According to the official account released by the CSRC on the 16th, in order to further strengthen the construction of the basic system of the capital market and build a capital market that is "standardized, transparent, open, dynamic and resilient", the CSRC launched the reform of DVP at the beginning of this year and revised the Administrative Measures for Securities Registration and Settlement. At present, all preparations for the reform have been completed and will be officially implemented on December 26. DVP is the basic system of securities registration and settlement, and is the settlement principle widely adopted in the international market to prevent the principal risk in securities and capital settlement. This reform follows the basic connotation of DVP principle, draws on international best practices, reflects Chinese characteristics and stage development characteristics, and advances in accordance with the principles of marketization and rule of law. The reform keeps the existing trading settlement system and habits of investors basically unchanged, establishes the relationship between securities settlement and capital settlement through marking, and clarifies the default disposal arrangement, which has no impact on the majority of individual investors. The reform of overall development and security is conducive to institutional strengthening of the security of the settlement system, further attracting foreign funds into the Chinese market, and expanding high-level institutional opening up. The CSRC will earnestly implement the spirit of the Twentieth National Congress of the Communist Party of China, improve the function of the capital market, continuously improve the risk management capability of the securities settlement system, guide China Securities Depository and Clearing Co., Ltd. to earnestly do a good job in the formal implementation of DVP reform, and ensure the smooth implementation of the reform. (Liu Xinshe)