北京金融资产交易所有限公司

What 北京金融资产交易所有限公司 does

北京金融资产交易所有限公司 (Beijing Financial Assets Exchange, CFAE / 北金所) is a financial market infrastructure (FMI) platform founded on 2010-05-30 under the guidance of the People's Bank of China (PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and the Ministry of Finance (MOF), and approved by the Beijing Municipal Government. It operates as a limited liability company owned by seven institutional shareholders including NAFMII and Beijing Property Rights Exchange. CFAE is designated by PBOC as the bond issuance and trading platform for the interbank market, by NAFMII as the designated interbank market trading platform, and by the MOF as the financial-class state-owned asset trading platform; it also serves as the technical support and operations institution for the market-based debt-to-equity swap information reporting platform.

CFAE's core technology stack is anchored by the centralized bookbuilding system (集中簿记建档系统, currently V5.13.0), which supports full-lifecycle, online bond issuance workflows including pricing, allocation, subscription, credit risk mitigation warrant (CRMW) creation, and data transmission to Shanghai Clearing House. The platform has been upgraded to the "Full Chain Service" (发行全链通服务), which replaces legacy one-way data transmission with bidirectional, API-driven (iOpenAPI) integration covering underwriting, public/private placement, and registration flows. Complementary products include FinLink investment-financing matching platform (with nine core functions), an AI-driven intelligent document validation service, a debt data service (债数通), CRMW daily valuation using binomial tree modeling, NAFMII-approved instant messaging (IM), underwriting characteristic analytics, file management, and a WeChat service account for business notifications. A mobile APP and PC platform serve institutional users end-to-end.

CFAE generates revenue through four primary streams: (1) bond issuance service fees charged to issuers and lead underwriters; (2) transaction fees from bond asset trading, state-owned financial asset trading, and equity transfer transactions (priced by volume or trade count); (3) subscription/recurring information service fees from market members for value-added analytics and data services; and (4) platform access fees from institutions connecting via iOpenAPI. The pricing model is quote-based and not publicly disclosed. Primary customer segments are industrial/corporate bond issuers, lead underwriters and underwriting syndicate members (commercial banks and securities firms), institutional investors (bank wealth management, insurance, mutual funds, trusts, PE/VC firms), and qualifying non-financial institutional investors. Geographic coverage spans Beijing, Shanghai, Guangzhou, Hangzhou, Ningbo, Guiyang, and other major economic regions via joint roadshows with major commercial banks.

Name

北京金融资产交易所有限公司

Legal name

北京金融资产交易所有限公司

Website

https://cfae.cn

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

北京金融资产交易所有限公司 (CFAE / 北金所) is a PBOC-, NAFMII-, and MOF-designated financial market infrastructure platform operating China's interbank bond market issuance, trading, and information systems, serving commercial banks, industrial issuers, and institutional investors.

Ownership category

akta.pro rank

Product category

Financial Market Infrastructure

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

akta.pro secondary industries

Bond Auction & Primary Issuance Platforms (FSAFACAH), Corporate Bond Trading Platforms (FSAFACAB), Commercial Paper (CP) & Money Market Issuance (FSACABAH), Auction & Primary Issuance Platforms (IPO/Follow-on/Bond Auctions) (FSAFANAI)

Keywords

• Interbank bond issuance
• Debt underwriting services
• Credit risk mitigation
• Financial asset exchange
• Investment financing matching

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. 债券发行服务收费: 为银行间债券市场提供债券发行全流程服务（集中簿记建档、信息披露、登记结算），向债券发行人（工商企业）和承销商收取发行服务相关费用，是核心收入来源。
2. 交易服务收费: 提供债权资产交易、国有金融资产交易、转股资产交易等服务，按交易规模或笔数收取服务费用，覆盖非金融机构合格投资人交易平台报价及成交。
3. 信息服务费: 通过信息服务平台提供智能文档、债数通、承销特征分析、即时通讯、文件管理、CRMW估值等增值服务，向市场成员收取信息服务费用。
4. 平台接入费: 通过开放接口（iOpenAPI）服务向直连机构收取接入服务费，支持机构系统与北金所系统双向数据交换。

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Beijing Financial Assets Exchange Co., Ltd. (CFAE / 北京金融资产交易所) is China's first professional bond issuance and trading platform approved by the People's Bank of China and the Ministry of Finance, serving the interbank market. It provides end-to-end bond issuance, trading, and information disclosure services to issuers, underwriters, and institutional investors, and operates a matching platform that connects financing parties with investment capital.

