Commission is one of the main costs of securities trading. The reduction of securities transaction cost is obviously helpful to improve investors' investment confidence, the operation efficiency of capital market, the efficiency of asset allocation, the prosperity of securities market and the comprehensive competitiveness of a country's securities market. Therefore, in order to reduce the transaction cost of securities and promote the development and prosperity of the securities market, the commission system has undergone great changes around the world.
On May 1975 and 1, the United States took the lead in canceling the fixed commission system of securities trading and implementing the commission bargaining system;
Since 1984, Australia has implemented a floating commission system, and securities companies can decide their own commission rate (with minimum commission);
1985, France has also implemented a commission negotiation system for large transactions. On June 1989, the fixed commission was cancelled, and the commission rate was decided by the member company through consultation with the customer.
1986, 10 10 On October 27th, Britain launched an unprecedented explosion on the securities industry, and abolished the fixed commission system, allowing customers and securities brokers to make decisions according to their actual situation, market supply and demand, trading quota, etc.
1999 10, Japan implements commission liberalization;
From June 5, 2000 to 10, Thailand liberalized its committee.
On July 1 2000, Taiwan Stock Exchange cancelled the progressive commission system according to the transaction amount and implemented the free bargaining system based on the highest commission.
In 2000, the board of directors of HKEx passed "the minimum commission system for securities and futures trading was officially abolished from April 1 2002, and the commission bargaining system was introduced", at the same time, the stamp duty on stock trading was reduced and the competitiveness of HKEx in the international securities market was improved.
As China, its earliest securities trading commission adopted a fixed commission ratio of 3.5‰, which was low in marketization and high in commission level. At that time, the commission ratio was set by Shanghai and Shenzhen Stock Exchanges. With the rapid growth of China's securities market, many disadvantages of China's long-term fixed commission system have gradually emerged. The fixed commission system is not conducive to the cultivation of competition mechanism in the securities market. The higher rate standard increases the transaction cost of securities, hinders the effective allocation of social resources, and also affects the enthusiasm of investors to participate in the securities market to some extent.
In 2000, due to the sharp increase in securities trading volume, the commission income of securities companies doubled, and some securities companies began to "discount commissions" in order to seize market share. Because the commission discount behavior obviously violated the relevant regulations of the Shanghai and Shenzhen Stock Exchanges and the CSRC, which caused the disorder of the trading order in the secondary market, the CSRC immediately took measures to stop this "commission discount" behavior and began to study and adjust the commission ratio.
At the end of 2000, the China Securities Regulatory Commission set up a research group on the reform of the Securities Regulatory Commission with the participation of all parties in the market. After extensive investigation and in-depth study, the research group repeatedly solicited the opinions of market participants on commission reform, repeatedly weighed the advantages and disadvantages of various commission reform schemes, and put forward the optimal scheme of maximum downward fluctuation. Finally, after consultation with the State Planning Commission and State Taxation Administration of The People's Republic of China, the CSRC jointly issued the Notice on Adjusting the Commission Standards of Securities Trading on April 4, 2002, which reformed and adjusted the Commission system of securities trading in China and was officially implemented on May 1 2002.
The Notice on Adjusting the Charge Standard of Securities Trading Commission, which was implemented on May 1 2002, is an important measure to reduce the cost of investors' securities trading, an important step for the standardization, internationalization and marketization of China's securities market, an important policy to promote the survival of the fittest of China's securities companies and further enhance the overall strength of China's securities industry, and an inevitable choice for China's securities market to adapt to WTO.