Stock Option Brokerage Futures Company Clearly "Share"

According to the relevant draft consultation issued by the SFC on 5 th, Futures Company with financial futures brokerage business qualifications can engage in stock option brokerage business, and carry out stock options trading and stock related spot brokerage business.

According to the insiders, due to the large investment, Futures Company was mostly on the sidelines in this business, and now we need to consider carefully whether to participate.

There were two relevant draft opinions issued by the SFC on the same day, namely, the management method of stock option trading pilot (Draft) (hereinafter referred to as the draft for Soliciting Opinions) and the guidelines for stock and futures trading institutions to participate in Stock Option Trading (Draft).

On the same day, the Shanghai Stock Exchange issued the Shanghai stock exchange stock options trading rules (Draft).

Market participants believe that this means that the listing process of stock options is accelerating.

According to the principle of "period and current isolation", the solicitation draft of the method requires the Futures Company to open a separate spot fund account for the investors when it is engaged in the spot brokerage business related to the opening and execution of the stock.

According to the draft guidelines, Futures Company should designate specialized departments and specialties to carry out stock option brokerage business, and should have at least 1 business personnel with both qualification of securities and futures practitioners.

At the same time, Futures Company can accept the Commission of one or more securities companies or Futures Company to introduce customers to share options trading and provide other related services.

"Participation in options brokerage is a good opportunity for Futures Company."

Zhu Jie, head of the new lake futures options department, told reporters that in recent years, Futures Company fees have fallen sharply, and the innovation business has not yet brought about real profit growth. The development of the industry is worrying. "Allowing Futures Company to engage in stock option business, on the one hand, can expand the scope of Futures Company business. On the other hand, the channels for Futures Company to serve customers have also increased."

In February this year, the head of the SSE said at the training seminar on stock options business that Futures Company could participate in 3 options of stock options, namely, IB mode, participation option mode and option broker business participation mode.

In the industry, the first and third models are most likely.

Changjiang futures options researcher Li Fu said that under the mode of brokerage business participation, Futures Company can participate in all aspects of stock option business, and the participating securities are stock or ETF of the stock bond. "The advantage of this mode is that Futures Company can fully meet the needs of customers to participate in the option business, but the disadvantages are obvious. For example, Futures Company needs to establish 3 sets of technology systems, docking options, futures and spot 3 sets of backstage, and invest more."

Zhu Jie told reporters that Futures Company currently adopts most of them.

And stock option trading needs another system, which hinders part.

In particular, the participation of small and medium-sized Futures Company, but those strong and optimistic about the option business Futures Company should actively participate.

In addition to the hardware system, talent and other software configuration is also a consideration for Futures Company. At present, there are not many people who really understand and participate in overdue trading in China. Most of the options talents of Futures Company are still in training, which is also part of Futures Company's investment.

Hong Zhenning, deputy head of the Shenyang Wanguo futures and Options group, expects that since Futures Company is not a member of the stock exchange and the relevant rules have not yet been issued, Futures Company can only do the introduction of stock options in the early stage, that is, to introduce customers to securities companies to open accounts, trade, settle accounts and exercise rights for individual stock options.

Reporters learned that

On the contrary, the competition of securities companies has become more intense, and the overall operation pressure of Futures Company is relatively large. Therefore, most Futures Company are still on the sidelines of stock option business, and there is no actual investment.

Some strong Futures Company have already begun to prepare stock option brokerage business, such as the option simulation system which tried to connect to Shanghai Securities Exchange earlier. However, due to the uncertain policy, it stopped halfway.

According to the insiders, Futures Company who want to participate in stock option brokerage business need to start preparing as soon as possible.