Regulatory measures on interbank market broker business strengthened, market pricing chain faces reshaping.

With the continuous expansion of the interbank market and the increasing role of brokerage firms in price discovery, issues such as opaque quoting, off-market transactions, and information asymmetry arbitrage are becoming increasingly key risk points that impede the stable operation of the market. Since the beginning of this year, the China Banking Regulatory Commission and the People's Bank of China have successively introduced a new round of regulatory measures for interbank brokerage services, regulating the entire chain from institution admission, business boundaries to market behavior. Industry insiders believe that the interbank market will thereby enter a more transparent, regulated, and stable new stage.