Specifications of the Treasury Markets Association (TMA)
Renminbi (RMB) Bond Indicative Quotes (“indicative quotes”)
Calculating Agent
Thomson Reuters (TR)
Constituent Bonds
All outstanding China Ministry of Finance (CMoF) RMB
institutional bonds issued in Hong Kong.
The indicative quotes of individual banks are published twice per
day, at around 11:00 am and 4:00 pm. The quotes are compiled by
the data obtained at 11:00 am and 4:00 pm on every trading day
Number of indicative
quotes/day
from Monday to Friday (See below for the detailed calculation
methodology).
The indicative quotes published at the two times are carried in two
separate pages.
Methodology
TR collects from designated TR pages the indicative bid and offer
prices from the participating banks, and calculates for each bank
their individual mid-price in individual bonds by taking the
arithmetic average of the indicative bid and offer prices.
Participating banks make available their indicative bid and offer
Participating banks
quotes through TR pages, and give permission to TR to get access
to these pages to collect those quotes. The participation of banks
in making available their indicative quotes is voluntary. The list
of participating banks is at Table 1 below.
Indicative quotes
published
Individual participating banks’ mid-prices in the individual
Constituent Bonds.
Publication of
indicative quotes
information
The indicative quotes information is made available on Thomson
Reuters Eikon and for dissemination by other major newswires. The
11am-indicative quotes are also published on the TMA website.
Special arrangements
under typhoon signal
and black rainstorm
warning
Please refer to Table 2 below.
Table 1: List of participating banks
1.
2.
3.
4.
5.
6.
7.
8.
9.
Bank of China (Hong Kong) Limited
Bank of East Asia, Limited (The)
BNP Paribas
China CITIC Bank International Limited
China Construction Bank (Asia) Corporation Limited
Citibank, N.A.
Dah Sing Bank Limited
DBS Bank (Hong Kong) Limited
Hang Seng Bank, Limited
10. Hongkong and Shanghai Banking Corporation Limited (The)
11. Industrial and Commercial Bank of China (Asia) Limited
12. Nanyang Commercial Bank, Limited
13. Standard Chartered Bank (Hong Kong) Limited
14. Wing Lung Bank Limited
Last update: 31 July 2015
Table 2: Special arrangements under typhoon signal and black rainstorm
warning
Black Rainstorm Warning
Possible combinations of
No.81 Typhoon Signal and
Black Rainstorm Warning
Not issued OR
issued after
9:00 a.m.
Issued before
Issued before 9:00
9:00 a.m. and
a.m. and not
withdrawn at or before withdrawn at or
12:00 noon
before 12:00 noon
Indicative quotes
published at
11:00 am and
No morning indicative
quotes; Afternoon
indicative quotes
4:00 pm respectively
published at 4:00 pm
No morning indicative
quotes; Afternoon
indicative quotes
published at
4:00 pm
No morning indicative
quotes; Afternoon
indicative quotes
published at 4:00 pm
(2.2) not lowered at or
before 12:00 noon
No indicative quotes
published
No indicative quotes
published
(2.3) lowered2 at or
before 12:00 noon but
hoisted again before
2:30 p.m.
No indicative quotes
published
No indicative quotes
published
Indicative quotes
published at
11:00 am and
4:00 pm respectively
No morning indicative
quotes; Afternoon
indicative quotes
published at 4:00 pm
(1) Not hoisted
(2) Hoisted at or
before 11:00 a.m. and
2
No.81 Typhoon Signal
(2.1) lowered at or
before 12:00 noon
(3) Hoisted after
11:00 a.m. and
2
(3.1) lowered at or
before 12:00 noon
Morning indicative
quotes published at
(3.2) not lowered at or
11:00 am; No afternoon
before 12:00 noon
indicative quotes
published
Note 1: Or a higher number signal.
Note 2: To a typhoon signal below No. 8.
No indicative quotes
published
No indicative
quotes published