona
l Inv
esto
r. So
urce
: ABM
F SF
2.
63
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Thai
land
(TH
A)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
64
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Figu
re 1
. TH
A B
ond
Mar
ket
Infr
astr
uctu
re D
iagr
am
BAHT
NET
= T
he B
ank
of T
haila
nd A
utom
ated
High
-val
ue T
rans
fer
Netw
ork;
BEX
= T
he B
ond
Elec
troni
c Ex
chan
ge (
The
Stoc
k Ex
chan
ge o
f Th
aila
nd);
MNS
= M
ultil
ater
al N
ettin
g Sy
stem
; SET
= S
tock
Exc
hang
e of
Tha
iland
; PTI
= P
ost T
rade
Inte
grat
ion
(The
Sto
ck E
xcha
nge
of T
haila
nd);
TCH
= T
haila
nd C
lear
ing
Hous
e (T
he S
tock
Exc
hang
e of
Tha
iland
); TS
D =
Tha
iland
Sec
uriti
es D
epos
itory
(The
Sto
ck E
xcha
nge
of T
haila
nd)
Sour
ce: A
BMF
SF2.
OTC
Mar
ket
TCH
(PTI)
BOT
(BAH
TNET
)
TSD
(PTI)
SET
(BEX
) TCH
PTI (
MNS
)
65
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. TH
A B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
TCH
TSD
BOT
(BAH
TNET
)
(PTI
)
1. Tr
ade
7. C
ash
Settl
emen
t
3. M
atch
ing
5. H
oldi
ng B
onds
9. B
ond
Settl
emen
t
6. S
ettle
men
t Det
ails
8. P
aym
ent R
espo
nse
Mes
sage
2. Tr
ade
Data
4. M
atch
ing
Resu
lts
2. Tr
ade
Data
4. M
atch
ing
Resu
lts
10. S
ettle
men
t Rep
ort
(Bon
d)10
. Set
tlem
ent R
epor
t(B
ond)
8. C
onfir
mat
ion
of C
redi
t (C
ash)
8. C
onfir
mat
ion
of D
ebit
(C
ash)
Selle
r
Selle
r’sBa
nk
Buye
r
Buye
r’sBa
nk
Sour
ce: A
BMF
SF2.
66
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f TH
A B
ond
Tran
sact
ion
Flow
for
Dom
esti
c Tr
ades
OTC
Mar
ket/
DVP
OTC
Mar
ket
1.
Selle
r and
buy
er tr
ade
via O
TC m
arke
t.2.
Se
ller a
nd b
uyer
sen
d th
e tra
nsac
tion
deta
ils to
TCH
via
PTI
Sys
tem
.3.
TC
H m
atch
es tr
ade
data
from
sel
ler a
nd b
uyer
.4.
TC
H se
nds
mat
chin
g re
sults
to s
elle
r and
buy
er v
ia P
TI S
yste
m.
5.
TCH
send
s se
ttlem
ent d
etai
ls to
TSD
. Th
en, T
SD c
heck
s av
aila
bilit
y an
d bl
ocks
sec
uriti
es in
mem
ber a
ccou
nt.
6.
TSD
sen
ds c
ash
settl
emen
t det
ails
to B
OT.
7.
BOT
exec
utes
cas
h se
ttlem
ent.
8.
BOT
send
s ca
sh s
ettle
men
t con
firm
atio
n to
sel
ler,
buye
r and
TSD
.9.
TS
D re
leas
es b
lock
ed a
nd e
xecu
tes
secu
ritie
s de
liver
y.10
. TS
D s
ends
set
tlem
ent r
epor
ts to
sel
ler,
buye
r and
TCH
via
PTI
Sys
tem
. So
urce
: ABM
F SF
2.
67
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 3
. TH
A B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
or B
ank
Dom
estic
Cus
todi
an
Thai
BM
ABa
nk o
fTh
aila
nd
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
TSD
PTI
Coun
ter-
part
y
BOT
BA
HTNE
T
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
1. Tr
ade
Orde
r2.
