Editor's Note: The annual national work conference on securities and futures regulators as capital market development in the new year while the vane much industry attention. 14 days from the closing of the national work conference on securities and futures regulatory point of view, the expansion of the pilot margin trading, the futures market development and expansion of new issues to deepen reform of the system, prevention and control, and long-term mechanism to combat insider trading and the smooth operation of the GEM regulatory focus is still 2011, but also market the focus of attention. This interpretation of the depth of these hot spots, the readers.
hot
timely introduction of a refinancing of the business
2010 年 3 months, the Commission launched the pilot margin trading securities companies. It is understood that the SFC under the margin this year will further expand the scope of the pilot, while the timely introduction of refinancing operations.
As of December 31, the amount of margin trading accumulated 119.769 billion yuan, of which 117.324 billion yuan total amount of financing transactions, accounting for 98%; 24.45 total amount of margin trading billion, accounting for 2%.
by Market, Shanghai stock market total turnover of 71.31 billion yuan, accounting for 60% of the market; total turnover of 48.459 billion yuan in Shenzhen, the market accounted for 40%. To the end of December, the balance of 12.775 billion yuan margin lending, which financed the balance of 12.764 billion yuan, margin balance of 011 million yuan. December daily average trading margin amounted to 1,289 million.
As of December 31, the Commission approved 25 securities companies to carry out pilot margin trading, accounting for about one quarter of the total number of securities companies, 25 pilot securities business department has a total of 1222 to provide investors with margin trading, securities companies in China accounted for 26% of the total number of sales department.
general terms, China's securities companies to run the pilot margin trading norms to achieve a good experimental results. First, the amount of margin trading business grew steadily, increasing the monthly amount of the transaction, investors continued to increase the number of credit account opening, the pilot securities companies access standards clear, open and transparent operation, the number of safe and orderly expansion of home; Second margin security and stability of business systems, stock exchanges, clearing companies, securities companies and the pilot participants and other related depository bank clearing systems and market monitoring system running smoothly normal business processing timely, accurate, smooth, does not appear operational errors and technical failure; Third Securities compliance margin operations security, operational processes gradually improved, investors are effectively protected the legitimate rights and interests; Fourth, control of business risk margin to achieve a targets, was no risk of forced liquidation.
It is understood that the next step the Commission will further expand the scope of the experiment margin trading, and steadily into the regular business of the pilot.
First, the gradual and orderly expansion of the scope of the underlying securities margin trading. Currently allows for the underlying securities margin trading volume of about 90, with the increasing scope of the pilot securities companies and investors continues to increase, growing demand for margin trading, the need to increase the number of securities subject to expand the margin trading business market coverage.
reporter learned that regulators were expected to pilot the first time since early 2011 to expand the scope of the underlying securities, respectively, the Shanghai and Shenzhen Stock Exchange expanded to 180 underlying securities and 100 stock. Pilot to be converted to regular margin business, the Commission will be based on market conditions and business development, guiding the Shanghai and Shenzhen Stock Exchange to modify and improve the relevant standards, the premise of effective prevention and control risk, ordered to expand the scope of the underlying securities, expand the margin trading business development.
Second, improve the rules of margin trading system, from pilot to complete the transition to regular operations. In accordance with the pilot into the routine business of securities regulation. Transferred to conventional regulation, no way to select a pilot securities companies, securities companies comply with the rules of the Commission in accordance with the administrative licensing procedures may apply to carry out self-margin business.
Third, pay close attention to the preparatory work to promote the securities of financial companies, the timely introduction of margin trading and securities companies supporting the transfer facility operations. It is understood that the Commission is actively promoting the preparatory work for securities and financial companies, to be ready, the formal establishment of the securities of financial companies. Meanwhile, the implementation of programs for refinancing of the business research and feasibility studies, system of rules for refinancing of the business development and risk assessment has been completed. Refinancing operations to be required to prepare and business organizations to prepare mature, will be launched in the reporting State to choose the refinancing of the business, further improve the margin trading mechanism.
Fourth, continue to do the statistical margin monitoring and control operations, maintain orderly operation of margin trading. The SFC will further strengthen the monitoring and control margin business statistics work, pay close attention to the development and construction business statistics margin detection system, close attention to the securities companies operating conditions of the margin trading and market risks, improve risk prevention mechanism of the margin, maintenance Margin the safe operation of securities clearing systems. Second
hot IPOs continue to deepen reform
June 10, 2009, the Commission launched a new round of IPO system. The reform of pricing and distribution closely around the two key aspects of underwriting, strengthen market discipline, promote issuers, investors, underwriters and other market players homing duties, pay more attention to the participation of small investors will. In the specific implementation modalities, and to take step by step, gradually improve the principle of phased introduction of the reform measures.
