2026年3月3日，受南方电网科学研究院有限责任公司、华南师范大学、重庆大学等单位委托，中国仪器仪表行业协会（以下简称“中仪协”）组织专家召开了“宽频、高精度里德堡原子电场测量关键技术及应用”项目科技成果评价视频会议。评价委员会由来自科研院所、高校、社会团体和用户企业的7位专家组成，中国计量科学研究院的贺青研究员担任主任委员。本次会议由中仪协副秘书长程红主持。 自2018年起，南方电网科学研究院有限责任公司以突破宽频、高精度电场测量技术为目标，联合华南师范大学、重庆大学等单位持续开展核心技术攻关，提出了一种大失谐宽频域连续谱微波电场测量方法和激光无跳模连续调谐与广范围扫描调谐方法，研发了国际首台基于里德堡原子的35kV宽频量子电压互感器和国内首台可搬运里德堡原子连续谱微波电场测量仪等装备，形成了覆盖“测量机理-硬件控制-软件算法-整机集成-工程应用”全环节的自主知识产权体系。目前，该成果已在电力计量与无线电计量两大领域率先实现工程应用，取得了显著的经济社会效益。 专家委员会听取了项目工作汇报、技术汇报，查阅了成果资料，对该项技术进行了综合评价。专家委员会一致认为该项目成果达到国际先进水平，其中基于里德堡原子的低频电场实时测量技术、大失谐宽频域连续谱微波电场测量技术达到国际领先水平。专家组一致同意该项目通过评价。 本次评价将有力推动量子精密测量技术在能源计量及更广泛工业领域的应用，为促进相关产业的技术升级和高质量发展提供有力支撑。

3月4日下午，全国政协十四届四次会议在北京开幕；3月5日上午，十四届全国人大四次会议在北京开幕。春风送暖，全国两会启幕。这是中国政治生活中一道恒常的风景，而2026年是“十五五”开局之年，除审议和讨论政府工作报告等常规议程外，今年全国两会肩负着擘画未来五年发展蓝图的重要使命，举国关注，万众期待。特殊年份召开的全国两会，必将凝聚共识、激发力量，鼓舞我们向着新的奋斗目标进发。 新中国成立以来，我国已编制并实施了14个五年规划（计划）。随着社会主义市场经济体制的建立和完善，五年规划已从计划经济条件下单纯指令性计划逐步演变为市场经济条件下国家推动经济社会发展的战略性、宏观性、政策性的指导性规划，成为阐明国家战略意图、明确政府工作重点、引导规范经营主体行为的发展纲领。深刻理解五年规划在凝聚发展共识、引领发展方向、优化资源配置、推动全面协调可持续发展等方面的深层次作用机制，对于有效发挥国家发展规划的战略导向作用，彰显中国特色社会主义的制度优势，具有十分重要的意义。 今年全国两会的一项重要内容，是审查、讨论“十五五”规划纲要草案。去年10月23日，中国共产党二十届四中全会通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。规划纲要草案将在本次全国人大会议上提交审查，党的主张将通过法定程序转化为国家意志，成为团结带领亿万人民全面建设社会主义现代化国家新征程上的行动纲领。本次全国政协会议也将讨论这一规划纲要草案，以此为蓝图共商发展大计，共谋务实良策。 这是在“十四五”圆满收官、“十五五”扬帆起航关键节点召开的一次盛会。这场春天的盛会，标注着国家发展的新坐标，宣示着一个充满生机与希望的中国正策马奔驰在现代化建设的康庄大道上。 回望来路，我们信心百倍。过去五年，在逆全球化寒流涌动、全球产供链遭受冲击的背景下，中国经济逆势而上，总量接连跨越110万亿元、120万亿元、130万亿元、140万亿元大关，对世界经济增长贡献率保持在30%左右，成为稳定可靠的动力源。 这是传统产业脱胎换骨、焕新提质的五年，钢铁等传统制造行业通过技术革新，单位产品综合能耗总体跃居世界先进水平；这是新兴产业集群崛起、领跑赛道的五年，60多个国家级先进制造业集群在新兴产业领域加速成型，柔性定制、共享制造、智慧物流等新业态新模式加快涌现；这是未来产业厚积薄发、生根破土的五年，超导量子计算机、光量子计算机实现量子优越性验证，激光制造技术整体水平跻身国际第一梯队，人形机器人打通从关键芯片、核心部组件到整机制造的全产业链条；这是民生福祉持续增进、成色更足的五年，近百万亿元财政资金投向民生领域，占全国一般公共预算支出超70%。五年奋进，一步一个脚印，一程一次接力，中国在高质量发展的道路上，正铺展出万千气象。 展望前程，我们豪情满怀。“十五五”是基本实现社会主义现代化夯实基础、全面发力的关键时期——它承上启下，既要巩固“十四五”打下的基础，又要为2030年后的冲刺积蓄动能。参加全国两会的数千名代表、委员审查讨论的这份未来五年的“行动总纲”，承载的不仅是经济指标的延续，更是发展范式的跃升。从“有没有”到“好不好”，从“体量优势”到“质量优势”，每一项部署都将彰显扎实推动高质量发展的战略定力，凝聚着奋力前行的力量。 经济发展取得新成效、改革开放迈出新步伐、社会文明程度得到新提高、生态文明建设实现新进步、民生福祉达到新水平、国家治理效能得到新提升——这六个维度的扎实突破，传递着国家未来向上向好的信心。肩负人民重托的代表委员们，以为国履职、为民尽责的使命担当，讲实话、道实情、出实招。在一次次热烈讨论、一场场坦诚交流中，政策主张与民生诉求深度交融，为国家发展注入奋进力量。 春风浩荡，万象更新。壮阔征程上，时间属于奋进者，历史属于奋进者。一个五年又一个五年阔步而行，让我们以实干续写昨日的荣光，以奋进开创明天的辉煌！ 来源：北京青年报社论 更多热点速报、权威资讯、深度分析尽在北京日报App 来源：北京日报客户端 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 扫描二维码下载手机客户端 分享到

以仪器仪表制造企业为主体，包括与仪器仪表有关的科研、设计院所、大专院校、社团和主管部门等，自愿结成的全国性、行业性组织，是不受部门、地区和所有制限制的非营利性社会组织。

近期，上海临床研究中心发布多项仪器采购意向，计划采购高分辨空间组学分析质谱仪、低温显微观察系统、细胞生物反应器系统、生物安全柜、细胞计数仪、二氧化碳细胞培养摇床、倒置荧光显微镜、超低温冰箱等仪器设备，预算总金额15513.1万元。预计采购时间2026年3月~5月。 采购意向只是政府采购的初步安排，具体采购情况以上海临床研究中心发布的采购公告和采购文件为准，有意向的企业可持续关注其发布的招标信息。 上海临床研究中心仪器采购意向汇总

近日，广电计量检测集团股份有限公司(以下简称“广电计量”)发布关于2026年技术改造计划的公告。根据公告，广电计量2026年进行技术改造计划总投资36,673万元，其中31,008万元用于仪器设备购置，3,682万元用于实验室场地装修和改造，1,983万元用于信息化建设。 本次技术改造计划由公司统一组织，根据实验室布局及能力规划由公司及各子公司分别实施，在全国七大区域(东北、华北、华东、华中、华南、西南、西北)的合计27个实验室基地分别实施。 其中，东北区域实验室建设拟投资285万元；华北区域实验室建设拟投资2,780万元；华东区域实验室建设拟投资10,190万元；华中区域实验室建设拟投资3,120万元；华南区域实验室建设拟投资14,795万元；西南区域实验室建设拟投资4,733万元；西北区域实验室建设拟投资770万元。 上述技术改造计划通过自筹资金实施。 图片来源：广电计量公告 广电计量表示，本次技术改造将进一步优化公司全国业务和实验室战略布局，完善全国技术服务网络，系统提高技术保障能力，补充提升产能。本次技术改造不会对公司财务状况、经营成果和现金流量产生不利影响。

今天上午，李强总理作政府工作报告。报告首页右上角，印着一个二维码。里面有什么内容，一起看——

广东要闻栏目发布省政府领导的政务活动、省内重大时政和民生新闻，当好信息服务传声筒。

2025年10月27日，第五次《区域全面经济伙伴关系协定》（RCEP）领导人会议回顾了协定生效四年的成果，确立其作为亚太抵御外部冲击、强化内部循环的系统性地位。 2026年1月1日，RCEP进入全面实施的第五年，大量原本处于过渡期的产品将迎来大幅度的关税下调乃至归零。区域累积原产地规则成为最核心变革力量，该规则允许成员国原产材料在后续生产加工中被视为本地成分，大幅降低零关税门槛。 这一红利在2025年已充分显现。以中国出口澳洲的重型矿山机械为例，其含有日本的精密液压件和韩国的电子控制系统。这在RCEP框架下被视为区域内产业，从而享受零关税待遇。该机制将中国制造能力、日韩零部件技术与澳新资源优势紧密捆绑，形成难以撼动的利益共同体。 2025年，中澳双边经贸合作正从传统的“矿石换商品”向绿色能源与服务贸易双轮驱动转型。 随着中国恢复澳大利亚活体岩龙虾进口及取消大麦、葡萄酒“双反”措施，2025年，澳大利亚农、海产品对华出口重回快车道，RCEP关于卫生措施透明化的规定有效降低了通关的不确定性。 更关键的转变在于铁矿石的“绿化”。利用澳大利亚丰富的绿氢资源还原铁矿，再由中国使用电弧炉生产高端绿钢，这种“澳洲绿氢+中国制造”的模式正推动两国经贸关系向脱碳合作伙伴升级。在关键矿产领域，尽管澳大利亚积极推进供应链多元化，但中国仍消化了其大部分锂辉石的出口。中国稀有金属出口管制政策框架的进一步明晰，结合RCEP投资保护条款，让中企在澳锂矿加工和澳企对华出口锂精矿有了更坚实的制度性保障。 服务贸易亦显著复苏。尽管澳大利亚调整国际教育生源结构，但RCEP学历互认机制和自然人移动便利化条款为中国留学生赴澳提供了制度保障。得益于跨境支付便利化和航线运力接近疫情前水平，中国赴澳游客数量同比增加21%，自驾游、研学游、高端定制游成为主流。 中新合作方面，2025年，中新经贸关系已形成RCEP、升级版双边自贸协定（FTA）、数字经济伙伴关系协定（DEPA）叠加的“三重锁定”格局。 升级版FTA红利在2025年集中爆发。随着保障性关税的全面移除，新西兰乳制品正以“零关税、无配额”的自由化姿态深耕中国市场。新西兰99%的对华木材出口实现零关税，助推新西兰林业向出口锯材、纸浆等高附加值产品转型。2024年6月启动的基于负面清单的服务贸易谈判，更让新西兰土壤修复、水资源管理、低碳农业企业大规模进入中国市场，参与“美丽中国”建设。 在数字经济领域，中新合作已进入规则制定层面。升级版FTA新增电子商务章节，结合RCEP便利化措施，新西兰鲜奶、奇异果等实现“抵港即放行”。2025年，中国保持新西兰最大电动汽车供应国地位，助力其交通脱碳；新西兰低甲烷畜牧技术则反哺中国农业。中新环境合作共识已经转化为实实在在的绿色贸易流。 在RCEP合作框架下，中澳、中新经贸关系呈现出殊途同归的演进路径。中澳关系在经历震荡后，正在走向务实与成熟，在绿色能源、关键矿产和农业领域找到新的利益交汇点。中新关系则在“三重锁定”的制度保障下，展示了RCEP成员国之间能够达到的深度融合高度。 向绿而行，向数而生，向制而深。对于中企而言，澳大利亚不再仅仅是“矿场”，新西兰也不再仅仅是“牧场”，它们皆是RCEP区域产业链中不可或缺的高端环节。在2026年以后的RCEP全面实施期，谁能善用区域累积规则，谁能深耕绿色价值链，谁就能在亚太经济的新版图中占据先机。 （作者系北京大学东盟国家研究中心助理研究员）

