Leading figures in fixed income departments in Citic Securities and Wanjia Asset have been placed under investigation, a development tackled by the Beijing News which called for greater supervision and innovation in the bond market (excerpts below).

"Behalf of bond holders" is a term that allows bonds to be bought at a future date for an agreed price. These bonds can circulate in the market and increase in value. But the risk of insider trading or an unfair advantage by either the buyer or seller is obvious.

Some have called for "behalf of bond holders" to be banned.

But really, greater supervision is required. Financial markets need innovation and supervision and these are just as vital as cash and equities to developing a mature and safe trading environment.