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The Research of Innovation in Proprietary Model of Domestic Securities Companies

Author: ZhaoLiang
Tutor: XiaoLin; GuoMing
School: Shanghai Jiaotong University
Course: Business Administration
Keywords: Integrated Proprietary Business Financial Innovation InternationalInvestment bank Arbitrage Strategy OTC Integrated TradingDepartment
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Type: Master's thesis
Year: 2013
Downloads: 160
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Abstract


The Securities Industry in China has come to the end of its Golden-Era,as a nature of industry life cycle. Brokerage business profit margin haskept falling with high competence of commission. The author concludesthat investment efficiency of domestic brokers is quite low throughquantitative analysis. Consequently, the problem on how to improveprofit model with innovative business becomes increasingly important.According to the policy background of current financial innovation, theauthor proposed a model of Integrated Proprietary, Investment Bank andAsset Management.The author summarized success and failure experience ofInternational Investment Banks throughout their development in recentdecades. By analyzing their profit models and organization structures, suchas Goldman Sachs, Morgan Stanley and Nomura, references found fordomestic securities companies.Domestic securities companies have been suffering from a graduallystagnant or even atrophic stage of traditional business, while the innovativebusiness has achieved rapid development after the proposal of promotingfinancial innovation by Guo Shuqing, previous Chairman of CSRC, in2012. As the author has been working for Haitong Securities for manyyears, he took Haitong as typical example of large domestic securitiescompanies and discussed current situation and development trend oftraditional business and innovation business in view of its organizationstructure, in order to analyze the advantage and disadvantage of its business model.The fourth part is the core of this paper. Based on the comparisonbetween International Investment Banks and Domestic SecuritiesCompanies, the author firstly summarized current regulatory policy background and then, discussed different arbitrage models of the proprietarybusiness. Based on actual historical data from Shanghai and ShenzhenExchange, quantative testings on various models were conducted. Finally,several innovative products and arbitrage strategies of proprietary businesswere designed in the paper, including ETF Arbitrage, Primary andSecondary Market Arbitrage, Index and Stock Arbitrage such as SHSZ300and Sector Rotation Strategy and Structured Product Arbitrage.As the financing platform of securities companies, as well as the retailplatform of swap agreement (gambling) and various innovative financialproducts, OTC (Over The Counter) has a vital importance for theIntegrated Proprietary Business. In terms of the organization structure ofproprietary business, we suggest gradually transforming from products andservices oriented to Integrated Proprietary Business oriented, and ultimatelyaccomplish the formation of four important departments, which are retailclients, institutional clients, corporate clients and wealth managementdivision, in accordance with the establishment of an integrated tradingdepartment.

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