The merger of leading securities companies has just cooled down, and the speculation that banks have been granted securities licenses has risen again!

category:Finance
 The merger of leading securities companies has just cooled down, and the speculation that banks have been granted securities licenses has risen again!


Chinese reporters of securities companies have noticed that because the stock market was too hot last week, mixed business rumors have become a hot topic in the industry, and relevant conjectures have also derived a variety of models.

Zhao ran, non bank chief of China Securities construction investment securities, believes that there are three optional modes: one is the all-round banking mode, that is, commercial banks directly participate in securities business, similar to the structure of Deutsche Bank; the second is the mode of bank holding securities companies, which either rely on themselves to create new securities companies, similar to the banks financial management subsidiary, or participate in or hold securities companies to achieve business collaboration; and third, it is In the form of financial holding company, the main body of the holding group is not a bank, but a comprehensive financial service platform covering banks, securities companies, insurance, direct investment and other multi licenses, but this is not a new model.

Hot discussion on three models

The reporter learned that these three development models basically cover all the suggestions made by the current securities companies research papers and the interviewees.

First of all, the so-called all-round banking model, that is, securities companies become a department or business division of banks. At present, Zhao believes that there is still a legal obstacle to break through. From the perspective of risk management and control, the model of universal bank is easy to cause risk contagion among different attribute departments in the group. This scheme involves the adjustment of policy regulatory framework, corporate organizational structure, corporate risk control system and other aspects, which is difficult to practice and has relatively low possibility.

A person in the banking industry told reporters that from the perspective of the commercial bank law, the challenge faced by this model lies in Article 3 of the commercial bank law. This article stipulates the business scope of commercial banks, but securities business is not included in it. Of course, paragraph 14 of this article also stipulates that banks may operate other businesses approved by the banking regulatory authority of the State Council. However, securities business involves the general pattern of separate operation and separate supervision, which is not easy to obtain approval. This person said.

The return of securities business to the banking system, on the one hand, is quite difficult to practice, on the other hand, it may not meet the expectations of securities practitioners. Many sellers research institutions have interpreted the banks license as a good thing for the industry, and the all-round bank model obviously has a greater impact on the existing securities industry structure.

Secondly, the mode of bank holding securities companies means that commercial banks, as parent companies, participate in or hold securities companies. This idea actually covers two paths: new establishment and participation and control through capital operation. Some securities dealers believe that this path can steadily promote mixed operation, which is the most practical and operational development mode of bank holding securities companies at this stage.

Pan Xiangdong, vice president and chief economist of new era securities, told reporters that the new securities business model is difficult to make a substantial impact on securities companies in the short term; in the long run, as commercial banks gradually improve the business model of mixed operation, it will have a substantial impact on small and medium-sized securities companies, but it may take a long time to create aircraft carrier level securities companies in this form; the M & a mode is relatively low For easy, it is good for the acquired securities companies, but no matter what way to take, it will not have a big impact on the existing industry structure.

The challenges facing this model are also realistic. According to Article 43 of the law on commercial banks, commercial banks are not allowed to engage in trust investment and securities business within the territory of the peoples Republic of China, nor to invest in real estate for non self use or to invest in non bank financial institutions and enterprises, unless otherwise stipulated by the state.

But interestingly, despite the explicit prohibition of the law, the desire of commercial banks to obtain Securities Dealers licenses has not been eliminated. A person in charge of the investment banking department of a large state-owned bank once told reporters that the bank had repeatedly lobbied the regulatory authorities to apply for a securities traders license, but the result was very regrettable, because different regulatory authorities had different attitudes towards this matter.

The discussion of the industry and academia is more common. In May last year, Li Feng, general manager of Investment Banking Department of ICBC, published a signed article entitled commercial banks should be encouraged to carry out equity investment in China finance. In the policy recommendations at the end of the paper, it is clearly proposed that some large-scale key commercial banks should be given appropriate mixed license support. Li Feng suggested that the regulatory authorities should consider giving some large commercial banks license access support to securities companies, trust companies, fund companies, etc. needed for mixed operation at an appropriate time and in an appropriate way.

It is particularly worth mentioning that Everbright Securities and China Merchants Securities, which have risen sharply recently, are such securities companies. Some people in the industry believe that although the model of financial holding platform is not a new development model, the banks acquisition of securities business license may further enhance internal coordination.

Market oriented system and salary problems to be solved

The interviewees in the industry also said that even if the hard obstacles at the system level are removed, some soft obstacles in the system will become the problems that need to be paid attention to in the future. In the specific management after the realization of mixed operation, there are still more details to be polished.

Some people in the industry pointed out that, just like the existing banking securities companies - BOC securities and CDB securities, although relying on the strong resources of the parent bank, but business collaboration is relatively limited, asset size and core business indicators are ranked around 20 in the industry. After the release of Securities Dealers license to banks, the business promotion mode, collaborative mode, risk prevention and control mode, supervision mode and other aspects need to be further explored.

Securities Dealers familiar with the banking regulatory model told reporters, the securities industry is an industry with a high degree of marketization, and we should handle the relationship between internal coordination and marketization. On the one hand, we should rely on internal collaboration, that is, sharing the banks customer resources and business resources; on the other hand, we should benchmarking with the market in terms of management structure and compensation.

Among them, the former problem can be bound by administrative instructions or assessment means, which is easier to solve; but the incentive mechanism is a difficulty. Frankly speaking, the salary is too low for the securities companies to keep people; when the salary is high, the people in the parent bank are also watching. People will think that I give resources and I will do the work for you. Why do you earn more than me? Said the securities dealers. In addition, it also involves the inter industry competition in the business, that is, the allocation of resources. It depends on how determined the banks are to develop the securities business. For example, the business of bonds and short-term financing of medium-sized notes is generally done by banks. If a new securities company is established, can all these businesses be transferred to securities companies? The securities dealers mentioned a number of practical operations need to be detailed consideration of multiple issues. From the point of view, this issue involves dealing with the relationship between the past, the present and the future, as well as the internal coordination and external marketization of the group. If it can be handled well, it will complement each other; if not, there will be some problems hindering the development in the future. The above securities dealers believe that. Source: Securities Times net editor in charge: Yang Bin_ NF4368

Among them, the former problem can be bound by administrative instructions or assessment means, which is easier to solve; but the incentive mechanism is a difficulty. Frankly speaking, the salary is too low for the securities companies to keep people; when the salary is high, the people in the parent bank are also watching. People will think that I give resources and I will do the work for you. Why do you earn more than me? Said the securities dealers.

In addition, it also involves the inter industry competition in the business, that is, the allocation of resources. It depends on how determined the banks are to develop the securities business. For example, the business of bonds and short-term financing of medium-sized notes is generally done by banks. If a new securities company is established, can all these businesses be transferred to securities companies? The securities dealers mentioned a number of practical operations need to be detailed consideration of multiple issues.

From the point of view, this issue involves dealing with the relationship between the past, the present and the future, as well as the internal coordination and external marketization of the group. If it can be handled well, it will complement each other; if not, there will be some problems hindering the development in the future. The above securities dealers believe that.