Futures industry is heavy! Classification evaluation results in 2020: Xingzheng will be reduced by 5 grades

category:Finance
 Futures industry is heavy! Classification evaluation results in 2020: Xingzheng will be reduced by 5 grades


The latest classified evaluation results of futures companies show that the number of AA grade futures companies has increased to 19, and 21 of them have obtained A-level. In addition, in the C and D categories of companies, the change is not big, the total number is still maintained at 16. Category B companies are still in balance as a whole.

At the same time, some companies have been downgraded. There are five futures companies from a to BBB, which are Shanghai midterm, Guohai Liangshi, JP Morgan, Tianfeng futures and China Eastern Airlines futures. In addition, Xingxing futures fell 5 grades to CC grade from grade a last year.

This year, there are 19 companies with the highest classification rating (AA level) of futures companies, including Yongan futures, CITIC futures, Galaxy futures, Guotai Junan (18.330, - 0.02, - 0.11%) (Hong Kong stock 02611) futures and Haitong futures.

In terms of quantity, 19 AA grade companies were selected this year, 5 more than last year. In addition, in the C and D categories of companies, the change is not big, the total number is still maintained at 16. Category B companies are still in balance as a whole.

Although there are five more AA grade futures companies than last year, they are basically in line with previous expectations, and the first camp of futures companies has basically not changed. Analysis of Yu mengguo, general manager of Jinpeng futures.

Although the first camp of futures companies changed little, the volume of futures market increased significantly this year, which boosted the performance of the industry. Statistics show that in the first three quarters of 2020, the trading volume of Chinas futures and options market reached a record high, and the turnover exceeded 300 trillion yuan, which was the second highest in history.

Statistics show that, in September this year, the turnover of the National Futures market was 624 million, with a turnover of 45.95 trillion yuan, up 78.66% and 70.41% respectively on a year-on-year basis, and 13.19% and 0.04% respectively on a month on month basis. From January to September, the cumulative turnover of the National Futures market was 4.265 billion, with a cumulative turnover of 302.8 trillion yuan, with a year-on-year increase of 47.17% and 41.29% respectively. It is particularly noteworthy that the trading volume in the first three quarters of 2020 has exceeded that of the whole year of 2019 (3.962 billion hands) and that of 2016 (4.137 billion hands), reaching a record high.

According to the regulation on Classified Supervision of futures companies, the benchmark score of normal operating futures companies is set at 100 points. On the basis of the benchmark score, according to the risk management ability, the ability to serve the real economy, market competitiveness, continuous compliance and other four evaluation indicators and standards, the corresponding points are added or deducted to determine the evaluation score of the futures company. According to the evaluation score of futures companies, the futures companies are divided into 5 categories and 11 grades: a (AAA, AA, a), B (BBB, BB, b), C (CCC, CC, c), D and E. Among them:

Class B companies have higher risk management ability in the industry and can control business risks;

The risk management ability of class D company is low, and the potential risk may exceed the companys tolerable range;

From the evaluation criteria, we can see that rating is mainly related to the business scale and risk control ability of futures companies, which is considered from the perspective of supervision. From a traders point of view, investors may pay more attention to handling charges, leverage ratio, convenience and speed of trading. If they choose AA grade companies, the security of investment will be more guaranteed. In the actual operation process, institutional customers often pay attention to the evaluation level of futures companies when they choose brokers. Therefore, futures companies attach great importance to this list.

The classification results of futures companies are linked to the operation of the companies

What aspects will the rating results of futures companies relate to the operation of futures companies?

It is understood that futures companies carry out risk subsidiary business, and the new business filing is linked with the specific rating results. In the aspect of calculating the risk capital preparation, the business scale is taken as the base, and the applicable regulatory proportion is linked with the rating results. The ratio of net capital to risk capital reserves limits the business scale of futures companies. Obviously, the classified rating results directly affect the business development space and growth potential of futures companies.

Industry insiders generally believe that in the long run, the risk subsidiary business of futures companies will become the main source of profits for futures companies. In order to promote the business development of risk subsidiaries of futures companies, the CFA has recently issued two notices, allowing risk management companies to carry out warehousing and logistics business, and supporting risk management companies to become traders warehouses of the exchange.

Among them, the risk management subsidiarys warehouse receipt agreed buyback business, the growth is more amazing! The year-on-year increase in August was 226%, reaching 3.146 billion yuan. In the first eight months of this year, it reached 23.612 billion yuan, up 126% year on year.

This article is from Guo Chenqi, editor in charge of securities companies in China_ NBJ9931