Self Financing Of Securities Companies Is Only &Nbsp, And Asset Management Is The Main Battlefield Of PK Industry.

Stock market index futures It has rippled the brokers, but has not turned the wave.

The stock index that was born a year ago futures Let 2010 become a well deserved "new year" for securities companies.

Over the past year, securities companies have opened up. spanaction With the first hedge. fund The traditional three carriages. profit model It is also possible to "open new flowers to old trees".

But I have to admit that the securities companies that had been placed high hopes did not reach the original idea. In the past year, the participation of securities firms is still limited.

" Broker Far from being the main force in the stock index futures market. A large brokerage firm Derivative Department head told reporters frankly.

　　 Self employment is only a taste.

During the two sessions, the series of data released by Zhu Yuchen, general manager of China Financial Futures Exchange, opened a hazy veil of securities companies' participation in stock index futures.

Zhu Yuchen said that as of the end of 2010, 29 securities companies used stock index futures to effectively hedge the stock spot market risk, reducing the spot assets loss of nearly 1 billion 700 million yuan, and played a positive role in protecting the value of proprietary assets.

However, for securities firms, this figure is far from meeting expectations.

According to the guidelines issued by the securities and Futures Commission on stock index futures trading issued by the Securities Regulatory Commission in April 23, 2010, the purpose of securities companies' participation in stock index futures is strictly limited to the scope of hedging. In addition, it is stipulated that the total amount of proprietary securities and securities derivatives including stock index futures should not exceed 100% of net capital, and will participate in the stock index futures contract trading guarantee fund to deduct the net capital of securities dealers in 100% ratio.

Under such supervision, securities dealers are restricted to the role of short sellers in a single market.

"We are not big in scale. If the index goes up, the short selling period is sure to be a loss. Once the market goes down, hedging will only reduce the loss of the spot stock, which means little to us." A head of the derivatives division of a medium-sized brokerage firm admitted to reporters that although the company has already set up a stock index futures account, it has not started trading yet.

The situation of listed brokerages is different.

"The capital market of listed companies is more abundant, and the corresponding self run market is also increasing. Once the market is down, it may face huge losses. At this time, hedging can protect the stock investment." A listed broker related person in charge told reporters.

Judging from the earnings of listed companies, CITIC Securities and Everbright Securities participate in stock index futures more vigorously.

In the 2010 annual report released by CITIC Securities, it was mentioned that as at the end of last year, the company's derivative financial assets amounted to 733 million yuan, and another 435 million yuan of derivative financial liabilities. Although Everbright Securities has not yet published its annual report, its derivative financial assets reached 116 million yuan in the third quarter of last year. {page_break}

　　 Asset management as the main battlefield of PK

Compared with the different degree of self financing of stock index futures, the field of asset management has become a battleground between securities companies.

Up to now, a number of brokerages including the first venture, Guotai Junan and CITIC Securities have launched the "small set" financial products. They explicitly indicated that they would hedge their market risks by hedging the stock index futures in their products. Among them, in March 2011, Guotai Junan launched the "enjoy the quantification" collection of financial products, and was even known as the "China's first hedge fund" in the industry.

In addition to the above public information, a larger scale is the securities company's targeted asset management business and quota specific asset management business to participate in stock index futures trading. Such products are more inclined to arbitrage strategy and enjoy greater investment space, but they are also limited by the 100 hands of single account positions.

CIC securities is the first batch of brokerage firms to provide customers with time arbitrage in China. "The underlying index of stock index futures is the Shanghai and Shenzhen 300 index, and you actually bought the 300 stocks from the stock market. The actual value of these two combinations is the same, but sometimes there will be some deviations due to market volatility. Once that is possible, arbitrage can be made." Zhang Xiaodong, general manager of the derivatives department, explained to reporters.

He managed a balanced strategy product that achieved an annual yield of 18% in 2010.

From the stock index futures brokerage company's statistics department, market products are mainly based on stock index futures arbitrage, which is regarded as the most secure risk free mode in arbitrage strategy.

However, compared with foreign countries, the market needs to continue to develop.

"There are many kinds of products in the domestic market, and it is easy to buy stocks, but the short selling tools are limited. Besides futures, they can only sell themselves by the securities dealers themselves, and there are many restrictions on them. In addition, the regulatory environment is different. In contrast, domestic regulation is very strict. Zhang Xiaodong told reporters.