Light light blue comments: The reason for the rapid development of bank-securities cooperation lies in the interests of both banks and brokers. For commercial banks, through the cooperation between banks and securities companies, on the one hand, the regulatory restrictions on the use of wealth management funds are effectively avoided; On the one hand, it provides the possibility for credit to transfer from on-balance sheet to off-balance sheet. For brokers, the depressed market has led to a sharp drop in their brokerage and underwriting business income, and it is urgent to open up new sources of income. At present, the CSRC encourages securities firms to innovate and relaxes the approval restrictions of various businesses, which enables the cooperation between banks and securities companies to be carried out.
In the past, banks adjusted their balance sheets, that is, the liquidity of assets from on-balance sheet to off-balance sheet was mainly carried out through trust companies, which was the so-called bank-trust cooperation model. Later (20 10), due to the restriction of CBRC, banks began to turn to securities companies, and the essence was the same.
Question 2: How do banks take the asset management channel? At the end of February, the balance of stock financing in Shanghai and Shenzhen stock markets was 88.2 billion yuan. This means that the scale of stock pledge financing has increased by 19.04%.
However, the scale of pledge financing exceeds 654.38+000 billion, not all of which comes from the securities firms' own funds, and some of which comes from bank wealth management funds.
"Guotai Junan, CITIC, Huatai, Xingye, Haitong and many other brokers have used bank funds. They follow the model of asset management channel. The funder is a bank, the broker is just a channel, and the channel fee is less than 1%. " Chen Tao (a pseudonym), the person in charge of a brokerage, revealed that the intervention of bank funds led to a price war among brokers, and the interest rate was as low as 7.8%.
Start a price war
The stock pledge repurchase business carried out by brokers has also started a price war recently.
"The interest rate set by the company for stock pledge financing is 8.8%, and the average market interest rate is 8.5%. Some brokers look for bank funds to dock, and the lowest interest rate is only 7.8%. Now many customers complain that the interest rate is too high and ask us to lower it. " Chen Tao revealed.
Stock pledged repurchase is an innovative business opened on June 24, 20 13. It means that the shareholders of listed companies pledge their shares to brokers and get a financing. In the early stage of business development, brokers generally lend their own funds to customers at the interest rate of 8.5%- 1 1%.
It is understood that every brokerage firm will stipulate the lower interest rate limit of stock pledge financing business every month, for example, the interest rate in March is 8.5% or 8.6%. However, recently, a number of brokers launched bank capital docking, and the financing interest rate dropped rapidly.
"The operation mode of introducing bank funds is that bank wealth management funds take the brokerage asset management channel, and then the two financial departments lend funds to customers." Chen Tao said that recently, the price of bank funds was 6.8%-7.0%, and the asset management and margin financing and securities lending departments of brokers increased by 1 point, so the actual financing cost of customers was less than 8%.
Because of the low financing cost, the asset management channel model has a significant impact on the securities firms' own funds to do this business.
"The bottom line of our financing interest rate is 8.5%, but customers still complain that it is too high. The brokerage business department and branches have great opinions on us, saying that customers are going to run away and desperately want us to lower interest rates. " A person in charge of a non-listed brokerage firm admits that the two departments are under great pressure.
This is a difficult problem faced by many financial leaders: on the one hand, the lower limit of interest rate set by the company is 8.5%, on the other hand, the financing demand of customers is lower than 8%, and the two cannot match at all.
"The company believes that stock pledge financing is a risky business. It is a large amount of financing for high-end customers, and the number of stock pledges is relatively large. In the event of default, the disposal pressure is also relatively large. " Chen Tao said that, considering the risk that pledge financing may face the loss of principal, brokers are unwilling to make concessions on interest rates when lending their own funds to customers.
As a result, brokers who didn't do channels began to look for bank funds to dock and reduce the financing interest rate of stock pledge.
"The customer asked to reduce the interest rate to 8%. If they don't provide financing, customers will go to other brokers. There is no way to force it now, only to find bank funds to do it. " The general manager of the credit market department of a brokerage revealed that he was looking for bank funds recently and tried to take the channel model.
Become a channel
Due to the low interest rate of the asset management channel model, more and more brokers have recently begun to try to take the channel model. This invisibly lowered the interest rate of stock pledge financing business, which led to the narrowing of the spread of securities firms.
"Everyone is taking the asset management model, forcing the industry to start a price war." Chen Tao bluntly said that in order to compete for high-end customer resources, brokers began to lower the financing interest rate, making stock pledge financing a channel business.
"Channel" not only means that brokers become an export of bank funds, but also means that the spread space of brokers is reduced to the level of channel business.
"With its own funds as pledge financing, the financing cost of brokers is less than 6%, and it is lent to customers at 8.5%, with a spread of nearly 3 percentage points. However, if bank funds are used, brokers can only charge 1 minute at most. Some can only receive three thousandths or five thousandths. " Chen Tao said.
It is understood that there are two modes for brokers to take the asset management channel mode to do stock pledge financing. One is a pure channel, and there is no need to guarantee rigid redemption. If the customer defaults, it shall be borne by the investor. But it also requires brokers to use their own funds.
In the industry's view, if you need a brokerage firm, you only charge a management fee of 1%, which is obviously the income risk is not equal.
"The spread of channel business is only 1%, which is10 billion, which is10 billion. However, brokers should provide channels, project audit, mark to market, post-loan treatment, default treatment and so on. Once the customer defaults, he will be jointly and severally liable. " A listed brokerage said.
