The broker also "cut interest rates"!How much is the impact of 0.5 basis points, which is involved in 2 trillion securities margin?

Following the interest rate at the banking industry, the securities industry has also kept up.

Recently, Chengtong Securities and Cinda Securities, located in the north, announced on the official website. From September 21, 2022, the annual interest rate of the customer security deposit deposit period was reduced by 0.5 basis points to 0.25%. At present, no similar announcements have been issued. Some securities firms have said that the current interest rate of customer margin deposit has not been adjusted, and 0.3%remains unchanged.

Interviewees told the brokerage Chinese reporter that brokers' interest rate cuts would not have much impact on individual investors. However, as a whole, the current customer margin of the securities industry is close to 2 trillion yuan (as of the end of the first half of the year). If more securities firms follow up, the impact is still not small. The spread of the customer security deposit is also part of the company's income, which is also the inherent motivation that drives brokers to cut interest rates.

The semi -annual report shows that the interest income of some head securities firms exceeds 1 billion yuan.

2 securities companies take the lead in "interest rate cuts"

On September 20, Cinda Securities issued the "Announcement on Adjusting the Integration of Customer Customer Customer" on its official website. In the announcement, Cinda Securities stated: From September 15, 2022, 14 banks including ICBC, Agricultural Bank of China, Bank The administrative control of deposit interest rates, and the market interest rate pricing self -discipline mechanism member of the deposit interest rate self -determination of the relevant provisions of the deposit interest rate level to reduce its deposit interest rate. The current deposit interest rate is reduced by 0.5 basis points, that is, the annual interest rate of the current deposit rate is adjusted to 0.25%.

Based on this, Cinda Securities also announced: "From September 21, 2022, the company will pay interest on investors in accordance with the current third -party depository bank's current deposit interest rate of 0.25%."

On the same day, Chengtong Securities also issued the "Announcement on Adjusting the RMB RMB RMB RMB Integration of Investors' Securities Accounts", which will be reduced to 0.25%of the annual interest rate of the RMB of the customer margin account from September 21.

A reporter from securities firms immediately consulted a number of official website of securities firms and found that most of the official website of the securities firm did not conduct such announcements. Some people of the business department said that the deposit interest rate performed by the securities firms in the past was 0.35%, and the customer margin interest rate had been lowered to 0.3%. In addition, some securities firms have said that the interest rate of customer security deposit deposits has not been adjusted, and it remains unchanged by 0.3%.

Lying and earning a margin spread

In terms of influence, the deposit rate of securities deposit accounts has little impact on customers. On the one hand, the reason is that the deposit interest rate is reduced, with only 0.5 basis points; on the other hand, the reason is that the amount of a single customer margin may not be very large, and some may even sign a deposit wealth management product. In summary, the interest on customers did not decrease much.

However, although there is little impact on the specific single customers, because the number of customers is too large, the number of securities customers can reach millions or even tens of millions, so the overall scale will be very large. For securities firms, this is a considerable profit.

"The spread of margin is an important part of the interest income of the brokerage firms. Where does this part of the income come from? The security deposit of the customer in the securities company account, and the brokerage will settle the customer in accordance with the interest standards of the current deposit. On the other hand Money is stored in the bank in the form of interbank deposits, so the bank will settle this part of the interest to the brokerage firms with interest rates of the same industry. In the middle, there is a spread. "Some people from the securities firms explained the secrets of securities margin to contribute their income to the securities firms.

The person said that the securities firm lowered the customer's margin interest, and the surface was the central bank's interest rate cut, but essentially, it was still the consideration of the securities firms from its own interests.

The semi -annual report that has just been announced has also been proved to this. A head broker semi -annual report shows that in the net interest income, the interest income details of the financial industry are stored, and the interest income of the customer's capital deposit is close to 1.5 billion yuan. In the semi -annual report of another head broker, the interest income of the customer's capital deposit was close to 1.1 billion yuan. In the details of the semi -annual report, it is unclear how much interest the securities firms have paid customers.

According to the data released by the China Securities Industry Association, as of June 30, 2022, the balance of the customer's transaction settlement funds (including credit transaction funds) of 140 securities companies was 2.13 trillion yuan. In other words, the customer's margin scale exceeds 2 trillion. At present, there are not many brokers who have issued announcements to cut interest rates, and they are mainly small and medium -sized brokers. If more securities firms follow -up, it will still have a certain impact.

Responsible editor: Gui Yanmin

School pair: Yao Yuan

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