[The Shanghai Clearing House announced the phased reduction and exemption arrangement for bond business fees] On September 30, the Inter-bank Market Clearing House Co., Ltd. issued a notice that the company will reduce or reduce the following bond business fees from October 1, 2026 to December 31, 2028: First, it will continue to exempt all bond issuance registration fees, halve the interest payment and redemption service fees, and further exempt panda bond interest payment and redemption service fees. The second is to implement a 10% discount on the settlement and transfer fees of cash bonds, and a 15% discount on the settlement and transfer fees of pledged repurchase (local currency), buyout repurchase (local currency), bond lending, and bond forwards. This measure applies to bond full settlement business. Third, on the basis of the second preferential treatment, a further 20% discount will be implemented on the settlement transfer fee of spot securities transactions made by market makers through market making (i.e., it will be charged at a 72% discount to the current charging standards). The identification and identification of market making transactions by market makers shall be based on the market making transaction data provided by the China Foreign Exchange Trading Center (National Interbank Funding Center). This discount is calculated on a quarterly basis and will be deducted from the full settlement business expenses incurred in subsequent quarters.