Another person from the credit department of a securities firm expressed a similar view. "broker ... >>
Question 3: The difference between directional asset management channel type and active management type * * * Financial management is a form of asset management business. As the name implies, it is the collection of funds scattered in the society by brokers and managed by experts. Like securities investment funds, they belong to asset management business, and they are highly complementary in business development, which can meet the investment preferences of different investors. * * * Financial management is a financial management method introduced by brokers. The management form is similar to that of funds, but it is private. In accordance with the China Securities Regulatory Commission promulgated the "Trial Measures for Customer Asset Management Business of Securities Companies" and "Detailed Rules for the Implementation of Asset Management Business of Securities Companies". The investment scope of directional asset management business includes bank deposits, central bank bills, short-term financing bills, bonds and repurchases, asset-backed securities, securities investment funds, asset management plans, stocks, financial derivatives and other investment products permitted by China Securities Regulatory Commission. You can go to official website and TF Securities to have a look.
Question 4: Is it good or bad to ban the asset management channel business? It is good in the long run, but very bad in the short run, because it is forbidden to withdraw money from the stock market.
Question 5: What kind of business is the brokerage asset management plan? Asset management business refers to asset management business.
Asset management business refers to the behavior that securities companies, as asset managers, operate customers' assets according to the ways, conditions, requirements and restrictions stipulated in the asset management contract, and provide customers with investment management services for financial products such as securities.
Specifically divided into:
Directed asset management (a securities company signs a directed asset management contract with a single customer)
* * * Asset management (customer asset management of securities companies * * *)
Special asset management business (securities companies handle special asset management business for special purpose customers)
The brokerage's * * * wealth management products are specifically divided into:
Big * * *: the scale is large, generally 500- 1 100 million, and the fund manager is responsible for the operation. Subscription starting point is 500-65438+10,000.
Small * * *: The scale is small, generally tens of millions can be operated, but the subscription starting point is generally above 654.38+00,000.
It should be noted that DAX * * has been suspended by the CSRC. On March 2 1 this year, the CSRC issued the Notice on Strengthening the Supervision of Asset Management Business of Securities Companies, pointing out that DAX * * asset management plans with more than 200 investors are characterized as publicly raised funds, and the regulations on the management of publicly raised funds are applicable.
Therefore, after June 20 13 1 day, securities companies will no longer initiate new asset management plans with more than 200 investors. At the same time, qualified brokers will be able to apply for Public Offering of Fund management business qualification to conduct business.
Simply put, the big * * * of securities firms has been replaced by public offerings, and now * * * wealth management products are divided into small * * * and public offerings.
Question 6: How to define the channel business of trust/asset management/private placement and how to charge the channel business is easy, depending on the nature of the manager. If the manager is a trust company, then trust is the channel. In the same way. If the manager is an asset management company, then the channel is the asset management channel. If the manager is a private equity company, then private equity is the channel. Different channels charge different fees. Trust costs more than asset management. Private placement costs nothing. As long as you are qualified as an administrator and put it on record.
Question 7: What is the asset management business of securities firms? Brokers refer to securities companies.
Asset management business refers to asset management business.
Asset management business refers to the behavior that securities companies, as asset managers, operate customers' assets according to the ways, conditions, requirements and restrictions stipulated in the asset management contract, and provide customers with investment management services for financial products such as securities.
Question 8: The difference between special account and special asset management of fund companies. This is one thing. The official name given by the CSRC is "Asset Management for Specific Clients of Fund Management Companies".
It can be divided into two forms: one-to-one and one-to-many. One-to-one requires more than 30 million entrusted assets, one-to-many requires less than 200 entrusted customers, more than 6,543,800 single customers and more than 30 million combined customers.
Question 9: Are "active management products" and "wealth management products" the same concept? Not a concept.
Active management is its management style and can be divided into active management, investment and channels.
The former is that managers manage products according to their own research and investment capabilities.
Investment type is to accept the investment advice of investment consultants and carry out specific investment activities.
Channel type basically does not exert management ability, and completely lends channels to others.
The notice of 201April 12 Securities Association has clearly stipulated that channel business cannot be done.
* * * Wealth management products are defined from the type of product operation.
The customer asset management business products managed by securities companies include * * * wealth management products and targeted asset management products.
* * * Wealth management products are management plans for raising more than two people.
Previously, it was divided into big * * * (50,000 cases) and small * * * (6,543.38+0,000 cases).
From June 26th, 20 13, the distribution of large-scale * * * products is prohibited.
Targeted products are products that are entrusted by a single customer to manage their assets.
Question 10: What does the following sentence mean about the asset management business of futures companies? One-to-one means that products must be sold to specific customers, such as futures company Q and product P, and sold to local tyrants T.
But there are few local tyrants after all.
The fund is one-to-many Fund company J issues PP, which can be sold to unspecified objects, such as a community 1000 aunts.
Although aunt has less money, she is better than many people. She can buy all the gold in Hong Kong.
The channel of borrowing special accounts is mainly the way of borrowing funds, because funds can issue one-to-many products, which are attractive and have strong fundraising ability, and are not subject to one-to-one restrictions in supervision. Futures companies participate in partnerships, fund issuance products, futures company transactions, and bank custody. In fact, the fund and the futures company jointly contribute, and the bank guarantees the income through drought and flood.