According to the new regulations drawn up by the above-mentioned securities firms, in the business of Kechuang board and Liangrong, the proportion of single Kechuang board stocks should not exceed 30%, and the overall proportion of Kechuang board stocks should not exceed 50%. Kechuang board stocks should not be held in positions if the guarantee ratio is too low.
According to the securities dealers, as early as July 22, the wind control rules of the company were more stringent on common stocks, and the risk prompting requirements of the company would be higher. The threshold set in the early stage is very high, and only a few securities firms are estimated to adjust it.
If the guarantee ratio is too low, Kechuang stock may not be bought.
After the closing of the market yesterday, a large securities firm in South China received such a notice from the market software.
According to the above notification, the brokerage company adjusted the real-time control index of the holding concentration of credit account in the two financing businesses of KSB. From the point of view of the adjustment rules, there are mainly two aspects as follows:
1. If the guarantee ratio of the credit account maintenance is not higher than 180%, the market value of the stocks of the single-branch stock holder accounts for 0% of the total assets of the credit account; if the guarantee ratio of the credit account maintenance is higher than 180%, the market value of the stocks of the single-branch stock holder accounts for no more than 30% of the total assets of the credit account.
2. Where there are liabilities in credit accounts, the market value of stocks in the single sector of the warehousing sector shall not exceed 30% of the total assets of the credit account; if there are no liabilities in the credit account, the market value of stocks in the single sector of the warehousing sector shall not exceed 50% of the total assets of the credit account.
According to the circular, the new regulation of the above-mentioned business will be formally implemented on the next trading day (August 12).
According to the new rules drawn up by the securities firm, the business of Kechuangbao and Liangrong has obviously tightened. For example, in terms of maintaining the guarantee ratio, less than 180% of the guarantee ratio will not be allowed to hold Kechuang stock. At the same time, the overall market value of the stock market of KIB is not more than 50%, which means that customers of KIB and RMC can no longer copy the full position lever mode of buying stock in the past.
Compared with other institutions, the above-mentioned threshold adjustment for securities firms is becoming more stringent. According to another large-scale securities company, the lowest threshold requirement for the maintenance guarantee ratio of the credit account of Kechuangban and Liangrong is 180%, but less than 180%, the only requirement is that the single Kechuangban stock holdings ratio should not exceed 30%.
Why should we raise the threshold of Kechuangban and Liangrong Business?
So why did the brokerage company suddenly increase the wind control ratio of the two financials business just three weeks after the start of the market? Does it mean that securities firms are sending out signals to cool down the credit business of the company?
According to the relevant person in charge of the business department of a medium-sized securities firm, it is not surprising that the head securities firm raised the threshold of the two financing companies, because as early as before the formal opening of the market on July 22, the rules for the wind control of the two financing companies had been more stringent than the common stock setting, and the risk prompting requirements of the company would be higher.
Maybe the original wind control index of the securities firm is not too high, and with the increase of funds to pursue the stock of Kechuang stock, the risk of the business of Liangrong will gradually increase. According to the existing market trading conditions, the adjustment of the corresponding business indicators is also a normal action, which does not need to be over-interpreted. The head of the above-mentioned securities firm pointed out.
It is reported that most securities companies have undergone a round of regulation adjustment of the two-finance business, and the level of wind control has been improved, while the business threshold of some securities firms is close to the requirements put forward this time.
In the announcement document of a head securities firm, the fund gentleman found that as early as July 17, the securities firm had issued the announcement restricting the concentration index of the credit account of KIB and Liangrong. The above documents show that investors who maintain a guarantee ratio of less than 180% in their credit accounts are also not allowed to finance the purchase of Kechuang stock. However, when there are no liabilities in their credit accounts, there is no limit to the Kechuang stock holding concentration index.
In fact, different securities firms have different requirements for holding positions in GEM, and small securities firms have higher requirements. Customer manager of a small securities firm in North China revealed that the requirement of centralized warehousing of the branch creation board in its institution is also more than 180% of the guarantee level, but the requirement of single branch creation board is limited to less than 20%.
Kechuang board financiers no longer full leverage into
It is noteworthy that, compared with other A-share sectors, securities firms have stricter requirements on margin ratio and shareholding concentration of the two-way financing transactions, which also greatly reduces the expected return on financing.
For example, in terms of margin ratio, the margin ratio of the stock financing is generally higher than that of the main board, which makes it necessary to invest more principal in financing to buy the stock. According to a large-scale securities business rule in East China, the margin ratio of Kechuang stock financing is generally around 130%. By contrast, the margin ratio of most main board stocks in Shanghai stock market is 100%.
In terms of position concentration, most securities firms not only set a high guarantee ratio, but also have a clear requirement for position concentration. Even if the guarantee ratio exceeds 300%, the total market value of warehouse creation board should not exceed 50% of the total assets of credit account. This also means that if you want to buy in a warehouse, you may be able to do it in an ordinary account, but not in a credit account.
In the view of industry insiders, in terms of system construction, how to maintain the guarantee ratio and the centralization degree of the innovation board are needed to be controlled by the securities dealers themselves in the future, so the degree of caution will be higher. The trend of regulation is to gradually liberalize the requirements of the two financial services, and securities firms will be more free in the future, so wind control needs to be mastered by themselves. Securities firms will naturally have more stringent leverage on the capital of the stock market of KSB because of the more flexible trading rules of KSB itself. The head of the business department of the above-mentioned medium-sized securities firm said.
It is reported that at present, major securities firms will set a grading threshold to limit the concentration of Kechuang stock, so as to control the risk of Kechuang stock financing. At the same time, it will also distinguish the restriction requirements of the two-way financing business between KIBM and other fast customers, so as to achieve the goal of controlling the risk of the two-way financing business of KIBM, and at the same time, it will not hurt the customer requirements of the ordinary two-way financing business because the restriction requirements are too strict.
Fu Lichun, Director of Northeast Securities Research, said that securities firms have the role and responsibility of gatekeeper in the science and innovation board market, so they are bound to be more stringent in risk prevention and control. The margin trading business also needs to be adapted to the new market environment. Some securities firms will be more cautious in the initial stage, and each institution will focus on itself. The level of wind control and professional maturity should be adjusted appropriately. In the later stage, it may be changed according to the development of the two-finance policy and the innovation board market.
Source: Yang Bin_NF4368, Responsible Editor of China Foundation Newspaper