广东要闻栏目发布省政府领导的政务活动、省内重大时政和民生新闻，当好信息服务传声筒。

2025年全球铁路集装箱运输行业市场现状及发展前景分析 2031年达732亿美元【组图】 U V c 分享到： 成招荣 • 2026-03-05 17:00:51 来源：前瞻产业研究院 E1397G0 2025-2030年全球及中国铁路集装箱运输产业发展前景展望与投资战略规划分析报告 以下数据及分析来自于前瞻产业研究院铁路集装箱运输研究小组发布的《全球及中国铁路集装箱运输产业发展前景展望与投资战略规划分析报告》 行业主要上市公司：铁龙物流(600125)、中铁特货(001213)、中国铁物(000927)等 本文核心数据：全球铁路集装箱运输市场规模;细分区域格局 全球铁路集装箱运输行业历史悠久 全球铁路集装箱运输产业历史悠久，大致可以划分为以下三个时期：萌芽期(1830-1956年)，规模发展期(1957-2000年)和现代成熟期(2001年-至今)。1830年，在英国铁路上首先出现了一种装煤的容器，开始在铁路上使用大容器来装运件杂货，1853年美国铁路企业开始办理集装箱运输，但由于各部门使用的箱型不同，管理分散，未得到发展。第二次世界大战时期，美国为了安全、迅速而简便地输送军用物资，大量采用集装箱运输。战后各国相继发展了铁路集装箱运输。 目前，铁路集装箱运输已遍及全球，发达国家间杂货运输的集装箱化程度已达80%以上。尤其，大数据、人工智能等技术的兴起助力铁路集装箱运输行业愈发成熟： 全球主要国家铁路集装箱运输量：中国位居全球第一 基于TBRC披露的数据，前瞻初步统计中国、印度、美国、加拿大、德国、俄罗斯和日本等全球铁路里程领先国家的铁路集装箱运输量，其中2025年中国以4188.3万TEU的铁路集装箱运输量位居全球第一，其次是印度和美国。 注：上图印度和日本数据系前瞻基于各国铁路货物运输量得到的初步核算数，望客户知悉。 全球铁路集装箱运输量约15308万TEU 基于全球铁路里程、主要国家铁路集装箱运输量等数据，初步核算2025年全球铁路集装箱运输量约15308万TEU。 全球铁路集装箱运输市场规模约516亿美元 根据加拿大国家铁路公布数据，全球铁路集装箱运输价格约337美元/TEU。结合全球铁路集装箱运输量等数据，前瞻初步测算2025年全球铁路集装箱运输市场规模约516亿美元。 全球铁路集装箱运输市场规模：到2031年达732亿美元 根据Allied Market Research的数据，未来几年全球铁路物流市场规模复合年增长率为6.1%。考虑到目前全球经济处于恢复性增长时期，前瞻预测到2031年全球铁路集装箱运输市场规模有望达732亿美元，2025-2031年年均复合增速约6%。 更多本行业研究分析详见前瞻产业研究院《全球及中国铁路集装箱运输产业发展前景展望与投资战略规划分析报告》 同时前瞻产业研究院还提供产业新赛道研究、投资可行性研究、产业规划、园区规划、产业招商、产业图谱、产业大数据、智慧招商系统、行业地位证明、IPO咨询/募投可研、专精特新小巨人申报、十五五规划等解决方案。如需转载引用本篇文章内容，请注明资料来源（前瞻产业研究院）。 更多深度行业分析尽在【前瞻经济学人APP】，还可以与500+经济学家/资深行业研究员交流互动。更多企业数据、企业资讯、企业发展情况尽在【企查猫APP】，性价比最高功能最全的企业查询平台。 前瞻产业研究院 - 深度报告 REPORTS 2025-2030年全球及中国铁路集装箱运输产业发展前景展望与投资战略规划分析报告 本报告前瞻性、适时性地对铁路集装箱运输产业的发展背景、供需情况、市场规模、竞争格局等行业现状进行分析，并结合多年来铁路集装箱运输产业发展轨迹及实践经验，对铁路... 查看详情 本文来源前瞻产业研究院，内容仅代表作者个人观点，本站只提供参考并不构成任何投资及应用建议。（若存在内容、版权或其它问题，请联系：service@qianzhan.com） 品牌合作与广告投放请联系：0755-33015062 或 hezuo@qianzhan.com如在招股说明书、公司年度报告中引用本篇文章数据，请联系前瞻产业研究院，联系电话：400-068-7188。

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1: Overview1.1 This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses the PRA received to consultation paper (CP) 3/25 – Recognised exchanges policy and transfer of main indices. This PS also provides feedback to responses the PRA received to its subsequent CP19/25 – CRR Definitions: restatement in PRA Rulebook to the extent they relate to the PRA’s proposals in CP3/25.1.2 The appendices to this PS contain the PRA’s final policy to CP3/25, as follows:PRA Rulebook: CRR Firms: Recognised Exchanges Instrument 2026 (Appendix 1);PRA Rulebook: CRR Firms: (CRR) Amendment Instrument 2026 (Appendix 2); andcorresponding CRR rules (Appendix 3).This PS also sets out the PRA’s final policy to delete supervisory statement (SS) 20/13 – Third country equivalence aspects of the credit risk provisions in the CRR, and recognised exchanges in its entirety.1.3 This PS is relevant to PRA-authorised UK banks, building societies, Small Domestic Deposit Takers (SDDTs), SDDT consolidation entities, PRA-designated UK investment firms, and PRA-approved or PRA-designated financial or mixed financial holding companies.Background1.4 In CP3/25, the PRA proposed to:Introduce a new Recognised Exchanges (CRR) Part in the PRA Rulebook specifying conditions under Article 4(1)(72)(c) of the assimilated Capital Requirements Regulation No 575/2013 (CRR) for the purposes of identifying recognised exchanges (REs) or assets traded on such exchanges. This included proposals for firms to undertake the assessment of these conditions, and an amendment to the definition of ‘higher risk equity exposure’ that was included in the PRA’s near-final rules implementing the Basel 3.1 standards.Restate in the PRA Glossary the list of ‘main indices’ currently situated in Commission Implementing Regulation 2016/1646 (the Technical Standard