What is the deposit? Securities are all kinds of economic rights and interests certificates, and also refer to specialized products. There are many kinds of securities, and there are certain risks. Let me share with you what is a securities deposit. Let's have a look.
What is a security deposit? 1 What is a security deposit?
The so-called margin, in the real securities market, refers to a certain amount of funds deposited by customers in designated trading accounts for on-site trading as a guarantee for securities dealers and dealers to buy and sell securities on their behalf. The essence of margin is that the customer promises to the securities company that he has enough funds for the securities company to buy and sell securities on his behalf, and he will bear the adverse consequences of the designated exchange within the margin, so it is essentially a credit guarantee in the form of capital quota.
Basic information of securities margin
Securities trading margin is a special case of ownership in Chinese civil law theory. The traditional civil law theory adheres to the principle of unity of ownership and possession, but the ownership of securities trading margin belongs to the customer and is occupied by the securities company when it is in the margin state. As long as the funds are in the state of margin, the possession of funds by brokers cannot affect the ownership form of customers. In this state, any entity, including securities companies, disposes of funds without the customer's consent, which infringes on the customer's ownership of the deposit.
Securities margin ratio
The role of securities margin
The central bank of a country can control the scale of bank credit by changing the ratio of securities margin, thus controlling the money supply in the market. Increasing the proportion of securities margin means that the proportion of commercial banks applying for securities-guaranteed loans from the central bank is reduced, thus reducing the scale of social credit.
The higher the margin ratio, the smaller the credit scale. When the central bank thinks that securities speculation is excessive and securities prices are too high, increasing the margin ratio can curb market demand and make prices fall. On the contrary, when the securities market is depressed, the margin ratio will decrease.
Relevant laws and regulations
Chapter IV Margin Financing and Securities Lending
Article 32 A member shall charge a certain percentage of margin to the customer for margin financing and securities lending. The deposit can be offset by the underlying securities and other securities recognized by this Exchange.
Article 33. When calculating the amount of the security deposit, the securities that can be used to cover the security deposit shall be converted according to the market value or net value of the securities and at the following conversion rates:
(1) The highest conversion rate of the constituent stocks of the Shanghai Stock Exchange 180 index does not exceed 70%, and the highest conversion rate of other A-share stocks does not exceed 65%. The conversion rate of A-share stocks that have been suspended for special treatment is 0%;
(2) The maximum conversion rate of exchange-traded open index funds shall not exceed 90%;
(3) The highest conversion rate of national debt does not exceed 95%;
(4) The maximum conversion rate of other listed securities investment funds and bonds shall not exceed 80%;
(5) The conversion rate of warrants is 0%.
What is a security deposit? 2 What is securities?
Securities are all kinds of economic rights and interests certificates, and also refer to specialized products. It is a legal document used to prove that the holder enjoys certain rights. Mainly including capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures. The subject system of securities science is an organic system composed of various branches that study the behavior characteristics and operating rules of the securities market from different angles, mainly including two research fields: traditional securities theory and evolutionary securities theory.
negotiable securities
Securities are legal documents with a certain face value, which prove that the holder of securities or a specific subject designated by securities has ownership or creditor's rights. Paper money, stamps, tax stamps, stocks, bonds, treasury bills, commercial promissory notes and acceptance bills are all valuable securities. However, the securities trading in the general market should refer to the securities regulated by the Securities Law, such as paper money, stamps and tax stamps. , not in this range. Securities trading is limited to the scope of securities mentioned in the Securities Law. There are two main methods to judge and predict the stock market price: basic analysis and technical analysis. Because the users of the two methods are completely different in theory and operation, they are also called two factions.
Securities are all kinds of property ownership or creditor's rights certificates, which are used to prove that the holders of securities have the right to obtain relevant rights and interests according to the contents contained in the face value.
Therefore, the essence of securities is a kind of transaction contract or contract, which gives the contract holder the right to take corresponding actions and obtain corresponding benefits according to the provisions of the contract.
The essence of securities is a transaction contract, and the main contents of the contract generally include: the subject matter of the transaction between the two parties, the quantity and quality of the subject matter, the price of the subject matter of the transaction, the time and place of the subject matter of the transaction, etc.
Of course, if these contents apply to different specific securities, the contents stipulated therein are different. For example, the contents of forward contracts and futures contracts are different.
classify
According to its different nature, securities can be divided into three categories: voucher securities, voucher securities and marketable securities. Evidence securities are just written documents that simply prove a fact, such as letters of credit, evidence, bills of lading, etc. Certificate-based securities refer to written documents such as certificates of deposit, which prove that the holder is the legal right holder of a private right and the validity of the obligations performed by the holder.
