The science and technology board is coming to the city business system: the first batch of 8 brokers are approved, and the exchanges are ready to be ready

21st Century Business Herald reporter Zhang Sainan Shanghai report

On September 16th, the 21st Century Business Herald was informed that the CSRC approved the qualifications of the first batch of eight brokerage science and technology boards, namely Shen Wanhongyuan, Huatai Securities, Galaxy Securities, CITIC Construction Investment, Oriental Securities, Caitong, and Tongtong. Securities, Guoxin Securities, Guojin Securities.

Doing a city business system is an important trading system in the construction of science and technology boards. Since the opening of the science and technology board, the registration system has been steadily piloted, and the reform of the basic systems of issuance, listing, information disclosure, transactions, and delisting has been promoted. Various institutions have undergone market inspections. condition.

Market participants believe that the introduction of the market business mechanism at present will help further enhance the liquidity of the stock of science and technology boards and enhance market toughness. It is also an important measure to continue to improve the basic system of the capital market and further play the role of the "test field" of science and technology board reform. Essence

Improve market liquidity

Previously, the CSRC issued the "Regulations on the Municipal Transaction Business of Securities Company's Science and Technology Innovation Board Stocks", which mainly included the content of municipal business standards and procedures, internal control, risk monitoring and monitoring, and regulatory law enforcement. In July, the Shanghai Stock Exchange issued relevant provisions, and also clarified the aspects of the city's service application and termination, the right to do the rights and obligations of the city's business, and the municipal business supervision and management. Regulatory arrangements.

From the perspective of overseas markets, it is common for individual stocks to do the market. Taking the US market as an example, the NYSE (NYSE) and Nasdaq were originally a market-driven market. In order to promote more transparent transactions, the NYSE and Nasdaq decided to adopt the Order-Driven's price limit instruction book system, while retaining the city merchants, forming the current hybrid transaction mechanism.

Market participants generally believe that it is not accidental that the current mixed trading mechanism of municipal businessmen is used as a mixed trading mechanism for municipalities is not accidental. It is proven by practice. This transaction system is most conducive to gathering liquidity and give investors a relatively better trading experience.

Judging from the statement of multiple securities firms, the introduction of the marketing system to help reduce the volatility of the stock price and help improve market liquidity.

CITIC Construction Investment stated, "Municipal merchants can continue to provide liquidity to the market through professional bilateral offer and inventory management capabilities through professional market bilateral quotation and inventory management capabilities. Investors bring a better investment experience. "

It has its necessity and basis for the launch of the city business system in the science and technology board. Relevant sources of Caitong Securities said, "For the science and technology board, the market size has continued to expand for more than 3 years, and a large number of small and medium -sized innovation companies have been listed, but the market transaction activity has a differentiation trend, value discovery, resource allocation, resource allocation 2. There is still room for further excavation to continue to excavate. After the introduction of the business system of science and technology boards, the market businessmen actively provide liquidity as an important market participant, further active transactions, and discovery as a value of professional capabilities discovery. Those who will actively correct unreasonable transactions and guide reasonable value to promote the healthy and sustainable development of science and technology boards. "

Promote the high -quality development of securities firms

In addition to the positive impact on the science and innovation board market, the introduction of the city's business system is also meaningful to securities firms.

Caitong Securities said that for securities companies, by actively joining the ranks of market merchants, continuously improving their professional capabilities, and changing the traditional business model of the past channel. By integrating capital+investment research+transaction advantages, optimizing profit models, and enriching the source of profit, the securities industry will also usher in high -quality sustainable development opportunities.

Eastern securities related persons further stated that "for securities companies, science and technology boards are a market transaction business are an innovative business. Municipal business performance provides bilateral continuous quotation and bilateral response quotes for science and technology board stocks. Get the sale price spread income. Participating in the science and technology board can increase the new profit model for securities companies, which is conducive to improving the stability of the securities company's performance. At the same time, the market transaction business can link with investment banking business, research consulting and other business, extend customers to extend customers Service chain to enhance the core competitiveness of securities companies. "

In addition, the reporter learned that, in addition to the hard indicators such as classified rating and net capital, the science and technology board stocks have proposed very high in the system, capital, personnel, risk control, compliance, and strategies of securities companies. It is required that each market business has made a lot of investment in the characteristics of the science and technology board stock market. Compared with traditional market participants, the attitude of market merchants has a more neutral attitude towards the market direction, smaller conflicts of interest, and stricter risk control conditions.

The 21st Century Economic Herald reporter was informed that at present, the Shanghai Stock Exchange has been ready to do the city trading business technology system, business filing, supervision and management and other aspects.

In the next step, the Shanghai Stock Exchange will complete the filing of specific science and innovation board stocks based on the qualified securities company application, steadily promote the launch of the science and technology board stocks, and make every effort to ensure the orderly implementation of the business mechanism of the science and innovation board. The "experimental field" role of creative board reform has comprehensively promoted the high -quality development of science and technology boards.

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