Just like the stock market, investors always go crazy when the stock price goes up. They are worried that they will lose the opportunity to make money when the stock price rises, and they are worried that they will be bought at a high price once they buy. This is a terrible thing. Here, I would like to share with you some information about margin financing and securities lending account opening for your reference.
Introduction to account opening for margin financing and securities lending
On the first day of opening an account for margin financing and securities lending, there was no hot scene, and the number of consultants was much higher than the number of accounts opened. Most investors do not know much about margin financing and securities lending.
It is reported that the high threshold and strict account opening procedures are one of the reasons for investors to wait and see. This issue will explain in detail the whole process of opening an account for margin financing and securities lending, which will help you on the investment road.
Different brokers apply for different qualifications.
Yesterday was the first day for brokers to accept applications for margin financing and securities lending. According to the reporter's understanding, as for the "threshold" for investors' access, the pilot brokers have different requirements for assets, except that the trading time of customers in the securities business department is not less than 18 months. For example, GF Securities requires clients to have securities assets of not less than 500,000 yuan and total financial assets of not less than 1 10,000 yuan; Guosen Securities requires the total assets of customers to be no less than 6,543,800+0,000; Haitong Securities requires customers to have total assets of not less than 500,000 yuan.
Guosen Securities Guangzhou Pilot Sales Department said that they already have a target customer base, and according to the scoring standard set by the company, customers are all above 4 points. In addition, the company is equipped with a financing post specialist and a special reception room to introduce business and conduct relevant tests for willing customers.
Guoxin Securities also introduced that during the pilot period, the overall scale of planned financing was controlled at 3 billion yuan, and the scale of securities lending was controlled at 300 million yuan. The amount distribution method is served by the sales department on a first-come-first-served basis. Among the 90 underlying stocks announced by the CSRC, the company will not go all out. At present, the total credit line of the first batch of pilots is 654.38+0 billion; The second batch of 26 business departments will also start this business soon, with a total amount of 654.38+0 billion; The rest of the business departments are the third batch, with a quota of 654.38+0 billion.
Both the restrictions on account opening qualifications and the restrictions on margin financing and securities lending indicate that the pilot brokers attach importance to customers' financial assets and risk awareness. The person in charge also revealed that all institutions have invisible restrictions on the age of investors, and generally those over 60 will be strictly considered.
Margin account opening process
Margin trading is risky. As far as margin trading is concerned, in the case of tender offer, natural persons must return the bonds within 5 trading days after the announcement, otherwise they will be forced to close their positions. The business processes of the pilot institutions are basically the same, and the following reporters will explain them in detail.
Step 1: Customer Application
After the customer meets the requirements for opening an account for margin financing and securities lending, he shall submit the application materials to the pilot business department. The application materials include the application form for margin financing and securities lending business, ID card, ordinary securities account card, proof of financial assets, personal credit report, application form for holding restricted shares of the company, and Guo Xin Securities also requires that there must be a description of the funds.
Step 2: investor education, business and psychological tests.
Investor education is mainly to let investors know about margin trading and related risks, and then conduct psychological tests, business tests, risk interviews and other tests on qualified customers. Psychological test questions 5, 2 points 1 question, must be full marks; Business test *** 12 questions, at least 80 points, that is, the test error cannot exceed 2 questions; Risk interview 6 questions, full marks required. It is reported that psychological interviews will be archived to protect the interests of both parties. All the above tests must be passed before the customer has a chance to enter the next process.
Step 3: Credit review
Customers submit qualification application materials according to the requirements of the company, and the company will review their qualifications after receiving the materials to determine the credit line. According to the requirements of the regulatory window, the maximum credit line is generally 50% of the customer's financial assets, not more than 25% of all its assets, and not more than the total amount of guaranteed assets provided by it. For example, if a customer's securities financial assets in a pilot institution are RMB 6,543,800+0,000, and the external assets are RMB 6,543,800+0,500, the customer can apply for a credit line of RMB 750,000; If the customer's financial assets in a pilot institution are 6.5438+0 million yuan and the external assets are only 6.5438+0 million yuan, the customer can only apply for a credit line of 50,000 yuan. After the external assets are halved, the two are the lowest.
Step 4: Sign the contract of financing and securities lending and open a credit account.
After the customer applies, he signs the margin financing and securities lending contract, and the investment consulting post of the business department explains the specific terms and risk disclosure of the margin financing and securities lending contract to the customer. The contract mainly includes 1 1 minute, opening a credit account, setting the trust relationship of specific property in margin trading, the list of underlying securities, the scope and conversion rate of the guaranteed securities, the margin ratio and the requirement of covering positions, and the credit line of customers. Generally speaking, the approval process for opening a credit account for margin financing and securities lending will be completed within 5-6 working days, and some will be completed within 1 1 working days.