Trad
e Or
der
3. A
gree
men
t on
Trade
an
d Co
nfirm
atio
n
4. Trade Reporting
6. Tr
ade
Conf
irmat
ion
5. Tr
ade
Conf
irmat
ion
7. S
ettle
men
t In
stru
ctio
n12
. Cap
ture
of T
rans
actio
n De
tails
4. Tr
ade R
eport
ing
9. Pre
-matc
hing
Cash SettlementClearing Matching and Settlement
Trading
25. S
ettle
men
t Co
nfirm
atio
n
15. R
eque
st U
se
of B
alan
ce
8a. S
ettle
men
t Ins
truct
ion
23. R
epor
t NRB
S Ba
lanc
es
10. P
re-M
atch
ing
Stat
us
14. F
undi
ng R
epor
t
26. S
ecur
ities
Sta
tem
ent
22. S
ettle
men
t Con
firm
atio
n
13. M
atch
ing
Stat
us
21. S
ettle
men
t Con
firm
atio
n
19. F
undi
ng o
f BOT
Acc
ount
28. C
ash
Stat
emen
t27
. Cas
h St
atem
ent
24. F
undi
ng o
f Tra
des
11. F
X Co
nfirm
atio
n
18. F
X Co
nfirm
atio
n
17. F
X In
stru
ctio
n
16. F
X In
stru
ctio
n
8b. F
X/Fu
ndin
g In
stru
ctio
n
20. C
onfir
mat
ion
of D
ebit/
Cred
it
Cross-Border
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
68
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f TH
A B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s O
TC M
arke
t/D
VP
Trad
e Da
te1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r pla
ces
orde
r with
Inte
rnat
iona
l Bro
ker.
2.
Inte
rnat
iona
l Bro
ker p
lace
s or
der w
ith D
omes
tic B
roke
r/Ban
k.3.
D
omes
tic B
roke
r/Ban
k tra
des
OTC
with
Cou
nter
party
(via
pho
ne o
r Blo
ombe
rg).
4.
Dom
estic
Bro
ker/B
ank
and
Coun
terp
arty
repo
rt tra
de to
Tha
i BM
A wi
thin
30
min
utes
of t
rade
(web
inpu
t or,
e.g.
, via
Blo
ombe
rg).
5.
Dom
estic
Bro
ker/B
ank
send
s tra
de c
onfir
mat
ion
to In
tern
atio
nal B
roke
r. 6.
Fo
reig
n In
stitu
tiona
l Inv
esto
r rec
eive
s tra
de c
onfir
mat
ion.
T+1 7.
Fore
ign
Inst
itutio
nal I
nves
tor i
nstru
cts
Glob
al C
usto
dian
on
secu
ritie
s se
ttlem
ent a
nd c
ash/
fund
ing
deta
ils.
8.
Glob
al C
usto
dian
inst
ruct
s D
omes
tic C
usto
dian
on
(a) s
ecur
ities
set
tlem
ent d
etai
ls, (b
) FX
requ
est o
r fun
ding
det
ails.
9.
D
omes
tic C
usto
dian
pre
-mat
ches
with
Cou
nter
party
, typ
ical
ly via
pho
ne.
10.
Dom
estic
Cus
todi
an s
ends
pre
-mat
chin
g re
sults
to G
loba
l Cus
todi
an.
11.
Dom
estic
Cus
todi
an s
ends
FX
conf
irmat
ion
to G
loba
l Cus
todi
an.
Sett
lem
ent D
ate
12.
Dom
estic
Cus
todi
an c
aptu
res
settl
emen
t det
ails
in P
TI.
13.
Dom
estic
Cus
todi
an re
triev
es m
atch
ing
resu
lts, v
ia T
SD te
rmin
al.
14.
Dom
estic
Cus
todi
an s
ends
fund
ing
repo
rt to
Glo
bal C
usto
dian
.15
. Gl
obal
Cus
todi
an s
ends
, if s
o re
quire
d, re
ques
t to
use
THB
bala
nce
to F
orei
gn In
stitu
tiona
l Inv
esto
r.16
. Fo
reig
n In
stitu
tiona
l Inv
esto
r sen
ds, i
f so
requ
ired,
FX
inst
ruct
ion
(or a
dditi
onal
sec
uriti
es p
urch
ase
trade
) to
Glob
al C
usto
dian
.17
. Gl
obal
Cus
todi
an, i
f so
requ
ired,
sen
ds F
X in
stru
ctio
n to
Dom
estic
Cus
todi
an, a
s FX
ban
k.18
. D
omes
tic C
usto
dian
, as
FX b
ank,
con
firm
s FX
dea
l.19
. D
omes
tic C
usto
dian
fund
s cl
earin
g ac
coun
t at B
ank
of T
haila
nd.
20.
Upon
cas
h se
ttlem
ent/t
rans
fer,
BAHT
NET
sen
ds c
redi
t/deb
it co
nfirm
atio
n to
Dom
estic
Cus
todi
an (a
s BA
HTN
ET p
artic
ipan
t).21
. Up
on c
ash
settl
emen
t con
firm
atio
n, T
CH/T
SD tr
ansf
ers
secu
ritie
s an
d se
nds
settl
emen
t con
firm
atio
n to
Dom
estic
Cus
todi
an.
22.
Dom
estic
Cus
todi
an s
ends
set
tlem
ent c
onfir
mat
ion
to G
loba
l Cus
todi
an.