or the TS). The PRA also consulted on revoking SS20/13 and making consequential amendments to the:Counterparty Credit Risk (CRR) Part of the PRA Rulebook;Credit Risk Mitigation (CRR) Part of the PRA Rulebook; andSDDT – Interim Capital Regime Part of the PRA Rulebook.1.5 Separately, in CP19/25, the PRA proposed to restate the vast majority of the CRR definitions in the PRA Rulebook. The proposals included consolidating the CRR definition of RE with the conditions the PRA proposed in CP3/25 into the Glossary Part of the Rulebook as a new definition. Among the responses the PRA received to CP19/25, one concerned its REs proposals in CP3/25. The responses to both CP3/25 and CP19/25 regarding the PRA’s REs proposals have been consolidated in this PS and are addressed together in Chapter 2.1.6 In determining its policy, the PRA considered representations received in response to its consultation in CP3/25 and CP19/25, publishing an account of them and the PRA’s response (‘feedback’). Details of any significant changes are also published. In this PS, the ‘Summary of responses’ section contains a general account of the representations made in response to the CP and the ‘Feedback to responses’ chapter contains the PRA’s feedback. 1.7 In carrying out its policymaking functions, the PRA is required to have regard to various matters. In CP3/25, the PRA explained how it had regard to the most relevant of these matters in relation to the proposed policy. The ‘Changes to draft policy’ section of this chapter refers to that explanation, taking into account consultation responses where relevant. Summary of responses1.8 The PRA received three responses to CP3/25, all of which concerned its proposed REs policy. As noted above, one response to CP19/25 addressed the PRA’s REs proposals in CP3/25. The names of respondents to CP3/25 who consented to their names being published are set out in Appendix 4.1.9 Respondents generally welcomed the PRA’s proposals and flexibility for banks to recognise exchanges for their own purposes. One respondent fully endorsed the proposals. However, three respondents made a number of observations and requested certain amendments to the REs policy, which are set out in Chapter 2. Changes to draft policy1.10 This PS takes account of how the policy advances the PRA objectives and of significant matters that the PRA had regard to. These are as set out in CP3/25, with the following changes: a minor edit to the PRA Rulebook: CRR Firms: Recognised Exchanges Instrument 2026 to clarify the intended policy scope as explained in paragraph 2.10; a minor edit to the PRA Rulebook: CRR Firms: Recognised Exchanges Instrument 2026 to provide additional clarity as to the required assessment of an exchange’s clearing and settlement mechanism as explained in paragraph 2.11;non-substantive amendments to the PRA Rulebook: CRR firms: (CRR) Amendment Instrument 2026 that proposed changes to the definition of a ‘higher risk equity exposure’ to improve the clarity of the definition;minor amendments to the PRA Rulebook: CRR firms: (CRR) Amendment Instrument 2026 to revise the definition of main index that the instrument inserts into the Glossary Part, in order to reflect recent changes in the index market; andthe proposed consequential amendments to the SDDT Regime – Interim Capital Regime Part, as set out in Appendix 2 of CP3/25, are not included given the PRA’s decision not to make final rules that give effect to the Interim Capital Regime (ICR).footnote [1]The PRA does not consider these changes to be ‘significant’ for the purposes of sections 138J(5) and 138K(4) of the Financial Services and Markets Act (FSMA) 2000.1.11 When making rules, the PRA is required to comply with several legal obligations. In CP3/25, the PRA published its explanation of why the rules proposed by the CP were compatible with its objectives and with its duty to have regard to the regulatory principles.footnote [2] The minor changes to the draft policy outlined in paragraph 1.10 above do not materially change the policy the PRA consulted on in CP3/25. Therefore, the PRA objectives analysis, opinion on the impact of its proposals on