The reporter learned that the financing interest rate is only the lower limit, that is, the one-year loan interest rate of the central bank. Generally speaking, all brokers must have a certain increase, which is roughly 3 to 5 percentage points. The rate of securities lending is determined by the company's self-operated department, and the company determines the cost of securities lending according to market conditions and securities lending demand.
Step 5: Transfer the collateral to the credit account for margin trading.
Like stock investment, investors in margin financing and securities lending must open two trading accounts in Shanghai and Shenzhen respectively, and the cards in the accounts are inconsistent, so investors need to carefully distinguish them. After the above steps are completed, the investor will transfer the collateral to the trading account, and the account will be activated, so that the investment transaction can be carried out. The pilot institutions will maintain and control the guarantee ratio to a certain extent, and investors need to replenish collateral in time, otherwise they will be forced to close their positions.
Once the financing purchase or sale is completed, the customer will form a creditor-debtor relationship with the pilot company, and compulsory liquidation is something that every customer must know before financing sale. Generally speaking. When the maintenance guarantee ratio is lower than 130%, the broker will inform the customer to make up the maintenance guarantee ratio of 150%. If the collateral is not replenished within two trading days, the company will force the liquidation.
Sniper in actual combat: the case of financing transaction
Investor Xiao Li has 500,000 cash as deposit in his credit account. After analysis and judgment, he chose Securities A for financing purchase, assuming that the conversion rate of Securities A is 0.7 and the financing margin ratio is 50%. Xiao Li first used his own funds to buy 50,000 shares at the price of 10 yuan/share. At this time, the balance of self-owned funds in Xiao Li's credit account was zero, and then Xiao Li financed to buy securities A. At this time, the maximum amount of Li Can's financing purchase is 700,000 yuan. If the purchase price is still 65,438+00 yuan/share, the maximum number of small financing purchases is 70,000 shares.
At this point, Xiao Li has established a creditor-debtor relationship with the securities company. Its financing liabilities are securities lending of 700,000 yuan, and its assets are securities lending of 654.38+200,000 shares. If the price of securities A is 9.5 yuan/share, the assets of Xiao Li's credit account are1140,000 yuan, and the guarantee ratio is maintained at about 163%.
If the price of Securities A falls continuously in the next two trading days, and the closing price on the third day is 7.8 yuan/share, the maintenance guarantee ratio of Xiao Li's credit account will be reduced to 134%. Close to the minimum maintenance guarantee ratio stipulated by the exchange 130%.
On the fourth day, if Xiao Li sells all the 6,543,800+0.2 million shares of Securities A in the credit account at the price of 8 yuan per share, 700,000 of the 960,000 yuan will be used to repay the financing liabilities, and the assets in the credit account will be 260,000 yuan in cash.
Securities lending transaction case
Investor Xiao Wang has 500,000 cash deposits in his credit account. After analysis and judgment, securities B is selected for short selling, assuming that the margin ratio of short selling is 50%. The maximum amount of small short selling is 6,543,800,000 yuan. The recent trading price of securities B is 65,438+00 yuan/share, and Xiao Wang issues securities trading entrustment at this price, and the maximum number of securities that can be sold by short selling is 654,380+10,000 shares.
At this point, Xiao Wang has established a creditor-debtor relationship with the securities company, and its liabilities are 65,438+10,000 shares of securities B sold by short selling. The amount of liabilities is calculated according to the daily closing price, and the assets are frozen funds sold by securities lending and cash in credit accounts. If the closing price of Securities A on that day is 10.5 yuan/share, the debt amount of Xiao Wang is1050,000 yuan, and the guarantee ratio is 143%.
If the price of securities B rises continuously in the next two trading days, and the closing price on the third day is 12 yuan/share, the maintenance guarantee ratio of Xiao Wang's credit account is 125%, which is lower than the minimum maintenance guarantee ratio 130% stipulated by the exchange. Therefore, after the liquidation at the end of the day, the securities company issued a notice of additional collateral to Xiao Wang, requesting that the maintenance guarantee ratio of his credit account be restored to more than 150% within two trading days.
Tips for margin financing and securities lending
What is 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".
Key points of investor operation
Investors should fully understand the relevant laws and regulations of margin financing and securities lending business; Know the margin financing and securities lending system formulated by brokers; Fully understand the risks and business processes of margin financing and securities lending; It is best to have certain investment experience and anti-risk ability, and know how to safeguard your legitimate rights and interests.
The detailed rules for margin financing and securities lending were initially determined, and the margin ratio of Shanghai and Shenzhen stock exchanges was not less than 50%. In order to control risks, the brokerage company shall not be less than 70%. The maximum period of margin financing and securities lending agreed between the securities company and the investor shall not exceed 6 months; The margin interest rate is not lower than the loan interest rate of financial institutions; The proportion of customers maintaining the guarantee shall not be less than 130%.
Stock index futures margin financing and securities lending
□ Experts said that investors with funds below 500,000 yuan are not recommended to participate in stock index futures trading.
□ Investors whose account amount exceeds 654.38+10,000 yuan can participate in margin trading.
