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1、Analysis of the choice of margin trading mode Abstract: Europe and the United States from domestic-related conditions and other developed countries mature experience, to reiterate my margin trading is ultimately from the fundamental solution to the shortcomings of Chinas stock market that the introd
2、uction of margin trading can be used during Japan and South Korea model, that the Government set up the Securities finance company model. By studying the launch of Chinas need for margin trading business, the securities market has many other aspects need to improve and advance, promote capital marke
3、t is not perfect on the 1st complete, step by step. Finally, the introduction of margin trading has made specific recommendations. Keywords: Margin; short; Securities Finance Corporation Since 1991, since the formal establishment of the securities market, Chinas stock market on the existence of cong
4、enital deficiency, that is, unilateral trade, only when the investors could benefit from rising stock prices, stock prices can not receive benefits, we can only buy more can not be short. With the 2006-2007 A-share index soaring, to the 2008 stock market prices decline significantly in the introduct
5、ion of margin trading and stock index futures is increasing. In this way expect perfect credit market, enabling the healthy development of Chinas securities market. The success of developed countries, experience has shown that the introduction of margin trading a total of two ways: the first one in
6、Japan, Korea and other countries to implement the government-led type of margin trading business; another way for the United States and other countries to implement the full market-oriented The margin trading, the Government does not participate in, by the market. China has also been explored, the C
7、SRC issued the operational pilot securities firms Margin Regulations (hereinafter referred to as measures) and operational pilot margin trading securities firms Internal Control Guidelines (hereinafter referred to as Guidelines), two normative documents on August 1, 2006 come into operation, marking
8、 the securities company officially launched a pilot margin trading business, but also a major institutional innovation of Chinas securities market. We analyze the definition of margin trading launch of the importance and necessity. The so-called margin trading refers to securities companies lent mon
9、ey to its customers for its listed securities bought or sold for its listed securities lending, and collect the collateral activities. Popular explanation is that margin trading as a credit transaction, the customer must pay a certain margin or collateral securities for investment. Of stock index fu
10、tures with a certain degree of similarity, however, credit index futures smaller magnification than a lot, so also will the market was less affected. If China is to launch stock index futures, it should be the first to introduce margin trading, on the one hand to see a reflection of the market to un
11、derstand the market will bear; the other hand, for the launch of stock index futures gain experience. The implementation of this measure is intended to open up capital markets and money market two kinds of financing channels, will help stabilize stock prices, the level of activity to improve the sec
12、urities market. 1, Chinas introduction of margin trading significance and implications of 1. To prevent the stock market boom crash. Chinas securities market is very unstable, being shareholders said with a smile, Monkey City The fundamental reason is that stock prices Shangcuanxiatiao, from October
13、 2007 to 6 124.04 points to the current minimum detection to a 664.93-point, even though the analysis is Chinas economic fundamentals have certain difficulties, it should not fall into such a state. The introduction of margin trading, which means the introduction of short-mechanism, when the stock m
14、arket overheating, when the stock price is too high, investors can short sell shares, such shares will come down, will not be too much foam, the same token, when the market the stock price is too low, investors have the stock market, with the injection of funds, the stock will gradually rise. This c
15、an significantly reduce the volatility of stock prices, will help stabilize the entire market. 2. Communication money market and capital market linkages. As everyone knows, Chinas financial markets got a late start, in order to guard against risks artificially fragmented capital markets and money ma
16、rket links. Such consequences, on the one hand, financial institutions, deposits in the rate of increase much higher than the loan rate of increase, Chinas main business is commercial bank deposits and loans, but also the main source of profits is also a spread, if the central bank adjust the benchm
17、ark interest rate, banks overall asset quality and profitability will be significantly decreased; the other hand, stock market returns because of high demand caused by a lot of money is not a good solution, so, when violations have occurred and despite repeated prohibitions, such as bank funds from
18、the market, misappropriation of clients and the brokerage margin margin trading to clients engaged in illegal transactions. From the beginning of subjective fragmentation, leading to many problems now. 3. Broaden the source of profit for securities firms. At present, the securities companys main pro
19、fit is its brokerage business, by charging a commission, if the overall market downturn, or when the macro-economic problems, a significant decline in income securities companies, operating is easy to difficult. The introduction of margin trading has expanded its sources of income. Broker can rely o
20、n to provide investors with margin trading charge interest on the other hand, the introduction of margin trading would greatly broaden the financing channels, to stimulate the market has become more active, brokers can charge commissions. 4. Will have an impact on Chinas monetary policy transmission
21、. Under normal circumstances, the central bank issued the appropriate monetary policy, mainly in the control of commercial bank line of credit, such as raising deposit and lending rates, or the statutory reserve ratio, direct the freezing of a large number of bank funds, in this way to achieve monet
22、ary tightening. If the introduction of margin trading, monetary policy transmission is difficult to control. Accordance with the management approach required to meet the Over the last six months 1.2 billion in net capital requirements and innovative pilot brokerage is currently a total of 13, the su
23、m of its net capital reached 30.16 billion yuan, according to securities companys risk control management approach (No. Second draft) on according to the size of the customer financing or Securities Lending 10% of the provision for risk-ready requirements, which 13 brokerage could be carried out to
24、reach the scale of financing or Securities Lending 3 000 million, to bring about substantial loan space. The face of the financing needs of brokers and their own profit pressures, banks can easily lack of risk control in the case of loans, bringing the potential risks. This is a very serious problem