23.
Dom
estic
Cus
todi
an re
ports
clie
nts’
NRB
S ac
coun
t bal
ance
s to
Ban
k of
Tha
iland
(prio
r to
end
of d
ay).
24.
Glob
al C
usto
dian
fund
s ac
coun
t with
Dom
estic
Cus
todi
an d
irect
ly, o
r int
o FC
Y no
stro
acc
ount
(by
end
of d
ay).
25.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
26.
Dom
estic
Cus
todi
an s
ends
sta
tem
ent o
f sec
uriti
es to
Glo
bal C
usto
dian
(end
of d
ay).
27.
Dom
estic
Cus
todi
an s
ends
cas
h cr
edit/
debi
t inf
orm
atio
n in
cas
h st
atem
ent t
o Gl
obal
Cus
todi
an (e
nd o
f day
).28
. Gl
obal
Cus
todi
an s
ends
cas
h cr
edit/
debi
t inf
orm
atio
n to
FII
in c
ash
stat
emen
t (en
d of
day
). So
urce
: ABM
F SF
2.
69
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Vie
t Nam
(VIE
)
Bond
Mar
ket I
nfra
stru
ctur
es
and
Bond
Tra
nsac
tion
Flow
70
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Tradi
ng
Trade
mat
chin
g
CCP
Settl
emen
t mat
chin
g
Bond
set
tlem
ent
Cash
set
tlem
ent
Note
: Def
initi
on o
f tra
de d
ate
is di
ffere
nt fr
om o
ther
cou
ntrie
s in
Vie
t Nam
sin
ce tr
ade
date
is re
gard
ed a
s th
e da
te w
hen
secu
ritie
s ar
e tra
ded
on s
tock
exc
hang
e (in
cas
e of
list
ed s
ecur
ities
) or
da
te w
hen
trad
ed d
ata
are
ente
red
to H
NX s
yste
m
(in c
ase
of tr
ade
regis
tere
d se
curit
ies)
. But
, act
ual t
rade
is a
gree
d on
OT
C m
arke
t bef
ore
the
date
.BI
DV =
Ban
k fo
r Inv
estm
ent a
nd D
evel
opm
ent o
f Vie
tnam
; HOS
E =
Ho
Chi M
inh
Stoc
k Ex
chan
ge; H
NX =
The
Han
oi S
tock
Exc
hang
e; V
SD =
Vie
tnam
Sec
uriti
es
Depo
sitor
ySo
urce
: ABM
F SF
2.
Figu
re 1
. VI
E B
ond
Set
tlem
ent
Infr
astr
uctu
re D
iagr
am
OTC
Mar
ket
HNX
BIDV
VSD
HOSE
71
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 2
. VI
E B
usin
ess
Pro
cess
Flo
w G
over
nmen
t B
ond
Mar
ket/
DVP
VSD
BIDV
HNX
1. Tr
ade
7. M
akin
g no
tice
of m
ultil
ater
al n
ettin
g
and
settl
emen
t
13. B
alan
ce re
port
of m
embe
r’s d
epos
it ac
coun
t
12. C
heck
ing
cash
bal
ance
on
mem
ber’s
dep
osit
acco
unt
16. R
epor
t on
cash
rem
ittan
ce fo
r mul
tilat
eral
net
ting
and
paym
ent
14. T
rans
ferri
ng th
e m
oney
from
Mem
ber’s
dep
osit
acco
unt t
o M
embe
r’s c
ash
acco
unt
18.,
21.,
24. R
epor
t on
fund
tran
sfer
for m
ultil
ater
al n
ettin
g an
d pa
ymen
t
17. T
rans
ferri
ng m
oney
from
Mem
ber’s
cas
h ac
coun
t to
VSD’
s de
posit
acc
ount
24. S
umm
ary
repo
rt on
cle
arin
g an
d pa
ymen
t for
cas
h
20. T
rans
ferri
ng m
oney
from
VSD
’s de
posit
acc
ount
to M
embe
r’s c
ash
acco
unt
23. A
lloca
ting
amou
nt fr
om M
embe
r’s c
ash
acco
unt t
o M
embe
r’s d
epos
it ac
coun
t
19. D
elive
ring
secu
ritie
s fro
m M
embe
r’s a
ccou
nt to
VS
D’s
acco
unt
11. S
umm
ary
repo
rt on
sec
uriti
es m
ultil
ater
al n
ettin
g an
d se
ttlem
ent
22. D
elive
ring
secu
ritie
s fro
m V
SD’s
acco
unt t
o M
embe
r’s a
ccou
nt25
. Allo
catin
g se
curit
ies
from
Mem
ber’s
acc
ount
for
clear
ing
to th
ose
acco
unt f
or tr
adin
g
15. D
elive
ring
secu
ritie
s fro
m M
embe
r’s a
ccou
nts
pend
ing
for s
ettle
men
t int
o th
ose
acco
unts
for C
lear
ing
and
Settl
emen
t
3. M
atch
ing
5. Tr
ansa
ctio
n Re
sult
9. S
umm
ary
notic
e of
cas
h m
ultil
ater
al
netti
ng a
nd p
aym
ent
2. Tr
ade
inst
ruct
ion
2. Tr
ade
inst
ruct
ion
4. M
atch
ing
resu
lt4.
