This week Bank Of Ningbo Co.Ltd(002142) announced that the resignation of president Luo Mengbo for personal reasons is not expected to affect the normal operation of the company.
According to the announcement, president Luo is not transferred to other companies, but continues to serve as Deputy Secretary of the company's Party committee. After years of exploration, the company has formed a very perfect and highly market-oriented business system. Changes in the "personal" level of senior executives are expected to have little impact on the company's operation and management, and the strategic development will remain stable. According to the company's consistent selection criteria, we expect that future successors will still be selected from within the bank, and Luo Mengbo will still serve as Deputy Secretary of the Party committee, which will contribute to a smooth transition.
Event: the CSRC solicited public opinions on the pilot provisions on stock market making trading business of securities companies on the science and Innovation Board (Draft for comments)
There are 17 provisions on market making, which mainly include six aspects: market maker access conditions, access procedures, market making bond source arrangement, internal control, risk monitoring, supervision and law enforcement. The core points include: 1) putting forward access conditions for securities companies, including the continuous net capital of no less than 10 billion yuan in recent 12 months; The classification rating in recent 3 years is above class A (inclusive); Risk control indicators such as net capital have continuously met the specified standards in recent 18 months; In the past year, Dong Jiangao has not received administrative punishment or been pursued for criminal responsibility due to major violations of laws and regulations in securities self operation, margin trading, asset management and other businesses. For example, according to the industry data in 2020, there are 45 securities companies that meet the net capital of more than 10 billion yuan in the current period; In the past three years, there are more than 20 securities companies whose risk rating meets the requirements. 2) In terms of securities sources, carry out the market making trading business of stocks on the science and innovation board. You can use your own stocks, stocks borrowed from securities companies and other stocks with disposal rights. The overall securities sources are relatively rich; 3) Securities companies shall calculate and fill in the risk control indicators related to the stock market making trading business of the science and innovation board with reference to the standards of self owned stocks. In principle, the market making shareholding of the science and Innovation Board shall not exceed 5%, which shall be defined by Shanghai Stock Exchange in the specific business rules. A large number of concentrated purchases may disturb the stock price of individual stocks, so they are limited by the shareholding ratio.
The market maker system allows securities companies to act as intermediaries to provide bilateral quotations for the trading of stocks on the science and innovation board, improve market liquidity and contribute to the company's profits. On the whole, the reform and innovation of the capital market has been continuously promoted. From the requirements of capital strength, rating requirements and risk control compliance, it is more beneficial to the head securities companies.
Regular data tracking: 1) interbank certificates of deposit: A. volume: according to wind data, the issuance scale of interbank certificates of deposit this week was 0.17 trillion yuan, a decrease of 0.15 trillion yuan compared with last week; Since January, the issuance scale of interbank certificates of deposit has been 0.17 trillion yuan, and the balance has decreased by 1.74 trillion yuan month on month compared with the end of last month; B. Price: the issuing interest rate of interbank certificates of deposit this week was 2.61%, down 14bps from last week; So far this month, the issue interest rate is 2.61%. 2) Trading volume: the average daily turnover of stocks this week was 1.23 trillion yuan, a decrease of 218.506 billion yuan compared with last week. 3) Liangrong: the balance of Liangrong was 1.83 trillion yuan, a decrease of 0.54% over last week. 4) Fund issuance: non monetary funds issued 8.832 billion shares this week, down 23.375 billion from last week. 5) Bill interest rate: the 3-month discount rate of bank notes of large state-owned banks + joint-stock banks this week was 2.53%, up 170bps from last week; So far this month, the interest rate is 2.53%, up 197bps month on month. The 3-month bank note discount rate of urban commercial banks was 2.62%, up 135bps month on month compared with last week, and the interest rate so far this month is 2.62%, up 178bps month on month.
Risk tip: the risks of real estate enterprises erupt intensively, and the macro-economy is down; The promotion of capital market reform policy is less than expected; The sales of guaranteed products of insurance companies were lower than expected.
