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The regulatory authority introduced three policies simultaneously, which benefits the A-share market.

Fang submitted 2019-08-14 09:57:30

Affected by the hawkish Fed rate hike and the escalation of Sino-US trade frictions, the global market fluctuated sharply last week, and the Chinese regulatory authority have rolled out A number of policies in response to the intense volatility in the a-share market. The first is that on August 7, China Securities Finance Corporation (hereinafter “CSF”), announced that it has decided to reduce the refinancing rate by 80 bps from August 8, 2019. Then on August 9, the Shanghai and Shenzhen Stock Exchanges expanded the scope of subject stocks of margin trading. The subject stocks of margin trading in Shanghai and Shenzhen were expanded from 950 to 1600, and the minimum maintenance collateral ratio was also cancelled. On the same day, the CSRC revised the “Calculation Standards for Risk Control Indicators of Securities Companies” and publicly solicited opinions, clarified new business calculation standards, and improved the completeness of risk control indicators, aiming to increase the leverage of securities companies. The policy combination of the three measures introduced by Chinese regulatory authority brought a warmth to the A-share market.
First, the securities company reduced the refinancing rate by 80 bps.
On August 7, CSF announced that since August 8, 2019, the overall refinancing rate will be reduced by 80 bps, of which the 182-day rate will be reduced from 4.3% to 3.5%, and the 91-day rate will be reduced from 4.6% to 3.8%, and the 28-day rate will be reduced from 4.7% to 3.9%, and 14-day and 7-day rates will be reduced from 4.8% to 4%.
Reducing the refinancing rate by 80 bps will help small and medium-sized brokers to improve their liquidity and have more capital to Carry out margin trading business. For big brokers, who have capital advantages, it will also increase the capital requirements of the securities companies for CSF because the capital from CSF is cheaper than that from banks.
The refinancing rate after adjustment is slightly lower than the market financing interest rate, but after adding the cost of the margin, the interest rate of borrowing money from other financial institutions is basically the same. The behavior of CSF to reduce the refinancing rate sent a signal to the market that fund of CSF is plentiful and can provide "bullet" to the stock market, and do a strong support for the margin trading business.
Second, Shanghai and Shenzhen Stock Exchanges expanded the scope of subject stocks of margin trading and revised some regulations involving the maintenance collateral ratio.
(1) The scope of the subject stocks of margin trading has been expanded to 1,600.
On August 9, Chang Depeng, a spokesperson for the China Securities Regulatory Commission, said that the CSRC has recently instructed the Shanghai and Shenzhen Stock Exchanges to revise the implementation rules for margin trading transactions, and at the same time guide the exchanges to further expand the scope of the margin trading business from 950 to 1,600, of which the Shenzhen Stock Exchange increased 275 stocks and the Shanghai Stock Exchange increased by 375 stocks.
Expanding the scope of the subject stocks of margin trading business makes investors to have more investment choice and brokers easier to carry out margin trading business. In addition, after expanding the scope of the subject stocks, the market's attention to margin trading may be further improved.
(2) The “130%” minimum maintenance collateral ratio has been cancelled.
Previously, Article 43 of the Margin Trading Implementation Rules (hereinafter “Rules”) stipulated that the maintenance collateral ratio for customers shall not be less than 130%. When the maintenance collateral ratio is less than 130%, the member shall notify the customer to add the collateral within the agreed time limit. After the customer has been approved by the broker, the client may submit other securities, real estate, equity and other assets other than the depositable security securities.
In this revision, the clear requirement of minimum maintenance collateral ratio of “130%” is cancelled. The newly revised terms show that “Brokers should carefully evaluate and agree with the customer on the minimum maintenance collateral ratio based on factors such as market conditions, customer credit and company risk management capabilities.” Compared with the previous hard ratio requirements, the autonomy is handed over to the institution and the market, and the minimum ratio requirement determined through “prudent evaluation” is more flexible and maneuverable.
The purpose of this adjustment is to transform the mandatory and self-discipline requirements into the inherent needs of securities companies' independent risk management and hand them over to the securities companies and customers. For customers with strong credit standing and collateral with better liquidity, the securities company may appropriately lower the minimum maintenance collateral ratio after evaluation, and vice versa.
(3) Securities companies introduced “other collaterals” as collaterals, while no other collateral shall be counted at the time of withdrawal.
Other collaterals refer to the collateral other than the securities in the cash and credit securities account submitted by the customer after the customer's maintenance collateral ratio is lower than the minimum ratio. The value is calculated according to the valuation method or the valuation results approved by the broker and the customer. For investors, the introduction of other collaterals has added an additional bargaining chip to prevent securities companies from closing their positions because of the low maintenance collateral ratio. It is also an effective means to reduce risks for brokers.
When it comes to the collateral withdrawal, it is stipulated that “when the maintenance collateral ratio exceeds 300%, the customer may withdraw the cash from the margin available or the securities that are used to cover the margin, but the maintenance collateral ratio after withdrawal shall not be less than 300%.” The reason for the stipulation is that if other collaterals are also included in the consideration of cash withdrawal, there may be the possibility of withdrawing cash and securities from the account in advance, and the quality of the collateral is degraded, because the quality of other collateral is likely to be inferior to cash and securities. It may become a pledge loan business in disguise, affecting the essence of the two business.
Third, the revision of the calculation standards for risk control indicators will increase the leverage of securities companies.
On the August 9, the CSRC publicly solicited opinions on the revision of the "Calculation Standards for Risk Control Indicators of Securities Companies" (hereinafter "Calculation Standards"). This adjustment mainly involves indicators of Securities Companies in the Calculation Standards such as the provisions of risk capital, total assets including off-balance-sheet assets, liquidity coverage ratio, net stable fund ratio and risk control indicators. The purpose of this adjustment is to clarify new business calculation standards and improve the completeness of risk control indicators.
Chang Depeng pointed out that combined with three years of practical experience, the current risk control indicator system has played an important role in guiding securities companies to improve risk management and effectively prevent and control risks through capital constraints. However, with the continuous development of the industry and the adjustment of business structure, the types of relevant risks are becoming more and more complicated, and the measurement standards for risk control indicators need to be further improved and clarified to meet the needs of risk management under the new situation.
To sum up, the regulatory authority intensively introduced a combination of policies last week, which shows the concern from regulatory authority to the market and will boost market sentiment to a certain extent. However, we should also see that although expanding the scope of the subject stocks of margin trading, canceling the 130% minimum maintenance collateral ratio, introducing other collaterals, reducing the refinancing rate and revising the calculation standard of risk management indicator is beneficial to the business of securities companies, it also put forward higher requirements for the risk control ability of securities companies and the asset evaluation system for collateral. In addition, the actual impact of the downward adjustment of the refinancing rate is limited. On the one hand, the refinancing balance is only about 30 billion yuan. On the other hand, the expected return of funds with high risk preference is usually high. Such funds are not sensitive to changes in refinancing interest rates. Above all, the intensive introduction of regulatory policies indicates an attitude of the regulatory authority, and more policies might be introduced if the subsequent external risks are intensified.


