What is a bond pass? What's the point of being a bond quotation?

The full name of "Bond Connect" is "the interconnection between the mainland and Hong Kong bond markets", which refers to the mechanism arrangement for domestic and foreign investors to buy and sell bonds traded in Hong Kong and mainland bond markets through infrastructure institutions such as trading, custody and settlement, including "northbound connection" and "southbound connection".

"Northbound Link" is a mechanism arrangement for overseas investors from Hong Kong and other countries and regions to invest in the inter-bank bond market in the Mainland through the interconnection of infrastructure institutions in Hong Kong and the Mainland in terms of transactions, custody and settlement. "Southbound Connect" domestic investors invest in Hong Kong and overseas bond markets through the interconnection mechanism of infrastructure institutions in the two places. At present, only "northbound communication" is opened.

While attracting more foreign institutional investors, Bond Connect puts forward higher requirements for domestic RMB bond market makers. Recently, TF Securities has become one of the new 13 bond quotation institutions. For Tianfeng, as an important market-making institution in the inter-bank bond market in China, TF Securities's joining the bond quotation institution is conducive to improving the company's international comprehensive competitiveness, which is an important step for the company to practice its internationalization strategy.