Mat
chin
g re
sult
6. S
endi
ng R
epor
t6.
Sen
ding
Rep
ort
8. N
otice
of c
ash
and
secu
ritie
s m
ultil
ater
al n
ettin
g an
d se
ttlem
ent
8. N
otice
of c
ash/
secu
ritie
s m
ultil
ater
al n
ettin
g an
d se
ttlem
ent
10. N
otice
of t
rans
actio
n re
sults
con
firm
atio
n 10
. Not
ice o
f tra
nsac
tion
resu
lts c
onfir
mat
ion
Selle
rBu
yer
Sour
ce: A
BMF
SF2.
72
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Not
e: D
escr
ipti
on o
f VI
E B
usin
ess
Pro
cess
Flo
w G
over
nmen
t B
ond
Mar
ket/
DVP
(1
/2)
OTC
Mar
ket
1.
The
selle
r and
buy
er e
xecu
te b
ond
trade
s via
dire
ct n
egot
iatio
n m
etho
ds. T
rade
is e
xecu
ted
befo
re tr
adin
g da
y, be
caus
e tra
ding
day
is
the
day
when
the
selle
r and
buy
er in
put t
he in
stru
ctio
n in
to th
e sy
stem
. 2.
Bo
th th
e se
ller a
nd b
uyer
inpu
t tra
de in
stru
ctio
n in
to th
e ex
chan
ge s
yste
m o
f HN
X.3.
Af
ter i
nput
ting,
the
exch
ange
sys
tem
aut
omat
ical
ly m
atch
es th
e tra
de in
stru
ctio
ns.
4.
Trad
ing
resu
lt is
conf
irmed
to th
e se
ller a
nd b
uyer
.5.
Ea
ch e
xcha
nge
mar
ket s
ends
tran
sact
ion
resu
lt to
VSD
. VSD
che
cks
bond
hol
ding
info
rmat
ion
of d
epos
itory
mem
ber’s
clie
nts.
6.
VSD
mak
es a
nd s
ends
repo
rts to
mem
bers
incl
udin
g: S
umm
ary
notic
e of
tran
sact
ion
resu
lts; N
otic
e of
acc
ount
s la
ckin
g se
curit
ies
for s
ettle
men
t; an
d N
otic
e of
upd
atin
g in
vest
or’s
info
rmat
ion.
Afte
r rec
eivin
g th
e re
port,
mem
bers
che
ck th
eir t
rans
actio
ns.
7.
From
14:
30 to
15:
30, V
SD m
akes
not
ice
of m
ultil
ater
al n
ettin
g an
d se
ttlem
ent.
8.
From
15:
30 to
16:
00, V
SD s
ends
to e
ach
mem
ber “
Not
ice
of c
ash
mul
tilat
eral
net
ting
and
paym
ent”
and
“N
otic
e of
sec
uriti
es
mul
tilat
eral
net
ting
and
settl
emen
t”.
9.
From
15:
30 to
16:
00, V
SD s
ends
to th
e se
ttlem
ent b
ank:
“Su
mm
ary
notic
e of
cas
h m
ultil
ater
al n
ettin
g an
d pa
ymen
t” F
rom
16:
00
to 1
6:30
, VSD
sen
ds to
the
settl
emen
t ban
k in
the
form
of f
iles
via a
line
bet
ween
VSD
and
the
settl
emen
t ban
k. A
fter s
ucce
ssfu
lly
send
ing
expo
rted
file,
VSD
info
rms
the
resu
lt to
the
settl
emen
t ban
k.10
. By
8:3
0 of
the
settl
emen
t day
(T+
1), m
embe
rs s
end
“Not
ice
of tr
ansa
ctio
n re
sult
conf
irmat
ion”
and
erro
r cor
rect
ion
prop
osal
(if
any
) to
VSD
. If V
SD fa
ils to
rece
ive “
Not
ice
of tr
ansa
ctio
n re
sult
conf
irmat
ion”
from
mem
bers
, all
trans
actio
ns s
hall
be d
eem
ed
exac
t and
con
firm
ed.
11.
