On April 11, it was rumored that some of the leading brokerages were suspended for a time.
On the morning of April 13, China Securities Finance announcedFree10handvideopokerAccording to the report, on April 11, only 6% of the securities were sold.Free10handvideopoker82 million yuan (1.755 billion yuan on April 10), the lowest since 2021. Meanwhile, on April 11, the number of shares sold was 3.9504 million shares, the lowest since March, up from 50.613 million shares the day before on April 10.
What is the situation of the margin trading business? we still need to continue to observe the following trading data.
Margin lending data has dropped sharply.
Market-wide margin sales totaled 682 million yuan on April 11, the lowest since 2021, according to China Securities Finance. On April 10, there were still 1.755 billion yuan in margin sales in the whole market. That is, in one day, the amount of securities sold fell sharply.
At the same time, the number of refinancing bonds also fell sharply yesterday. Data show that on April 11, the number of shares sold through margin trading was 3.9504 million shares, the lowest since March. In February, the CSRC stopped the increase in the scale of securities lending, and the amount of margin financing in the few days after the policy came out was also relatively low. On April 10, the margin trading volume was 50.613 million shares. By contrast, the data on April 11th plummeted.
The number of transactions on April 11 was 205, compared with 1485 on April 10. The number of transactions also fell sharply in one day.
Yesterday, it was rumored that some brokerages suspended margin trading.
Yesterday, market rumors said that a head of securities firms temporarily suspended margin lending. There are also rumors that some large and medium-sized securities firms have been suspended from selling securities and not allowing one share to be sold.
A head brokerage said yesterday that the margin pool is no longer visible and there is no margin lending target for the time being. But this may not mean that the margin trading business has been suspended. In addition, some people in the industry said that there is indeed a suspension of margin trading business. However, many brokerages do not seem to have received the corresponding instructions. Two head brokerages said that there is no moratorium on margin lending, nor have they heard of it. Some medium-sized brokerages said that they have not received any notice about the securities lending business. Industry insiders believe that due to market fluctuations, margin lending may be suspended in the short term, but the business should not be terminated.
"this cannot be called a suspension, but can only be said to strengthen supervision in this regard," a person from a securities firm told reporters. Yesterday, the feedback from various brokerages is not unified, some suspended, some normal development. Yesterday afternoon, there was also news that securities firms suspended in the morning began normal margin trading near the close of trading in the afternoon.
Strengthen the supervision of securities lending
From a long-term point of view, since last year, the CSRC has strengthened its counter-cyclical adjustment efforts and adjusted the securities lending policy many times.
In October last year, the CSRC issued new rules to abolish the special asset management plans set up by executives and core employees of listed companies to lend securities through strategic placement, and appropriately limit the lending methods and proportion of other strategic investors at the initial stage of listing. After the new rules, both the margin balance and the lending balance of strategic investors have declined.
On January 28, the CSRC adjusted the business rules of the two financing again: first, a comprehensive suspension of the lending of restricted stocks; second, the declaration of the marketization agreement of securities trading was adjusted from real-time availability to availability the next day, limiting the efficiency of securities lending. Among them, since March 18, the conversion and short selling business has officially changed from "Tunable 0" to "Tunable 1".
On February 6, the Securities Regulatory Commission again put forward regulatory measures for the securities trading business: first, to suspend the scale of new securities trading, taking the balance of current securities lending as the upper limit, suspending the scale of new securities companies according to law, and gradually ending the stock; second, securities companies are required to strengthen the management of their clients' trading behavior, and it is strictly forbidden to provide securities financing to investors who use securities lending to carry out intra-day revolving trading (disguised Tunable trading). Third, continue to step up supervision and law enforcement, crack down on the use of securities trading to implement improper arbitrage and other illegal acts, to ensure the smooth operation of the margin business.
A series of combination punches down, the scale of securities lending continues to decline. On April 11, the balance of securities lending in the market was 42.16 billion yuan. On June 30th of last year, the margin balance was 93.005 billion yuan. In 10 months, the margin balance fell by more than 50%.
Proofreading: Wang Chaoquan