1, risk control of securities companies
Securities companies are the providers of funds in financing business and bear the credit risk that customers cannot repay loans. Therefore, it is necessary for customers to provide enough secured securities and evaluate their credit status. The risk control of securities companies mainly includes:
(1) Liquidity risk control
The sources of funds for securities companies to carry out financing business are self-owned funds and borrowed funds, and customer financing funds are generally occupied by customers for a long time. Therefore, this will affect the company's liquidity indicators, assets and liabilities indicators and a series of related risk control and supervision indicators.
(2) Control measures
At the beginning of the pilot, securities companies mainly used their own funds to carry out financing business, and used net capital as a means of supervision to match their business scale with the level of net capital. After the business is mature, securities companies can be allowed to expand new financing channels such as issuing subordinated debt and medium-and long-term debt.
2. Customer credit risk control
Securities companies may face the credit risk that customers who have expired financing cannot repay their financing, or even the funds obtained from the liquidation of their guaranteed securities are insufficient to repay their financing.
Control measures: securities companies strengthen the qualification identification of customers when opening accounts, and require customers to have a considerable amount of guaranteed securities when financing. Securities companies add the function of timely electronic notification of early warning indicators and liquidation indicators in the trading system. Securities companies strengthen the management of customers' financing amount, including two aspects: first, the dynamic management of financing margin ratio; The second is the limit management of financing. Calculate the financing amount in real time according to the changes of securities guaranteed by customers. When the limit is exceeded, communicate with the customer in time until the forced liquidation reaches the limit. Securities companies should formulate detailed financing business management systems and strengthen control over key links. Securities companies implement centralized and standardized management on the platform of margin trading and securities lending business system.
3. Risk control of exercising liquidation rights
When securities companies exercise liquidation rights, there may be disputes over the scope of liquidation, abuse of liquidation rights, failure to fulfill the obligation of liquidation notice, and the risk of choosing liquidation securities and timing.
Control measures: the regulator designs standardized model agreements, and the securities company signs standardized financing agreements with customers as the commitment and legal basis for compulsory disposal of the guaranteed securities, stipulating that the securities company has the right to compulsory liquidation when it meets the agreed liquidation conditions.
In order to restrict the use of liquidation rights by securities companies, the following methods are adopted: before liquidation, securities companies must fulfill their obligation to inform customers; There must be strict regulations on the use and specific process of liquidation right within securities companies.
4. Operational risk control
Risks caused by improper operation of financing transaction or management system or lack of necessary background technical support.
Control measures: A securities company shall formulate detailed operating rules and procedures, including key points of each link involved in financing business and corresponding control measures; Solidify the operation process into the counter system to realize automatic management and reduce human intervention; The supervision department monitors the situation of the guaranteed securities in real time; Customer credit funds are managed by the third-party depository system.
5. Risk control of illegal financing
Because the existing securities companies have limited capital channels and mainly rely on their own funds, when the business demand expands rapidly, securities companies or branches may have illegal financing behavior.
Control measures: in the initial stage of business pilot, the regulatory authorities should take the net capital index of securities companies as a monitoring means to control the total amount of market financing. At the same time, after the business is mature, we will gradually increase the legal financing channels of securities companies and increase the punishment for illegal financing behavior of securities companies.
6. Risk and control of market manipulation
Due to the increase of market financing, some customers focus on one stock after financing, which leads to market manipulation.
Control measures: limit the total scale of margin financing and securities lending business of securities companies, and dynamically monitor the net capital index of securities companies; Set the proportion of single securities mortgage margin trading, and monitor the excess proportion of single securities margin trading afterwards; Timely and publicly disclose the trading information of margin financing and securities lending; Focus on tracking the financing business of excessive investment in certain securities.
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