VSD
mak
es a
nd fi
les
“sum
mar
y re
port
on s
ecur
ities
mul
tilat
eral
net
ting
and
settl
emen
t.”
12.
From
11:
00 to
11:
30, B
IDV
chec
ks c
ash
bala
nce
on m
embe
r’s d
epos
it ac
coun
t for
cle
arin
g an
d se
ttlem
ent
(to e
nsur
e se
ttlem
ent f
or s
ecur
ities
tran
sact
ions
in li
ne w
ith V
SD’s
not
ice)
.13
. BI
DV
send
s th
e ba
lanc
e re
port
of m
embe
r’s d
epos
it ac
coun
t for
cle
arin
g an
d se
ttlem
ent t
o VS
D.
14.
From
13:
00 to
14:
00, b
ased
on
the
paym
ent d
ocum
ents
, BID
V au
tom
atic
ally
trans
fers
the
paya
ble
amou
nt fr
om m
embe
r’s
depo
sit a
ccou
nt fo
r cle
arin
g an
d se
ttlem
ent (
brok
erag
e ac
coun
t and
/or p
ropr
ieta
ry a
ccou
nt) t
o th
eir c
ash
acco
unt f
or c
lear
ing
and
settl
emen
t.15
. Ba
sed
on th
e pa
ymen
t doc
umen
ts, V
SD a
utom
atic
ally
deliv
ers
secu
ritie
s fro
m m
embe
r’s s
ecur
ities
acc
ount
s pe
ndin
g fo
r set
tlem
ent
(bro
kera
ge a
ccou
nt a
nd/o
r pro
prie
tary
acc
ount
) int
o m
embe
r’s s
ecur
ities
acc
ount
s fo
r cle
arin
g an
d se
ttlem
ent o
pene
d at
VSD
.16
. BI
DV
send
s fil
es a
nd d
ocum
ents
to V
SD “
Repo
rt on
cas
h re
mitt
ance
for m
ultil
ater
al n
ettin
g an
d pa
ymen
t” fr
om m
embe
r’s d
epos
it ac
coun
t for
cle
arin
g an
d se
ttlem
ent t
o m
embe
r’s c
ash
acco
unt f
or c
lear
ing
and
settl
emen
t.17
. Fr
om 1
4:00
to 1
4:30
, bas
ed o
n th
e pa
ymen
t doc
umen
t, BI
DV
trans
fers
mon
ey (n
et a
ccou
nt p
ayab
le) f
rom
mem
ber’s
cas
h ac
coun
t fo
r cle
arin
g an
d se
ttlem
ent t
o VS
D’s
cas
h ac
coun
t for
cle
arin
g an
d se
ttlem
ent.
18.
BID
V se
nds
files
and
doc
umen
ts to
VSD
“Re
port
on fu
nd tr
ansf
er fo
r mul
tilat
eral
net
ting
and
paym
ent”
– fr
om m
embe
r’s c
ash
acco
unt f
or c
lear
ing
and
settl
emen
t to
VSD
’s d
epos
it ac
coun
ts fo
r cle
arin
g an
d se
ttlem
ent.
19.
Base
d on
the
fund
tran
sfer
repo
rt by
BID
V, V
SD d
elive
rs s
ecur
ities
(tot
al n
et v
olum
e re
ceiva
ble)
from
sel
ling
mem
ber’s
sec
uriti
es
acco
unt f
or c
lear
ing
and
settl
emen
t to
VSD
’s s
ecur
ities
acc
ount
s fo
r cle
arin
g an
d se
ttlem
ent.
VSD
and
BID
V ch
eck
and
com
pare
th
e ba
lanc
e in
VSD
’s s
ecur
ities
acc
ount
for c
lear
ing
and
settl
emen
t and
VSD
’s d
epos
it ac
coun
t for
cle
arin
g an
d se
ttlem
ent w
ith th
e pa
ymen
t doc
umen
ts.
73
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
20.
From
14:
30 to
14:
45, b
ased
on
the
paym
ent d
ocum
ents
, BID
V au
tom
atic
ally
trans
fers
mon
ey (t
otal
net
val
ue re
ceiva
ble)
from
VS
D’s
dep
osit
acco
unt f
or c
lear
ing
and
settl
emen
t to
sellin
g m
embe
r’s c
ash
acco
unts
for c
lear
ing
and
settl
emen
t.21
. BI
DV
send
s fil
es a
nd d
ocum
ents
to V
SD’s
“Re
port
on fu
nd tr
ansf
er fo
r mul
tilat
eral
net
ting
and
paym
ent”
– fr
om V
SD’s
dep
osit
acco
unt f
or c
lear
ing
and
settl
emen
t to
mem
ber’s
cas
h ac
coun
ts fo
r cle
arin
g an
d se
ttlem
ent.
