Margin trading refers to the behavior that investors provide collateral to securities companies with Shanghai Stock Exchange/Shenzhen Stock Exchange membership, borrow funds to buy securities or borrow securities and sell them.
Q2: What is the collateral (that is, the deposit)?
Securities companies should charge a certain percentage of margin to customers for margin financing and securities lending. The deposit can be offset by stocks, securities investment funds, bonds, money market funds, cash management products of securities companies and other securities recognized by the exchange.
Q3: Which stocks can be used as the target of margin financing and securities lending?
Where the underlying securities are stocks, the following conditions shall be met:
1, listed for more than 3 months;
2. The circulating share capital of the underlying stock is not less than 6,543.8 billion shares or the circulating market value is not less than 500 million yuan, and the circulating share capital of the underlying stock sold by securities lending is not less than 200 million shares or the circulating market value is not less than 800 million yuan;
3. The number of shareholders is not less than 4,000;
4. The following situations have not occurred in the last three months: a. The average daily turnover rate is lower than 65,438+05% of the average daily turnover rate of the benchmark index, and the average daily turnover amount is less than 50 million yuan; B the deviation between the daily average price increase and decrease and the daily average price increase and decrease of the benchmark index exceeds 4%; C the fluctuation range is more than 5 times that of the benchmark index.
5. The stock issuing company has completed the share-trading reform;
6. The stock transaction has not been given a risk warning by this Exchange;
7. Other conditions stipulated by the Exchange.
Q4: How many securities lending targets are there in the A-share market at present?
As of September 6, 20 19, there were 1629 margin trading targets in Shanghai and Shenzhen stock markets. It should be noted that these two goals are dynamically adjusted.
Question 5: What is the discount rate of margin securities?
1, a) The maximum conversion rate of the constituent stocks of SSE 180 index shall not exceed 70%, and the maximum conversion rate of other stocks shall not exceed 65%; B) The highest conversion rate of Shenzhen 100 index stocks shall not exceed 70%, and the highest conversion rate of non-Shenzhen 100 index stocks shall not exceed 65%;
2.a) The maximum conversion rate of open-end index funds traded on the Shanghai Stock Exchange shall not exceed 90%; B) The maximum conversion rate of traded open-end funds of Shenzhen Stock Exchange shall not exceed 90%;
3. The maximum conversion rate of cash management products, money market funds and national debt of securities companies shall not exceed 95%;
4. For A-share stocks whose static P/E ratio is more than 300 times or negative, the warrant conversion rate is 0% for the securities subject to risk warning, suspension of listing and delisting;
5. The maximum conversion rate of other listed securities investment funds and bonds shall not exceed 80%.
Q6: How are the financing purchase guarantee ratio and the short selling guarantee ratio calculated?
When investors buy securities by financing, the financing margin ratio shall not be less than 100%. Margin ratio refers to the ratio of the margin paid by investors when they buy financing to the financing transaction amount: margin ratio = margin/(the number of securities bought by financing × the purchase price) × 100%.
When investors sell securities by short selling, the margin ratio for short selling shall not be less than 50%. Margin ratio refers to the ratio of margin paid by investors when selling securities through short selling to the trading volume of securities: margin ratio = margin/(number of securities sold through short selling × selling price) × 100%.
Q7: What is the upper limit of margin for financing buying and selling?
Shanghai Stock Exchange
When the monitoring index of single stock financing reaches 25%, the exchange can suspend its financing purchase on the next trading day and announce it to the market. When the stock's financing monitoring index falls below 20%, the exchange can resume its financing purchase on the next trading day and announce it to the market.
When the financing monitoring index of a single trading open index fund reaches 75%, the exchange may suspend its financing purchase on the next trading day and make an announcement to the market. When the financing monitoring index of the traded open index fund falls below 70%, the exchange can resume its financing purchase on the next trading day and announce it to the market.
The above financing monitoring indicators are the proportion of the smaller of "financing balance of the underlying securities declared by members" and "market value of the underlying securities held by credit accounts" to the market value of the underlying securities.
Shenzhen Stock Exchange
When the financing balance of a single underlying securities and the market value of the collateral in the credit account account account account for 25% of the market value of the listed securities, the exchange may suspend its financing purchase on the next trading day and make an announcement to the market.
When the financing balance of the underlying securities or the market value of the collateral in the credit account accounts for less than 20% of the market value of listed securities, the exchange may resume its financing purchase on the next trading day and make an announcement to the market.
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 and announce it to the market. When the margin of the underlying securities falls below 20%, the exchange can resume short selling on the next trading day and announce it to the market.
Q8: How is the maintenance assurance rate calculated?
Maintenance guarantee ratio refers to the ratio between the customer's collateral value and its margin financing and securities lending debt, and the calculation formula is:
Maintenance guarantee ratio = (sum of cash+market value of securities in credit securities account+value of other collateral)/(sum of financing purchase amount+number of securities sold by short selling × current market price+interest and expenses)
Q9: What are the withdrawal line, warning line and warehouse line?