Product overview

北京金融资产交易所 (CFAE) operates a multi-product financial market infrastructure platform comprising a core bond issuance system (集中簿记建档系统), the upgraded 发行全链通服务 for full lifecycle bond management, the FinLink投融资对接平台 for investor-issuer matching, and multiple specialized information services (债数通, 智能文档, 开放接口, CRMW估值, 即时通讯, 承销特征分析, 文件管理). The platform also supports 债权融资计划, 委托债权投资, 国有金融资产交易, and 市场化债转股信息报送, providing end-to-end services from bond issuance and trading to information disclosure and lifecycle management for the interbank bond market.

Differentiator

Problem solved

Functional benefit

Brands

• 发行全链通服务: 升级后的开放接口服务品牌，聚焦债券全生命周期管理，整合业务流、数据流与风控流，实现机构系统与业务系统无缝对接。
• FinLink投融资对接平台
• 债数通服务
• 智能文档服务
• CRMW估值服务
• 网上路演服务
• 北金所即时通讯（IM）
• 承销特征分析
• 文件管理服务
• 信用风险缓释凭证创设系统

Products and services

• Centralized Bookbuilding System (集中簿记建档系统) Core bond underwriting and bookbuilding platform serving lead underwriters and underwriting syndicates in the interbank market for centralized issuance of debt financing instruments.
• Full Chain Issuance Service (发行全链通服务) End-to-end API-based service delivering full-process issuance workflow capabilities, including file management, intelligent document handling, online roadshow, and instant communication for interbank market participants.
• FinLink Investment-Financing Matching Platform (FinLink投融资对接平台) Online matching service that connects financing parties (debt and equity) with a broad base of qualified institutional investors to facilitate investment-financing transactions.
• Debt Financing Plan (债权融资计划) Debt financing instrument listing and issuance service offered to enterprises seeking debt capital on the CFAE platform.
• Entrusted Debt Investment Plan (委托债权投资计划) Entrusted debt investment product offering for institutional investors and entrusting parties on the CFAE platform.
• State-Owned Financial Asset Transaction (国有金融资产交易) Transaction services and venue for state-owned financial assets listed for transfer or trade on the CFAE platform.
• Market-Based Debt-to-Equity Swap Reporting Platform (市场化债转股信息报送平台) Information submission and reporting platform for market-based debt-to-equity swap programs administered through CFAE.
• Credit Risk Mitigation Warrant Creation System (信用风险缓释凭证创设系统) Technical system supporting creation, registration, and management of Credit Risk Mitigation Warrants (CRMW) to support credit risk transfer in interbank bond transactions.
• Information Disclosure Service (信息披露服务) Information disclosure and reporting service for issuers of interbank market instruments, supporting regulatory and market transparency requirements.
• CFAE Integrated Business Platform (CFAE综合业务平台) Integrated business platform providing institutional users with consolidated access to CFAE's bond issuance, trading, and information services.

Quantifiable outcome

• 全国首单银行间市场消费类定向资产支持票据（类REITs）在北金所成功发行，发行规模11.77亿元，认购倍数1.67倍
• +2 more outcomes

Named customers19 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature13 records

Partnerships

18 partnerships are on record, tiered core, secondary and flagship.

