The difference between two-in-one account and ordinary account is that there are two hard requirements for opening a two-in-one account:
1. Meet the securities trading experience for half a year (from the first transaction recorded by Deng Zhong Company).
25,000 account assets (non-market value, including cash, stocks, funds, bonds, etc. ) 20 days ago.
Meet the above conditions and meet the regulatory requirements of risk tolerance, then you can handle it;
Regarding the processing flow, the traditional processing mode requires the counter broker's offline business department to carry the ID card and bank card; At present, a small number of internet brokers support the online processing mode of the Internet, and the online business operations of the two companies can be completed through a computer at home, which is convenient, fast and efficient;
Processing flow, sorting reference:
1, the traditional counter-to-account mode: the counter-to-account brokerage business department needs to handle it, and the time is 1-2 hours. If there is a queue, it is estimated that the delay will be longer;
2. Internet online mode: Few Internet brokers support one-click processing without leaving home, which takes about 40 minutes, convenient, fast and efficient. (This mode is recommended first, and the processing flow is as follows)
A. Open the computer and log in to the website given by the broker, enter the fund account number and password, and click "Login".
B. Automatic verification of credit account opening conditions (including appropriateness)
C. Risk disclosure of margin trading (video playback is about 13 minutes)
D. Knowledge test of margin financing and securities lending business, 10+4, very simple. At this point, it's all done by computer, and it won't affect during work.
E. Identity confirmation: scan the code of the mobile APP-take photos on the front and back of the ID card-wait for video access (manual video recording takes about 10 minutes, and video review after video recording takes about 10 minutes).
F. After receiving the SMS notification that the video has been approved, proceed to the next step: bind the letter user to the three-party depository, and wait for a few minutes to see the letter user's fund account number+credit limit.
In fact, opening two integrations is also very simple. Meet the entry threshold and choose the handling method, which can be completed in one day.
At the same time, it is not easy to open the two financing, because the rate of margin financing and securities lending is very different from that provided by various brokers;
Transaction cost of margin financing and securities lending
1. Margin interest:
Interest rate: At present, the lowest financing rate in the market is around 5%, and the overall cost of securities lending is higher than financing. For brokers, it is a risky business, and the securities sources of brokers with many sources are limited. At present, the minimum amount of securities lending is 2.99% (very few securities are 2.99%), and the overall cost of securities lending is mainly 6%- 10%. I sorted out the low rates of major brokers in the market, including these two. It should be noted that securities companies do not always provide the rates in the low rate reference table. For example, after comparing this reference interest rate, you find that a certain trust securities may be realized in case, but it may not be able to achieve 5%, mainly depending on its cost (which may be higher than 5%) and policy inclination, and it is impossible to enforce it. The purpose of sorting out the form for reference is to let the people who may see it know fairly well and not suffer losses, and choosing a securities company not only pays attention to the rate, but also includes the service, I know!
Interest calculation: (take 5% as an example)
Interest = financing amount *5%* days /360
If the margin trading is terminated before the extension, the number of days directly brought in can be calculated. It is most cost-effective to extend the term, and interest is charged during the extension period or in the early stage. There are also brokers who charge at a fixed time every month, so the annualized rate is greater than 5%.
2. Transaction costs:
Trading commission: many of them can generally reach 1, and most of them already include fees (securities management fees and handling fees, etc.). ), jointly collected by the buyer and the seller and the broker.
Stamp duty: 65,438 yuan +0, which is charged by selling and the exchange.
Transfer fees: Shanghai Stock Exchange only, RMB 0. 1*2.
The overall cost in Shanghai is1* 2+1+0.1* 2 =12.2.
The total cost of Shenzhen is 1 * 2+ 1 = 12.
Generally speaking, remember this reference standard: stock 1 1, on-site funds 10.4, and financing 5%, so online is the best. Talk to a broker, and you won't suffer!
How to use margin financing and securities lending
Credit users can use it normally on the next trading day after opening. Here is a brief introduction:
Step 1: Transfer the collateral. In other words, the equity in the ordinary account is transferred to the credit user as collateral for margin financing and securities lending, and the credit user can only operate it on the next trading day after opening an account successfully. If there is cash in the ordinary account, it cannot be directly transferred to two financial accounts, so it will be more convenient if the ordinary three-party depository and the credit three-party depository are the same bank.
Step 2: Open the position. It is divided into collateral transaction and financing fund transaction. In order to maximize leverage, you can transfer cash to credit users, first buy it with financing or sell it with securities, and then buy it with your own funds, because the cash conversion rate is 1, which can achieve 1 times leverage. If you don't want to use high leverage, buy it with spare money or general account first and then transfer it to the letter user. To sum up, the leverage is estimated to be around 0.5 times.
Step 3: Close the position. This is a bit complicated.
Pledged Selling: Pledged Selling can only be called Pledged Selling if the securities sold are debt-free, and the system logo is "Pledged Selling". When the sold securities are liabilities (such as securities bought by financing), the effect of using the "Selling Collateral" menu is the same as that of the "Selling Securities Repayment" menu. Although the logo remains the same, it is used to repay and repay the sold securities after the transaction.
Selling bonds for repayment: for the purpose of "repayment"; Selling all the money gives priority to paying off the debts, and selling the securities with contracts gives priority to paying off the debts of this contract. In a word, all the money will be paid back. It means that after paying off all debts, the rest can only be turned into cash.
Cash repayment: cash repayment of consolidated funds.
Buy resale securities: You can buy and short similar securities by reporting the "Buy resale securities" instruction, and then repay the short-sold securities at settlement.
Direct redemption: there are two ways: transfer the securities with the same kind of short-selling securities from the ordinary securities account to the credit securities account, or directly use the credit securities account to buy the securities with the same kind of short-selling securities, and then report the direct redemption instruction to the trading system of the securities company.
Step 4: Special securities lending. Special securities lending refers to applying for a part of the amount of a certain securities source for your own exclusive use within a certain period of time. Advantages are: low cost, the lowest known is 2.99%. Secondly, you can lock coupons and sell them repeatedly within the time limit. The disadvantage is that once the application is approved, it will generate interest and cannot be repaid before it expires. Some brokers have special thresholds for securities lending.
Step 5: Book coupons. Don't have the full coupon you want? When a contract is concluded, the source of the contract is generally an external organization, and it takes t+ 1 to get the contract. Fees are generally high, and some brokers have a threshold for contracts.
Margin interest rate and interest rate matters needing attention:
1. Ask what the interest rate is, is it a permanent interest rate, say 5%.
2. Ask the rate, is it a permanent rate, for example, is it a one-time rate for users and ordinary families?
To deal with these situations, you must make clear the details. Everyone's situation is different, and even the efficiency of online and offline selection is different.
4. The processing mode can be online. After several trips to the offline sales department, many people don't have so much time and energy to have money at any time.
5. Ask the settlement method of margin financing and securities lending rate: the best way is to settle interest during the exhibition period, which is the most cost-effective. Not very cost-effective: interest is charged at a fixed time every month.