Compared with the futures investment consulting business implemented in May 1 year ago, the asset management business threshold of futures companies is much higher. The Trial Measures for Futures Investment Consulting Business stipulates that a futures company engaged in futures investment consulting business shall meet the following conditions: the registered capital shall be no less than RMB 654.38 billion and the net capital shall be no less than RMB 80 million; A futures company must have at least full-time managers 1 person who have obtained the qualification for more than 3 years, and at least 5 employees who have obtained the qualification for investment consulting business for more than 2 years.
90% of companies have not reached the threshold.
For a long time, the profit model of futures companies is relatively simple, and basically the main source of profit is to collect handling fees. In order to change the futures industry from the traditional single business model to high-end services and value-added services, the management has long listed futures investment consulting business, asset management business and overseas futures brokerage business as three major innovative businesses in the futures industry. Years ago, the implementation of the Trial Measures for Futures Investment Consulting Business of Futures Companies enabled dozens of futures companies to obtain investment consulting qualifications. And which companies are expected to taste the "first soup" of the asset management business of futures companies that are about to open? Due to the high qualification threshold of asset business of futures companies, 90% of futures companies have no chance to participate in this asset business pilot.
According to the classification of futures companies of 20 1 1 determined by CSRC, among the 63 futures companies in China, there are only 49 futures companies with a regulatory rating not lower than BBB, of which 3 are 3A, 17 is A, 14 is BBB and 6507 is BB. As stipulated in the Pilot Measures, the net capital of a futures company applying for asset business qualification is not less than 500 million yuan. According to the financial information of futures companies published by China Futures Association, as of the end of 20 1 1, among the 49 futures companies with no less than B BB, there are only 17 futures companies with a net capital of over 500 million yuan, among which 5 are Class A companies, namely Guangfa Futures, China International Futures, haitong futures (Weibo), Zhejiang yongan futures and Jiangsu Hongye Futures. Among Class A companies, CSI Futures, Shen Yin Wanguo (Weibo) Futures, nanhua futures, Huatai Great Wall Futures, galaxy futures, Zheshang Futures, Zheng Lu Futures, Guotai Junan Futures (Weibo), Xinhu Futures and COFCO Futures *. In addition, among B-class and BB-class futures companies, the net assets of jinrui futures and Shanghai Zhengdong Futures 20 1 1 at the end of the period are not less than 500 million yuan.
Although various data show that local futures companies in Sichuan are not qualified to apply for asset management business of futures companies, investors in Sichuan still have the opportunity to entrust futures companies to invest in assets without leaving home. Because these futures companies, including Guangfa Futures, China International Futures, Shen Yin International Futures, nanhua futures, Huatai Great Wall Futures and COFCO Futures, which are eligible to apply for asset management business, have set up business offices in Chengdu.
Innovative business is hard to catch fire in the short term.
The relevant provisions of the Pilot Measures point out that the investment scope of futures asset management business includes: financial derivatives such as futures and options; Stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, etc. And other investment products approved by China Securities Regulatory Commission. Although the opening of futures asset management business will change the dilemma of futures companies walking on one leg and realize diversification of income sources, the qualification threshold of futures asset management business is too high, and the development momentum of many futures companies' innovative business is also insufficient. It is expected that it will be difficult to see results in a short time after the opening of the asset management business.
20 1 1 year, the futures investment consulting business launched by CSRC, as one of the three major business innovations in futures, has been unanimously favored by major futures companies. Although this business has been launched for a whole year, it has not become a real profit point for futures companies in terms of market performance. Only a small part of the futures income has been profitable, and it only accounts for about 1% of the total profit, and most of the rest has not yet been profitable. The main reason is that the futures investment consulting business is more of a service brokerage business. Because many customers are used to free consulting business, customers will definitely be reluctant to switch to the charging mode, and may even cause customer turnover. Although the asset management business to be opened soon is more innovative than the investment consulting business, the threshold for its participation is much higher for both futures and customers, which is obviously not conducive to the promotion and popularization of this business. In addition, after the opening of the asset management business, in order to compete for customers, futures companies do not rule out the recurrence of similar stock index futures. With the intensification of the commission war, the profitability of futures companies has deteriorated rapidly.