Umbrella Type Trust Safety Cushion Is More Noble, No Large-Scale Liquidation.

Umbrella trust has not seen large-scale liquidation

A sharp drop in two trading days

Once again faced with worries.

However, reporters interviewed a number of trust companies found that umbrella trust has not yet seen large-scale liquidation.

The head of the Securities Division of a trust company said that most of the umbrella trusts were built around 3500 p.m. in the first quarter. At present, the safety cushion is still relatively high. Recently, a large area of clearance was mainly carried out on the sidelines outside the warehouse at around 4500, and most of the 4000 warehouses had already touched the warning line or even the bunker line.

Umbrella trust has not seen large-scale liquidation

Yesterday, the Shanghai Stock Index intraday huge earthquake 10%, once fell more than 7% hit 3875 points, at the close, the Shanghai stock index fell 3.34% to 4053.03 points risk 4000 points.

Rapid collapse makes umbrella trust face again

Secret worries.

A Trust Securities Division business told reporters that the umbrella trust has not yet seen large-scale liquidation.

The reason is that most umbrella trusts opened their umbrellas in the first quarter of this year.

At around 3500, even if the stock index fell below 4000, the safety cushion is still high.

After 4000 o'clock, Jiancang has gradually hit the warning line or even the open line. However, due to the overwhelming majority of customers' timely margin, the large-scale umbrella trustee liquidated phenomenon did not occur, only the zero star unit was closed.

"The sub unit mainly comes from the OTC capital allocation. Most of the trust companies used the HOMS system, and the distribution company can carry out online docking with the trust company through the HOMS cloud platform, and use the form of separate sub accounts to achieve the correspondence with the multiple trust of the umbrella trust."

The above business personnel said, "more than 4500 of the financing plate has mostly been closed."

The Shanghai news reporter was informed that a number of banks including Bank of communications, China Merchants Bank and Everbright Bank (5.12, 0.07, 1.39%) recently explicitly lowered the leverage of the umbrella trust allocation fund, with a maximum limit of 1:2. The head of the securities trust business division of a large trust company revealed to reporters that the company received a telephone call from the former joint-stock bank and asked to tighten the umbrella trust business.

Specific notices include: first, the maximum proportion of the new subsidiary units of the umbrella trust is reduced from original 1:2.5 to 1:2, and the early-warning stop line is modified to 0.95/0.9; second, the stop loss needs to be filled up before 10:30 a.m. on T+1 day, otherwise it will be liquidated.

But recently

Continuous slump is testing the trust control of the trust company all the time. The person in charge told the reporter that once a continuous cliff clipper fell sharply, it would be too late to make up the stock. Even if the investment scale is bigger, even if there is a forced liquidation, there will be a risk of no one taking the risk.

"The banking sector is beginning to shrink the umbrella trust business. Initially, the bank reduced the leverage ratio of the umbrella trust, raised the warning line and the closing line until the last suspension of the trust to the trust company."

A bank insider said.

Structured trust out of court distribution

Just as the umbrella trust began to fade out of the market, the OTC asset allocation business of structured trust began to rise.

According to the reporter's understanding, according to the current industry practice, the financing cost of structured trust products is between 7.5%-9%, and the trust company introduces a trust product form with priority and inferior structure to complete the allocation of funds.

Demand.

In such products, the allocation of capital is still in the form of bad back-end, but the trust company's customers appear in the form of an intermediate layer. According to the contract, it can get a certain income in accordance with the income level of the trust fixed products collected in the current market, but its capital will be merged into the poor back-end capital department, and the bank funds will appear in the priority status.

"This mode of operation is equivalent to magnifying investment risks virtually, and raising higher requirements for the risk control of trust companies."

Wang Yanyu, a financial researcher on the grid, analyzed.

"According to the regulations, at present, the stop line of many products is 0.90. In the most recent extreme market, the situation of stocks falling down by 30% often occurs. Even if forced to liquidate, it will be impossible to avoid losing money when they are too late to sell."

This also means that compared with many sub projects in the umbrella trust, hedging can be carried out. A single structured trust business is equivalent to putting eggs in the same basket and facing greater risks when the market falls.

On the other hand, the banking industry has also raised a question that worries them.

"In terms of bank funds, due diligence can only be done to cooperate with the trust or brokerage level, but later, in the real bad back-end financing side, whether there are two rounds of capital allocation? Is the whereabouts of bank funds strictly monitored? There are actually wind hazard points, which is also the key point for the trust companies to implement wind control."