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China's securities market margin trading research

Author: WangLiLin
Tutor: WangYuJie
School: Central University for Nationalities
Course: Political Economics
Keywords: margin market-oriented model centralized credit model
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 106
Quote: 0
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Abstract


In developed countries and regions’stock market, the margin trading is a mature and normal business. Practice has proved that it has very important significance in improving market liquidity, finding the intrinsic value of securities, stabling the stock market and promoting improvement of the capital market. The history of China’s capital market is only a short twenty years time, in such a short period of time it has achieved many remarkable results, but in some ways is still far from perfect. Improving China’s securities market, taking advantage of the capital market for China’s economic development and making greater contributions to the task is urgent. Margin trading is made in such context and it undoubtedly has a milestone importance. It will completely change the long-side condition of our securities market, reduce the systemic risks on the securities market effectively and play a role of smoothing the securities market. At the same time, it will not only help solve the imbalances between the money market and capital market and serve as a bridge between the two markets, but also create basic conditions for trading derivatives. Because it is a new thing, there are still many aspects need to improve. One of the basic issues is the choice of the mode of margin. We can benefit a lot through making an analysis of the mode of developed countries. In overseas countries and regions’ stock market, there are three kinds of margin models. One is market-oriented model like the America. One is one-track concentration of credit model like Japan. The other is two-track concentration of credit model like Taiwan. These three models have their own characteristics and advantages. They are put out in a specific context taking their own national conditions into account and contribute to the development of their economy.This article will make a comparison and analysis of America, Japan and Taiwan’s margin in background, development process, trading patterns, trading system and the law and supervision, and so on, then, we will make a conclusion that the mole we choose should fit to the country and region’s soundness of laws and regulations, sophistication of the stock market and maturity of the market participants. Then we discuss the standard and principal of margin model relating with our country’ situation. We think that we should learn the experience from Japan and our Taiwan region and establish the securities and financial companies. Meanwhile, we should take several steps. In the beginning, we should operate the securities and financial companies with a market-oriented way and make it an independent legal entity, reducing the government’s administrative intervention. In this way, we can reduce the switching cost when we transit it to the market-oriented mode.In the last part, we discussed a series of steps in details to establish our margin model, designed a preliminary plan, and proposed to manage the risks in the margin trade, such as the credit risk, market risk, liquidity risk, operational risk, and so on. These views and opinions are targeted at the reality of our country’s securities market, so it will have a guiding significance.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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