(Yicai Global) July 3 -- JPMorgan Chase Bank (China) announced its selection as an official Bond Connect market maker and the successful closing of the firm's first deal today.
The Bond Connect won approval for its formation last July 3 as a joint mechanism of the People's Bank of China and Hong Kong Monetary Authority that enables investors from both sides to trade bonds on each other's markets. About 497 overseas agencies had applied to ply the Bond Connect business by the end of May this year, while total debt overseas institutions held passed CNY1.4 trillion, a 70-percent rise from before the Connect started, public data show.
"The Bond Connect program is a milestone for China's financial market opening. J.P. Morgan China is pleased to become one of the Bond Connect market makers, which enables us to better support China's efforts to attract more international investors to China's Interbank Bond Market," said Mark Leung, JPMorgan China's CEO.
Today is the one-year anniversary of the Bond Connect program. JPMorgan China obtained its Debt Financing Instruments of Non-Financial Enterprises Underwriting License and Type-A Bond Settlement Agent license last year.
The firm was designated by the People's Bank of China as a yuan clearinghouse in the US in February, thus becoming the first non-Chinese bank to be so appointed.
Editor: Ben Armour