Options For Margin Trading
Through the two kinds of International Mainstream mode The comparison can be found that the broker directly provides Small and medium enterprises margin financing Countries and regions have the characteristics of high degree of marketization and good credit environment. The system in Europe and the United States was formed and developed spontaneously in the historical process of the market, and was limited and perfected by the laws and regulations. The system of Japan and China's Taiwan was established and developed on the basis of less developed securities market, imperfect trading mechanism and imperfect financial system after the war, so its system was different from the United States from the very beginning and possessed the nature of central control.
Aiming at the immature characteristics of China's securities industry and securities companies.
The regulatory authorities began to speed up the standardization work of securities companies before the introduction of SMEs' margin trading.
The supervision department has implemented a thorough and classified supervision over the securities industry for a long time, and many risk brokers have been phased out.
At the same time, the industry risk is gradually decreasing.
Recently, the securities companies' risk control index management measures and the rules for calculating net capital of securities companies begin to seek advice, which will not only greatly enhance the risk control level of securities companies, but also further accelerate the process of industry consolidation.
Through the hard index required by risk control, some of the larger risk brokers will stay outside the industry, which will greatly reduce the overall risk level of the industry.
From the fourteenth section of the securities companies' risk control index management measures, we can clearly see the requirements of the securities companies engaged in small and medium enterprises margin trading.
Therefore, the risk management index of securities companies and the rules for calculating net capital of securities companies can also be seen as preparing for the conduct of SMEs' margin trading.
In any case, the development of China's mainland stock market is still at an early stage. The market operation mechanism is still not perfect, the laws and regulations system is not perfect, and the self-discipline and self-discipline ability of market participants are relatively low. Therefore, it is difficult to directly adopt the mode of SMEs' margin financing and lending. Instead, we should learn from the experiences and lessons of Japan and Taiwan, and establish a pitional specialized securities and financial company mode.
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