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The Countdown To Refinancing &Nbsp Will Reach 100 Billion At The End Of The Year.

2011/8/22 10:42:00 39

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Market long awaited "margin" business and "launch"

refinancing

Business news finally "landing", for brokerage, significant refinancing business launched countdown.

Analysts believe that at the end of the year, the balance of the two businesses is expected to reach 100 billion yuan. It is estimated that the securities and margin business of listed brokerages in 2011 will be up to 2 billion yuan, and a strong brokerage firm is expected to benefit from it.

Margin trading will expand

After the introduction of the refinancing business, the securities and securities companies can integrate funds or securities into securities and financial companies, and the margin of margin trading will be greatly improved.

According to the research and statistics of galaxy securities, the historical data of mainstream securities companies in Taiwan market, which has been developing the refinancing business for many years, shows that the scale of margin trading and the net assets of brokerages is about 70%, with a peak value of about 100% after the introduction of the refinancing business.

In the future, business will go on the routine, and the performance of the securities industry can not be underestimated.

Yangtze securities analyst Liu Jun reckons that as of August 18, 2011, Shanghai and Shenzhen two cities

Margin trading

The balance is 33 billion 200 million yuan.

But the introduction of refinancing business will enable securities companies to enrich the sources of daily financing and provide margin financing services to clients through lending funds and securities.

The expansion of margin trading will effectively drive the overall performance of securities companies to grow.

It is estimated that the monthly average balance of the two cities will reach 60 billion yuan in 2011. The balance at the end of the year is expected to reach 100 billion yuan, and the share of margin trading will account for the share of the stock based trading volume. It is also expected that the current 1%-2% will increase to more than 5%.

Among them, Huatai, GF, CITIC and other large brokerages increased significantly in valuation, while in the small and medium brokerages, Hongyuan and other brokerages benefited a lot from the two financial businesses. It is estimated that in 2011, the securities and margin business of listed brokerages can reach 2 billion yuan, and the proportion of the two financial income accounts for more than 5%. By 2012, the income of margin trading and margin trading of listed securities companies can reach 6 billion 400 million yuan, and the income is nearly 15%.

In addition, the draft stipulates that refinancing can be carried out on the basis of the platform of the exchange business, and it will also help alleviate some of the pressure of "size and non" reduction.

Securities firms are well capitalized.

However, because there are only a few brokerages with the qualification of margin trading, only 25, these pioneers will have a natural advantage in the future competition.

Securities margin trading publicly disclosed by Shenzhen Stock Exchange

balance

In the rankings, it is not difficult to see the competition pattern of margin trading. As of July 31st, three brokerages with the largest share of margin trading market were Haitong Securities, Guotai Junan Securities and Everbright Securities. Their market share was 13.28%, 9.86% and 7.26% respectively.

In addition, GF Securities, Huatai Securities, Shenyin Wanguo, China Merchants Securities, Galaxy Securities, Guoxin Securities and CITIC Securities are among the top ten.

However, Liu Jun believes that because the business is only started and there are differences between the Shanghai Stock Exchange and the Shenzhen Stock Exchange, the ranking does not reflect the actual share or business capacity of the margin trading business.

In the long run, the development of margin trading depends on the number and scale of quality customers, and the share between margin trading and brokerage business is highly correlated.

The study of galaxy securities also found that in the pilot stage of margin trading, due to the scale constraints, the new commission income and interest income had little impact on the performance of the pilot brokerages, and the income gap between new businesses of the companies was not obvious. However, the strong capital coupon merchants could occupy a larger market share in the pilot period through the scale advantage of their own funds, laying a solid foundation for the rapid development of the future business.

With the full development of business and the introduction of refinancing, the upper limit of margin financing will be gradually relaxed. The margin of margin between margin and margin will also expand significantly among the securities companies. The securities firm with large capital size will become the biggest winner of margin trading. Whether new commission income or interest income will increase rapidly, it will quickly occupy the leading position in margin trading.

However, apart from the pformation of margin trading and the introduction of refinancing business, margin trading still has room for further policy easing. Liu Jun believes that the biggest attraction is the margin trading target.

Securities companies

After the expansion, it is estimated that the scope of the underlying coupons will reach more than 300 after expansion, and the threshold of margin trading is expected to decrease, which will effectively enhance the enthusiasm of investors in business.