China News Service, September 2. According to the Beijing Stock Exchange website on September 2, the Beijing Stock Exchange has formulated the "Beijing Stock Exchange Margin Trading Rules" (hereinafter referred to as the "Margin and Securities Lending Rules"), which will begin in 2022. From September 2, the market will be publicly solicited for comments.
According to reports, the introduction of the margin financing and securities lending system is an important measure for the Beijing Stock Exchange to continue to promote the construction of the market system.
Margin financing and securities lending is an important basic system in the securities market, and it is also a relatively mature transaction method in the international securities market.
Since 2010, my country's capital market has gradually implemented margin financing and securities lending, the business model has gradually matured, the regulatory system has been gradually improved, and investors' understanding and application of the credit trading mechanism has been deepened, providing investors with diversified trading strategies and risk management. Effective support has enhanced the vitality and resilience of the securities market.
The Beijing Stock Exchange established a basic trading system of continuous bidding when the market opened. The market was running smoothly, the group of qualified investors grew rapidly, and the liquidity level was significantly improved, which provided the basis for business implementation.
The launch of the margin financing and securities lending system will further improve the trading mechanism of the Beijing Stock Exchange and enhance the pricing function of the secondary market of the Beijing Stock Exchange.
According to the Beijing Stock Exchange, the "Detailed Rules for Margin Trading and Securities Lending" consists of eight chapters and 67 articles, including general provisions, business processes, underlying stocks, margins and collaterals, information disclosure and reporting, risk control, other matters and supplementary provisions.
The "Detailed Rules for Margin Lending and Securities Lending" follows a mature business model, and is closely related to the Shanghai and Shenzhen markets in terms of qualification management of securities companies, investor access, account system, transaction methods, scope and conversion rate of securities that can be used as margins, rights and interests processing, and information disclosure. Keep the overall consistency, adapt to the existing habits of investors, securities companies, custodian banks and other market parties as much as possible, and avoid increasing market costs.
After the public consultation is over, the Beijing Stock Exchange will further improve the relevant rules based on the feedback, and issue them for implementation after fulfilling the relevant procedures.
(Zhongxin Finance)
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