Rapid Progress Of The New Third Board Reform

Since the implementation of the selected layer, the new third board has obviously accelerated the pace of reform of the trading system.

Some news said that the new third board selected layer pilot margin trading business has been approved by the regulatory layer. At the same time, the combination of mixed market making, optimizing the entry of public funds, developing selected layer investment index funds and unblocking the new third board channels for medium and long-term capital investment such as social security are also further promoted.

"In the past, many systems could not be implemented on the new third board, but since the new third board has a selection layer, the trading methods, financing tools and means of the A-share market can be basically implemented at the selective level. Therefore, the regulatory authorities are also improving policies as soon as possible, so that the new third board market can develop orderly and healthily." On August 5, Zhang Keliang, general manager of Yintai securities stock transfer business department, said.

As for the intensive introduction of the new third board policy, Zhou Yunnan, founder of Beijing Nanshan investment, said, "this is after the national equity transfer company publicly disclosed last Tuesday that in terms of improving market liquidity at the selective level, it has launched" Four Combinations "of medium and long-term capital investment channels, such as mixed market making, optimizing the entry of public funds, developing selective investment index funds and unblocking social security A fierce dish to improve the liquidity of the market of the selection layer conveys to the market the determination to carry out the reform of the new third board and the confidence to protect the selective layer to be positive. "

Margin trading will test water

It is reported that the national stock transfer company has worked out a scheme for the margin trading and securities lending of selected stocks jointly with the relevant departments of the China Securities Regulatory Commission, and has studied and confirmed the business details with China securities registration and Clearing Co., Ltd., China Securities Finance Co., Ltd. and other market core institutions. The pilot project of margin trading and securities lending on the new third board will take the selected stocks as the target and integrate the Shanghai and Shenzhen markets Experience, according to the characteristics of the new third board market, build a framework of margin trading business, and steadily promote in stages.

The 21st century economic report reporter learned that both investment institutions and securities companies welcome the introduction of margin trading and securities lending by the selected layer.

The "three financing board" is conducive to the improvement of liquidity. At present, this business will be used for financing more than securities lending. Because the valuations of the new third board, including the selected stocks, are still on the low side and have investment value, which is conducive to the institutions to use leverage to improve the yield. This is a good thing Huatuo capital chairman Zhu Weiyi said.

Zhang Rongliang, an important source of financing business for securities dealers, is to increase the income of securities dealers.

Fu Lichun, director of Northeast Securities research, also pointed out that margin trading helps to improve market liquidity. "Margin trading" increases the trading volume of the securities market and improves the liquidity of the market. The price stabilizer has the function of securities lending. Under the perfect market system, it is helpful to form the internal price stability mechanism.

In addition, Fu Lichun pointed out that margin trading has enriched investors' trading methods. At the same time, it brings risk management to investors. The pilot financing and securities lending of the selected layer can increase the application channels of the securities companies' own funds and securities to a certain extent. After the implementation of the refinancing, it can increase the allocation mode of other funds and securities financing, and improve the utilization efficiency of financial assets.

On the whole, the advantages and disadvantages of the introduction of "three layers of securities trading" are greater than the advantages and disadvantages.

Six advantages are: it can activate the secondary market trading of the selective layer; it can increase the effective supply of ticket sources; it can bring more capital sources for the secondary market; under normal circumstances, it can achieve relatively stable trading price; it can improve the revenue of the business department and improve the enthusiasm of securities dealers; and let the selection layer keep up with a shares in the transaction supporting system.

The two disadvantages are: on the one hand, it gives investors a temptation to leverage, which is easy to enlarge profits and losses; on the other hand, in extreme market conditions, it is easier to help the rise and fall.

In fact, some people in the industry expressed concern in an interview.

"When the selected layer carries out margin trading, investors can raise funds to speculate in stocks, which will, to a certain extent, encourage the speculation in the secondary market of the new third board. From the perspective of this policy, we may be worried about the inactive trading of the selective layer and the liquidity problem, but I don't think it is necessary at present. " The industry said.

The reform is advancing rapidly

In addition to the recent three financial reform, there are a lot of new initiatives.

On the one hand, the mixed trading of selective layer is gradually approaching.

In the market making system, the introduction of "market making" and "listing" mechanism can only break the existing market making mechanism.

People from securities companies said that some securities companies were invited to participate in the related matters of hybrid trading. As a matter of fact, on July 28, the national stock transfer company held a meeting with some securities companies on the preparation of hybrid trading technology. "It's not a day or two to prepare for a hybrid deal. I've been preparing for it all the time. It's only after the selection layer is opened that it's pushed forward from the official level, but the research work has been prepared for a long time." Zhang Keliang said.

Industry insiders pointed out that the national stock to equity companies have been preparing for the mixed trading system for a long time, and the preparation for the trading system has been completed. At present, it is actively coordinating with securities companies to follow up the reform of market making and brokerage systems.

Many new third board people believe that an important purpose of the regulatory authorities to promote mixed market making is to consider liquidity. On the one hand, market making securities companies will increase part of the amount of capital; on the other hand, two-way quotation also increases trading activity, avoiding the problem of less active liquidity. Mixed market making can avoid some disadvantages brought about by previous market making systems at the basic level and the innovative level, including market makers' excessive price difference, market makers' not actively matching transactions, and helping the market to rise and fall.

"It is a good thing to implement mixed trading at the selective level, and the mainstream overseas exchanges basically implement the hybrid trading system." Zhang Keliang said.

Zhou Yunnan pointed out that under the premise that the current continuous bidding has been officially implemented in the selected layer of the new third board, the mixed market making has a landing foundation. The introduction of hybrid market making can firstly supplement the diversity of trading quotations, secondly, it can keep the price relatively stable in a reasonable range, and thirdly, it can provide investors with more counterparties. At the same time, compared with the current market making system of the new third board, the difference between mixed market making and ordinary market making is mainly in the trading objects. Investors can trade with market makers or directly with other investors.

On the other hand, the way of public funds entering the selective layer has been clarified recently.

On July 31, the new measures for fund raising companies to participate in the three-step public offering market were announced.

Since then, the managers of public funds have made active preparations. A total of five public funds have participated in the issuance of the first batch of selected companies. They have participated in the strategic investment of 7 projects and the inquiry and purchase of 25 projects, with an accumulated allocation amount of nearly 400 million yuan.

In addition, there are also stock fund products investment expanded to select layer. Recently, Dongfanghong asset management applied to change its management of two large collective products into public fund products, namely, Dongfanghong Qixing three-year holding period hybrid fund and Dongfanghong Qihang three-year holding period hybrid fund. In this process, Dongfanghong asset management intends to modify the fund contract to include the listed stocks of the selected layer into the investment scope of relevant public offering products.

Recently, it is reported that the new third board public offering fund investor ratio limit will be lifted, the risk level will be lowered, and the selected layer is expected to further attract medium and long-term funds into the market.

"Now the buying power of the new third board is still insufficient, and institutional funds have not entered the new third board substantially. I hope that the next reform of the new third board will promote the selection layer to attract more funds." Zhu Weiyi said.

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