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Securities Times front page comment: Standardizing off-exchange funds is intended to stabilize and develop the market

March 15, 2019 05:24
Author: Dan Cheng

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Summary
[Securities Times front page comment: Standardizing off-market matching is intended to be stable and healthy in the market] The recent regulatory layer's investigation of the risk of securities dealers' funds is to prevent potential risks and make the market run healthier. In fact, the current market's leverage ratio is not high. The amount of funds invested through OTC funds is far less than when the stock market fluctuates abnormally in 2015. Investors need not be overly panic. (Securities Times)

Recent regulatory pairsBrokerThe risk of fund-raising is to prevent potential risks and make the market run healthier. In fact, the current market's leverage ratio is not high. The amount of funds invested through OTC funds is far less than when the stock market fluctuates abnormally in 2015. Investors need not be overly panic.

Recently, there was news that the supervisory layer said that some regulators convened some special conferences to regulate the external access of information systems and prevent the risk of over-the-counter allocation. Some regulators suggested that they should deeply reflect on and absorb the abnormal fluctuations of the stock market in 2015. The lesson is that securities companies must fulfill their main responsibilities and be diligent, external access must be strictly regulated, and risks should be investigated. The sales department and employees must not facilitate off-exchange funds. This is a normal move to regulate the market order, and it is a necessary measure to deal with the risk of off-market financing, without excessive interpretation or excessive panic. Since the beginning of this year, A-shares have continued to rebound, market risk appetite has been repaired, the enthusiasm of financiers has increased significantly, and the high-leverament of over-the-counter reinvestment has been revived. However, unlike the unusual fluctuations in the stock market in 2015, it was subject to the “cleaning up and rectification of illegal securities business activities”. The Opinions and other regulatory rules are constrained. The interface between brokers and third parties has been cut off in the past year. The use of programmatic trading and sub-sector system accounts to enter the market has greatly reduced the amount of OTC funds. The current over-the-counter allocation is mostly through natural persons. The opened account attracts small and medium-sized investors' funds, and the amount is small and scattered. Compared with the high leverage and a large amount of OTC funds entering the market four years ago, it is difficult to form a scale.

From the perspective of standardizing market order and preventing problems before it occurs, the regulatory authorities have been paying close attention to the off-exchange fund-raising since February, and have sought advice from the market for restarting brokerage trading interfaces, and have drawn water at the rulemaking level, while at the same time cutting Indiscriminate flow, to appeal to investors to rationally invest, to prevent investment risks, requiring all securities companies to strictly enforce brokerage business andMargin financingCustomer appropriate management, strengthen abnormal transaction monitoring, conscientiously do a good job in technical system security, and then go to local securities regulatory bureaus to hold a symposium to understand the situation of off-site fund-raising, strengthen the operating organization to enhance compliance awareness, and the regulatory layer intends to adopt rules. Customer appropriateness management, institutional diligence, investor education and other means to block the path of off-market funds to enter the market.

The stability and health of the market requires market participants to jointly maintain, and investors must also raise risk awareness. Compared with the financing business of the brokerage firm, the margin financing and securities lending business of the brokerage firm needs to be no less than 500,000 personal assets, and the leverage is doubled. However, the private fundraising does not have the requirement of rigid funds, and the leverage is 1~10 times or even higher. The risk tolerance of investors is not pre-judgment, as long as there is openingStock accountWhen the fund-raising threshold is as low as 100 yuan, almost anyone can participate in the fund-raising. There is a great risk. In addition, the account needs to be jointly controlled by the investor and the fund-raising company, and the security of the account cannot be guaranteed. Since the fund-raising institution is not a legal institution engaged in securities brokerage business, there is no internal control, risk control and external supervision. Therefore, it is free from the gray area of ​​legal supervision, which obviously does not match the risk tolerance of individual investors. Investors need to be consciously far away.

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(Article source: Securities Times)

                (Editor: DF407)

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