1, margin trading period requirements
Investors engaged in margin trading, margin trading period shall not exceed 6 months.
If the underlying securities are suspended, the maturity date of the margin financing and securities lending debt has not been determined, or the trading day of resumption of trading is after the maturity date of the margin financing and securities lending debt, the margin financing and securities lending period shall be extended. Securities companies and their customers can also settle related margin trading according to the agreement of both parties. Under special circumstances, the term of margin financing and securities lending shall be agreed by the securities company and the customer in the contract.
2, margin trading declaration content
Margin trading declaration can be divided into two types: margin buying declaration and margin selling declaration. The contents of the financing purchase declaration shall include ① the investor's credit securities account number, ② the code of the special seat for margin financing and securities lending, ③ the code of the underlying securities, ④ the purchase quantity, ⑤ the purchase price (except the market price declaration), ⑤ the "financing" logo and ⑤ other contents required by the stock exchange; The contents of the securities lending and selling declaration shall include ① the investor's credit securities account number, ② the code of the special seat for securities lending and selling, ③ the code of the underlying securities, ④ the selling quantity, ⑤ the selling price (except the market price declaration), ⑤ the "securities lending" logo and ⑤ other contents required by the stock exchange. Among them, the declared quantity of the above financing buying and selling is 100 shares (shares) or its integral multiple.
3. Restrictions on the declared price of short selling.
The declared price of short selling by investors shall not be lower than the latest trading price of the securities; If there is no transaction on that day, the declared price of short selling shall not be lower than the previous closing price. If the declared price of short selling is lower than the above price, the trading host will consider it as invalid declaration and cancel it automatically. If an investor sells the same securities held through a securities account owned or controlled by him during short selling, the price of the securities sold shall not be lower than the latest transaction price, except for the part exceeding the short selling amount.
4. Specific provisions on financing margin ratio when investors buy financing.
According to the Detailed Rules for the Implementation of Pilot Trading of Margin Trading, when investors buy securities by financing, the margin ratio shall not be less than 50%. On the basis of not exceeding the proportion specified in the above-mentioned exchanges, the securities company may calculate the applicable discount rate standard according to the margin amount of the underlying securities for financing purchase, and determine the relevant financing margin ratio by itself. For example, if an investor has a margin balance of 100 yuan in his credit account and plans to buy securities A at a margin ratio of 50%, he can theoretically buy securities A with a market value of 100 yuan/50%.
5. Specific provisions on the margin ratio of securities lending when investors sell securities.
According to "Detailed Rules for the Implementation of Pilot Margin Trading of Shanghai Stock Exchange" and "Detailed Rules for the Implementation of Pilot Margin Trading of Shenzhen Stock Exchange", when investors sell margin trading, the margin ratio of margin trading shall not be less than 50%. On the basis of not exceeding the proportion stipulated by the above-mentioned exchanges, the securities company may determine the relevant margin ratio by itself according to the conversion rate standard applicable to the calculation of the margin amount of the underlying securities sold by short selling. For example, if an investor has a margin balance of 65,438+000 yuan in his credit account and intends to sell securities B with a margin ratio of 50%, he can theoretically sell securities B with a market value of 65,438+000 yuan/50%.
6. When securities offset the deposit, how to calculate the deposit amount?
When an investor takes cash as a deposit, it can be fully included in the deposit amount; When securities are used to offset the margin, they shall be converted according to the market value or net value of the securities according to the following conversion rates stipulated by the exchange:
(1) The highest conversion rate of national debt shall not exceed 95%;
(2) The maximum conversion rate of exchange-traded open index funds shall not exceed 90%;
(3) The conversion rate of other listed securities investment funds and bonds shall not exceed 80%;
(4) The maximum conversion rate of Shenzhen Stock Exchange 100 Index and Shanghai Stock Exchange 180 Index shall not exceed 70%, and the maximum conversion rate of other stocks shall not exceed 65%.
It should be pointed out that securities companies can determine their own different conversion rates of various securities covering margin according to the liquidity and volatility of securities on the basis of not exceeding the above standards. For a simple example, if an investor has 100 yuan in cash and 100 yuan in securities A in his credit account, assume that the conversion rate of securities A is 70%. Then, the available deposit amount in the investor's credit account is 170 yuan (100 yuan cash × 100%+ 100 yuan market value ×70%).
