China Securities Depository and Clearing Corporation Limited

China Securities Depository and Clearing Corporation Limited (CSDC, commonly known in Chinese as 中国结算) is the central securities depository and clearing institution of the People's Republic of China. It was established in 2001 to unify the registration and settlement functions that had previously been operated separately by the Shanghai and Shenzhen stock exchanges, and it is jointly owned by those two exchanges under the oversight of China's securities regulator. As the sole central counterparty for the domestic securities market, CSDC operates the back-office infrastructure that underpins trading in A-shares, bonds, funds and other exchange-traded instruments. CSDC's core business covers securities registration, depository and custody services, clearing and settlement of securities transactions, and the provision of related data and account services to market participants. It maintains the securities accounts of investors, records ownership of listed securities, and settles trades on a delivery-versus-payment basis. It also provides services for the bond market, fund products and the rapidly growing cross-border investment channels that connect mainland China with Hong Kong and international markets. As a systemically important financial market infrastructure, CSDC is designated and supervised as part of China's financial safety net. It works closely with the China Securities Regulatory Commission (CSRC), the exchanges, and commercial banks, and it has expanded its international linkages through programmes such as Stock Connect and Bond Connect. Its services are used by securities firms, fund managers, banks, custodians and issuers across the country. CSDC operates a public-facing website and a range of digital channels, including the CSDC mobile app and the Fund E-Account app, through which investors can query their holdings and access account services. The organisation periodically suspends these online services for technical system maintenance and upgrades, publishing advance notices to market participants. Its official site is chinaclear.cn.

China Securities Depository and Clearing Corporation Limited was established in 2001 as part of a reform of China's securities market infrastructure. Before its creation, registration and settlement functions were handled separately by the Shanghai Stock Exchange and the Shenzhen Stock Exchange, each operating its own depository and clearing arrangements. To reduce fragmentation, improve efficiency and strengthen risk management, the two exchanges jointly established CSDC as a single national central securities depository and clearing house. From its founding, CSDC took over the securities registration and settlement operations of the two exchanges, creating a unified account system and a common set of settlement rules for the domestic market. This consolidation supported the rapid growth of China's stock market through the 2000s, including the expansion of the A-share market, the development of the bond market and the launch of new fund products. During the 2000s and 2010s, CSDC continued to build out its technical infrastructure, introducing electronic account opening, online investor services and centralised settlement systems. It also developed specialised services for different asset classes, including exchange-traded bonds, exchange-traded funds and other listed products. Its role as central counterparty was reinforced by regulatory reforms that emphasised central clearing as a tool for managing counterparty risk. A major phase of internationalisation began in the 2010s with the launch of mutual market access programmes. Stock Connect, which opened in 2014, linked the Shanghai and Hong Kong markets, and was later extended to Shenzhen. Bond Connect followed in 2017. These programmes required CSDC to work with overseas custodians, international central securities depositories and regulators to establish cross-border settlement and nominee holding arrangements, allowing international investors to access mainland securities through Hong Kong. CSDC has also expanded its digital services for investors. It operates the CSDC mobile app and the Fund E-Account app, which allow investors to check their securities holdings and fund accounts. The organisation regularly upgrades its systems and publishes maintenance notices, such as the 2026 notice announcing the suspension of its website, online business systems, CSDC app, Fund E-Account app and CA certificate system during the Mid-Autumn Festival and National Day holidays. Today CSDC is a core institution of China's capital market infrastructure, alongside the exchanges and the China Securities Regulatory Commission. It continues to develop services for the bond market, support cross-border investment channels and maintain the registration and settlement systems on which the domestic securities market depends.

• 2026

  CSDC announces suspension of its website, online business systems, CSDC app, Fund E-Account app and CA certificate system for technical maintenance during the Mid-Autumn Festival and National Day holidays.

• 2017

  Bond Connect is launched, further integrating mainland and international bond markets through CSDC-linked infrastructure.

• 2014

  Stock Connect links the Shanghai and Hong Kong markets, expanding CSDC's cross-border settlement role.

• 2001

  China Securities Depository and Clearing Corporation Limited is established by the Shanghai and Shenzhen stock exchanges as the unified national central securities depository and clearing house.

The core infrastructure of China's securities market, ensuring safe and efficient market operations.

• Securities registration and depository services

  Maintenance of investor securities accounts and records of ownership for listed securities.

• Clearing and settlement services

  Central counterparty clearing and delivery-versus-payment settlement for exchange-traded securities.

• CSDC mobile app

  Investor-facing mobile application for account and holding services.

• Fund E-Account app

  Application for fund account services and fund holding queries.

1. 1中国结算系统维护中...maintain.chinaclear.cn
2. 2中国结算官方网站chinaclear.cn