mutuals, and consideration of ‘have regards’ remain the same as set out in CP3/25.1.12 The PRA considers its Cost Benefit Analysis (CBA) in CP3/25 remains relevant and appropriate, as the proposals have not materially changed and no persuasive evidence was received to suggest that the associated costs were underestimated.1.13 When making CRR rules or rules applying to certain holding companies, the PRA must also publish a summary of the purpose of the proposed rules.footnote [3] The purpose of the rules under the new Recognised Exchanges (CRR) Part is to specify conditions under Article 4(1)(72)(c) CRR for the purpose of identifying REs or assets traded on such exchanges. The purpose of the amendments to the Glossary Part is to: (i) amend the definition of ‘higher risk equity exposure’; and (ii) restate the definition of main index from the TS in the PRA Rulebook. Implementation 1.14 The implementation date for the PRA’s rules specifying conditions under Article 4(1)(72)(c) CRR and the revocation of SS20/13 will be Wednesday 1 July 2026.footnote [4] 1.15 The implementation date for the PRA’s rules specifying the definition of ‘higher risk equity exposure’, the restating of the main indices list, and the consequential amendments to the Counterparty Credit Risk (CRR) and Credit Risk Mitigation (CRR) Parts will be Friday 1 January 2027.footnote [5] 1.16 Unless otherwise stated, any remaining references to EU or assimilated legislation refer to the version of that legislation that forms part of assimilated law.footnote [6]2: Feedback to responses2.1 Before making any proposed rules, the PRA is required by FSMA to have regard to any representations made to it in response to the consultation, and to publish an account, in general terms, of those representations and its feedback to them.footnote [7] 2.2 The PRA has considered the representations received in response to the CP (including the response received to CP19/25 in connection with the REs proposals in CP3/25). This chapter sets out the PRA’s feedback to those responses, and its final decisions.2.3 The sections below have been structured along the same lines as the proposals in CP3/25. The responses have been grouped as follows:definition of REs; and transfer of main indices list to the PRA Rulebook. Definition of REsConditions for the purposes of identifying REs or assets traded on such exchanges2.4 In CP3/25, the PRA proposed conditions for the purposes of identifying REs or assets traded on such exchanges under Article 4(1)(72)(c) UK CRR. In particular, under the PRA’s proposal, an overseas investment exchange can qualify as an RE where, based on a two-stage assessment, firms are satisfied that two conditions are met:an exchange and market structure condition; andin respect of the relevant asset that is traded or listed on that exchange, a liquidity condition. 2.5 Respondents supported the proposed exchange and market structure condition. However, one respondent remarked that the requirement that the exchange applies margining practices consistent with international standards is not relevant in the context of trading equity securities. The PRA notes that this requirement, as drafted, applies only to derivatives (in particular, to contracts listed in Annex II of CRR), and not equity securities.footnote [8] The respondent also noted that the requirement for a robust clearing mechanism applies to derivatives but not equity securities. The PRA notes that clearing is not limited to derivatives but also applies to equity securities. An overseas exchange will satisfy the relevant requirement where it has a robust clearing and settlement mechanism – consistent with international standards, where these apply – for the relevant asset (including equity securities). 