Eight Aspects of China's Capital Market Development in 2010

China's capital market is about to launch stock index futures and margin financing and securities lending business, and China's capital market innovation is about to open a new page. 2010 will be the year of China's capital market transformation, the year of innovation! How many new policies and new varieties will be introduced after stock index futures, margin financing and securities lending? It is worth our expectation. In order to grasp the pulse of the capital market, the reporter combed out the eight major points of China's capital market in 2010.

1. Stock index futures broke out
The China Securities Regulatory Commission recently approved the agreement and agreed to conduct stock index futures trading on the China Financial Futures Exchange. Industry insiders said that stock index futures have been prepared for many years and the time is ripe. After issuing the appropriateness system for stock index futures investors, the regulatory authorities will clarify the specific policy provisions for securities companies, fund companies, qualified foreign institutional investors and other stock index futures, and the management measures for commercial banks to engage in depository and settlement business. Futures are expected to be launched.

Experts suggest that after the introduction of stock index futures, the regulatory authorities should strengthen the regulation and supervision of securities companies engaged in the introduction of futures. Strengthen the risk control and first-line supervision responsibility of CICC. Improve the cross-market supervision system, strengthen market monitoring and risk control, and fully safeguard the safe and stable operation of stock index futures.

2. Pilot of margin financing and securities lending business
The development of the margin financing and securities lending business is a milestone for the development and construction of China's capital market. The two-way trading mechanism will open a new era of A-shares. However, the simultaneous leverage and pricing issues will be the risk of future capital markets.

Experts suggest that the regulatory authorities should launch a pilot program for securities companies' margin financing and securities lending business in a timely manner on the basis of adequate preparation. It is necessary to do a good job in program review and qualification review, strengthen compliance management, risk control and on-site inspection, and urge pilot companies to do technical system testing, risk warning and customer appropriate management. In addition, the regulatory authorities should improve the business rules in a timely manner according to the pilot situation, gradually expand the scope of the pilot, and ensure the orderly development of the margin financing and securities lending business.

3. Further deepening of the issuance reform
In June 2009, a new round of reform of the new share issuance system was launched. According to industry insiders, the issue price-to-earnings ratio is constantly rising, and over-raising has become the norm, which has become the most concerned feature of new share issuance. Therefore, on the basis of summing up the reform experience of last year, it is necessary to study and launch follow-up measures for the reform of new shares, strengthen the supervision of the inquiry and pricing process, and improve the price formation mechanism of the primary market.

The person also stated that the two documents “Administrative Measures for Initial Public Offering and Listing of Stocks” and “Administrative Measures for Securities Issuance of Listed Companies” need to be further revised and improved, and the conditions and procedures for issuance should be optimized to improve the efficiency of market financing. In addition, the sponsor institution should be urged to further improve the internal control system.

4. GEM accelerates expansion
The GEM, which has been preparing for nearly 10 years, finally came out last year. Experts said that the function positioning of the GEM should be accurately grasped. The regulatory authorities should introduce relevant policies to guide the sponsorship of the GEM, guide the sponsors to recommend enterprises that meet the requirements of the GEM, and then guarantee the quality of the GEM enterprises from the source.

Experts also suggested that the GEM issue supervision rules should be improved. On the issue of refinancing of GEM listed companies, the policy should also make some arrangements. In addition, it is necessary to improve the issuance of auditing standards, strict review procedures, and improve the efficiency of the GEM issuance review. On the basis of strict control, we will actively expand the scale of the GEM market according to market conditions.

5, the international board is planning for the rain
From the original idea, to the public statement of the competent authorities and the design of related systems, the international board is gradually approaching.

According to industry insiders, although the general framework of the international board system has been formed, it still needs the communication and consultation between the CSRC and the relevant departments, and steadily promotes the preparation work of overseas enterprises in the domestic listing and listing, and studies and formulates relevant issuance, listing, and transaction settlement. , continuous supervision and other systems and supporting rules. In addition, it is necessary to do research and demonstration, analysis and evaluation, system design, and establish corresponding cross-border supervision and cooperation arrangements.

6. Build a national off-market market
Given the urgency and importance of building a multi-level capital market system, building a nationwide OTC market based on the three-board market has long been a market expectation.

Experts said that the regulatory layer may formulate a specific plan for the expansion of the pilot share transfer system this year and implement it as soon as possible. Experts said that it is necessary to study and formulate management methods for non-listed public companies and explore the establishment of a centralized and unified supervision system. In 2010, the agency management system of the share transfer system, the overall plan for the construction of the OTC market, and the transfer system between the various levels of the market are expected to be clear.

7. Fund competition is increasingly differentiated
From the perspective of future industry development, fund companies will gradually transition from the homogenization competition stage to the brand competition stage, and the differences caused by different strategies will increase. The differentiated competition in the fund industry will be irreversible.

According to industry insiders, it is necessary for the regulatory authorities to implement the fund classification review system, promote the market-oriented reform of various product issuance, and promote the differentiated competition of fund management companies. While formulating relevant policies, the regulatory authorities should also improve the governance structure of fund management companies, effectively protect the interests of holders, broaden fund sales and payment channels, and regulate sales behavior.

8, futures business ushered in innovation
With the gradual advancement of classification and management of futures companies, competition and differentiation will be further intensified after the innovative business of futures companies with competitive advantages will be given, and industry concentration and competitiveness will be further improved.

Experts said that on the basis of classification management, futures companies will carry out asset management business, futures investment consulting business and agent overseas futures business according to their own ratings, which will become the expectation in 2010. The regulatory layer should actively promote the market-oriented integration of the futures industry, while vigorously developing institutional investors in the futures market.  

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