Since the opening of the board in November 221, the problem of poor liquidity of the North Exchange has long been disputed by the market. The reporter of Cailian News Agency learned from various sources that the margin trading and market-making trading of the North Stock Exchange are expected to be officially launched after the Spring Festival of the Year of the Rabbit. With the opening of the two trading systems one after another, Beijing Jiaotong University is expected to welcome more new funds, improve trading activity and further improve market liquidity.

up to now, the relevant preparations for the online operation of margin trading and securities lending have been basically completed, and the business and technology are ready for online operation. The Beijing Stock Exchange plans to conduct on-line acceptance for more than 1 pioneer brokers this week (January 16-2), and it is expected that the business can be implemented as soon as the Spring Festival of the Year of the Rabbit. At present, at least 67 brokers have opened the trading authority of margin trading of the North Exchange, and 45 brokers have completed the opening of credit account authority for their customers.

according to industry analysts, at present, the overall market valuation of the North Stock Exchange is low, and the investment attribute is high. It is expected that the margin financing and securities lending business will attract incremental funds for the market, revitalize the liquidity of high-quality stocks represented by the constituent stocks of the North Stock Exchange 5 Index, and further promote the overall market valuation.

in terms of market making, Beijing Stock Exchange successfully organized market participants to participate in the first network-wide test on January 14th, and the second network-wide test is planned to be organized on February 4th. According to the reporter's understanding, almost all of the 15 brokers who have obtained the qualifications of the CSRC for market making have indicated that they intend to participate in the first batch of market making of the North Stock Exchange. Judging from the current situation of the promotion of market-making transactions in the North Stock Exchange, the rules of market-making transactions in the North Stock Exchange will be officially released soon. It is expected that it will be officially put into operation in the short term after the Spring Festival, and market makers can be officially introduced to make quotations in the first quarter of this year.

It is worth mentioning that the first batch of market targets is about 5, and the number of head stock market makers may reach four or five, and most stock market makers are one or two. According to this scale, some industry analysts estimate that there may be a net capital inflow of nearly 1 million yuan in the North Stock Exchange market in the near future, and in the short term, it will also increase the liquidity and pricing accuracy of market-making companies. In addition, the reporter learned from the Beijing Stock Exchange that it will actively promote the expansion of market makers and continuously introduce new trading power for the secondary market.

on the whole, both financial transactions and market-making transactions are important measures for the Beijing Stock Exchange to continuously promote the construction of market system, and it is to continuously optimize the market trading system and incentive and restraint mechanism with the guidance of improving market liquidity. This means that as a stock exchange, Beijing Stock Exchange has entered a routine operation, and has taken many measures to further promote market reform and innovation, improve the market trading system, and enhance market vitality and resilience; In the long run, the liquidity level of the North Stock Exchange market and the investment value of individual stocks have been improved, which is conducive to the improvement of investors' investment strategies.

for the securities firms with important participants, it is also expected to share the institutional bonus of the North Exchange, further improve the existing business chain, and activate multi-chain collaboration to build core competitiveness.

Revitalize the liquidity of high-quality stocks, and the refinancing business is expected to be followed up.

It is not difficult to find that the credit trading system based on margin financing and securities lending provides investors with a channel to borrow securities from brokers to sell or borrow money to buy. With the help of margin financing and securities lending system, investors can enrich trading strategies and enlarge investment income.

everything is ready for the integration system of Beijing Stock Exchange. On November 11, 222, the Beijing Stock Exchange issued and implemented the Detailed Rules for Margin Trading of Beijing Stock Exchange and the Guidelines for Margin Trading of Beijing Stock Exchange. According to the relevant person in charge of the North Stock Exchange, the margin trading business of the North Stock Exchange was generally built according to the mature model of Shanghai and Shenzhen markets, including brokerage qualification management, investor access, account system, trading method, range of securities that can be used to cover margin and conversion rate, equity treatment and information disclosure.

For the North Stock Exchange, the introduction of margin financing and securities lending system can further promote the long-short balance of the market, accelerate price discovery and enhance market liquidity. It is understood that, in consideration of the structural characteristics and liquidity level of Beijing Stock Exchange at this stage, Beijing Stock Exchange will take four risk control measures:

First, it will implement a "two-step" strategy, and only launch the basic business of the two financial services in the initial stage, and then launch refinancing after the operation is stable, so as to ensure that the financing business will be the main business in the initial stage after the two financial services land, and the securities lending sources in the market are limited and the overall leverage level is low, thus reducing the overall fluctuation risk of the market.

the second is to carefully screen the two financial targets and make the stocks with good targets enter the customs.

Third, strict management of investors' appropriateness, ensuring good access for investors, and trying to prevent investors from chasing up and down and aggravating market volatility under unilateral market conditions.

fourth, continuously monitor the market, and control and continuously monitor the business concentration by controlling the concentration of the two financing balances and monitoring the concentration of collateral, so as to judge and deal with the market liquidity and volatility risks in advance.