reporter has learned that the next stage, the SFC will continue to sum up experience, step by step in accordance with, and gradually perfect the principle of balanced development of the market rate, reform efforts and the market will bear, the researchers and the introduction of reform measures to further new shares issued to promote the issuers, investors, underwriters and other market players homing duties, so that prices better reflect the market selection of new shares, the behavior of market players more cautious self-discipline.
first phase includes four measures: improving the inquiry and subscription offer restraint mechanism, the bottom line to set a minimum subscription; to participate in online and offline purchase separate objects; Online ceiling on a single subscription account; strengthen the IPO risk warning.
of the reform measures introduced over the past year, progress in an orderly IPO, IPO pricing in the market to further improve the degree of freezing significantly reduced the amount of funds, individual investors in the number of households signed substantial increase in the first day IPO gains dropped significantly, significantly reduced the primary and secondary market price difference, the performance of their duties responsibly market participants significantly increased awareness. To achieve the desired objectives.
as an extension of the previous stage and continue the reform, 11 October 2010, the SFC issued a into effect. The second phase of reform are mainly four aspects: continue to improve the inquiry process and the placement constraint mechanism to offer to improve the small and medium sized companies in a single institution IPO number of shares allocated to increase the responsibility of pricing, promotion offer more prudent and true; appropriate expansion in the scope of inquiry of the agency to allow a certain amount recommended by the lead underwriter have higher pricing power, high-quality long-term institutional investors to participate in inquiry and placed under the net; enhance the transparency of pricing information, urging brokerage, agency self-inquiry pricing more prudent to strengthen the value of public investment philosophy; perfect distribution mechanism for the clawback mechanism and termination, supervision reasonably designed issuer and its underwriter underwriting process, the effective management of underwriting risk.
present, the positive effects of the second phase of reform is gradually emerging, market-oriented reform community has been generally recognized.
hot three
effect GEM leading to social investment continued to improve
GEM since its inception in October 2009, the Commission actively promote the construction of the GEM, to achieve a
since the establishment of GEM, the parties to participate actively and orderly, the overall smooth operation.
one market to expand steadily. As of the end of 2010, the Commission received a total of 386 enterprises GEM report, held 135 meetings this issuance examination committee, audit companies, 242, 202 through the enterprise, through the rate of 83.47%, 153 companies listed, total market value of 736.522 billion yuan, circulation market value of 200.564 billion yuan.
Second is the trading more active. End of the year, the GEM market totaled 1.75 trillion yuan turnover, with an average 75.23 times earnings, the transaction clearing system running smoothly, to Dec. 31 closing price, the GEM index was June 1, 2010 launch, has risen 137.66 points, or 13.77%; first batch of 28 total holdings of shareholders of listed companies 268 million shares, accounting for the total lifting of the ban restricted shares 32.67%, lifting the ban on the first day, the GEM index rose 4.04%.
Third, performance of listed companies increased steadily. Disclosed three 129 listed companies in quarterly operating income of 38.789 billion yuan the first three quarters, an average increase of 36.48%, net profit attributable to equity holders of the 6.354 billion yuan, an average increase of 26.93%; main highlight, more than 90% of total profits from operating profit; first three quarters of the average gross margin of 35.48%, maintained at a high level.
Fourth, the structure has become more rational investors. End of the year, institutional investors hold the GEM market capitalization accounted for 33.07%, securities firms generally established the Growth Enterprise Market of Investors and business process management system, has 17.79 million investors opened accounts the GEM, 25.35 % of the accounts involved in the GEM secondary market transactions, trading more than 2 years experience in the accounting for 71.62%.
At the same time, the GEM to support the national strategy of independent innovation began to play an active role. End of the year, the GEM listed companies raised a total of 116.75 billion yuan of funds, the average 763 million financing for each company. Listed companies, the environment protection and energy, electronic information, advanced manufacturing, biomedicine, new energy, new materials class enterprises accounted for 84.97%, the GEM market strategy for the capital market to promote the development of new industries opened up a new way.
In addition, the GEM effect of leading to social investment continued to improve. For the venture capital and private equity investment provides an important exit channel, and effectively led to the flow of private capital in active and innovative enterprises. End of the year, has been listed on the participation of venture capital enterprises reached 100, accounting for 65.36%.
hot four
higher level services to promote the futures market economy
; 2010, the Commission to seize the stock index futures market and improve market supervision system, the basic construction of two main lines, and comprehensively promote the reform and supervision of the futures market, product innovation and orderly market, the market function more play.
at the end of December, a total of 3.13 billion traded hands, turnover of 309.1 trillion yuan, up respectively 40.9% and 73.9%, turnover of 092 million hands of stock index futures, turnover 82.1 trillion yuan. Investors in the futures market reached 1.214 million, customer deposits 169.669 billion yuan.
