129765260869843750_7Regulators specification brokerage Research Institute of trouble trying to transition
One seat from securities regulation and self-regulation of the wind, or Securities Institute to row to the predicament of the journey of transformation. , On March 15, Beijing friendship hotel, of the Securities Association of China "stock company publishing research reports the business standard training courses" are in progress. According to our understanding, people in training will be a stern warning on brokerage research not Hua takePet, to more standardized self-discipline, and hope that the reflection on the seller and establish a good image.
At the same time, people familiar with the matter said, SFC Chairman Mr Guo said, hope brokers capital as soon as possible to do strong, stronger
diablo 3 power leveling, creating large investment banks like Goldman Sachs, Merrill Lynch, and so on. However, the sell-side research is dilemma and industry profits suffered embarrassment when, as an investment adviserStudy on the formation mechanism of the buyer attempts to become large and medium-sized brokerages new. Strengthening the supervision of research it has been learned by this newspaper, the training will be the main content for publishing research reports business monitoring system, industry self-regulatory standards, the relevant lessons and warning of typical cases of illegal, as well as the exchange of published research reports in the industry business practices of quality control and compliance audits. Participants rulesHigh, mainly as a stock company in charge of publishing research reports business Vice President, head of compliance, head of research and Development Department and Deputy Head of quality control, publish research reports business and engaged in the business of securities investment research report released consultation bodies. In addition, Liang Yongsheng, Li Yubai, Meng Fanyong, SFC agency leadership and Inspection Bureau, the inspection unit of the Department responsible forPeople attending the training. On the train, regulators had sought two views of the securities company analyst with research reporting guidelines and the interpretation of the content of the professional code of conduct.
It is understood that these two documents in April will be released. Regulators for a period before "research report" frequent annoying, some of which are thought to be low-level errors, such as GalaxySecurities valuation of panzhihua iron and vanadium-titanium $ 188. Commission officials in a stern speech on the training, "now doubt analysts this career is that there is a need, if we don't come out pipes, you know that the work to make money. "Although China Baoan" research report "event is classified as an error in the listed company, but regulators questioned brokers, why not after a problem occursMedia public relations work, make pressure upon all passed on to the Commission.
Those bodies will be informed again on Ye Zhigang, highlights insider information control and inspection Corps said, many cases are not informed, because cases of insider trading below $ 300,000, right to the Tribunal in the SFC; $ 300,000 per cent of cases, right in the public security organs of the Tribunal. GuoShuqing assignment after the post of Chairman of the SFC, has asked the securities industry with Chinese characteristics of a world-class Investment Bank, noted that domestic securities companies ' ability to study at a lower level as a whole, both for macroeconomic, or the industry, analysis of the company were very weak. National Investment Bank to form the guiding function of value investing. Comparative look at the International Investment Bank, differences do notHow is the most authoritative research on the real economy, at least you can keep pace, Government and university research departments. Therefore, SFC brokers research on improving the capacity of attention. In this training, arranged for the CICC and UBS Securities, as representatives of the industry, describes the experience of research and management within the company, and regulators that it does very good quality, process. WithBody: after the researcher compiling the report, edited by editors, and then reviewed by the Auditor, review content and compliance departments, and finally a senior guard, if it is a bilingual Institute reported that when the translation is complete, to once again go through the process.
However, this reflects weak domestic securities firms do. Operating predicament on this training, the Commission stressed that the brokerages to strengthen compliance and specificationSelf-discipline, establish their brand image and image maintenance industry. However, there are all the coupon industry leaders, broker has the right to independent placing under the IPO pricing power and network, so that you can enhance the strength of researchers, improve sell-side research.
Insiders estimate that brokers only about 15 of the study are now able to feed themselves. Bohai securities researcher revealed that stock market volatility, the mostFunding tight, largely attributed to the company losing money last year, less on business research, "recent bad push stock, we have a new system, anyone can send text messages directly to the buyer, so let us use that." Face the pressure of the market downturn have ping an securities, the security researcher said: "recently laid off, at 10 o'clock in the eveningI am sorry to go home, write reports every day, afraid of being cut. "Reduce stock researchers, bond researcher enrollment, this is adjustment of brokerage research industry faces in the near future.
