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Securities Regulatory Commission Micro Church: Issues related to margin financing and securities lending business

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Securities Regulatory Commission Micro Church: Issues related to margin financing and securities lending business

China Securities Regulatory Commission www.csrc.gov.cn Time: 2014-02-20 Source: China Securities Regulatory Commission

1. Q: Can you introduce the legal rules system for margin financing and securities lending?
A: The legal rules system for margin financing and securities lending business includes: "The Securities Law of the People's Republic of China", which establishes the legal status of margin financing and securities lending; the "Regulations on the Supervision and Administration of Securities Companies" promulgated by the State Council, which engages in securities lending and securities lending business for securities companies. The principled provisions were made; the “Administrative Measures for the Securities and Securities Lending Business of Securities Companies”, the “Trial Measures for the Supervision and Management of the Business of Rongrongtong” and the “Guidelines for the Internal Control of the Securities and Securities Lending Business of Securities Companies” and other departmental regulations, and the securities lending and securities lending business for securities companies. The business licenses, collateral, risk management and supervision and management involved in the principled provisions; the Securities Industry Association's "Mandatory and Marriage Contracts Mandatory Provisions", "Marginal and Margin Trading Risk Revelation Essentials", Shanghai and Shenzhen The “Regulations on the Implementation of Margin Trading and Margin Trading” of the stock exchange, the “Detailed Rules for the Implementation of the Margin Financing and Securities Deposit and Settlement Business” of the Securities Depository and Clearing Corporation, and the “Regulations on the Statistics and Monitoring Rules of the Margin and Margin Business (Trial)” of the Securities and Finance Corporation, The rights of investors, the process of margin trading, the underlying securities and collateral Aspects of management, business registration and settlement risk monitoring and surveillance made specific provisions. On the whole, the relevant legal rules system and mechanism for margin financing and securities lending business have been established and the legal rights and interests of investors can be effectively protected.
2. Q: Can you introduce the main body of the financing and securities lending market supervision and its supervisory duties?
A: At present, China's margin financing and securities lending business has formed a supervision system combining the administrative supervision of the CSRC, the securities industry association, the stock exchange and the securities registration and settlement company, and the monitoring and monitoring of securities financial companies.
The CSRC formulates relevant business standards for margin financing and securities lending, reviews and approves the securities company's margin financing and securities lending business qualifications, audits and handles market violations and regulations, and uniformly supervises margin financing and securities lending business activities. The dispatched institutions of the CSRC shall conduct off-site inspections and on-site inspections of the securities lending and securities lending business activities of securities companies and their branches in accordance with the requirements of the regulatory responsibility system of the jurisdiction. The Securities Industry Association organizes professional evaluation of the implementation plan of the securities company's margin financing and securities lending business, and formulates the necessary clauses of the securities company's margin financing and securities lending business contract and the standard format of the risk disclosure book. The stock exchange sets the scope of securities for securities lending and securities, and implements the front-end control of margin financing and securities lending business based on the technology platform to monitor the abnormal trading behavior of margin financing and securities lending in real time. The securities registration and settlement institution supervises the transfer of securities and the transfer of funds related to margin trading. The securities finance company shall perform the statistics and risk monitoring and monitoring duties of the margin financing and securities lending business in accordance with the law, rely on the financial and securities lending statistics monitoring system to monitor the operation of the securities lending and securities lending business of the securities company, monitor and analyze the market-wide margin financing and securities trading, and use market-based means. Prevent and control business risks.
3. Q: What are the risk control mechanisms for margin financing and securities lending?
A: First, the “naked short selling” is strictly prohibited. Investors must integrate securities into securities companies to sell short. The second is to implement the rules for selling short selling prices. The quoted price of the investor's securities lending shall not be lower than the transaction price of the previous transaction. The third is to strictly manage the scale of margin financing and securities lending transactions. According to relevant regulations, the size of a single customer financing (or securities lending) business cannot exceed 5% of the net capital of a securities company; the financing balance (or margin of securities lending) of a single underlying stock may not exceed the marketable market value of the listed shares (or the listing may be circulated) 25% of the amount; the financing balance (or margin of the securities) of a single target ETF shall not exceed 75% of the market capitalizable (or liquidity available for listing) of the ETF. Fourth, the stock exchange implements the information disclosure system for margin financing and securities lending, which publishes the margin trading and balance transactions on a daily basis; monitors the risk of margin trading in real time, monitors the risk of single-standard securities financing and the ratio of securities lending to its market capitalization; Indicators and abnormal trading of margin financing and securities lending can prevent business risks by adjusting the scope of the underlying securities, the range of margin securities and the conversion rate, and the suspension of the underlying securities financing or securities lending. Fifth, the securities finance company centralized statistics to monitor the risk of margin financing and securities lending business. The securities finance company collects the relevant data on margin financing and securities lending submitted by the securities company, establishes statistical reports, risk control indicators and dynamic monitoring systems, monitors and analyzes the risk of securities lending and securities lending business of securities companies, and may take measures such as verbal reminders and written reminders when necessary. The securities company suggests the risk. Sixth, securities finance companies concentrated on the transfer of business. The transfer balance of a single securities company shall not exceed 50% of the net capital of the securities financial company; the balance of the transfer securities of a single security shall not exceed 10% of the market capitalizable value of the listed securities. At the same time, the securities finance company can adjust the scope of the securities of the pass-through standard, the credit line of the securities company, the proportion of the guarantee fund, and the transfer rate, etc., according to the situation, and prevent the risk of the margin financing and securities lending business through these market-oriented measures.
