The progress of brokerage settlement is beginning to show, mainly in the mode of single fund and single brokerage.
In February this year, the supervision issued the Notice on Relevant Matters Concerning the Conversion of Securities Trading Mode of Newly-established Public Offering Fund Managers (hereinafter referred to as the Notice), clarifying that the pilot work of the newly-established public offering fund adopting brokerage settlement mode has been transferred to the routine. It has been three months since the document was issued. What is the progress of fund companies in changing the way products are traded? With this question, beijing business today reporter interviewed the relevant responsible persons of several fund companies today. The survey found that some institutions have started to operate or dock the brokerage settlement model, and made some progress in the corresponding process.
In terms of settlement mode, beijing business today reporter learned today that some fund companies have adopted the settlement mode of single product and single broker. For example, the relevant person of Honeycomb Fund said that its fund products all adopt brokerage settlement mode, and the current operation mode is single fund and single brokerage transaction settlement mode. Shikai Fund also admitted that the company is one of the previous six pilot fund companies, and now it adopts the settlement mode of single item and single brokerage, and the settlement mode of single item and multi-brokerage that is discussed more in the market is still being explored.
It is reported that the "Notice" mentioned that fund product managers can choose one or more securities companies to conduct securities trading, which can be exempted from the previous "annual trading commission of fund management companies buying and selling securities through trading seats of securities companies, which shall not exceed 30% of all fund trading commissions in that year".
Under the influence of the above requirements, some fund companies have also shown a strong willingness to test the settlement mode of single product and multiple brokers. A person from a medium-sized fund company in Shanghai said that the advantage of adopting the multi-brokerage settlement model is that it can significantly reduce the dependence on one brokerage company, and the fund company can also obtain research support from multiple sellers on this basis. However, relevant people admit that the cost will increase accordingly and it is still under consideration.
At the same time, some people close to the public offering pointed out that the multi-brokerage settlement model, including the "main brokerage transaction+auxiliary brokerage" model, is conducive to coping with sudden system, network and line failures in the transaction settlement process, on the other hand, it is conducive to resource integration.
In addition to fund companies, as partners, some securities institutions have also made steady progress in the brokerage settlement model. The person in charge of related business of a securities company said that the company, as one of the first six brokers to participate in the Public Offering of Fund brokerage settlement model, not only cooperated with many fund companies in brokerage settlement business, but also cooperated with insurance companies and commercial banks in this model. The company provides partners with comprehensive business solutions covering the whole business chain such as investment, research, sales, trading, liquidation and custody.
The efficiency of capital utilization is low, and most fund companies wait and see.
However, while some institutions began to change the settlement mode, beijing business today reporter learned today that most fund companies are still in a wait-and-see state. The reasons for choosing to wait and see mostly focus on the low efficiency of capital utilization, prolonged data feedback time, and the sales ability of securities firms is not as good as that of custodian banks.
"At present, our public offering products still adopt the custody settlement mode, and several special account products have been converted into the brokerage settlement mode, but the effect is not very satisfactory. At present, we only docked one brokerage, but the brokerage settlement mode is equivalent to adding one on the basis of the original process. It takes a long time for data to return to the company and the efficiency of capital utilization is reduced. " A public fundraising department in Shanghai said frankly.
Honeycomb Fund also said that in the traditional mode, the investment management system of the fund company can be directly linked to the exchange, while in the brokerage settlement mode, the transaction needs to be divided into two stages: the investment management system of the fund company and the trading system of the brokerage side, which increases certain operating costs and requires the fund manager's position management ability and capital use efficiency.
So some fund companies are still waiting to see because of lack of motivation. A person from a public offering marketing department in the south said that their products can indeed be converted into a brokerage trading model, but they lack motivation at present. In his view, although general securities institutions are qualified for settlement, Public Offering of Fund administrators will comprehensively consider the ability of registration and settlement services, research strength and consignment ability when selecting settlement parties. Especially in fund sales, the role of custodian banks has obvious advantages over brokers. Under the brokerage settlement mode, choosing a brokerage firm to do transactions will also involve the issue of re-dividing positions.
At the same time, according to the marketing department, it will also be a challenge to adopt the brokerage settlement model for the valuation of the company background. He pointed out that there is still a gap between the business efficiency of securities firms and some big banks in terms of fund allocation and data distribution. In terms of time interval, brokers may be slow for about half an hour, which may also lead to the reverse operation of the whole chain in the background.
In addition, a number of public offering insiders said that the company still adopts the custody bank settlement mode, and should try the brokerage settlement mode in the future, but the specific operation still needs to wait for further arrangements for the company's corresponding work.
Supervision is intended to separate custody from settlement, and the brokerage model is still the general trend.
Although there are many problems and difficulties in the short term that prevent fund products from turning to brokerage settlement mode, in the long run, this mode is beneficial to both Public Offering of Fund managers and brokers.
The above-mentioned Shanghai Public Offering of Fund Product Department stressed that the separation of the settlement party and the custodian party is also more conducive to protecting the safety of funds. At the same time, brokers need to check the trading behavior of products in real time, and also undertake the responsibility of monitoring the abnormal trading behavior in Public Offering of Fund, which is also helpful to strengthen risk control and prevention.
Insiders of the above-mentioned brokerage institutions also said that after the brokerage firm acts as the fund transaction settlement party, the securities company can enhance the stickiness of institutional customers by providing transaction settlement services for publicly raised funds, which is conducive to the securities company's integration of internal resources, taking on the responsibility of member's transaction supervision and settlement, and continuously enhancing the market influence. At the same time, public offering funds will also give priority to securities companies with strong comprehensive capabilities such as investment and research services, operational efficiency and risk prevention and control, which will help improve the comprehensive business service level of securities companies and promote the healthy development of the securities industry.
As for fund companies, they not only expand the investment scope of fund products, but also participate in financing and securities lending, stock pledged repo, ETF redemption, stock options and other businesses. Fund product design is more flexible, investment means are more abundant, and risk hedging ability is stronger. At the same time, through the active monitoring of securities companies, a risk control line covering the complete business chain of account opening, account use, trading, fund transfer and clearing settlement is formed, which is an effective supplement to the independent monitoring of fund companies to prevent the occurrence of risk events in fund investment transactions.
However, judging from the situation of brokers with fund custody qualifications, this trend is not obvious at present. According to incomplete statistics, there are no fewer than 16 securities companies qualified for fund custody. At the same time, according to the public data of CSRC, 1 1 brokers including Caitong Securities, Great Wall Securities and Hua Fu Securities are also applying for fund custody qualification. Some insiders said that the advantages of banks in Public Offering of Fund custody market are hard to shake, and brokers are more concentrated in private equity funds.
According to the data of china galaxy Securities Fund Research Center, by the end of the first quarter, ICBC ranked first in the bank list and the overall list with a fund custody scale of 2.2 trillion yuan, while Guotai Junan Securities ranked first with a custody scale of 59.528 billion yuan in the same period, ranking 19 in the overall list.
(Article Source: beijing business today Today)