Margin trading nod for 6 firms
March 20, 2010, Saturday
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Print Edition
Print Edition
CHINA'S securities regulator yesterday announced it approved six brokerages to pilot the margin trading business.
The approvals came more than two months after the State Council, China's Cabinet, gave the green light to start the business on a trial basis. The six securities companies are Guotai Jun'an Securities, Guosen Securities, CITIC Securities, Everbright Securities, Haitong Securities and GF Securities, said an official with the China Securities Regulatory Commission, who asked not to be named. The CSRC in January issued a guideline on margin trading, which specifies that brokerage applicants should each have at least 5 billion yuan (US$732 million) of net capital in the last six months. Margin trading allows brokerages to lend stocks and money to investors, and securities firms were required to use their own funds and securities for the business.
The approvals came more than two months after the State Council, China's Cabinet, gave the green light to start the business on a trial basis. The six securities companies are Guotai Jun'an Securities, Guosen Securities, CITIC Securities, Everbright Securities, Haitong Securities and GF Securities, said an official with the China Securities Regulatory Commission, who asked not to be named. The CSRC in January issued a guideline on margin trading, which specifies that brokerage applicants should each have at least 5 billion yuan (US$732 million) of net capital in the last six months. Margin trading allows brokerages to lend stocks and money to investors, and securities firms were required to use their own funds and securities for the business.
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