China
A new, simpler way to trade China onshore bonds
You can now access the world’s second-largest bond market via MarketAxess. We have built China access into our existing, integrated, easy-to-use workflow that allows emerging market traders to execute China debt as efficiently as any other market on our platform, side-by-side with the broader local market debt universe.
The transformation of China’s onshore bond market
How are market participants creating the financial infrastructure needed to transform China’s $17tn bond market? Discover insights from a recent Trader’s Table that was hosted in partnership with Bond Connect Company Limited.
Key product features
Tradable products
Chinese sovereign bonds
Chinese local government bonds
Negotiable Certificate of Deposit (NCD’s)
Corporate bonds
Efficient and transparent workflow
Seamless and easy-to-use workflow
Disclosed request-for-quote (RFQ)
Pre- and post-trade block allocation
Full trade-life-cycle audit trail
Evidence best execution
Straight-through-processing to mitigate operational risk
Systematic CFETS trade confirmation
Streamlined access and set up
Step-by-step onboarding map
Fully assisted setup
Electronic trading and price discovery
Execute directly with eligible onshore dealers
Indicative streaming prices from onshore dealers
Request-For-Quote (RFQ) protocol
List trading
Synchronized trading with other global emerging markets
How do I access the Chinese bond market on MarketAxess?
To initiate a trade, an investor sends a request-for-quote (RFQ) via the MarketAxess platform, which acts as an interface to transmit the quote information to onshore dealers either via Bond Connect or CIBM Direct.
The response is then communicated back to MarketAxess by the CFETS. The yield and price are then displayed back on the MarketAxess interface, investors accept a price and the trade is then done.
Trading Hours
9:00AM – 12:00PM and 1:30PM – 8:00PM
(China Standard Time)
Request a demo
About the schemes
Bond Connect
Bond Connect is a scheme that enables Mainland and overseas investors to trade bonds tradable in the Mainland and Hong Kong bond markets through connection between the Mainland and Hong Kong Financial Infrastructure Institutions.
With fully-supported onboarding, internationally recognised trading interfaces and simplified trading flow, Bond Connect continues to see strong demand from international financial institutions.
As of January 2024, Bond Connect has onboarded 822 firms and average daily turnover has reached RMB 40.05bn.
CIBM Direct
As part of our offering, we also give global investors the opportunity to access the China Interbank Bond Market via another approved access channel, CIBM Direct.
The scheme is a highly utilised investment channel for China bonds and enables foreign investors to trade directly or through bonds settlement agents.
A note from our Founder and Executive Chairman
Our commitment to China and our partnership with CFETS.
"The opening of the China onshore bond market has been one of the most exciting stories for fixed income investors over the last few years. We’re delighted to now be playing a critical role in its next chapter through our close partnership with CFETS.
This is an important milestone in our continued international growth. And for our clients, a further enhancement of our award-winning Emerging Markets trading offering."
Rick McVey
Bringing innovative technology to emerging markets
Learn how we helped VanEck develop their footprint across all our emerging local markets, now including China.
An award-winning trading experience
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