2.6 Two respondents noted that it is unclear how to interpret the results of firms’ assessment if not all securities on an exchange meet the asset liquidity condition. It is unlikely that every security traded on an exchange will meet the liquidity condition. The PRA clarifies that an overseas exchange will qualify as an RE only in respect of a particular asset that is traded or listed on that exchange. For example, if there are 100 securities traded on an exchange that satisfies the exchange and market structure condition, 40 of which meet the liquidity condition while 60 do not, then the exchange will qualify as an RE only in respect of the 40 securities that meet the liquidity condition (alternatively put, not all 100 securities need to meet the liquidity condition for the exchange to be treated as an RE). However, collateral eligibility (or other preferential capital treatment) would not apply to those securities that do not meet the liquidity condition. 2.7 Three respondents noted that the asset liquidity condition duplicates existing collateral liquidity assessments in the capital framework (under Articles 194(3)(b) and 285(3)(b) of CRR).footnote [9] One respondent further added that, in the context of collateral eligibility, this condition should require proof of an active, liquid bid. This suggestion contrasted to the PRA’s proposed requirement for historical evidence of market breadth and depth (as proven by low bid-ask spreads, high trading volume, and a large and diverse number of market participants). The respondent argued that requiring proof of an active, liquid bid would avoid duplication with existing assessments of collateral liquidity under the Internal Model Method for counterparty credit risk. The respondent also argued that this would ensure the collateral eligibility threshold is lower than that for extending the margin period of risk of a netting set in the presence of less liquid collateral. The PRA notes that the asset liquidity condition was deliberately designed to be aligned with existing liquidity assessments under the prudential framework where possible. Where overlaps occur, the assessment process will be more efficient and proportionate for both purposes. The PRA further notes that, in the context of collateral eligibility, the asset liquidity condition has limited scope.footnote [10] Therefore, the PRA considers the proposed collateral eligibility threshold a proportionate and prudent condition for firms to benefit from broader RE availability.2.8 One respondent noted that assessing the asset liquidity condition would be incremental work as firms are likely to rely on the repurchase test rather than the criteria in the proposed conditionfootnote [11] for determining whether assets are acceptable for liquidity purposes. Another respondent suggested that limiting eligibility to assets meeting the asset liquidity condition could cause positions to move in and out of RE status due to variances in liquidity. The respondent noted this would create a burdensome need for firms to continually monitor asset liquidity. One respondent further requested that the PRA remove the asset liquidity condition. The PRA maintains its position that it expects the incremental burden from this test to be limited, and it is essential to safeguard firms’ safety and soundness against reliance on illiquid assets. This is because, as respondents also acknowledge (see paragraph 2.7), firms already assess asset liquidity under current prudential requirements (eg for credit risk mitigation purposes). By design, that assessment will fulfil some, but not necessarily all, of the assessment required for REs. Additionally, the PRA’s policy introduces a permissive change, which firms may choose not to exercise if the costs associated with assessing the proposed conditions exceed the benefits.2.9 One respondent suggested that the PRA maintain a list of exchanges, and that this includes, for example, the Financial Conduct Authority’s (FCA) Designated Investment Exchanges and the European Securities and Markets Authority’s (ESMA) list of REs. PRA engagement with firms indicated that the REs provisions affect a limited number of firms, some of which are already familiar with exchange functioning through their operations and routinely assess liquidity requirements (eg when accepting collateral). The PRA considers that for these purposes, maintaining such a list in rules is unlikely to be dynamic or responsive to market events. The PRA considers the proposed policy better meets its primary objective of safety and soundness and is both proportionate and an efficient and economic use of resources. The PRA further notes that the FCA’s Designated Investment Exchanges or those on the ESMA list could qualify as REs under the proposed policy subject to the proposed conditions being met. 2.10 One respondent suggested a minor drafting edit to clarify that, as per the policy intention, UK regulated markets are not in scope of this policy. The PRA agrees with this suggestion and has amended the draft rules accordingly. 