22.
Base
d on
the
fund
tran
sfer
repo
rt by
BID
V, V
SD d
elive
rs s
ecur
ities
(tot
al n
et v
olum
e re
ceiva
ble)
from
VSD
’s s
ecur
ities
acc
ount
for
clea
ring
and
settl
emen
t to
buyin
g m
embe
r’s s
ecur
ities
acc
ount
s fo
r cle
arin
g an
d se
ttlem
ent.
23.
From
14:
45 to
15:
00, b
ased
on
the
paym
ent d
ocum
ents
, the
BID
V au
tom
atic
ally
allo
cate
s re
spec
tive
amou
nt fr
om m
embe
r’s c
ash
acco
unts
for c
lear
ing
and
settl
emen
t to
mem
ber’s
dep
osit
acco
unt f
or c
lear
ing
and
settl
emen
t (br
oker
age
acco
unt o
r/and
pro
prie
tary
ac
coun
t) at
the
BID
V.24
. BI
DV
send
s fil
es a
nd d
ocum
ents
to V
SD “
Repo
rt on
fund
tran
sfer
for m
ultil
ater
al n
ettin
g an
d pa
ymen
t” fr
om m
embe
r’s c
ash
acco
unts
for c
lear
ing
and
settl
emen
t to
mem
ber’s
dep
osit
acco
unt f
or c
lear
ing
and
settl
emen
t and
“Su
mm
ary
repo
rt on
cle
arin
g an
d pa
ymen
t for
cas
h”.
25.
Purs
uant
to th
e fu
nd tr
ansf
er re
port
by th
e BI
DV,
VSD
allo
cate
s th
e re
spec
tive
secu
ritie
s fro
m m
embe
r’s s
ecur
ities
acc
ount
s fo
r cl
earin
g an
d se
ttlem
ent t
o m
embe
r’s s
ecur
ities
acc
ount
s fo
r tra
ding
(bro
kera
ge a
ccou
nts
and/
or p
ropr
ieta
ry a
ccou
nts)
. So
urce
: ABM
F SF
2.
Not
e: D
escr
ipti
on o
f VI
E B
usin
ess
Pro
cess
Flo
w G
over
nmen
t B
ond
Mar
ket/
DVP
(2
/2)
74
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
VSD
BIDV
HNX
2. M
atch
ing
4. Tr
ade
data
5. B
lock
ing
bond
s
12. C
ash
Settl
emen
t
12. B
ond
settl
emen
t
1. Tr
ade
orde
r1.
Trad
e or
der
10. T
rans
fer o
f Fun
ds
3. M
atch
ing
resu
lts3.
Mat
chin
g re
sult
6. S
umm
ary
notic
e of
tran
sact
ion
resu
lts a
nd o
ther
s6.
Sum
mar
y no
tice
of tr
ansa
ctio
n re
sults
and
oth
ers
7. N
otice
of c
ash/
secu
ritie
s m
ultil
ater
al n
ettin
g an
d pa
ymen
t/or
Notic
e of
trad
e by
trad
e pa
ymen
t of
secu
ritie
s/ca
sh w
ith U
SD b
onds
7. N
otice
of c
ash/
secu
ritie
s m
ultil
ater
al n
ettin
g an
d pa
ymen
t/or
Notic
e of
trad
e by
trad
e pa
ymen
t of
secu
ritie
s/ca
sh w
ith U
SD b
onds
8. N
otice
of t
rans
actio
n re
sult
conf
irmat
ion
(and
trad
ing
amen
dmen
t doc
umen
ts if
any
)
8. N
otice
of t
rans
actio
n re
sult
conf
irmat
ion
(and
trad
ing
amen
dmen
t doc
umen
ts if
any
)
9. S
umm
ary
notic
e of
cas
h m
ultil
ater
al n
ettin
g an
d pa
ymen
t/or
Sum
mar
y no
tice
of tr
ade
by tr
ade
paym
ent o
f cas
h wi
th U
SD b
onds
11. N
otice
of l
ist o
f mem
bers
who
ar
e in
def
ault
of c
ash
(if a
ny)
Selle
rBu
yer
Note
: Thi
s Tra
nsac
tion
Flow
sim
plifie
s th
e flo
wcha
rt of
the
prev
ious
pag
e.So
urce
: ABM
F SF
2.
Figu
re 3
. VI
E B
usin
ess
Pro
cess
Flo
w:
Rev
ised
Bon
d M
arke
t/D
VP
75
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Dom
estic
Cus
todi
an
Glob
al
Cust
odia
n
Inte
rnat
iona
lBr
oker
VSD
Coun
ter-
part
y
HNX
(eBo
nd)
BIDV
As F
X Ba
nk
As C
ash
Co
rres
pond
ent
As C
ash
Corr
espo
nden
t
Dom
estic
Ba
nk
Dom
estic
Br
oker
Foreign Institutional Investor (direct or Investment Manager)
3. Tr
ade
Orde
r4.
