Transaction is a kind of loan with the amount of negotiable national debt as collateral. Its essence is that the fund demanders obtain a certain amount of fund use right for a certain period of time by holding bonds as collateral, and are unwilling to permanently transfer the ownership of the national debt they hold. It can buy back the national debt with corresponding maturity according to the length of capital demand, and needs to repay the principal and interest at maturity.

2. Securities repurchase

Bond repurchase refers to a transaction in which the two parties to a bond transaction agree in a contract that the "seller" (the repurchase party) of the bond will buy back the bond from the "buyer" (the reverse repurchase party) at the agreed price (the principal and interest calculated at the agreed repurchase rate) at a certain date in the future.

Extended data:

The business process of selling securities with funds.

1. Margin trading shall be entrusted to a securities institution, and all the lending funds shall be deposited in advance with the securities institution.

2. The staff of the securities operation institution shall accept the entrustment after checking and confirming the receipt of funds, and report to the computer host of the exchange. The reporting direction is selling (S), and the reporting price is the annual rate of return per 100 yuan of funds.

3. Matched by the host of the stock exchange. After the market closes on the same day, the transaction data shall be read back by the registration and settlement institution.

4. According to the transaction data and relevant trading rules, the registration and settlement institutions allocate financing funds from the settlement accounts of securities institutions, while the bonds mortgaged by counterparties are not directly transferred to the bond accounts of securities institutions that borrow funds and bonds, but are frozen by the registration and settlement institutions.

5. On the expiration date of repurchase, the computer system of the exchange will automatically generate a reverse transaction record, and the registration and settlement institution will read back the transaction data after the market closes. The registration and settlement institution shall transfer the financing principal and interest back to the settlement account of the securities operation institution of the financing party according to the transaction data and the repurchase transaction rules.

6. On the second day, the securities institution will transfer the principal and interest of margin financing and securities lending transferred back by the registration and settlement institution into the capital account opened by the customer.

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