A marketable security is a document that shows that the holder or a specific subject designated by the security owns the ownership of a specific property or bond. The main feature that distinguishes it from the above two kinds of securities is transferability.
basic feature
Securities are essentially civil rights with property attributes. The characteristics of securities are that civil rights are embodied in securities, so that rights are combined with securities, and rights are embodied in securities, that is, rights securitization. It is a legal phenomenon in the form of securities in the way and process of rights holders exercising their rights, a social phenomenon of symbolization of investors' investment property, and a sign and result of developed social credit.
Securities must be associated with specific forms of expression. In the process of securities development, the earliest basic way to commend securities rights is paper, and the specific rights are expressed in words or graphics on special paper.
Therefore, securities are also called "documentary evidence" and "documentary evidence". However, with the rapid development of economy, especially the development of electronic technology and information network, paperless securities have appeared in modern society. Securities investors almost no longer own any securities in the form of physical coupons, and the number of securities they hold or the securities rights are recorded in the investor's account accordingly. The development process from "paper securities" to "paperless securities" reveals the great differences between modern securities concepts and traditional securities concepts.
As a written document commending certain civil rights, securities have the following basic characteristics:
Securities are certificates of property rights.
Securities are documents of rights with property value. In modern society, people are not satisfied with the direct possession, use, income and disposal of wealth, but pay more attention to the ultimate domination and control of wealth, and securities, a new form of property, came into being. Holding securities means that the holder has control over the property represented by securities, but this control is not direct control but indirect control.
For example, if a shareholder holds shares in a company, he/she will have control over the company's property according to the proportion of his/her shares in the total issued shares of the company. However, he/she cannot claim the right to directly possess, use, benefit and dispose of the property of a specific company, but can only enjoy the owner's right to benefit from the assets, the right to make major decisions and the right to choose managers in proportion. In this sense, securities are the product of capital accumulation with the help of market economy and social credit development, and securities rights show the nature of property rights.
Securities are negotiable certificates of rights.
The vitality of securities lies in their liquidity. Traditional civil rights always face many obstacles when they are transferred. As far as civil property rights are concerned, it is unnecessary in nature because it does not involve personality and identity, but its transfer is a complex civil act.
For example, due to the civil rule of "relativity of creditor's rights", creditor's rights can be transferred as a form of property, but the creditor must inform the debtor when transferring the creditor's rights. This kind of transfer involving the interests of the three parties is inconvenient and fast because of the adjustment of legal norms. However, once civil rights are securitized and property rights are divided into several shares of the same quality, creating a kind of "commodity with uniform specifications", then this kind of property transfer is no longer limited to the transfer between the transferor and the transferee according to the agreement, but is carried out in a wider range with higher frequency, even through the open market, thus forming a highly developed property transfer system. Securities can be transferred many times to form circulation, and its function of avoiding risks can be realized by converting them into money. The liquidity of securities is the basis for the smooth development of the securities system.
Securities are the evidence of income right.
The ultimate goal of securities holders is to obtain income, which is the direct motivation of securities holders to invest in securities. On the one hand, securities itself is a kind of property right, which embodies a specific property right. Securities holders can obtain benefits by exercising this property right, such as dividend income (stocks) or interest income (bonds); On the other hand, the holders of securities can gain income by transferring securities, such as buying at a low price and selling at a high price in the secondary market, and they can gain income through the price difference, especially speculative income.
Securities are risky certificates of rights.
The risk of securities is that investors may not get expected returns or even losses because of changes in the securities market or issuers. The risk and return of securities investment are related. In the actual market, any securities investment activities are risky, and there is no investment that completely avoids risks.
securities company
Securities companies-provide investors with channels to buy and sell stocks.
As an ordinary investor, in fact, it is the securities companies that have the most contact. We open an account with a securities company and buy and sell stocks through their intermediary. In fact, the positioning of securities companies in the stock market is very similar to that of a department store, which is convenient for consumers to buy and sell. So you can go to the securities company next door to your house to watch the sale, instead of going to the stock exchange to trade in person!
So, can all securities companies help investors buy and sell stocks? Answer: No.
Ordinary investors must buy and sell stocks through securities companies, but it does not mean that all securities companies are engaged in the business of stock trading intermediary. According to the classification of business projects of securities companies, securities companies can be divided into four categories:
First, securities brokers, that is, securities companies that help investors buy and sell stocks.