4. Q: Why is it not allowed to sell naked? How can China prohibit naked short selling from the system and technology?
A: Naked short selling, also known as short-selling without short-selling, refers to the short-selling behavior of investors who do not borrow securities or have no means to obtain securities. As "naked short selling" inflates the number of securities, it may suppress the stock price, causing market panic, which often leads to the failure of settlement and disrupts the order of securities settlement. China's securities lending transactions strictly prohibit naked short selling to maintain the stable operation of short selling transactions and the steady development of the securities market.
Article 17 of the Measures for the Administration of Securities Companies' Margin Financing and Securities Lending Business stipulates that a securities company may only use securities in a special securities account for securities lending, and Article 36 stipulates that a stock exchange shall take measures in accordance with business rules. The front-end inspection of the orders for margin trading, and the transaction orders that violate the regulations, such as the type of securities purchased and sold, and the price of securities sold, are rejected. In practice, when the stock exchange receives the securities lending order, it will check whether the securities company's securities lending account has sufficient securities for the customer to conduct short-selling for the front-end inspection. If there is sufficient securities, the transaction can be concluded. Otherwise, The exchange trading system recognizes the invalid order and rejects it. Thus, the occurrence of "naked short selling" behavior has been eliminated from both the institutional and technical levels.
5. Q: What are the conditions for selecting the stocks under the financing and securities lending?
A: The second paragraph of Article 17 of the Measures for the Administration of Securities and Margin Trading of Securities Companies stipulates that securities purchased by customers and bought or sold by securities lending shall not exceed the scope prescribed by the stock exchange. Article 24 of the “Implementation Rules for the Securities and Marning Trading of the Shanghai Stock Exchange” and Article 3.2 of the “Implementation Rules for the Margin Trading of Shenzhen Stock Exchange” stipulate that if the underlying securities are stocks, the following conditions shall be met:
(1) Listing on the Stock Exchange for more than 3 months;
(2) The tradable share capital of the securities purchased by the target is not less than 100 million shares or the market capitalization of the underlying shares is not less than 500 million yuan, and the tradable share capital of the securities sold by the securities is not less than 200 million shares or the market value of the circulation is not less than 800 million. Yuan
(3) The number of shareholders is not less than 4,000;
(d) In the past three months, one of the following situations did not occur:
1. The daily average turnover rate is lower than the daily average turnover rate of the benchmark index by 15%, and the average daily turnover is less than 50 million yuan;
2. The deviation between the average daily average price and the average of the benchmark index is more than 4%;
3. The fluctuation range reaches more than 5 times the fluctuation range of the benchmark index.
(5) The stock issuance company has completed the share-trading reform;
(6) The stock transaction has not been specially treated by the Stock Exchange;
(7) Other conditions stipulated by the stock exchange.
According to the above regulations, the stock exchanges focus on the objective indicators such as stock liquidity, turnover rate and fluctuation range for the selection of the underlying stocks, and do not involve subjective judgments on the investment value of listed companies. In accordance with the regulations, stock exchanges select the underlying stocks according to the principle of strictness to broadness, from small to large, and gradually expanding. Since the launch of the two-finance business, the Shanghai and Shenzhen Stock Exchanges have expanded the range of shares under the margin financing and securities lending. Up to now, there are 700 stocks under the financing and securities lending institutions, including 400 stocks in Shanghai stock market and 300 stocks in Shenzhen stock market, including 143 main board stocks, 123 small and medium board stocks and 34 GEM stocks.
