See also that the securities companies have obtained the qualification of fund custody

category:Finance
 See also that the securities companies have obtained the qualification of fund custody


On June 8, the CSRC approved the qualification of securities investment fund custody of Wanlian securities, which is limited to the custody business of publicly or privately raised securities investment funds. On June 15, China Securities Regulatory Commission approved the securities investment fund custody qualification of Huaxin securities, and restricted it to engage in the custody business of publicly or privately raised securities investment funds. This time, more than 11 months have passed since the last time Shenwan Hongyuan was granted the qualification of securities investment fund custody.

From the perspective of the development path of securities companies custody business, the securities investment fund law was revised and promulgated in 2013, allowing non bank financial institutions approved by the CSRC to carry out fund custody business; in the same year, the CSRC published the Interim Provisions on non bank financial institutions to carry out securities investment fund custody business, and the legal environment for securities companies to carry out public fund custody business has been mature, and the end of that year Haitong Securities was approved to be the first securities firm with relevant qualifications.

Now, in addition to the two newly approved securities companies, the number of securities companies with securities investment fund custody qualification has increased to 19 since the opening of the custody business of securities companies in 2013.

According to the announcement on the acceptance and examination of administrative license applications of securities and fund management institutions issued by CSRC, there are still 8 securities companies and 3 banks queuing up to apply for the qualification of securities investment fund custody.

In recent years, securities companies have shown industry advantages in fund custody business. Jia Zhi, executive general manager of Ping An Securities Fund research team, thinks: public fund custody started in 1998 and has developed to now. Compared with banks, securities companies have lower custody rates in most fund types. In addition, compared with the bank custody business, the brokerage custody business has two advantages. One is one-stop service. From the perspective of custody business alone, the homogeneity of banks and securities companies is obvious, but if custody business is regarded as one of the institutional service fund company business, securities companies have more comprehensive service capabilities. Such as transaction, custody and settlement services. Second, professional advantages. Compared with banks, securities companies are closer to the capital market and have advantages in professional level. As for the understanding and support of innovative products, it has its own professional advantages in settlement and net value calculation of innovative products, which makes it more attractive to such funds. For example, from 2015 to 2016, the trading monetary fund developed rapidly. At that time, a total of 14 trading monetary funds were established, 8 of which were entrusted by securities companies.

However, it should be noted that the development bottleneck of fund custody business of securities companies is also very obvious. In 2013, the custody business of securities companies was opened, which was greatly supported by the regulatory authorities in terms of qualification approval. However, the strength of fund consignment of securities companies was weaker than that of banks for a long time, which restricted the development of custody business. From 2014 to 2019, a total of 5227 funds were set up in the public fund market, and only 150 funds chose to be entrusted to securities companies, less than 3% of the total. At present, there are only 176 funds in custody in the whole market, and the development of public offering custody business of securities companies is slow. Jia Zhi further analyzed. According to the current situation of fund custody business carried out by securities companies, Ping An Securities statistics shows that at least 11 securities companies have managed passive index funds, and the scale of passive index fund custody of 7 securities companies accounts for more than 70% of the scale of non monetary fund custody. Source: Yang Qian, editor in charge of Securities Daily_ NF4425

However, it should be noted that the development bottleneck of fund custody business of securities companies is also very obvious. In 2013, the custody business of securities companies was opened, which was greatly supported by the regulatory authorities in terms of qualification approval. However, the strength of fund consignment of securities companies was weaker than that of banks for a long time, which restricted the development of custody business. From 2014 to 2019, a total of 5227 funds were set up in the public fund market, and only 150 funds chose to be entrusted to securities companies, less than 3% of the total. At present, there are only 176 funds in custody in the whole market, and the development of public offering custody business of securities companies is slow. Jia Zhi further analyzed.

According to the current situation of fund custody business carried out by securities companies, Ping An Securities statistics shows that at least 11 securities companies have managed passive index funds, and the scale of passive index fund custody of 7 securities companies accounts for more than 70% of the scale of non monetary fund custody.