Improving the pricing function of the secondary market, soliciting opinions on the detailed rules of margin financing and securities lending transactions of the Beijing Stock Exchange

time:2022-09-29 16:49:45 source:clevelanddrifters.com author:Trend
Improving the pricing function of the secondary market, soliciting opinions on the detailed rules of margin financing and securities lending transactions of the Beijing Stock Exchange

On September 2, the Beijing Stock Exchange publicly solicited opinions from the market on the detailed rules of margin financing and securities lending. Experts said that this will further improve the trading mechanism of the North Exchange and enhance the pricing function of the secondary market of the North Exchange. The Beijing Stock Exchange stated that margin financing and securities lending are an important basic system in the securities market and a relatively mature trading method in the international securities market. Since 2010, my country's capital market has gradually implemented margin financing and securities lending, the business model has gradually matured, the regulatory system has been gradually improved, and investors' understanding and application of the credit trading mechanism has been deepened, providing investors with diversified trading strategies and risk management. It provides effective support and enhances the vitality and resilience of the securities market. Experts said that when the market opened, the Beijing Stock Exchange established a basic trading system of continuous bidding. It has been established for nearly a year. The overall market has been running smoothly, and the group of qualified investors has grown rapidly. It has the institutional basis for launching margin financing and securities lending business. The difference between the margin financing and securities lending system of the Beijing Stock Exchange and the Shanghai and Shenzhen markets is mainly reflected in two aspects: first, the connection between the transfer boards. The transfer mechanism is a characteristic institutional arrangement of the Beijing Stock Exchange. In order to facilitate the connection between the margin financing and securities lending system of the Beijing Stock Exchange and the transfer system, the draft for comments clarifies the scope of the target stocks that will be adjusted for the transfer of the underlying stocks. Second, the refinancing system will not be implemented for the time being. Refinancing is a supplement to the margin financing and securities lending system. In order to steadily promote the two financing business, the Beijing Stock Exchange will launch the refinancing system in the next stage in a timely manner according to the implementation of the business and the needs of market development. Considering the current structural characteristics and liquidity level of the Beijing Stock Exchange, the Beijing Stock Exchange will adopt a number of risk control arrangements. For example, implementing the "two-step" strategy, only launching the basic business of financing and financing at the initial stage, and then launching refinancing after the operation is stable, to ensure that the financing business will be the main business in the initial stage of the financing business. The low level of leverage reduces the risk of overall market volatility. The relevant person in charge of the Guide Fund said in an interview with a reporter from China Securities Journal that the margin financing and securities lending business can stabilize market fluctuations and contribute to the formation of the company's intrinsic price. It is suggested that the Beijing Stock Exchange should select some listed companies with sufficient liquidity and large volume to carry out the pilot program and make steady progress.

(Responsible editor:Individual stock recommendation)