Financial institutions must deposit part of their deposits in the central bank, which is called deposit reserve; The ratio of deposit reserve to total deposits of financial institutions is called deposit reserve ratio. For example, the deposit reserve ratio is 7%, which means that for every deposit of 6.5438+0 million yuan, financial institutions have to deposit 70,000 yuan in the central bank, and the funds used to issue loans are 930,000 yuan. If the deposit reserve ratio is raised to 7.5%, the loanable funds of financial institutions will be reduced to 925,000 yuan.
"Margin trading", also known as "securities credit trading", refers to the behavior that investors provide collateral to membership securities companies like Shenzhen Stock Exchange and Shanghai Stock Exchange, borrow funds to buy securities listed in this exchange or borrow securities listed in this exchange and sell them. Including securities companies financing and securities lending to investors and financial institutions financing and securities lending to securities companies. The Securities Law before the amendment prohibited the securities credit transaction of margin financing and securities lending.
Financing is to borrow money to buy securities, and in layman's terms, it is to buy stocks. Securities companies borrow money from customers to buy securities, and customers repay the principal and interest at maturity. Customers buying securities from securities companies are called "short selling".
Securities lending is to borrow securities to sell and then return them as securities. Securities companies lend securities to customers for sale, and customers return the same kind and quantity of securities at maturity and pay interest. Customers selling securities to securities companies are called "short selling".
At present, there are basically four popular financing and securities lending modes in the world: securities finance company mode, investor direct credit mode, securities company credit mode and registration and settlement company credit mode.
The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.