2.11 Having considered the responses, the PRA has decided to maintain its proposal regarding conditions for the purposes of identifying REs or assets traded on such exchanges under Article 4(1)(72)(c) UK CRR as consulted on in CP3/25. However, the PRA has made two minor adjustments to its draft rules to provide additional clarity to firms. These include minor drafting edits to clarify:the intended policy scope as set out in paragraph 2.10; and that the assessment of an overseas exchange’s clearing and settlement mechanism should include its operational robustness. 2.12 The PRA considers that its proposed policy is a dynamic and flexible approach to the recognition of overseas exchanges, while prudently reflecting the risks related to market structures and asset liquidity. Furthermore, the PRA notes that in linking RE status to asset liquidity, the policy enables firms’ assessments to align with market demand and respond dynamically to changes in liquidity levels that may pose prudential risks. By requiring both: (i) an assessment of exchange and market structure; and (ii) an assessment of asset liquidity, the PRA expects that eligible REs will be expanded beyond current levels.footnote [12] This, in turn, will increase the availability to UK firms of a risk-sensitive prudential treatment for eligible assets and support UK competitiveness. Implementation and evaluation of the REs policy2.13 In CP3/25, the PRA proposed that firms undertake the assessment of the specified conditions themselves, and that the PRA evaluate firms’ implemented approaches through post-implementation thematic reviews. It also proposed that the rules specifying conditions under Article 4(1)(72)(c) UK CRR come into effect on Wednesday 1 July 2026.2.14 One respondent suggested that assessments of the proposed conditions could also take place on an industry-wide basis using professional industry resources. One respondent questioned why banks could not apply for recognitions immediately after completing their assessments, instead of waiting until July 2026. 2.15 Having considered the responses, the PRA has decided to maintain its implementation and evaluation proposals for the REs policy as consulted on in CP3/25. The PRA notes that firms may rely on industry-wide assessments, but would remain accountable for ensuring that these assessments are both accurate and kept up to date. The PRA also clarifies that the policy does not require firms to apply to the PRA for recognition of exchanges or assets. Rather, once the policy takes effect, firms may treat an asset as listed or traded on an RE if they are satisfied that the market structure and asset liquidity conditions are met. Amendment to the definition of higher risk equity exposure2.16 In CP3/25, the PRA proposed to amend the definition of a ‘higher risk equity exposure’ that will receive a 400% risk weight under the standardised approach for credit risk following its implementation of the Basel 3.1 standards.footnote [13] This would have the effect that, for the purpose of the listing condition, an equity exposure would only be classified as a ‘higher risk equity exposure’ if it is not listed on an exchange that meets the criteria pertaining to the exchange and market structure. 