After the great disparity in the ratio between relatively even reached a level of 50:1, now popular bond, bond researcher does the price rises. A macro, a mid-size brokerage researcher says economic situation isWhen the Institute facing layoffs are inevitable in the first place. First of all is that the revenue of the Institute do not directly, although the warehouse income, but it is, after all, all worked in brokerage income, goes in the brokerage sector, how many contributions in there it is difficult to separate accounting of the Institute. Wealth management and asset management business is relatively slow, and did not find the right business model, Research DepartmentFunction is not obvious. However, Morgan Stanley huaxin Fund financial engineering researcher Cheng Zhitian into information bombardment of trouble: "so much seller message received every day, really upset. "Institute of a listed brokerage told reporters, researcher at the Institute of work like machines, even often think" sell-side research is where the value of the "�� Previous buyer agencies hope that the sellers for their mining stocks opportunity, as both more mature, buyers now want the seller to provide long-term, in-depth study of the system of services.
Along with the enhancement of transparency in the industry, to self-financing institutes on the market could end up with only 15. The Institute admits that they pay more attention to providing customized services, since manyBuyer demand customers now have more personality.
Company in the Ministry of finance, Ministry of agriculture
tera power leveling, Department of Commerce and the national development and Reform Commission has strong resources, consolidates expert resource in providing needed services to the buyer, for example, ministries, Chairman of listed companies who take to Roadshow, research services cannot stay on the surface, hopes to make money for the customer. Seller to buyer brokerageDifficulties of research and industry embarrassment, rethink research conversion channel on the seller and the buyer.
Traded in the securities industry role change of background, investment consultant system implemented, began trying to make some large brokers ' buyer research service improve. A large brokerages, Director of the Institute, seller services income definition is clearer, brokerage salesChannels research service commissions, commissions, brokers will have clear accounting mechanisms.
On the services of the seller, in addition to research reports, the Institute also provide, for example, referral services, give customers the products, give customers do research, meet the customers ' requirements. Galaxy Securities Institute Director Wang Guoping believes that seller's service model is clear, but now a bitPacked to panic. But there is no problem of saturation, can only be described as a more focused, will become more and more concentrated in the future. As in 2006, the 2007 who came in and wanted a piece of the time had passed, brokers Institute toward the large, powerful, refined management development. This environment cannot be separated from securities firms, because the broker is the essence of a financial intermediary, as wellA transformation.
Now the most important thing, is can you find new profit growth point except the seller's services. National business brokers are facing from the seller to the buyer's business transformation, research transformation changes provided the background for the brokerage.
Particularly the Securities and Futures Commission to promote investment consultant system, individual needs and services more strongly. Wang Guoping believes that if the seller does not do service extensionExhibition for providing services to internal customers, such as investment adviser, Chinese tube the customer, after the investment research services, enhance the Commission.
This newspaper understands that gold companies from quietly shift to the buyer services seller services try to, provides another entrance of the transformation. The end of last year, gold announced the brokerage Department of the company changed its name to the wealth management division. LiftTravel management strategy of dissimilation, mainly in two ways: on the one hand is a differentiated business, positioning high-end customers, that is, "high net worth individuals and business customers" and, secondly, provide different categories of capital from the asset allocation of customer service, not only do stocks, from the perspective of wealth management, focus on capital markets from direction of solutions provides a full range of capital markets, includingInvestments in fixed-income products, PE, special financing, investment banking, and even investment in alternative investments, and various other channels.
Gold brokers consolidated into one integrated service platform for research, trading, sales, research based on sales and transactions are not flattened, but the diversification and individualization. Backed by research on the case, gold company's wealth management division 2011 non-business income has more than 50% per cent of the sector's total revenue. According to reporter learned that CICC under the system of research is an independent research team, to butt's wealth management Division, the number at the end of last year to about 9. The team from the 2007, is just the beginning of people less demand, service a lot more slowly now, also increasedAdded. Why under the huge team of butt to set up a small team of wealth management, Research Vice President Zeng Lingbo CICC says: "from the position, is the buyer of our research studies, study of traditional research is the seller, the seller is to sell, the buyer is buying stock, so we are now on the customer's perspective how do investments to research it. WithWhen we study some of the macroeconomic, policy, industry, and eventually into investment. In addition
swtor credits, there is also entrusted with the customer research, such as the reduction of some size of non-lifting of the need to increase its stake in listed companies, commissioned by what means and what actual good, and even provide customers solution stock solution and, ultimately, on the implementation of operations. ��
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