is coming to good luck! A shares welcomes a "targeted interest rate cut"! Supervision has once again sent out a signal of care, and the market-oriented pilot of transfer financing has been launched, and the fee rate has been reduced by 40 basis points.
China Securities Finance Co., Ltd. (hereinafter referred to as CSI Finance) stated that the reduction of the transfer financing fee rate this time is a normal operating adjustment based on the interest rate level of the capital market, aiming to meet the low-cost financing needs of securities companies, promote compliant funds to participate in market investment, and maintain the stable and healthy development of my country's capital market.
The industry believes that the cut in the fee rate will help securities companies better optimize their financing channels, reduce financing costs, and improve securities companies' performance.
Historical data shows that the financing fee rate has been lowered three times. After the news was announced, the securities sector has risen, and A-shares have also strengthened accordingly.
adjusted fee rate is 2.1%
0 transfer and financing business is a supporting system arrangement for margin financing and securities lending business. It was launched in 2012. As of the end of September this year, it has provided a total of 1.7 trillion yuan in funds to the market, which has better supported the development of margin financing and securities companies. However, industry insiders reported that the current transfer and financing business adopts the "fixed term, fixed fee rate" transaction method. As the business continues to deepen, problems such as inflexible maturity and non-marketization of fees are gradually emerging, and it is difficult to adapt to the diversified financing needs of securities companies.
Last night, CSI Finance announced that on October 20, 2022, CSI Finance decided to lower the overall transfer financing fee rate by 40BP. The adjusted fees for each period level are: 2.10% for 182 days, 2.40% for 91 days, 2.50% for 28 days, 2.60% for 14 days and 7 days.
Previously, on August 8, 2019, Securities Finance Company has lowered the overall transfer and financing fee rate of 80BP, among which: the 182-day fee rate was lowered from 4.3% to 3.5%, the 91-day fee rate was lowered from 4.6% to 3.8%, the 28-day fee rate was lowered from 4.7% to 3.9%, and the 14-day and 7-day fee rate was lowered from 4.8% to 4%.
According to First Financial , starting from June 2017, after multiple adjustments, the transfer financing fee rate has entered a "declining channel". Taking the "182-day" rate as an example, after it dropped from 5.1% to 4.3% and 3.5%, it was adjusted to 2.1% this time.
promote the orderly development of margin financing and securities lending business
Experts believe that this reform optimizes the dynamic adjustment mechanism for the transfer financing fee rate, promotes the transfer financing fee rate to follow the market, and provides greater freedom in the life of funds. For securities companies, market-oriented financing will better match fund planning and meet differentiated needs. After the reform, the transaction efficiency of the transfer financing business has been improved and the processing cycle has been compressed, which is conducive to positively guiding funds to enter the market in a standardized manner and promoting the orderly development of margin financing and securities lending business.
In the eyes of industry insiders, similar to the past, This rate reform is also beneficial to the securities sector . Specifically, CSI Financial Company lowered the financing term fee rate, which can reduce the financing costs of securities companies and promote the expansion of margin trading business, thereby meeting investors' financing needs.
Zhou Zhigang, member of the Party Committee and member of the Executive Committee of CITIC Construction Investment, said that this time, CITIC Finance lowered the transfer financing fee rate by 40 basis points, which better met the low-cost financing needs of securities companies. At the same time, through the implementation of market-oriented reform of transfer financing, securities companies can independently determine the use period of funds within a period of 1-182 days, and quote between the upper and lower limits of the transfer financing fee rate, better implementing a market-oriented bidding trading mechanism.
Chief Financial Officer Jiao Xiaoning, Chief Financial Officer of Huatai Securities, believes that the market-oriented reform of this transfer and financing is of great significance to further optimize and improve the transfer and financing system and promote the healthy development of margin financing and securities lending business.
Jiao Xiaoning analyzed that the transaction mechanism of the transfer financing business is adjusted to "flexible term and bidding fee rate", which can not only better serve the diversified financing needs of securities companies, but also avoid the transfer financing fee rate deviating from the market and effectively improve resource allocation efficiency. Pricing is more market-oriented, in line with the market, and has more flexible term, which will help meet the business needs of securities companies and reduce the financing costs of securities companies.
3 downwards in history, and A-shares have both strengthened
According to the China Fund Newsletter, from the previous reduction of the transfer financing fee rate, they all have a great positive stimulus effect on the market.
On August 15, 2014, Securities Finance announced that the 182-day transfer and financing business fee rate was significantly reduced by 80 basis points, from 6.6% to 5.8%. In the following months, the Shanghai Composite Index rose sharply.
On March 18, 2016, Securities and Exchange Fund Company issued an announcement to lower the fee rate again, and the reduction of the transfer and financing rates for each period were above 30%, stimulating the A-share market ushered in a bull market that lasted more than one and a half years.
On the evening of August 7, 2019, China Securities Finance Co., Ltd. announced that the overall transfer and financing fee rate was lowered by 80 basis points.
◆Source: China Securities Journal, WIND Wande, etc.
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