7. Composition of available margin balance
(1) Cash as the deposit. The cash in the investor's credit fund account consists of two parts: cash as deposit and cash for securities lending, in which cash for securities lending can only be used to buy coupons, but not as deposit;
(2) margin securities. The securities in the investor's credit securities account are composed of two parts: the securities covering the margin and the securities bought by financing, in which the securities covering the margin are directly converted into the available balance of the margin;
(3) Floating profits generated by margin financing and securities lending. The floating profit generated by margin trading can be converted and included in the total margin. Where floating losses are caused by margin trading, the floating losses shall be fully deducted from the available margin balance.
(4) Margin occupied by open positions.
8, the provisions of the investor's credit account to maintain the guarantee ratio
The Detailed Rules for the Implementation of the Pilot Margin Trading of Shanghai Stock Exchange and the Detailed Rules for the Implementation of the Pilot Margin Trading of Shenzhen Stock Exchange both stipulate the basic standards for maintaining the guarantee ratio, and the guarantee ratio of investors' credit accounts shall not be less than 1.30%. At the same time, it is clearly stipulated that on the basis of not less than the above-mentioned basic standards, securities companies can determine the minimum standard for maintaining the guarantee ratio according to factors such as the credit status of investors.
9. Additional guarantee conditions
The Detailed Rules for the Implementation of the Pilot Margin Trading of Shanghai and Shenzhen Stock Exchanges stipulates that when the investor maintains a guarantee ratio of less than 1.30%, the securities company shall notify the investor to add collateral within a period of no more than 2 trading days, and the customer shall maintain a guarantee ratio of not less than 1.50% after adding collateral. A securities company shall monitor the collateral submitted by investors as a whole, and calculate the proportion of its maintenance guarantee. On the basis of not less than the above-mentioned standards, the standard of maintaining the guarantee ratio of additional collateral can be determined by itself according to factors such as the customer's credit status.
10, Provisions for Investors to Withdraw Funds or Securities from Credit Accounts
The Detailed Rules for the Implementation of the Pilot Margin Trading of Shanghai and Shenzhen Stock Exchanges stipulates that when the guarantee ratio exceeds 300%, customers can withdraw the cash in the available balance of the margin or the securities covering the margin, but the guarantee ratio after withdrawal shall not be less than 300%. Unless otherwise stipulated by the stock exchange.
1 1, the upper limit of margin trading scale.
In order to prevent the risk of excessive market volatility, the Detailed Rules for the Implementation of the Pilot Margin Trading of Shanghai and Shenzhen Stock Exchanges has the following restrictions on the scale of margin trading of a single securities:
(1) When the financing balance of a single underlying securities reaches 25% of the market value of listed securities, the exchange may suspend its financing purchase on the next trading day; When its financing balance is less than 20%, the exchange can resume its financing purchase on the next trading day;
(2) When the short-selling margin of a single underlying securities reaches 25% of the listed liquidity of the securities, the exchange may suspend its short-selling trading on the next trading day; When its margin is less than 20%, the exchange can resume its margin trading on the next trading day.
12, financing repayment regulations
After financing to buy securities, investors can repay the incorporated funds to securities companies by selling securities or directly repaying them. Repayment by selling securities refers to a repayment method in which investors declare selling securities through their credit securities accounts, and the proceeds from selling securities are directly transferred to the special financing account of securities companies at the time of settlement, and the corresponding "repayment by selling securities" logo should be added when reporting. If the capital is repaid by direct repayment, the specific operation shall be handled in accordance with the agreement between the securities company and the investor. When investors sell securities in credit securities accounts, they must first repay the financing arrears.
13, provisions on repayment of securities lending
After selling securities by short selling, investors can repay the securities lending to securities companies by buying securities and returning them directly. Buying coupons means that investors declare buying securities through their credit securities accounts, and the securities bought at the time of settlement are directly transferred to the special securities accounts of securities companies for securities lending, and the corresponding "buying coupons" logo should be added when reporting. If the incorporated securities are repaid by direct redemption, it shall be handled in accordance with the agreement between the securities company and the investor and the relevant provisions of the registration and settlement institution designated by the exchange. Before the relevant securities lending transactions are concluded, the proceeds from the sale of securities by investors shall not be used for other purposes except for buying coupons. A securities company shall agree with its customers on repayment methods such as cash, and the handling procedures under special circumstances when it is unable to repay the specific underlying securities.
14, forced liquidation agreement
If the investor fails to pay the collateral in full on schedule or fails to repay the margin financing and securities lending debts due, the securities company shall take compulsory liquidation measures in accordance with the agreement to dispose of the customer's collateral, and the insufficient part can be recovered from the customer. The funds obtained from liquidation are first used to pay off the debts owed by customers, and the remaining funds are credited to the customer's credit fund account. Closing positions includes closing positions of buying and selling.