Withdrawal limit: When the maintenance guarantee ratio exceeds 300%, the customer can withdraw the cash in the available balance of the deposit and the securities covering the deposit, but the maintenance guarantee ratio after withdrawal shall not be less than 300%, and only the sum of the market values of the securities in the cash and credit securities accounts is calculated.
Warning line: refers to the safety limit for maintaining the guarantee ratio, which is usually agreed as 150%.
Closing line: refers to the minimum standard for maintaining the guarantee ratio, which is usually agreed as 130%.
Q 10: how long is the additional guarantee period?
Usually 2 trading days. For example, when a brokerage company stipulates that the maintenance guarantee ratio is lower than a certain threshold, the customer needs to pursue the guarantee: after the end of the trading day (T day), the maintenance guarantee ratio of the customer's credit account is lower than the guarantee amount (currently 130%), and the customer needs to add collateral or pay off the debt voluntarily within the specified time (currently T+2 day). So that the proportion of maintenance guarantee after day-end liquidation is not lower than the guarantee amount (at present, if the customer fails to increase the proportion of maintenance guarantee to 150% after day-end liquidation on trading day (T+2)), the company has the right to carry out compulsory liquidation on the customer's credit account from the next trading day.
Q 1 1: what is the threshold for opening an account for margin financing and securities lending?
The main conditions for a natural person to open an account are as follows:
1, engaged in securities trading for half a year;
2. The average daily securities assets in the last 20 trading days are not less than 500,000 (including 500,000), and the securities assets include cash, stocks, bonds, funds and general account asset management plans of securities companies (unless otherwise stipulated by the regulatory authorities);
3. The risk assessment results must be positive/enterprising, and the assessment time is within two years;
4. Shareholders and related personnel of non-member companies (except shareholders who only hold less than 5% of the circulating shares of the company);
5. Individuals or institutions that are not on the "blacklist" of corporate credit business;
6. Individuals or institutions that are not prohibited by laws and regulations from participating in margin financing and securities lending business;
7. There are no other circumstances that are not suitable for margin financing and securities lending business.
Professional institutional investors can participate in margin financing and securities lending, and are not limited by the securities trading time and securities asset conditions mentioned in the preceding paragraph.
Q 12: what is the capital cost of margin financing and securities lending?
According to the statistics of Sina Finance and Economics Research Institute, the cost of financing from securities companies is about 8%, and the cost of securities lending is about 10%. If the customer's funds are large enough, there will be some bargaining space.
Second, the basic situation of the margin market
According to the data of Sina Finance and Economics Public Research Institute, as of July 3, 20 19, there were 4,984110,000 households, including 4,963,900 individual accounts and 20,200 institutions.
As of September 6, 2009, the financing balance in Shanghai and Shenzhen stock markets was 94,535,438+0 million yuan (accounting for 2.07% of the circulating market value of A shares), of which the financing balance was 9317.77 million yuan and the margin loan balance was13.574 billion yuan, the former was 68.64 times that of the latter.
There are three main reasons for this huge difference: cost, risk exposure and current market valuation level.
1. On the whole, the financing cost is about 8%, the securities lending cost is about 10%, and the securities lending cost is two percentage points higher than the financing cost.
2. Financing means borrowing money to do more, and securities lending means borrowing securities to short. Theoretically, the maximum loss of going long will not exceed the principal invested, but there is almost no upper limit to the potential loss of shorting. If an investor shorted Tencent from a securities company in 2004, he would spend more than 400 times the cost to buy back the sold shares to repay the debt.
3. As of 2065438+September 6, 2009, the overall valuation (PE) of the constituent stocks of the Shanghai and Shenzhen 300 Index (3959.265,-13.68, -0.34%) (3959.2650,-13.68,-0.68).
Third, transfer-in means that the stock price rises, and transfer-out means that the stock price falls.
What is the impact on the stock price when the stock is transferred into or out of the sample stock of margin financing and securities lending?
Therefore, the data of Sina Finance and Economics Research Institute, a listed company, shows the change of its share price from 20 15 1 to 2019 on June 30th.
Among the 322 companies that transferred financing, 188 companies transferred financing. In the five trading days after the transfer, the average share price rose and fell by 0.48%, 0.86%, 1.39%, 2. 18% and respectively. It is not difficult to find that the stock price rose significantly after refinancing, and fell significantly after refinancing.
If the time is extended to 10 trading days, 20 trading days and 30 trading days, the average share prices after financing transfer are 2.48%, 4.8% and 1.36% respectively, and the average share prices after financing transfer are -7.2%, -9.57% and-7.6/kloc-0 respectively.
The reason behind it is because of leverage. Financing transfer is to add leverage and bring leveraged funds to individual stocks, while financing transfer is to deleverage individual stocks. Leverage pushes the stock price up, and deleveraging brings the stock price down.