2.17 The PRA did not receive any responses in relation to this proposal. The PRA has decided to maintain its proposal to amend the definition of ‘higher risk equity exposure’ (with non-substantive changes to the rule instrument for clarificatory purposes) that will be implemented alongside the broader implementation of the Basel 3.1 standards on Friday 1 January 2027.Transfer of main indices list to the PRA Rulebook2.18 In CP3/25, the PRA proposed to restate the main index definition into the Glossary Part. The definition is currently set out in the TS, which has been revoked by HMT with effect from Friday 1 January 2027. The list of main indices is used in the credit risk mitigation framework to determine: (i) collateral eligibility under the financial collateral simple method; and (ii) preferential haircuts under the financial collateral comprehensive method. 2.19 The PRA did not propose any changes to the current list of main indices and did not receive any industry feedback on its proposal. The PRA has therefore decided to broadly maintain its proposal and restate the list of main indices as a new definition in the Glossary Part. However, the PRA has decided to make minor amendments to the list of main indices to reflect changes in the index market since the TS was implemented. Most of these changes are updates to reflect the renaming of indices. However, the PRA has also made the following amendments: The ‘S&P NZX 15 Index’ was discontinued in 2018. The PRA has decided to replace this index with the ‘S&P NZX 10’. The PRA considers this index is the closest comparator to the discontinued index that is consistent with the intended risk appetite when the TS was implemented and that, as a result, this change advances its primary objective of safety and soundness. ‘MSCI Russia Index’ was discontinued in 2023. For clarity, the PRA has decided to remove this index from the list of main indices and not replace it.The PRA has decided to remove the Russian Traded Index (now known as the RTS), from the list of main indices and not replace it. The PRA notes that liquidity in Russian indices has fallen significantly following Russia’s invasion of Ukraine in 2022 and considers that this change advances its primary objective of safety and soundness.2.20 The PRA does not consider that these changes materially alter the impact of its policy relative to its proposals in CP3/25. This policy will be implemented alongside the broader implementation of the Basel 3.1 standards on Friday 1 January 2027.Consequential amendments2.21 In CP3/25, the PRA proposed amendments to the Counterparty Credit Risk (CRR) Part, the Credit Risk Mitigation (CRR) Part and the SDDT – Interim Capital Regime Part of the PRA Rulebook. It also proposed to revoke SS20/13, which is redundant.footnote [14] These amendments are consequential to the PRA’s REs policy proposals and the proposal to restate the list of main indices into the PRA Rulebook. 2.22 The PRA did not receive any responses on these proposals and will be adopting them as consulted on in CP3/25, except for the consequential amendments to the SDDT Regime – Interim Capital Regime Part. Given the implementation dates for the SDDT capital regime and the consequential amendments outlined in paragraph 2.20 are now the same, those proposals are no longer needed. The implementation dates for the SDDT capital regime and the Basel 3.1 standards are the same. Firms that opted into the ICR will therefore be required to implement either the full Basel 3.1 standards or the simplified capital regime for SDDTs on 1 January 2027. Section 138J(2)(d) of FSMA. Section 144D(2)(a) of FSMA. HM Treasury (HMT) has revoked the following provisions of the TS with effect from that same date (1 July 2026): (i) in Part 2 (PRA), Article 2 (recognised exchanges); and (ii) in Annex II (recognised exchanges), Part 2 (PRA). See the Financial Services and Markets Act 2023 (Commencement No.12 and Saving Provisions) Regulations 2026. The definition of main index is currently set out in the TS, which has been revoked by HMT with effect from Friday 1 January 2027. For further information please see Transitioning to post-exit rules and standards. Sections 138J(3) and 138J(4) of FSMA. Regardless, the PRA notes that the Principles for Financial Market Infrastructures (PFMI) require Central Counterparties (CCP) to cover their credit exposures to their participants for all products (not limited to derivatives) through an effective margin system. Also refer to the table of revoked CRR provisions and their