Bloomberg CIBM-Direct RFQ

The fast track to China’s interbank bond market.

Bloomberg is an approved access point, connected to a system operated by the China Foreign Exchange Trade System (CFETS), providing global investors with electronic trading access to People’s Bank of China-approved interbank market participants via CIBM-Direct. Bloomberg delivers both electronic trade
negotiation (RFQ) and voice confirmation (VCON) functionality with enhanced price transparency.

Bloomberg CIBM-Direct RFQ gives global investors direct access to China’s interbank bond market through electronic (RFQ) trading — enhanced with pre-trade decision-making tools, alerts, enhanced price transparency, deeply integrated analytics, compliance rules, audit trails, and efficient access to amplifying information. It supports a variety of financial instruments in the China interbank bond market, with liquidity directly provided by authorized onshore dealers approved by the PBOC.

 

 

When using Bloomberg CIBM-Direct RFQ to connect to the CFETS system via Bloomberg’s Fixed Income EMS (TSOX), investors can stage orders from their Order Management System, initiate RFQ from TSOX for specified funds, and send an RFQ to dealers (on a fully disclosed basis) based on investor-preferred settings, enablements and registrations. Investors can also employ a variety of trading styles for the routing and execution of orders by their dealers, receive fill information, initiate post-trade actions such as allocations, and STP.

 

 

 

FAQ

What is Bloomberg CIBM-Direct RFQ?

Bloomberg CIBM-Direct RFQ is a Request-for-Quote (RFQ) service made available by Bloomberg Tradebook under the CIBM-Direct scheme. It is an offshore access channel that allows eligible offshore investors to trade RMB-denominated China interbank bonds via CIBM-Direct on the Bloomberg Terminal.

What securities can be traded using Bloomberg CIBM-Direct RFQ?

A variety of financial instruments approved by the PBOC that are executable in the China interbank bond market. This includes China government bonds, policy bank bonds, local government bonds, corporate debt instruments, onshore asset-backed securities, as well as other CIBM-eligible instruments.

How many onshore market makers are available for Bloomberg CIBM Direct RFQ?

At the moment, 56, which is similar to that for Bond Connect. Over time, additional onshore market makers may be added.

Can I access both CIBM-Direct RFQ and Bond Connect using Bloomberg?

Yes. CIBM-Direct RFQ and Bond Connect accounts are registered as separate accounts with CFETS. There is no overlap between accounts registered under both programs.

What is the minimum size and minimum increment?

CNY 10K with CNY 10K increment.

 

 

What is the maximum number of onshore market makers I can send RFQ to?

10.

What’s the onboarding process for Bloomberg CIBM-Direct RFQ?

Your sales representative for electronic trading will be able to help guide you through the onboarding process. For clients located in the United States, the Cayman Islands, and the United Kingdom, your Bloomberg Tradebook Onboarding specialist will help you.

What trading styles do you currently offer via Bloomberg CIBM Direct RFQ?

Bloomberg CIBM-Direct RFQ supports pre-allocation as well as post allocation to single or multiple accounts/funds. Additionally, both single order RFQ as well as list trading RFQ (basket orders) are supported.

Do you offer any STP support when trading via Bloomberg CIBM-Direct RFQ?
 

 

 

 

 

 

 

Yes, Bloomberg offers complete STP support for both Bloomberg Asset Investment Manager (AIM) and Trade Order Management Solutions (TOMS). Additionally, through use of Bloomberg’s Fixed Income Execution Management System (TSOX), you can benefit from the end-to end handling of a transaction via Bloomberg CIBM-Direct RFQ where order flow is managed through an external Order Management System.