Provisions on the concentration of credit accounts for margin financing and securities lending: the concentration of positions in credit accounts shall be controlled at different levels.
In order to standardize the margin trading activities of securities companies, improve the securities trading mechanism, guard against the risks of securities companies, protect the legitimate rights and interests of securities investors and social interests, and promote the stable and healthy development of the securities market, the Measures for the Administration of Margin Trading of Securities Companies are formulated. Promulgated by China Securities Regulatory Commission on July 20 15 1, and effective as of the date of promulgation.
The concentration of credit account position refers to the ratio of the market value of a single security to the total assets guaranteed by the credit account. Therefore, using the principle of single securities concentration can effectively adjust the position proportion of customer credit accounts, and disperse and avoid the default risk caused by excessive concentration of single securities. The maximum concentration of customers' credit purchase and financing purchase of certain securities will be determined according to the current guarantee ratio of customers. See the announcement of securities companies for specific control indicators. In short, it is to limit the market value ratio of a single security in the total assets guaranteed by the credit account according to the proportion of the maintenance guarantee in the customer's single credit account. Margin trading is a risky leveraged business. Due to unpredictable changes in market conditions, if a single security is held in a customer's account and the stock price of a single security fluctuates greatly, the total amount of secured assets in the customer's account will also change greatly, thus affecting the customer's solvency.
According to the latest requirements jointly issued by CLP International and Shanghai and Shenzhen Stock Exchanges in July, 20 15, in order to effectively prevent and resolve the margin risk, the Company has implemented the front-end hierarchical control of centralized transactions since June, 20 10. Trade. According to the changes in the securities market such as the GEM reform and the pilot registration system, in order to smoothly and orderly carry out the stock margin trading and the GEM registration system of the science and technology innovation board and fully protect the interests of investors, the company decided to centrally manage the registered stocks of the GEM and the science and technology innovation board from August 1 1 2020, adjust the control of the stock position concentration of the original science and technology innovation board credit account, and control the trading plate combination of the credit account (science and technology innovation board+GEM registration system).