Five financial regulators, including the central bank, securities regulator, national financial regulator, and cyberspace regulator, have urged interdealers to improve governance and data risk assessment.
According to a joint statement by the authorities, data brokers “must not pose a threat to national security, financial safety and public interest.”
In addition, Chinese authorities issued a list of more than 70 financial information service providers licensed to cooperate with currency brokers, including China Foreign Exchange Trading System, Shanghai Stock Exchange, Wind Information Co., Ltd., Refinitiv Information Services (China Branch) and Bloomberg.
Earlier, in March 2023, Chinese regulators suspended the currency brokerage data transmission service due to data security concerns. The move caused bond market turnover to plummet as many traders lost access to real-time data. The chaos only ended after China allowed the service to resume.
In recent years, China has paid more attention to data security and issued many new regulations requiring businesses to comply.
Under the new rules, brokers can provide authorized quote data, but must ensure customer privacy. Firms must tighten standards for traders and submit relevant trading data to regulators.
(According to Reuters)
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