Trad
e Or
der
5. A
gree
men
t on
Trade
an
d Si
gnin
g of
Con
tract
12. Balance Enquiry
8. Trade Confirmation
7. Tr
ade
Conf
irmat
ion
6. Tr
ade
Conf
irmat
ion
13. C
aptu
re Tr
ade
Deta
ils
11. R
elay
of T
rade
Det
ails
9. S
ettle
men
t In
stru
ctio
n14
. Set
tlem
ent R
epor
t
Cash Settlement
Transaction result
Clearing and Settlement
Trading
24. S
ettle
men
t Co
nfirm
atio
n
10. S
ettle
men
t Ins
truct
ion
16. M
atch
ing/
Stat
us U
pdat
e
22. S
ettle
men
t Con
firm
atio
n
25. S
ecur
ities
Sta
tem
ent
(15.
Cor
rect
ion
of
Trans
actio
n De
tails
)
20. R
etrie
val o
f Se
ttlem
ent C
onfir
mat
ion
19. F
undi
ng o
f BID
V Ac
coun
t
27. C
ash
Stat
emen
t26
. Cas
h St
atem
ent
23. F
undi
ng o
f Tra
des
17. F
X Co
nfirm
atio
n18
. FX
Conf
irmat
ion
2. F
X/Fu
ndin
g In
stru
ctio
n1.
FX/
Fund
ing
Inst
ruct
ion
21. R
etrie
val o
f Deb
it/Cr
edit
Info
rmat
ion
Cross-Border
Figu
re 4
. VI
E O
TC B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s
Sour
ce: A
BMF
SF2.
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
76
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
T-1 1.
Fo
reig
n In
stitu
tiona
l Inv
esto
r sen
ds F
X/fu
ndin
g in
stru
ctio
n to
Glo
bal C
usto
dian
(for
pla
nned
bon
d tra
des)
.2.
Gl
obal
Cus
todi
an s
ends
FX/
fund
ing
inst
ruct
ion
to D
omes
tic C
usto
dian
(to
ensu
re ti
mel
y av
aila
bilit
y of
VN
D).
3.
Fore
ign
Inst
itutio
nal I
nves
tor p
lace
s or
der w
ith In
tern
atio
nal B
roke
r.4.
In
tern
atio
nal B
roke
r pla
ces
orde
r, ty
pica
lly w
ith D
omes
tic B
ank.
5.
Dom
estic
Bro
ker/B
ank
trade
s OT
C wi
th C
ount
erpa
rty (v
ia p
hone
), bo
th p
artie
s sig
ns tr
ade
agre
emen
t (co
ntra
ct).
6.
Dom
estic
Bro
ker/B
ank
send
s tra
de c
onfir
mat
ion
to In
tern
atio
nal B
roke
r.7.
In
tern
atio
nal B
roke
r sen
ds tr
ade
conf
irmat
ion
to F
orei
gn In
stitu
tiona
l Inv
esto
r.8.
D
omes
tic B
ank
send
s tra
de c
onfir
mat
ion
to D
omes
tic C
usto
dian
.9.
Fo
reig
n In
stitu
tiona
l Inv
esto
r sen
ds s
ecur
ities
set
tlem
ent i
nstru
ctio
n to
Glo
bal C
usto
dian
.10
. Gl
obal
Cus
todi
an in
stru
cts
Dom
estic
Cus
todi
an o
n se
curit
ies
settl
emen
t det
ails.
11.
Dom
estic
Ban
k re
lays
trad
e de
tails
to D
omes
tic B
roke
r (as
HN
X m
embe
r) fo
r tra
de c
aptu
re.
Trad
e Da
te12
. D
omes
tic B
roke
r che
cks
avai
labl
e fu
nds/
bond
s wi
th D
omes
tic C
usto
dian
.13
. D
omes
tic B
roke
r cap
ture
s tra
de d
etai
ls on
HN
X, ty
pica
lly v
ia e
Bond
fron
t-end
sys
tem
.14
. VS
D p
rovid
es S
ettle
men
t Rep
ort t
o D
omes
tic C
usto
dian
( at
end
of “
Trad
e D
ate”
).15
. On
ly in
the
even
t of a
disc
repa
ncy,
does
Dom
estic
Cus
todi
an n
eed
to c
onta
ct V
SD (h
ence
das
hed
arro
w).
16.
Dom
estic
Cus
todi
an p
rovid
es s
ettle
men
t/mat
chin
g st
atus
to G
loba
l Cus
todi
an.
