On January 28, 2024, new regulations were issued for securities lending business, including: first, the full suspension of the lending of restricted shares;The second is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability, and limit the efficiency of securities lending and lending. The first measure has been in place since January 29 and the second since March 18.
The tightening of the securities lending policy is for those who participate in the long-short strategy of securities borrowing and lendingQuantitative institutionsThe impact is the greatest, including brokers, private equity, etc., especially for quantitative private placement, which is a large securities lending companyHigh-frequency strategyorIntraday strategyFor managers who do long and short strategies through the disk signal, in the past, refinancing could obtain the source of bonds in real time, but now they can only wait until the next day, so their strategies have a greater impact.
However, the impact on individual investors is actually very small, because individual investors cannot use the business of refinancing at all, and individual investors use it moreDedicated services for securities lending and lending, and there are real-time coupons and reservation coupons for securities lendingThe new rules have no impact on real-time coupons, and forMost of the reservation ticketsIn itself, it isT+1 arrivesCustomers can use it on T+1 day at the earliest, so the new regulations have no impact on reservation tickets, only a very small number of reservation tickets were originally available on T+0, and now they are uniformly adjusted to T+1 available.
The special service for securities lending and borrowing refers to the service provided by **Company to qualified customers in the special account for securities borrowing and lending**, which is only for them to conduct securities borrowing and selling transactions. Compared with ordinary securities lending services, it has the following differences:
Carry out refinancing business with the whole marketPublic Offering**Interbank brokersSocial Security**Insurance companiesPrivate Placement**Institutional Shareholdersand other institutions have established a cooperative relationship with borrowing and trading, and have achieved full coverage of mainstream public offerings and interbank brokerages, with a wide range of channels.
*The company's official website or trading software publishes "real-time coupon source" and "reservation coupon source" every day, and the system intelligently matches itThe application for special needs can be "real-time arrival" as soon as possible, and the customer needs can be responded to efficiently and efficiently.
It has built a complete securities lending and lending service platform e-Coupon for special customers of securities lending, which realizes the linkage between business and account, and integrates a series of operations such as bond pool information, ** display, application operation, entrustment inquiry, contract extension, etc., to improve the operation experience and provide customers with more efficient services. In addition, it provides a quantitative strategy research and development platform + a fast trading desk to meet the trading efficiency and strategy needs of customers.
customersCabinetSubmit materials to apply for opening qualifications, and the ** stock company will obtain the qualification for special services for securities lending after approval. After the customer is qualified, he can declare the special ** demand according to the transaction needs, and the matching demand will generate a special ** contract, and the customer can borrow and sell the special ** at any time during the contract period, and the contract will be returned at the end of the contract period. Although the dedicated** contract is for a fixed term, the customer can apply for a contract extension within a specified time.
Generally, the coupon of the day is updated at about 9:00 on each trading day, and the coupon update time is displayed on each coupon release platform. Dedicated customers can check through the official website or trading software. It should be noted that the quantity, rate, term and arrival time listed in the coupon form are for reference, and the final application page and distribution result shall prevail.
Divided into:FloatingwithFixedThe difference between the two is mainly in the interest-bearing market value, debt repayment and extension. Once a single dedicated** contract takes effect, the contract model cannot be changed.
The contract period of the real-time coupon must be the period shown on the application page; The contract period of the reservation ticket is generally 7-28 days; The term of a single bond borrowing and selling shall not exceed the maturity of a single bond borrowing and lending (up to 180 natural days), and shall not exceed the remaining term of the corresponding special** contract.
In accordance with the special ** securities lending rate standard announced by the company, the special ** securities lending rate is generally as follows5% to 10% or so。Dedicated ** rates are divided into:Pricing:withBiddingmode, the pricing coupon rate is subject to the ** published on the application page, and the bidding coupon is subject to the ** declared by the customer.
The securities lending fee is calculated according to the number of dedicated contracts, contracts, the number of natural days actually occupied, and the dedicated rate. Dedicated** Securities borrowing and lending feesInterest accrues on a daily basisDeducted at the beginning of each month。The number of contracts does not distinguish whether there is a liability for securities borrowing and lending; The actual number of days occupied in a natural day is calculated according to the contract start date and contract termination date.