It is worth mentioning that the margin financing and securities lending system launched by the North Stock Exchange this time has not been matched with refinancing for the sake of a steady start. After the two financial transactions run smoothly, the North Stock Exchange will launch refinancing to ensure that the financing business will be the main business in the early stage after the two financial transactions land, which will help reduce the overall market fluctuation risk.

according to the analysis of BOC Securities Research Report, since the opening of the North Stock Exchange, the number of shares has been steadily expanded, but the overall market value and transaction volume are in a relatively stable state with the changes of the market. With the development of the two financial transactions, the liquidity of the shares of the North Stock Exchange will be improved to some extent.

science and technology innovation board's market-making has achieved good results, and the liquidity of the North Exchange is expected to improve

After science and technology innovation board officially introduced the market-making system in 222 and achieved considerable results, the market-making of the North Exchange is also close at hand, thus driving the secondary market of the North Exchange to improve.

The reporter noted that on October 31, 222, the first batch of science and technology innovation board market makers officially "opened the floodgates", the stock market-making business in science and technology innovation board was generally running smoothly, market makers actively participated, and their obligations were well fulfilled. The price difference between market makers' declarations was small, and the participation rate was high, which provided liquidity for the market continuously, and the average turnover rate of 42 targets increased by 1.48% that day. According to statistics, the total turnover of science and technology innovation board stock market in the first month increased by about 15 billion yuan, and the turnover rate also increased.

On the other hand, according to the closing situation of the North Stock Exchange on January 13th, the market turnover on that day was 26 million shares, which was less than that of science and technology innovation board (913 million shares) and Growth Enterprise Market (6.813 billion shares). The turnover rate is also not optimistic. The turnover rates of the five major exchanges on that day are the main board of Shanghai Stock Exchange (.73%), science and technology innovation board Stock Exchange (1.93%), Shenzhen Stock Exchange (1.61%), Growth Enterprise Market (1.92%) and Beijing Stock Exchange (.35%), and Beijing Stock Exchange lags behind temporarily.

It can be said that the opening of market-making transactions is expected to continuously inject liquidity into the market of the North Stock Exchange, based on the practical effect of science and technology innovation board. The reporter noted that the market-making rules and supporting guidelines of Beijing Stock Exchange began to solicit opinions from the market on November 18, 222. According to the market-making rules, the market-making system of Beijing Stock Exchange and the market-making system of science and technology innovation board are both a mixed trading system in which bidding and market-making are carried out in a single securities transaction.

further analysis by market participants shows that market makers, as a kind of special investors with the obligation of continuous two-way quotation, will help to increase the depth of market orders, improve market stability, narrow the bid-ask spread, reduce the transaction cost of investors, introduce incremental funds and improve market liquidity. Jing Liu, chief analyst of Shenwan Hongyuan New Third Board, said that compared with science and technology innovation board's market-making system, the mixed trading system of the North Stock Exchange has the following characteristics: < P > First, it continues efficient auditing, with shorter auditing time and simpler procedures;

Second, according to the characteristics of small and medium-sized enterprises, flexibly adjust the index requirements such as participation and effective reporting, and distinguish it from science and technology innovation board;

thirdly, aiming at the unique system of Beijing Stock Exchange, the original innovative market maker exemption filing system and the lead underwriter exemption quotation system during the implementation of green shoes were introduced.

Zhu Haibin, the research center of open source securities North Exchange, believes that with the introduction of rich investor structure, reasonable pricing and the landing of mixed trading system, the market is gradually moving towards a benign ecology. The mixed trading system combined with the reform of "combination boxing" can solve the short-board trading and pricing of the North Stock Exchange.

Zhu Haibin said that on a monthly basis, companies with turnover of Top5 in the North Stock Exchange accounted for 49.83% of the total turnover. From the perspective of the volume of new shares in different time periods, the trading is the most active half an hour before the opening every morning, accounting for about 3% of the whole day's trading volume. In extreme cases, there is no transaction for a long time on a certain day or several days. Introducing market makers for mixed trading may improve the problem. After all, the marginal improvement brought by a single policy to the market is limited. Recently, various policies of the North Stock Exchange, such as the North Securities 5 Index, the reduction of transaction fees, margin financing and securities lending, have made concerted efforts to change the market ecology.

Brokers are actively preparing for the two major businesses of the North Exchange

The reporter noted that the market-making system and the margin financing and securities lending system are the contents of the task list when the North Exchange deployed its work in 223, and in addition, the North Exchange will also support and guide fund companies and various asset management institutions to further enrich investment tools based on the innovative investment products of the North Exchange in 223; Guide all parties to continuously optimize the level of securities trading fees, reduce the transaction cost of investors, and introduce a third-party evaluation mechanism to continuously optimize market information terminals, transactions and peripheral systems to enhance transaction convenience.

It can be seen that as an important participant in system optimization, including financial integration and market-making transactions, securities firms will also usher in a promising new stage.

focusing on market-making business, some brokers told reporters that the market-making of Beijing Stock Exchange will bring more opportunities for brokerage investment banks to undertake contracts, and the head brokers have advantages in capital strength, securities source reserve, compliance risk control and other capabilities, which will help to enhance the service stickiness of customers. At the same time, promoting the market-making transaction transformation from self-operated business to valet service is conducive to improving the stability of brokerage performance.

focusing on the two financial services, Huaxi securities believes that the launch of the margin financing and securities lending business of Beijing Stock Exchange is a key measure to deepen the reform of the New Third Board and implement the national innovation-driven development strategy. It also provides another important channel for brokers to reach small and medium-sized enterprises and implement financial service entities, and brings new opportunities to the margin financing and securities lending business of the industry.

A number of brokers have stated that they will continue to do a good job in the business appropriateness management of the North Exchange and promote the business popularization and promotion by mobilizing branches and increasing investment and education.