6. Q: Is the leverage ratio of margin financing and securities lending up to several times?
A: The “Detailed Rules for the Implementation of Margin Trading” on the Shanghai and Shenzhen Stock Exchanges stipulates that when investors buy or sell securities, the margin ratio must not be less than 50%; investors use securities to cover the margin and calculate the amount of the deposit. At the same time, it is necessary to convert according to different conversion rates. According to the above regulations, according to the ratio of total assets to private assets in the investor's credit account, the leverage ratio of the margin financing and securities lending business is up to three times. When the margin ratio of margin financing and securities lending is 50%, and the collateral is all cash, the leverage ratio of margin financing and securities lending is up to three times the maximum multiple. When the margin ratio of margin financing and securities lending is higher than 50%, or the collateral contains repayable margin securities, the leverage ratio of margin financing and securities lending is less than three times.
7. Q: What circumstances may trigger a forced liquidation?
A: There are three situations that may cause investors to be forced to liquidate: First, investors can not settle the margin financing and securities lending obligations according to the contractual deadline; second, the maintenance guarantee ratio drops below 130%, and the securities company sends a notice of additional collateral to the customer. The customer cannot add the collateral in full within the agreed time; the third is that the investor is subject to property preservation or enforcement measures by the judicial authority for his own reasons.
8. Q: What are the main risks that margin financing and securities trading may face?
A: In addition to the various risks of market risk, market risk and system risk, the margin financing and securities lending transactions also have unique risks. First, the margin financing and securities trading has the characteristics of leveraged trading. While the securities investment amplifies the income, it also amplifies the risk of trading losses. Second, if the investor fails to pay off the debt according to the agreed time limit, or maintains the guarantee ratio less than 130%, and cannot add the collateral according to the agreement, he will face the risk of the collateral being forced to be liquidated by the securities company. Third, if the benchmark interest rate of financial institutions' loans for the same period as prescribed by the People's Bank of China is raised, securities companies will raise the financing rate or the rate of securities lending accordingly, and investors will face the risk of increasing the cost of margin financing and securities lending. Fourth, the stock exchanges adjust the scope of the underlying securities in accordance with the regulations, suspend the risk of specific underlying securities margin financing transactions or the entire market margin financing and securities trading. Therefore, investors must have a clear understanding of the relevant risks before they can conduct margin financing and securities lending transactions in order to avoid losses and achieve investment objectives to the greatest extent.
9. Q: What should investors pay attention to when opening a credit account?
A: First, rationally analyze whether to participate in margin financing and securities trading in combination with its own property income status and risk tolerance, and avoid blindly following the account opening. Secondly, in the account opening and signing sessions, we will listen carefully to the securities company's explanations on the margin financing business rules, business processes and contract terms. It is unclear that securities companies can be required to elaborate and clarify their rights, obligations and responsibilities. Third, carefully read all the terms of the margin financing and securities lending business contract, understand the calculation method of the margin, time limit, interest and expenses of the margin financing and securities lending, the method of adding margin and clearing the debt, etc., and clarify the charging standards and interest handling of the margin financing and securities lending transactions. Matters of breach of contract and handling of disputes. Fourth, carefully read all the terms in the risk disclosure book, and fully understand the business risks of margin financing and securities lending transactions that may be forced to close due to the scale of investment, the misjudgment of market trends, and the inability to timely replenish collateral.
10. Q: How should investors control the risk of margin trading?
A: Investors should enhance their risk awareness and prevention capabilities. Investors are advised to do the following five points: First, earnestly study the knowledge of margin financing and securities lending, master the relevant laws and regulations, business rules of margin financing and securities lending, familiar with the business process and transaction types of margin financing and securities lending, read and understand the securities company's margin financing and securities lending contracts and Risk disclosure terms. Second, fully understand the selection criteria and criteria for the underlying stocks and rationally choose the investment targets. The stock exchange's selection of the underlying stocks takes into account objective indicators such as stock liquidity, turnover rate and volatility, and does not involve subjective judgments on the value of stock investment. Third, adhere to the concept of value investment and focus on the analysis of stock fundamentals. Especially for stocks with large price fluctuations in the near future, we should prudently invest in combination with the fundamentals of stocks, and use margin financing and securities lending tools reasonably and appropriately to avoid financing and speculating on stocks with large risks such as concept stocks and theme stocks to prevent price callback risks. Fourth, diversified investment diversifies risks, avoids centralized financing to buy or sell securities, and sells securities with higher market risk, preventing the total value of collateral from shrinking due to the fall in the price of individual securities, resulting in a sharp drop in the proportion of maintenance guarantees. Trigger the risk of forced liquidation. Fifth, combine the market trend and its own situation, do the necessary position control, actively reduce the position, release the risk, and stop the loss in time when the market volatility increases.

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