监管层三措并举,A股市场政策面迎来暖意

受美联储鹰派降息和中美贸易摩擦升级的影响,上周全球市场大幅波动,监管层面为应对A股波动,也是政策频出。首先是中证金融公司87日公告,决定自201988日起,整体下调转融资费率80BP。之后是89日,沪深两交易所对两融标的大扩容,沪深两市两融标的股票由950只扩大至1600只,并同时取消最低维持担保比例。同日,证监会修订《证券公司风险控制指标计算标准》并公开征求意见,明确新业务计算标准,提升风控指标完备性,旨在提升券商杠杆。监管层三措并举的政策组合拳给A股市场带来一阵暖意。

第一、 中证金融公司下调转融资费率80BP

8月7日,中证金融公司发公告,决定自201988日起,整体下调转融资费率80BP,其中,182天期费率由4.3%下调至3.5%91天期费率由4.6%下调至3.8%28天期费率由4.7%下调至3.9%14天期和7天期费率由4.8%下调至4%

中证金下调转融资费率80BP,对其而言是很大的让利,有助于中小券商提升流动性水平,有更多的资金去做两融业务;对于大券商来说,虽然资本金具有优势,也由于中证金资金利率相比银行等其他渠道更有优势,会加大券商对中证金的资金需求。

下调后的转融资费率是稍低于市场融资利率,但加上保证金的成本后,与券商从其他金融机构借钱的费率基本持平。中证金此次降低转融资费率的行为,更多向市场传递的信息是中证金资金宽裕,可以向股市提供“弹药”,做两融业务的有力支撑。