• 杭州银行股份有限公司coreGTM or Marketing Partner · 15 June 2026杭州银行与北金所联合主办股权投资机构科创债投融资对接会，围绕科创金融综合服务体系，与股权投资机构共同探讨科创债市场机遇与合作路径，探索债权+股权综合服务模式。
• 中国建设银行股份有限公司coreGTM or Marketing Partner · 11 June 2026建设银行与北金所在广州联合举办"建债智造 融湾向实"宣介会，秉持商投行一体化理念，依托科创债券等特色产品赋能制造业、科创企业，累计承销制造业专项债券超230期（1000亿元+）、科创债券超250期（近1200亿元）。
• 中债信用增进投资股份有限公司secondaryStrategic or Co-development Partner · 11 June 2026中债信用增进在北金所大湾区产品创新专场宣介会上全面介绍信用增进产品的设计思路与业务模式，与北金所共同服务银行间债券市场发行人和投资人。
• 中债资信评估有限责任公司secondaryStrategic or Co-development Partner · 11 June 2026中债资信在北金所大湾区产品创新专场宣介会上针对债券评级分析方法进行详细解读，并参与圆桌论坛，与北金所共同完善债券市场信息服务生态。
• 东方金诚国际信用评估有限公司secondaryStrategic or Co-development Partner · 11 June 2026东方金诚在北金所大湾区产品创新专场宣介会上围绕当前经济走势及下半年政策走向进行主题分享，并参与圆桌论坛，与北金所共同丰富债券市场信息服务内容。
• 浙商银行股份有限公司coreGTM or Marketing Partner · 9 June 2026浙商银行与北金所在宁波联合举办科创债专场路演交流会，聚焦科创债产品体系及CRMW业务创新，分享成熟实操经验。浙商银行表示将持续提升商行+投行综合服务能力，通过CRMW创设等多元化工具精准匹配科创企业全生命周期融资需求。
• 中国工商银行股份有限公司coreGTM or Marketing Partner · 9 May 2026作为FinLink·融见制造2026年投融资对接交流月联合合作机构，聚焦新能源、新材料、高端电子器件、智能制造等先进制造业，与北金所联合举办专题研讨和企业实地调研。
• 中国银行股份有限公司coreGTM or Marketing Partner · 9 May 2026作为FinLink·融见制造2026年投融资对接交流月联合合作机构，针对科创债、资产支持票据等创新融资工具，与北金所联合举办专题演讲与路演，分享精品案例与产品设计经验。
• 中国建设银行股份有限公司coreChannel Partner/ Reseller/ Distributor · 28 April 2026建设银行作为牵头主承销商，为全国首单银行间市场消费类定向ABN（类REITs）的顺利落地提供专业保障，充分体现国有大行投行专业性与跨领域综合服务能力。与北金所联合举办大湾区产品创新专场活动。
• 广州市城发投资基金管理有限公司coreChannel Partner/ Reseller/ Distributor · 28 April 2026广州城发基金作为发起机构，依托广州市不动产资产管理服务平台，在北金所成功发行全国首单消费类定向资产支持票据（类REITs），底层资产为广州天河新天地购物中心。
• 中国农业银行股份有限公司secondaryChannel Partner/ Reseller/ Distributor · 17 April 2026农业银行参与西藏交发集团2026年度第一期超短期融资券发行工作，与北金所就发行成果及后续深化合作深入交流，是北金所债券发行服务的重要合作渠道。
• 中国银行股份有限公司coreChannel Partner/ Reseller/ Distributor · 18 March 2026中国银行担任大华银行50亿元熊猫债的牵头主承销商及牵头簿记管理人，与北金所联合完成债券发行全流程，是北金所债券发行业务的重要渠道合作伙伴。
• 中国工商银行股份有限公司coreChannel Partner/ Reseller/ Distributor · 18 March 2026工商银行担任大华银行50亿元熊猫债的牵头主承销商及联席簿记管理人，与北金所共同完成债券发行，是北金所债券发行业务的重要渠道合作伙伴。
• 德意志银行（中国）有限公司secondaryChannel Partner/ Reseller/ Distributor · 18 March 2026德意志银行担任大华银行50亿元熊猫债的联席主承销商及联席簿记管理人，参与国际发行人熊猫债发行业务，是北金所引入的外资金融机构渠道伙伴。
• 贵阳银行股份有限公司secondaryGTM or Marketing Partner · 8 August 2025贵阳银行作为承办方，与北金所、上海清算所联合在贵阳市举办银行间市场债券业务从业人员技能培训（第一期），培训地点在贵阳银行总行大楼，培训面向主承销商、团成员从事债券发行相关业务人员。
• 中国银行间市场交易商协会flagshipOthers · 30 May 2010北金所是中国银行间市场交易商协会指定交易平台，在交易商协会领导下为市场提供债券发行与交易等服务，并依其发布的业务指引和规则开展信用风险缓释凭证创设等业务。
• 财政部flagshipOthers · 30 May 2010财政部指定北金所为金融类国有资产交易平台，承担金融类国有资产交易职能，是北金所的重要监管授权之一。
• 银行间市场清算所股份有限公司（上海清算所）coreTechnology or Integration · 30 May 2010北金所与上海清算所保持系统对接，支持续发行债券的注册登记材料、分销指令、信用风险缓释凭证创设要素信息等向上海清算所传输，以及簿记建档发行数据的线上交互。2025年8月双方联合举办银行间市场债券业务从业人员技能培训（第一期）。

