Brokerage firms accelerate the layout of the business derivative market of the institutional business becoming the focus of competition

Reporter reporter Zhou Shang 者

In the context of the continuous growth of professional institutional investors, brokers are accelerating the business of the organization. Often, the first step is to optimize the business organization system, adjust strategic planning, and enhance the collaboration of various businesses. In the first half of this year, in the context of increasing market fluctuations, the performance of the brokerage firm was under pressure, and the performance stability of the brokerage company with a higher probability of "probability" was stronger.

Adjust the tissue architecture

Power Institution Business

From a definition, China Merchants Securities stated that institutional business is a customer -centric business concept. The service target is a professional investment institution with licensed licenses. The service model includes transactions, custody, research, agency sales, etc.

"The current trend of institutionalization of the A -share market is being strengthened." Chen Mengjie, chief strategy analyst of the Guangdong Institute of Securities Research Institute, said in an interview with the Securities Daily reporter that on the one hand, the proportion of institutional investors in recent years has shown a significant increase in the proportion of institutional investors situation. On the other hand, from the perspective of policy guidance, long -term funds such as future insurance capital, pensions, and bank wealth management are expected to continue to increase the proportion of equity asset allocation. The continuous expansion of the scale of institutional business accompanied by intensive investors has gradually become an important starting point for brokers to achieve performance increase.

In the above background, the institutional business is gradually "upgrading" into a new track of securities firms. Many brokerage firms have proposed that they will continue to deepen the development strategy of wealth management and institutional services, and continue to improve their core competitiveness. Faced with innovative business, many securities firms such as Guotai Junan, Tianfeng Securities, Everbright Securities, and Hualin Securities have adjusted their organizational structure, including new financial innovation headquarters, institutional business committees, derivatives, and upgrade departments. For securities firms, the adjustment of organizational structure is often closely related to factors such as major operating strategic adjustments.

"Institutional investors have higher requirements for service professionalism and comprehensiveness. In order to further improve market share, many securities firms have begun to actively adjust the internal structure, further integrate high -quality resources, and open up asset management, investment banking, investment research and sales systems. Formed a closed loop of institutional business, further improve service efficiency, and provide institutional investors with more professional, comprehensive and personalized services. "Chen Mengjie said.

At the same time, on July 22, the CSI 1,000 stock index futures and options were officially launched. In this regard, Liu Xinqi, chief analyst of Guotai Junan's non -banking industry, said, "1,000 China Stock Exchange 1,000 stock index futures and options will provide a small -cap stock index derivative tool, which will help enrich the hedging trading strategy, and bring incremental funds to facilitate the business of the brokerage institution business develop."

Derivative

Chengcheng brokers differentiated competition important starting point

As a cyclical industry, the performance of securities firms is more directly affected by the market.

Judging from the performance trailers and express reports of listed brokers in the first half of the year, the sharp decline in self -operated business revenue dragged down the performance of many brokerage firms. Specifically, in the first quarter, 41 listed brokers realized a total of -2103 billion yuan in self-operated business revenue, which was 32.819 billion yuan in the same period last year. Among them, brokers with strong institutional business such as CITIC Securities, Huatai Securities, and CICC's self -operated business income are less affected by the market.

"The institutional business scale, fast growth, wide space, long chain, large difficulty, and high value rate." Zheng Jisha, chief analyst of China Merchants Securities non -silver finance, said that relying on providing all -round service to create a business ecosystem, it is conducive to enhancing enhancement Customer viscosity, improving the company's overall profit margin, and achieving stable profits under the premise of controlling risk control.

Among them, the important force of customer service agency customers mainly include innovative businesses such as derivatives. According to the China Securities Association data, as of the end of 2021, the initial nominal scale of the out -of -the -counter derivative market stock was 2016.717 billion yuan, a total of 8403.801 billion yuan, an increase of 76.56%year -on -year. Among them, the scale of the nominal principal of the income exchange stock was 1026.067 billion yuan, a total of 4772.735 billion yuan, an increase of 121.46%year -on -year; A year -on -year increase of 39.41%.

On the evening of July 25, the Board of Directors of Guotai Junan agreed to upgrade the equity needs to be upgraded into a first -level department, and was responsible for organizing and carrying out domestic and cross -border equity exterior derivatives such as derivatives. One year ago, Guotai Junan had begun to adjust the organizational structure, and the research with the institutional business committee and the transaction investment business committee merged and adjusted to the institutional and trading business committees. The asset custody department and institutional customer department (renamed by the sales department) four first -level departments.

Chen Mengjie told reporters that "stock indexes options, income swaps and other financial derivatives have a good role in risk management due to the characteristics of the product structure. By forming an asset portfolio with basic financial products Getting a higher risk income ratio. The current derivative business has become an important starting point for domestic brokerage companies to achieve differentiated competition, which can effectively improve the efficiency of the use of securities company capital and improve the overall net asset yield level of the securities industry. my country's current derivatives are currently derivatives. The development of the market is in the initial stage, and the future derivatives business will be expected to continue to grow and become an important performance growth point for the securities industry. "

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