Margin trading is divided into two categories: margin trading and margin trading. Investors borrow money from securities companies to buy securities, which is a financing transaction; Investors borrow securities from securities companies and sell them, which belongs to securities lending transactions.
Financing can expand your business scale. For example, if you are optimistic about a stock and want to intervene in a big way, you can borrow money from a brokerage firm to buy stocks. When the stock rises to the target price, you can sell the stock to repay the loan, thus amplifying your income. Securities lending creates conditions for you to make money by shorting a stock. When you are bearish on a stock, you can borrow the stock from a brokerage company and sell it. After it falls, you can buy stocks and pay the difference to the brokers.
So, can all investors participate in margin trading? Don't!
Article 12 of the Measures for the Administration of Pilot Margin Trading of Securities Companies clearly stipulates that if you have been engaged in securities trading in a securities company for less than half a year, have insufficient experience in securities investment, have insufficient risk-taking ability or have a record of major breach of contract, the securities company cannot and will not conduct margin trading with you. In other words, new investors who have been trading stocks for less than half a year are disqualified first, and investors who have no risk tolerance are unqualified. Because brokers are also worried about risks, there may be a minimum threshold requirement for the amount of funds for customers when formulating terms, so investors with too small funds may not be able to participate in margin financing and securities lending.
How to play: borrow money and pay back the money.
Article 21 of the Administrative Measures: If a customer buys securities by financing, he shall repay the funds merged into the securities company by selling securities or directly repaying them. If a customer sells securities by short selling, he shall repay the securities incorporated into the securities company by buying securities and returning them directly.
Borrow money to pay back the money, and borrow stocks to pay back the stocks. This means that when the securities bought by financing fall, you need extra funds to repay them, and when the stocks sold by short selling rise, you also need to increase funds to buy the same number of stocks to close the position.
Who will be the collateral for margin financing and securities lending?
It mainly includes cash, funds listed on the Shanghai Stock Exchange and bonds and stocks. Among them, a series of restrictive conditions are also listed for stock pledge, including three months of listing and trading; The circulating share capital is not less than 200 million shares, and the circulating market value is not less than 654.38+0 billion yuan; The average daily turnover rate during the sampling period is not less than 3%. The daily average volatility does not exceed 3%, and the fluctuation range does not exceed 60%; The number of shareholders holding more than 65,438+0,000 shares exceeds 5,000; The total shareholding of the top 50 tradable shareholders shall not exceed 60% of the tradable shares; The stock issuing company has completed the share-trading reform; The stock has not been specially treated (non-ST shares), etc. The 300 constituent stocks in Shanghai and Shenzhen, including 50 constituent stocks in Shanghai Stock Exchange, will be the collateral that brokers are willing to accept.
Which brokerage company is expected to be the first pilot?
The Administrative Measures gives seven conditions for applying for pilot securities companies, among which "being rated as an innovative pilot securities company by China Securities Association" and "net capital exceeding 65.438+0.2 billion yuan in the last six months" are two hard conditions. Among the existing 17 innovative brokers, the net capital of BOC International, Shanghai Securities, Guodu Securities and donghai securities does not meet the above requirements.
Because the net capital level should be given priority under the same conditions, it is basically impossible for China Merchants Securities, Ping An Securities, changjiang securities, Guoyuan Securities, orient securities and other brokers with relatively low net capital levels to become the first batch of pilots.
Among the other eight brokers, from the perspective of net capital, CITIC Securities, Haitong Securities, Huatai Securities and Guotai Junan have obvious advantages, and CITIC Securities' entry into the pilot is basically determined; From the perspective of brokerage business, Guotai Junan, Haitong Securities, Guosen Securities and Guangfa Securities ranked in the top four last year, and Guotai Junan also had strong competitiveness. Judging from the quality of brokers, CICC is naturally higher, with a long-term net capital ratio higher than 90% and rich institutional customer resources, which is believed to occupy a seat.
Never overdo it!
When you handle margin trading, if the stock price moves contrary to your expectations, you will face great risks. For example, the stock you buy will go down or up, and the stock you sell through margin trading will go up or down. When the loss of your account is close to the bottom line of the deposit, you will be asked to add the deposit. At the same time, since the stock price fluctuation is not one-way, in order to reduce the risk, you'd better not operate in Man Cang after the margin trading. Otherwise, it will close because of insufficient funds. When the loss in your account reaches the bottom line of the margin, the broker will liquidate your securities and you will be completely washed away.
Cost account calculation: The Measures stipulate that the financing interest rate shall not be lower than the benchmark interest rate for loans of financial institutions in the same period stipulated by the People's Bank of China. This means that the interest rate will be one of the important costs of your margin financing and securities lending, which will increase your position cost. If your stock doesn't go up or down, you will also lose money.
Answer supplement
Stock is the abbreviation of share certificate, which is a kind of securities issued by a joint-stock company to shareholders as a holding certificate to raise funds and obtain dividends and bonuses. Each share represents the shareholder's ownership of the basic unit of the enterprise. Shares are part of the capital of a joint-stock company and can be transferred, traded or mortgaged at a fixed price. It is the main long-term credit tool in the capital market. Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development. There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.