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• CME Group: CME Group is one of the world's largest derivatives exchanges and also operates fixed income futures markets. It shares the regulated exchange-operator DNA with CFAE but operates globally across many asset classes rather than specializing in interbank bond issuance.
• Hong Kong Exchanges and Clearing (HKEX): HKEX is a diversified multi-asset exchange operator offering cash equities, derivatives, fixed income, and clearing services. Its bond listing platform and Bond Connect program are adjacent to CFAE's interbank bond issuance infrastructure, though HKEX serves an international investor base.

Regional players

• Singapore Exchange (SGX): SGX operates Asia's leading multi-asset exchange including fixed income and derivatives. It is a comparable Asia-based exchange infrastructure operator, though focused more on international and Singapore-listed instruments than on a domestic interbank bond market monopoly like CFAE.

Direct peers

• Shenzhen Stock Exchange: SZSE operates the Shenzhen exchange-traded bond market, parallel to CFAE for the interbank market. It competes for the same pool of Chinese corporate, municipal, and ABS issuers and institutional investors across primary issuance and trading.
• MarketAxess Holdings: MarketAxess operates an electronic trading platform for fixed income credit products globally, with analogous functionality to CFAE's interbank bond market platform: electronic RFQ/allocation, pre-trade data, and post-trade services for institutional fixed income participants.
• Tradeweb Markets: Tradeweb operates electronic marketplaces for institutional, wholesale, and retail trading in fixed income, derivatives, and ETFs. Its electronic bond trading and dealer-to-customer workflow closely mirror CFAE's electronic bookbuilding and iOpenAPI infrastructure for interbank bond issuance.
• Shanghai Stock Exchange: SSE operates the Shanghai exchange-traded bond market with overlapping issuer and investor overlap to CFAE's interbank market. Both host primary issuance, secondary trading, and information disclosure for fixed income products in China.
• Shanghai Clearing House (银行间市场清算所股份有限公司): Shanghai Clearing House is the central clearing counterparty for the interbank market and the system CFAE's bookbuilding platform directly interfaces with to settle bond issuance. Both operate as designated interbank market infrastructure under PBOC/NAFMII supervision, making them the closest functional complement/peer.
• China Securities Depository and Clearing Corporation (中国证券登记结算有限责任公司, CSDC): CSDC operates the depository, clearing, and settlement infrastructure for exchange-traded securities in China, overlapping with CFAE's information disclosure, registration, and post-issuance services. It is the dominant securities infrastructure counterpart to CFAE in the exchange-listed (non-interbank) bond and equity space.

Others

• Broadridge Financial Solutions: Broadridge provides technology, data, and communications infrastructure for financial market participants including trade processing, post-trade, and regulatory disclosure workflows. It is analogous to the technology and information-service layer that CFAE's iOpenAPI and '发行全链通' digital infrastructure deliver to interbank bond market members.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/%E5%8C%97%E4%BA%AC%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E4%BA%A4%E6%98%93%E6%89%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 北京金融资产交易所有限公司