17.
Dom
estic
Cus
todi
an s
ends
FX
conf
irmat
ion
to G
loba
l Cus
todi
an.
18.
Glob
al C
usto
dian
sen
ds F
X co
nfirm
atio
n to
Inve
stor
.19
. D
omes
tic C
usto
dian
effe
cts
fund
ing
of B
IDV
acco
unt.
20.
Afte
r set
tlem
ent d
eadl
ine,
Dom
estic
Cus
todi
an re
triev
es s
ettle
men
t con
firm
atio
n fro
m V
SD (h
ardc
opy,
or o
nlin
e).
Sett
lem
ent D
ate/
T+1
21.
Afte
r set
tlem
ent d
eadl
ine,
Dom
estic
Cus
todi
an re
triev
es c
ash
debi
t/cre
dit c
onfir
mat
ions
from
BID
V (h
ardc
opy)
.22
. D
omes
tic C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
Glo
bal C
usto
dian
.23
. Gl
obal
Cus
todi
an e
ffect
s fu
ndin
g of
acc
ount
with
Dom
estic
Cus
todi
an, o
r int
o FC
Y no
stro
acc
ount
(bef
ore
end
of d
ay).
24.
Glob
al C
usto
dian
sen
ds s
ettle
men
t con
firm
atio
n to
For
eign
Inst
itutio
nal I
nves
tor.
25.
Dom
estic
Cus
todi
an s
ends
sec
uriti
es s
tate
men
t to
Glob
al C
usto
dian
.26
. D
omes
tic C
usto
dian
sen
ds d
ebit/
cred
it in
form
atio
n in
cas
h st
atem
ent t
o Gl
obal
Cus
todi
an.
27.
Glob
al C
usto
dian
sen
ds c
ash
stat
emen
t to
Fore
ign
Inst
itutio
nal I
nves
tor.
Sour
ce: A
BMF
SF2.
Not
e: D
escr
ipti
on o
f VI
E O
TC B
ond
Tran
sact
ion
Flow
for
For
eign
Inve
stor
s
77
ASEAN+3 Bond Market Guide | Volume 2 | Part 3 ASEAN+3 Bond Market Guide | Volume 2 | Part 3ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Bond
Mar
ket I
nfra
stru
ctur
e D
iagr
am
78
ASEAN+3 Bond Market Guide | Volume 2 | Part 3
Figu
re 1
. AS
EAN
+3
Gov
ernm
ent
Bon
d M
arke
t In
fras
truc
ture
Dia
gram
Trad
e
Trad
e m
atch
ing
CCP
Sett
lem
ent
mat
chin
g
Bond
se
ttle
men
t
Cash
se
ttle
men
t
Viet
Nam
OTC
VSD
KSD
CCDC
CSDC
C
PDTC
PDEx
Ross
STP
Facil
ity
BTBT
r-ROS
S
PDEx
eDVP
JASD
ECPS
MS
JASD
ECPS
MS
CFET
SHK
MA
CMU
TCH
PTI
TSD
PTI
HNX
BIDV
Com
mer
cial
Bank
BOT
BAHT
NET
MAS
MEP
S+
RTGS
BSP
PhilP
ass
BOK
BOK-
Wire
+BO
JBO
J-NE
TBI
BI-R
TGS
HKM
ACH
ATS
PBOC
HVPS
CN
APS
BOJ
BOJ-
NET
BNM
RENT
AS-
IFTS
TCH
PTI
BMS
ETP
Toky
oOT
CM
anila
OTC
PRC
OTC
Inte
r-ban
kBo
nd M
arke
t
Thai
land
OTC
Indo
nesia
OTC
Mal
aysia
OTC
MAS
MEP
S+ S
GSBN
MRE
NTAS
-SSD
S
BIBI
-SSS
S
HKM
ACM
U
Hong
Kon
gOT
CSe
oul
OTC
KRX
SSE
and
SZSE
BRU,
CAM
, LAO
, MYA
VIE
MAL
SIN
JPN
PRC
THA
KOR
HKG
PHI
INO
Brun
ei
Daru
ssal
amCa
mbo
dia
Lao
PDR
Mya
nmar
(Net
ting)
Note
:
Exch
ange
Mar
ket
Dire
ct in
ters
yste
m c
onne
ctio
n
Ce
ntra
l Ban
k
In
dire
ct c
onne
ctio
n. Tr
ade
data
(bon
d se
ttlem
ent i
nstru
ctio
ns) a
re e
nter
ed to
CSD
by
agen
t cus
todi
ans.
Com
mer
cial B
ank
Sour
ce:
ABM
F SF
2.
KRX
JGBC
C
PDEx
PDEx
Sing
apor
eOT
C