The establishment of the SFISF follows the PBoC's previous introduction of the Central Bank Bills Swap in 2019, which supported banks in issuing perpetual bonds [para. 3 ]. SFISF represents an innovation as it involves complex infrastructures demanding high operational efficiency [para. 5 ]. Securities firms like CITIC Securities, China International Capital Corporation, and others are reportedly actively participating in the early application process, yet many details remain confidential. These leading firms have reportedly been instructed by regulators to undertake these pilot applications [para. 4 ].