□ Experts said that investors with funds below 500,000 yuan are not recommended to participate in stock index futures trading.
□ Investors whose account amount exceeds 654.38+10,000 yuan can participate in margin trading.
Shareholders must make six preparations for financing and securities lending.
The expectation of margin financing and securities lending is increasing. When investors get together, they often talk about this topic and discuss how to participate. But many people don't know this business. Please introduce it to us so that we can make preparations early. ;
The reporter learned from a number of brokers that securities companies related to margin financing and securities lending have been preparing for a long time. Before formal participation, investors should understand relevant knowledge and make preparations such as self-risk assessment.
Margin trading business. Margin trading refers to the business activities in which securities companies lend funds to customers to buy or sell securities. Margin trading, also known as credit trading, can be divided into margin trading and margin trading because of the loan relationship between securities companies and customers. Customers borrow funds from securities companies to buy securities, which is a financing transaction; A customer borrows securities from a securities company and sells them, which is a securities lending transaction. In short, financing means borrowing money to buy securities, and securities lending means selling securities by borrowing securities. Upon maturity, the borrowed funds or securities shall be returned according to the contract, and certain interest expenses shall be paid.
Margin problem. In the margin financing and securities lending business, investors need to pay a certain percentage of deposit to the securities company in advance with their own assets such as cash or securities, and deliver the securities bought by margin financing or the proceeds from margin financing and securities lending to the securities company as collateral. Different from ordinary securities trading, in margin trading, if the investor fails to repay the funds or securities in full and on time, the securities company has the right to force the liquidation.
Specific requirements. The reporter learned from a listed brokerage in Shanghai that the company has formulated its own management measures with reference to the Measures for the Pilot Management of Margin Trading of Securities Companies, in which investors participating in margin trading must first pass the credit investigation of relevant pilot brokers. Investors who fail to meet the credit requirements of the pilot brokers, have been engaged in securities trading at the brokerage outlets for less than half a year, the transaction settlement funds have not been included in the third-party depository, have insufficient experience in securities investment, lack the ability to bear risks, and have a record of major default are not allowed to participate in the margin financing and securities lending business. Customers should sign the Margin Contract and the Margin Trading Risk Disclosure with brokers as required, and entrust brokers to open credit securities accounts and credit fund accounts. Moreover, investors can only choose a brokerage firm to sign a margin financing and securities lending contract, and can only entrust a brokerage firm to open a credit securities account in a securities market.
Another big brokerage firm said, "the company's margin financing and securities lending business implements a referee system. The company conducts unified training for the front-office business personnel, and the front-office business personnel who have passed the training and assessment will obtain the referee qualification certificate issued by the company and serve as the referee of the margin financing and securities lending customers. " It is reported that the company requires the recommender to know the identity, property and income status, securities investment experience, risk preference and actual demand of the customer when accepting the application for margin financing and securities lending business put forward by the customer, and to conduct a preliminary review of the customer's qualifications and issue recommendations; Introduce the basic conditions of business qualification application, the company's relevant business systems and regulations, explain the business rules of margin financing and securities lending, and reveal the risks of margin financing and securities lending. Then, after the business application is reviewed by the person in charge of the regional (or directly affiliated business department), the business outlets submit it to the credit transaction management department through the system, and mail the original business application form and related application materials. After accepting a customer's application, a securities company conducts customer qualification examination, credit investigation, credit rating, credit evaluation and credit line approval according to the application materials and customer credit information collected by itself. After that, the company's credit management committee will examine and approve the amount, term, profit (expense) ratio and margin ratio of customer margin financing and securities lending according to the customer's application, credit rating report and customer credit evaluation report.
Prepare in advance. A business manager in charge of margin financing and securities lending reminds: when new business is opened, investors must be prepared in several aspects: first, psychological preparation. The second is business knowledge preparation. Before participating in margin financing and securities lending, investors can communicate through the account managers of securities companies or learn the relevant knowledge of margin financing and securities lending through the online investor education column. The third is the qualification for participation. On the one hand, investors evaluate the participation qualification of securities companies, and at the same time, securities companies will also evaluate the qualifications of investors, and determine whether investors are suitable to participate in margin trading according to some historical transactions and investors' credit status. The fourth is material preparation. Individual investors need to prepare transaction records that can be found. At the same time, in order to obtain more credit lines, property certificates should be submitted. If personal property certificate and income certificate are submitted, the more complete the certification materials, the greater the credit line. The fifth is the preparation of the deposit. Because the amount of margin financing and securities lending that investors can finally obtain depends on the mortgaged securities, the more securities that can be mortgaged, the more margin financing and securities lending will be. The sixth is the preparation of risk control. Because there is a time limit for margin financing and securities lending, the transaction cannot exceed 6 months. If it exceeds 6 months, it will lead to forced liquidation. If investors misjudge the trading direction, resulting in excessive asset losses, securities companies may close their positions when they reach a certain amount, and investors need to pay attention.