25、, and now the central bank to commercial banks control very strict circumstances, banks will loan a strong impulse, often has not got to the fourth quarter, the credit line will use 80% to 90%, the central bank monetary policy conduction problems can arise. Government should, by right line of credit
26、, pledge rate and deposit rate controls to prevent risks, appropriate control of the bank is not rational behavior. 5. Margin brokerage Fair redrawing their respective territories. Relevant documents issued by the SFC to require relatively high, for example, financial in good condition and the risk
27、control indicators for the past two years continue to comply with the provisions of the last 6 months were 1.2 billion in net capital above; engage in securities brokerage business full three years, and the Securities Association of China has been assessed as innovative pilot securities companies ,
28、this way, is very conducive to good past performance brokerages, such as CITIC Securities, Haitong Securities which have been financed through the stock market ever brokerage, capital adequacy comparison, performance was relatively good. Once the pilot first in accordance with the policy line, quali
29、fied broker will be the first occupation of high-quality client resources will also accumulated a wealth of experience, formed a relatively strong competitive advantage, re-staking their claims, to form a new pattern. In recent years, the international financial situation volatile, especially in the
30、 United States by the sub-prime crisis, the Wall Street news constantly, as Lehman Brothers Holdings Inc. Declared bankruptcy protection, Merrill Lynch by BOA acquisition, Goldman Sachs and Morgan Stanley to the main business operations to commercial banks, together with at first a Bear Stearns bank
31、ruptcy, the U.S. line in the top five vote no longer mark the end of an era. More seriously, two bedrooms, AIG has been taken over, and so events, many people doubt: Since the financial derivatives have a great harm, we will continue to do financial innovation? In my opinion, Chinas financial deriva
32、tives is also the research and development is needed necessary. First, my lack of financial derivatives. China and the U.S. financial systems overall financial situation and there are many different and not comparable. The U.S. financial market has developed quite a long time, precisely because of t
33、he continual emergence of financial innovations, it came with a leap-type development, the existing situation is unfavorable due to government regulation, over-indulgence financial institutions, any innovation, continuously risk amplification, that has caused the current dilemma. The countrys financ
34、ial market is still in development stage, it is necessary to advance financial innovation in Chinas financial system, improvement and development, but also from the other side to promote the establishment of laws and regulations. Second, Chinas securities market is undergoing an adjustment phase, su
35、itable for introduction of margin trading of these derivatives. China A-share index fell nearly 70%, if the stock market bubble earlier in the extruder, after which 70% of the bubble, PB and PE are adjusting to a more reasonable range, the stock price valuations are more reasonable. Introduction of
36、margin trading is conducive to promoting the securities market to move upwards, and the fundamentals of our economy as a whole adapt. Second, Chinas introduction of margin trading if there is a lot of work to be done, a lot to improve the 1. Regulatory system be redefined. Separate operation of Chin
37、as sub-sector regulators, each regulator is responsible only for its own part, and there was little communication, the introduction of new services also have greater demands on supervision of banks belonging to the brokerage financing the jurisdiction of the China Banking Regulatory Commission, Secu
38、rities Lending of investors and the brokerage business has transferred to the SFC, but the whole process as a whole, separate, regulatory supervision is bound to vacuum. China Securities Regulatory Commission as the institution directly under the State Council, according to law to implement centrali
39、zed management of the national securities market. The same time, the industry self-regulation system and the corresponding implementation of the monitoring mechanism in the continuous improvement in strengthening the credit system to promote product innovation, technological innovation and instituti
40、onal innovation increasingly play the role. Reposted elsewhere in the paper for free download http:/ 2. What should be the manner in which Chinas launch of margin trading, I believe that Japan and South Korea-style should be adopted. The United States is a typical market-oriented financing model aft
41、er the launch of the Japanese in World War II-related businesses are professional model, specialized securities finance companies in credit transactions in financial flows in the exclusive monopoly and strict control of funds and securities through the credit transaction doubling efficiency. China c
42、ould be modeled on Japan to build the securities finance companies, as a whole to take on margin trading to make up the financial market imperfections and so on. But also just launched the business can be established by a relatively high margin, high-threshold will a number of not sensible and scree
43、ning out of medium and small investors, only to let some big investors to enter, minimize business risk, and so on this business is relatively mature, the time needed to promote large-scale re-demarcation of the reserve. As a result, all operations are under the control of the country through the Go
44、vernments right to guide the development of business and can also control the size of the credit. Taiwan also has a similar securities and financial companies, it is the fundamental difference with the Japanese model that investors can own the securities finance companies directly to margin trading,
45、 you can also broker as an intermediary to conduct margin trading. Investors can choose, giving it greater space for freedom. However, our investors in general, not very mature, Japan and South Korea model is more suitable for those who choose to allow Chinas securities market reform, moving steadil
46、y, step by step forward, not aggressive. While Chinas launch of margin trading business has been ready to go ahead, but we should not blindly optimistic about the end of 2007, the companys own funds and securities owned securities were 2374 million and 1545 million yuan, from the one hand look at th
47、e short term for margin trading of securities and funds are very limited, another aspect of the business impact of corporate income on securities is also difficult to estimate, the U.S. ratio of net income margin trading accounts for 3% 11%, Japan is slightly lower, at 0.5% 2.5%. Conduct margin trad
48、ing business is with international standards of performance, with the improvement of the credit system to meet the needs of different investors, brokers can increase the profits of the sources and scale of business, you can stabilize the stock market speculation, can be compared to the securities a reasonable valuation, can stabilize the stock market, China should as soon as possible margin trading-related businesses. References: 1 Liu Chinese, Li Jun. Expansion of margin trading business for the impact of stock market J. Financial and economic, 2007, (4) :53-54. 2 Wang Baowei. Analysis
