Open the knowledge chapter
(1) What is margin trading?
The standard definition of margin trading is: the business activities of a company that lends funds to investors for its **listing** or lending** for sale, and collects collateral.
Financing transaction: Simply put, it is to borrow money to buy**. Investors want to repay the principal and interest before the maturity of the company's financing.
Securities lending and trading: Simply put, it is to borrow ** to sell, and return it with **. Investors who want to ** and do not have ** in hand can borrow and sell securities to ** company, and can repay the same type and amount of ** and pay interest from the next trading day.
Option sauce collated and released.
(2) What are the conditions for opening margin trading?
1.Engaged in ** half a year of trading experience;
2.The average daily ** assets of the account for 20 trading days shall not be less than 500,000 yuan.
Note: If you want to quickly open the two financial institutions, according to the daily average calculation method, if you put 100w of assets in the account at one time, it only takes 10 days to meet the conditions, and so on 200w only takes 4-5 trading days, and 500w only takes 2 trading days.
3) Common problems and solutions for opening two financial accounts.
You have already opened a credit account and want to open it with a new broker.
Solution: Sell first and then open, because each person can only have one credit account in the whole market at the same time, so the original credit account needs to be cancelled, and the cancellation of the credit account will not affect the ordinary account.
Note: The credit account needs to be cancelled at the brokerage business department.
There are liabilities in the two financial accounts that cannot be written off.
Solution: Liquidate the liabilities and sell some of the ** to repay the liabilities, or use your own funds to repay the liabilities. When you can't clear all the liabilities of the original account for the time being and want to quickly open a credit account with a new brokerage, you can choose to enlarge the assets of 50w or equal to the ** account of the new brokerage, and the new account will cancel the credit account in the original brokerage in the morning after the average 50w of the new account is satisfied, and a new credit account can be opened in the afternoon.
Note: Once all liabilities have been repaid, all funds in the credit account are withdrawn and transferred to the regular account. Since there is a turnover operation on the same day, it needs to be canceled the next day.
Trading knowledge
Transaction Fees. First, the two financing interest rates
Most brokerages on the market default interest rate is 835%, a very small number of brokerages support a 5% permanent rate, and there is no capital requirement, and support a variety of ways to open (large amounts of funds can also be lowered to 4.xx%）
After all, the margin account is unique, and if you want to change the brokerage company due to interest rate and other issues after opening, you can only close the account and reopen it, which is indeed a delay in this process;
2. Transaction commissions
Usually the default is 10,000 3 or 2 million5, but at present, some brokerages can already give commissions in case of emergency, which is also a cost price for brokers. The commission of the two financial accounts can be the same as the commission of the ordinary account, but if it is not adjusted, it is the default commission of Qiansan, so you need to negotiate with the account manager before opening to adjust the transaction commission of the credit account to be consistent with the commission of the ordinary account.
The credit account can be used on the next trading day after opening, and the specific operation process is as follows:
1. Transfer of collateral
As the name suggests, it is to transfer the holdings of the ordinary account to the credit account as collateral for margin financing and securities lending, which can be used on the next trading day after the credit user successfully opens an account. The transfer time needs to be the opening time, the stock will be frozen on the day of the transfer and cannot be sold, and it can only be sold after the next day.
If there is cash in the ordinary account, it cannot be directly transferred to the two financial accounts, and you need to withdraw first and then deposit. Therefore, if the ordinary tripartite depository and the credit tripartite depository are in the same bank, it will be much more convenient to operate.
2. Collateral** and Collateral Selling
Note: Collateral is equivalent to the function on the ordinary account, does not involve margin trading, and does not generate interest. Selling collateral is equivalent to selling on a regular account.
Collateral**: After clicking on the collateral**, you can place an order according to the normal **steps. However, the subject matter of ** is limited to Shanghai and Shenzhen A-shares (including ChiNext), listed exchange-traded **, treasury bonds and other listed bonds. No **B shares, no **ST shares and grading**, no subscription or subscription of ordinary open-ended**, no purchase of treasury bond repurchase and daily profit Mercury, etc. In addition, if you use the two financial accounts to subscribe for new shares in the Shanghai ** market, you need to keep 100 shares in the Shanghai ** market in the ordinary account.
Collateral Selling: You can sell any shareholdings and place an order according to the normal selling steps. Note that when the customer uses the "Collateral Sell" menu to sell the guarantee**, if the ** has outstanding financing liabilities, the proceeds from the sale will be used to repay the financing liabilities of the ** first, and if there is any remaining after the repayment of all the financing liabilities of the **, the remaining part will be transferred to the customer's available funds, and if the "Collateral Sell" menu sells the guarantee** has no liabilities, it will be automatically converted to the customer's available funds.
3. Financing** and securities lending and selling
To use the financing limit*** and sell through securities lending**, you need to see if there is a source of securities you want. Interest will be accrued on a daily basis from the date of financing**, with the latest financing interest rate starting at a minimum of 5% per annum (provided at the end of this article).
The proceeds from the sale of securities will be frozen and can only be used to repay the outstanding amount of securities borrowing and lending. Liabilities sold by securities borrowing and lending will not be repaid until the next trading day.
The contract term of a single margin or securities lending transaction is generally 6 months, and you can apply for an extension before expiration, and contracts that meet the rollover conditions can be applied for through online trading.
4. Repayment of securities sold and cash repayment
For the financing liabilities generated, you can repay the liabilities by selling the ** in your hand, or you can use the account's own funds to repay the liabilities directly. It should be noted that whether it is sold to its own ** or financing**, the liabilities will be automatically repaid, and the financing liabilities will be repaid in the chronological order of the financing contract, with interest first and then principal.
5. Buy coupons and return coupons and return coupons directly
* Repay the liability for the same amount sold by borrowing or selling, or use cash to repay the debt directly. Therefore, it is recommended that the customer keep sufficient cash in the credit fund account after repaying all the ** of the contract, so as to avoid the situation that the contract cannot be settled in time due to the system not fully deducting the interest on securities borrowing and lending. Margin trading