第二、两融标的大扩容,涉及维保比例若干条款大修改

1)两融标的扩大至1600只。

8月9日,证监会新闻发言人常德鹏表示,近日证监会指导沪深交易所修订出台了融资融券交易实施细则,同时指导交易所进一步扩大两融的标的范围,对两融交易机制作出了较大程度优化。其中,将两融标的股票数量由950只扩大至1600只。具体而言,深市新增275个两融标的,沪市新增375个两融标的,上交所现有43只标的交易型开放式指数基金范围维持不变。

交易所扩大两融标的股票范围,对于投资者而言,可选择的投资品种会更多,两融范围扩大,而对于券商来说,两融标的的增加对公司做大两融规模也有提升作用。另外,扩大标的范围后,市场对两融的关注度也可能进一步提高。

2)“130%”最低维持担保比例取消

此前,《实施细则》第四十三条规定,客户维持担保比例不得低于130%。当客户维持担保比例低于130%时,会员应当通知客户在约定的期限内追加担保物,客户经会员认可后,可以提交除可充抵保证金证券外的其他证券、不动产、股权等资产。会员可以与客户自行约定追加担保物后的维持担保比例要求。

而在此次修改中,“130%”的明确最低限度比例要求取消。新修订的条款显示,会员应当根据市场情况、客户资信和公司风险管理能力等因素,审慎评估并与客户约定最低维持担保比例要求。与此前的硬性数字要求相比,新修订的内容将判断权交给机构和市场,通过“审慎评估”确定最低比例要求,形式更为灵活机动。

本次调整的目的是改变“一刀切”的做法,将监管、自律的强制要求转化为证券公司自主风险管理的内在需求,交由证券公司与客户自主约定。对于资信较强的客户、流动性较好的担保品,证券公司可以经过评估后适当调低最低维持担保比例,反之也可以提高。

3)增加其他担保物,但取现时不考虑“其他担保物”

其他担保物是指客户维持担保比例低于最低维持担保比例时,客户经会员认可后提交的除现金及信用证券账户内证券以外的其他担保物,其价值根据会员与客户约定的估值方式计算或双方认可的估值结果确定。对于投资者来说,其他担保物的引入使其多了一个避免证券公司因维保比例过低而平仓的筹码,对于券商来说,也是降低风险的有效手段。

当涉及到担保物取现时,规定“维持担保比例超过300%时,客户可以提取保证金可用余额中的现金或充抵保证金的证券,但提取后维持担保比例不得低于300%新增该规定的原因是,如果其他担保物也算入取现的考量因素,就会出现提前提取账户现金和证券的可能,即让担保物质量下降,因为其他担保物的质量很可能不如现金和证券,如果提前支取,就可能变相成为质押贷款业务,影响到两融业务的本质。

第三、证券公司风险控制指标计算标准修订,提升券商杠杆

证监会9日就修订《证券公司风险控制指标计算标准》(简称《计算标准》)公开征求意见,本次调整主要涉及《计算标准》中证券公司风险资本准备、表内外资产总额、流动性覆盖率、净稳定资金率和风险控制指标等5张计算表,明确新业务计算标准,提升风控指标完备性。

证监会新闻发言人常德鹏指出,结合三年的实践经验,现行风险控制指标体系通过资本约束,在引导证券公司提升风险管理水平、有效防范和控制风险方面发挥了重要作用。但随着行业不断发展和业务结构调整,相关风险类型日趋复杂,风控指标计量标准需进一步完善和明确,以适应新形势下风险管理需要。

总体来看,上周监管层面密集出台组合政策,是监管层对整个市场的呵护,能够在一定程度上提振市场情绪。然而,我们也要看到,虽然扩大两融标的的范围、取消130%的最低维持担保比例、引入其他担保物、降低转融资费率和修订风险控制指标计算标准虽然在政策上利好券商的业务开展,但也对券商的风险控制能力和对于担保物的资产评估体系提出了更高要求。另外,转融资费率的下调实际影响也比较有限,一方面是因为转融资余额较低,大概在300亿元左右,另一方面是由于场内高风险偏好的资金预期收益往往比较高,导致这类资金对于融资及转融资利率变化并不敏感。不过此次监管政策的密集出台表明了监管层的一种态度,如果后续外围风险加剧,或出台更多呵护市场举措。

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