corresponding PRA rules for the PRA rules replacing Articles 194(3)(b) and 285(3)(b) after their revocation from the CRR on 1 January 2027 pursuant to the Financial Services and Markets Act 2023 (Commencement No.12 and Saving Provisions) Regulations 2026. The asset liquidity condition only applies to certain unrated debt securities (Article 197(4) CRR) and non-main index equities or convertible bonds (Article 198(1)(a) CRR). The asset liquidity condition mirrors existing requirements under Articles 7(5) and (6) of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook. The relevant provisions of Article 7(6) for these purposes are those that apply to assets admitted to trading in an organised venue, which is not an RE. However, the PRA does not envisage that crypto exchanges or crypto assets would currently meet all the exchange and market structure or asset liquidity conditions and therefore qualify under this policy at this time. Under the PRA’s implementation of the Basel standards, equity exposures must either be assigned a 400% or a 250% risk weight under the standardised approach to credit risk. Firms will be required to apply the higher 400% risk weight to exposures to businesses that are less than five years old and are not listed on an RE. SS20/13 set out REs that the PRA considered as qualifying under the CRR before the (pre-EU exit) adoption by the European Commission of the TS that set out REs. SS20/13 set out REs that the PRA considered as qualifying under the CRR before the (pre-EU exit) adoption by the European Commission of the TS that set out REs. Close Under the PRA’s implementation of the Basel standards, equity exposures must either be assigned a 400% or a 250% risk weight under the standardised approach to credit risk. Firms will be required to apply the higher 400% risk weight to exposures to businesses that are less than five years old and are not listed on an RE. Close However, the PRA does not envisage that crypto exchanges or crypto assets would currently meet all the exchange and market structure or asset liquidity conditions and therefore qualify under this policy at this time. Close The asset liquidity condition mirrors existing requirements under Articles 7(5) and (6) of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook. The relevant provisions of Article 7(6) for these purposes are those that apply to assets admitted to trading in an organised venue, which is not an RE. Close The asset liquidity condition only applies to certain unrated debt securities (Article 197(4) CRR) and non-main index equities or convertible bonds (Article 198(1)(a) CRR). Close Also refer to the table of revoked CRR provisions and their corresponding PRA rules for the PRA rules replacing Articles 194(3)(b) and 285(3)(b) after their revocation from the CRR on 1 January 2027 pursuant to the Financial Services and Markets Act 2023 (Commencement No.12 and Saving Provisions) Regulations 2026. Close Regardless, the PRA notes that the Principles for Financial Market Infrastructures (PFMI) require Central Counterparties (CCP) to cover their credit exposures to their participants for all products (not limited to derivatives) through an effective margin system. Close Sections 138J(3) and 138J(4) of FSMA. Close For further information please see Transitioning to post-exit rules and standards. Close The definition of main index is currently set out in the TS, which has been revoked by HMT with effect from Friday 1 January 2027. Close HM Treasury (HMT) has revoked the following provisions of the TS with effect from that same date (1 July 2026): (i) in Part 2 (PRA), Article 2 (recognised exchanges); and (ii) in Annex II (recognised exchanges), Part 2 (PRA). See the Financial Services and Markets Act 2023 (Commencement No.12 and Saving Provisions) Regulations 2026. Close Section 144D(2)(a) of FSMA. Close Section 138J(2)(d) of FSMA. Close The implementation dates for the SDDT capital regime and the Basel 3.1 standards are the same. Firms that opted into the ICR will therefore be required to implement either the full Basel 3.1 standards or the simplified capital regime for SDDTs on 1 January 2027. Close