BEIJING, Aug. 31 (Xinhua) -- Chinese regulators issued on Wednesday a circular to regulate from multiple aspects the data services of money brokerage companies, reported Xinhua Finance.
On August 30, five Chinese regulators such as the National Administration of Financial Regulation, Chinese central bank, China Securities Regulatory Commission, Cyberspace Administration of China and the State Administration of Foreign Exchange jointly released such a circular, in which data supply standards of money brokerage companies and the list of institutions qualified for related data service are provided.
As the circular shows, the eligible institutions include financial infrastructure institutions, valuation service providers, domestic financial information service providers, of which China Economic Information Service (CEIS) ranks the first, and overseas financial information service providers as well.
Since the start of this year, detailed basic rules for data service have gradually been rolled out in many Chinese localities and data as a productive factor has become a consensus of the whole society.
The circular requires money brokerage companies to abide by related laws, regulations and business ethnics, and fulfill data security and protection obligations so as not to harm national and financial security, public interests, and the legitimate rights and interests of financial institutions.
Money brokerage companies shall put data governance into their corporate governance and establish a data security system suitable for its business development goals, enrich data security management rules, build data safety protection mechanisms covering the whole life circle and all application scenarios of data, and carry out data security risk monitoring and appraisal to ensure safe data services.
Money brokerage companies are allowed to provide, upon authorization and approval of trading institutions, the latter's quotation data and data on transaction intentions to the market and the data supply standards shall obey the principle of minimizing the scale of necessary data supply, protecting client privacy and promoting information sharing. Any information that can be used to identify the two transaction parties of each deal is prohibited from supply.
Money brokerage companies are also required to strengthen examination over the qualifications of trading institutions and traders and shall not accept the quotations from institutions and individuals that do not meet the entrance requirements on China's interbank market and exchange market.
If quotation factor errors or quotations of a trading institution explicitly against market trends are founded, the money brokerage company shall confirm before releasing the quotations with the trading institution to avoid mistakes and reduce influences of abnormal data on the market. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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