20065438 1 October1A few days ago, the securities registration and settlement in China were completed by Shanghai Securities Centralized Registration and Settlement Company established by Shanghai Stock Exchange, Shenzhen Securities Registration and Settlement Company established by Shenzhen Stock Exchange and their respective local securities registration and settlement companies. Shanghai Securities Depository and Clearing Corporation and Shenzhen Securities Depository and Clearing Corporation have established a national securities account registration and depository system to provide investors with relevant securities registration and depository services. The Company implements the member legal person settlement system under the central settlement system, and all member units of the stock exchange open settlement accounts in the company in the name of legal persons, and uniformly handle the clearing and settlement business of securities transactions conducted by subordinate institutions in Shanghai and Shenzhen stock exchanges. According to business needs, registration and settlement companies generally set up major business departments such as registration department, depository department, share settlement department, fund settlement department and international settlement department. Shanghai Securities Depository and Clearing Corporation and Shenzhen Securities Depository and Clearing Corporation have also established a relatively complete risk management system, and set up settlement risk deposits (including settlement and delivery reserves and settlement risk funds) to provide continuity and security guarantee for centralized clearing and settlement of securities transactions with the company's existing assets.
On March 30th, 20001year, China Securities Depository and Clearing Co., Ltd. was established, and the securities depository and clearing companies affiliated to Shanghai Stock Exchange and Shenzhen Stock Exchange were reorganized into Shanghai Branch and Shenzhen Branch of China Securities Depository and Clearing Co., Ltd., which marked the basic formation of the organizational framework for establishing a centralized and unified securities registration and clearing system in China. It is of great significance to establish a centralized and unified securities registration and settlement system;
First, it is convenient for investors to open securities accounts, reduce capital occupation, fundamentally change the market segmentation state existing in the decentralized registration and settlement system, and eliminate the problems of repeated account opening and settlement fund reset of securities companies, thus reducing capital occupation and transaction costs.
Second, the new system integrates the original registration and settlement business of the two exchanges, which is conducive to formulating unified registration and settlement business rules and processes, and establishing a central registration and settlement system is conducive to improving market settlement efficiency.
Third, the new system helps to prevent and control market risks from the system.