L, Shenzhen mode. The characteristic of this model is that it adopts a two-level account system of brokers and investors in the management of funds and securities accounts-only accepting closing orders for floor transactions and only accepting delivery orders without payment. The actual settlement of funds T+ 1 takes place in the exchange, and the securities company takes the exchange as the counterparty and makes net settlement through risk transfer. Securities T+ 1 are actually settled in the registered company. The net settlement is based on the settlement instructions of the exchange. In terms of securities registration, Shenzhen adopts a two-level account system for brokers and investors. Securities companies manage investors' secondary securities accounts. Each registration institution manages both the primary securities accounts of securities companies and the secondary accounts of investors. The complete separation of funds and securities delivery is the biggest and most controversial feature of Shenzhen model.
2. Shanghai model. The characteristic of this model is that the first-class account system is adopted for securities registration and transfer, and the central clearing company wholly owned by the Shanghai Stock Exchange directly manages investors' securities accounts, while the securities dealers are not responsible for investors, and the securities are settled in pairs one by one at T+0. The capital settlement adopts the two-level account system, and the securities company's capital account T+ 1 carries out net settlement among Shanghai Central Clearing Company, various entrusting institutions and banks. The primary capital accounts of securities companies are managed by Shanghai Central Clearing Company, various entrusting institutions and banks, and the secondary capital accounts of investors are managed by securities companies. The unsynchronized delivery of securities and funds is the biggest feature of the Shanghai model.
3.NET and sTAQ model (French shareholding model). The characteristic of this model is that, in terms of fund settlement, like Shenzhen model, it adopts secondary account and net settlement. Securities clearing is also a secondary system, but the secondary accounts of investors are directly managed by brokers, which is close to the Hong Kong model.
These three modes have their own advantages and disadvantages, but they all have certain characteristics, which are the characteristics of China's securities clearing and registration system.
1, China's securities clearing and registration system has a high starting point, and the issuance, transfer and liquidation have been paperless nationwide; High-tech technologies such as computer network and satellite transmission have been widely used in liquidation and registration. In a few short years, we have traveled the way that western countries have traveled for decades or even hundreds of years, and we are still in a leading position in some aspects.
2. Due to the application of high technology, China's securities clearing, transfer and fund settlement can be completed at T+ 1, and some can be completed at T+0. The settlement risks of investors, exchanges and securities companies are greatly reduced. Therefore, it has formed a distinctive feature of high efficiency and low risk.
Although China has made such amazing achievements in the construction of securities clearing and registration system, we should also clearly see its shortcomings.
(1) The "two institutes and two networks" are independent of each other, and the market participants are the same. Generally, brokers will have trading seats of "two exchanges and two networks" at the same time, but the trading clearing mechanism is independent of each other. Therefore, it increases the cost burden and capital turnover risk of brokers, which is not conducive to the flow of brokers and investors in various markets, and will eventually limit the overall development of the national market.
(2) The liquidation registration system is limited to providing services for floor trading, ignoring the development of cross-market, cross-regional and cross-domain settlement business and relying too much on floor trading, which makes the development of liquidation registration system in a passive position.
(3) The liquidation registration system only serves the member institutions and does not pay attention to the development of individual customer business. Investors often rely on securities companies, which greatly reduces the efficiency of the liquidation registration system.
(4) Fund settlement relies on the banking system, especially the electronic interbank system of the People's Bank of China. Therefore, the efficiency of the banking system directly affects the efficiency of fund settlement in the securities market, and the future reform of the banking system will also directly affect the prospects of the fund settlement mechanism in the securities market. At present, the Shanghai Branch of the People's Bank of China conducts bill trading twice a day, which is very beneficial for the Shanghai Stock Exchange to conduct treasury bond futures trading, while the Shenzhen People's Bank only conducts bill trading once a day, which greatly increases the risk of the Shenzhen Stock Exchange to conduct treasury bond futures trading.
(5) Legislation lags behind. The liquidation registration institution has not been given its due legal status in law, and the legal responsibilities of all parties to the liquidation registration are not clearly defined. If the settlement fails, it is often the investors who suffer losses.
(6) All kinds of clearing systems generally have the problem of weak risk awareness. Without compensation mechanism, the liquidation margin is a mere formality, which cannot prevent the losses caused by the vicious overdraft of securities firms. At the same time, the liquidation mechanism does not provide a guarantee mechanism for investors.
To this end, we should actively study and learn from the successful experience of foreign countries and formulate our development direction and goals.