Variety Innovation First, steady progress, the smooth introduction of stock index futures. Initial realization of the Shanghai and Shenzhen 300 Index futures contract listed on a smooth and safe operation of the target. Of lead, coke, steam coal, methanol, etc. to carry out the feasibility of a futures research and argumentation. Approval to carry out the Shanghai Futures Exchange copper and aluminum futures bonded delivery pilot.
second is to strengthen market supervision, systemic risk does not occur to hold the bottom line. Strengthen the monitoring and control operation of the market, the establishment of mark-to-disk system, the daily media, information-gathering system of regular weekly operation of the market system, the system of monthly seminars audit risk prevention system to ensure smooth operation of the futures market.
third is to strengthen laws and regulations, promoting market regulation and institutionalization of the program. Specifications issued 10 guidelines exchange business activities, improve the system, and assign responsibilities, clear procedures. Start the futures market of illegal activities identified standards, further improving the market supervision process.
Fourth, do meticulous precision of existing futures variety, improve market functioning. Futures initially established evaluation system, carry out functional evaluation of listed species.
futures market in the coming period is to improve the quality scale expansion from the critical period of transition, the reporter learned that the next step, the Commission will strengthen and improve the futures markets to ensure market safe and stable operation of futures markets to promote economic development in the higher level services.
first to strengthen market regulation and prevent systemic risk. Futures market study and formulation of the identification of illegal behavior standards and investigation processes, accelerate construction of the futures market monitoring and control chest, increase operational guidelines on the Futures Exchange the implementation of the supervision and inspection to complete the clean-up futures account.
second is to promote market functioning and improve the service capacity of the national economy. Sort out and adjust and improve overall business rules of futures exchange, inhibition of abnormal trading activity and over-investment, and guide and facilitate the industrial customers in the futures market. Fee charged to improve the level of standardization and transparency, reduce transaction costs for industrial customers. Continue to study the introduction of conditions are met, economic development needs of the commodity futures. Delivery of the commodity futures bonded as a breakthrough trial, steadily opening the futures market.
Third is to promote the construction laws and regulations and do basic research. Continue to cooperate with relevant departments to do a good job, Of the implementation of an appropriate regime for investors in commodity futures. Research work to further strengthen the futures market, futures market research and analysis database to speed up construction. Hot Five
Control and the formation of long-term mechanism to combat insider trading
Since 2010, the Commission focus on prevention and control of insider trading in the fight against the special work and achieved remarkable results, insider trading are initially contained multiple situation. Reporter learned that this year, the Commission continues to crack down on insider trading as inspection, prevention and control priorities, adhere to fight against and try to develop specific work programs, and gradually form a long-term mechanism.
It is understood that the Commission has the power to deploy the system-wide inspection of law enforcement, to carry out special work to combat insider trading.
First, to strengthen the monitoring and detection of insider trading. In close collaboration with the exchanges inspection department, real-time monitoring of abnormal transactions, there realized a transaction verification, there is reflected in the audit follow-up.
Second, coordination, and a reasonable allocation of audit bureau will, inspection corps, sending institutions in areas such as inspection of law enforcement resources to form a powerful force to combat insider trading.
Finally, strengthening the filing, investigation, trial coordination and communication, smooth interface between the various links, investigate and deal with improved efficiency.
at the end of December, the Commission investigated 139 cases of insider trading, accounting for 62.1% of all cases, gone through the CCID Media, Tianshan textiles and other typical cases.
same time, the survey found that the suspect insider trading cases, firmly transferred to public security organs investigated for criminal liability, give full play to Ministry of Public Securities Crime Investigation Service Commission office in the institutional advantages, coordination of securities crimes against insider trading will detect crime as a priority. Since 2010, transferred from the Ministry of Public Security of 15 insider trading cases, 4 cases transferred in 2008, 8 cases in 2009 compared to the transfer, a significant increase in the number transferred, transferred to public security organs have been the case for investigation. Increase the transfer of the case tracking and follow-up support, and discipline inspection departments to actively explore joint handling mode.
It is understood that, since 2007, Shenzhen, Fujian, Henan and other districts began to implement insiders registration filing system, in particular vulnerable to insider trading for the acquisition restructuring, the Commission established a
In addition, in May 2010, the Commission also co-Ministry of Public Security, Ministry of Supervision, the SASAC, the State Council Legislative Affairs Office and other five ministries jointly launched the comprehensive prevention and control of special investigations of insider trading work. November 16, the State Council issued the the amount of duties and tasks, will blow and the responsibility of prevention and control of insider trading and further put in place. (Hou Jie Ning)
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