Second, securities underwriters help enterprises to go public and issue shares. If investors want to buy new shares issued by the company, they must find this type of securities company.
Third, brokers, like ordinary investors, are also buyers and sellers of stocks. We generally call it a legal person, and one of them is a securities firm.
Fourth, comprehensive brokers are securities companies that operate the above three businesses at the same time.
Securities companies buy and sell securities on behalf of customers, and are intermediaries for securities investors to participate in the securities market. The profit source of securities brokers is the fee income collected from investors who entrust securities trading, which is called commission. Generally speaking, all countries have certain regulations on commission income. Securities brokers have rich professional knowledge and experience in securities investment, extensive information sources and high efficiency; Ordinary investors know little about the securities market, and the investment amount is small, so they can't directly enter the securities trading market. It is a desirable way to buy and sell through securities brokers.
Risk analysis
1, operational risk
Because the brokerage commission income accounts for a large proportion of the total income of securities companies, the dependence of securities companies on brokerage business has increased, and the fluctuation of secondary market has a great impact on the income of securities companies. When the market is depressed, fixed costs (such as communication fees and venue rent) remain high, and business risks are prominent.
The annual membership inspection of Shanghai Stock Exchange in 2000 showed that only 32% of the 96 securities companies were listed as good members. Compared with 1999, the overall scale and profitability have been improved to some extent, but there are still nearly 10 securities companies in a state of loss or near loss. The net assets of a considerable number of securities companies are below the average level, and they still need to be further improved in asset management security, legal compliance management and internal control.
2. Expand business risks
With the deepening of standardization, marketization and internationalization of the securities market, a series of measures taken by securities companies to expand their business in fierce competition are facing greater risks:
(1) Customer financing. Due to the strict prohibition of overdrawing funds from customers, disguised overdraft funds sometimes occur (for example, using national debt to finance customers, etc.). ), and some also have cooperation with banks, financing behavior is difficult to be found.
(2) commission rebate. Rebate increases operating costs, and once the market is bad, rebate becomes a burden to save money; Some rebate accounts are cash returns, and there are many management loopholes; The formulation of rebate ratio is also arbitrary, which increases the difficulty of standardized management; At the same time, the collection of tax refund only withheld personal income tax, without deducting income tax and business tax, leaving hidden dangers.
(3) provide a guarantee. Some branches of securities companies provide guarantees for customers' loan funds. Because the guarantor is hidden, it may only be discovered when the capital chain breaks, and the risks faced by securities companies are already very serious.
(4) tripartite supervision. Some branches of securities companies implement tripartite supervision (one customer provides funds for another customer to buy stocks, and the branches of securities companies supervise the stocks of this customer to ensure the safety of the funds of another customer), which is not allowed by the Securities Law. Supervision agreement is not guaranteed by law, and supervision behavior is not recognized by laws and regulations. Once a dispute occurs, the securities company is very passive.
(5) Business innovation. In order to pursue scale expansion and increase market share, securities companies have carried out a series of business innovations and formed strategic partnerships with banks, insurance and other institutions. Business innovation has encountered challenges from many aspects, including technology, consulting, training and promotion, and risk control has become more difficult.
3. System network risk
With the wide application of network information technology in the securities industry and the deepening of business innovation in the securities industry, whether the network is safe, reliable, convenient and efficient becomes more and more important. However, the risk control and anti-risk ability of securities companies are still not optimistic.
Securities underwriting is one of the main businesses of securities companies. Due to the long project cycle, it is greatly influenced by unpredictable factors in the market. With the strengthening of supervision, the joint liability of securities companies has increased, and the risks of companies have increased.
If there is not enough research on the operating conditions and development prospects of listed companies, the failure of recommending companies to issue securities will make securities companies suffer the risk of loss of profits and reputation. Wrong judgment on the trend of the secondary market leads to unreasonable stock price positioning or the design of bond interest rate and term does not meet the market demand, and the stocks underwritten by brokers cannot be sold; Or become a major shareholder of listed companies when issuing additional shares, and the funds of securities companies are occupied in large quantities, leading to financial risks.
As the B-share market will take the lead in becoming a full-circulation market, the underwriting business of B-shares will develop greatly, and there may be foreign exchange risks if the underwriting responsibility is fulfilled. Over-packaging of listed companies leads to information disclosure errors, misleading investors and causing the risk of violation of laws and regulations.