The initial margin should be different according to the business the broker is engaged in. Intermediaries with trading agency qualifications pay more money than intermediaries who only engage in intermediary business. This sum of money shall be paid by the broker to the guarantee fund management institution designated by China Futures Association at the time of qualification recognition or within a period of time thereafter. The initial deposit of institutional intermediary should be higher than that of natural person intermediary. It is suggested that the initial deposit amount paid by institutional intermediaries should be determined according to their business scope.
The change margin is collected in real time during the development of brokerage business and withheld and remitted by the futures company. The specific amount should be linked to the business volume of the brokerage firm and calculated according to the amount of funds and transaction volume of its customers. After the dynamic margin paid has accumulated to a certain extent, the association will make a comprehensive evaluation based on the broker's integrity record and intermediary behavior, and those who comply with the score may consider reducing it. In terms of repayment of the guarantee, the following issues need to be considered:
1, repayment terms. When the following two conditions are met at the same time, the guarantee fund management institution shall repay the guarantee fund to the relevant obligee. First, the intermediary agency dies, loses capacity, is disqualified or applies for cancellation of relevant qualifications; Second, the sum of the total margin paid by the securities firm and the fund income held by the securities firm is greater than the sum of the compensation paid by the fund to the customer due to its illegal behavior and the fund management cost held by the fund.
2. Repayment amount. The repayment amount can be calculated by the sum of the total guarantee paid by the brokerage firm and the fund income held by the brokerage firm, and the difference between the sum of the compensation paid by the fund to the customer due to its illegal behavior and the fund management fee held by the fund. Expressed by formula:
Repayment amount = the total amount of guarantee paid by the brokerage firm+the income from holding the fund-the compensation paid by the fund to the customer due to its illegal behavior-the management fee of holding the fund.
3. recourse. When the repayment amount calculated according to the above formula is less than zero, the fund is given the right of recourse, which is exercised by the fund management institution on its behalf. If you provide recourse to other intermediaries, there will be a lot of troubles in practice. For example, the calculation of the amount of recourse enjoyed by other intermediaries according to their fund shares is very complicated, and the court will also face great litigation.