新风险监管规定对于中国证券行业的影响及未来发展趋势思考-论文.pdf

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1、MONEYCHINA／2014年8月财经界佥监管规定对于中国证券行业的未来发展趋势思考)actofnewriskmanagementregulationstothe!securitiesindustryanditsfuturebusinessdevelopmentChenveryhighstandard．Also，theChinesesecuritiesmarket，thisnewregulationssetLCRandmaynotbeappropriatefortheNSFRatthe100％targ

2、etandChinesesecuritiesfirms’andtoughdeadlineforsecuritiesbringnegativeimpactintwofirmstobecomecompliant．Todifferentwaysmeettherequirement，securitiesFirstly，securitiescompaniesfirmsneedto1earnfromotherinChinahavemuch1owernetgloballeadingsecuritiesfirmstoi

3、ncome，limitedscaleandsmallerimprovetheirriskmanagementamountofcapitalandassetbasecapabilityandthiswillhavethanbanks．AccordingtothesignificantimpacttotheChinesestatisticsbySAC．thereare115securitiesindustrysecuritiescompaniesinChinawith2100billionoftotalas

4、setI．Regulationsandbusinessand159．2billionoftotalincomemodelin2013．ButtheaverageROEofsecuritiesindustryisonly7．6％25th，SACThetworiskguidelinesThestrictguidelineswillrequireF,omprehensivepublishedbySACaresimilartoheavyinvestmentimproving~mentPracticeofthos

5、epublishedbytheCBRC．riskmanagementcapabilityto)mpanies’andSincetheCBRCappliedtheinternationa1standard．SmallerUskManagementBASELIIIframeworkintheirsecuritiesfirmswillnotbeableSecuritiesbankingrules，weoftenseetocompeteandwemayseeguidelines．similarBaselrule

6、sappliedtothethatliquidityrulestriggeringmshavetosecuritiesfirms，especiallythecOnsOlidatiOninthemarket：ctrequirementcomputationmethodsofthetwoSecondly，duetothensiveriskratios．However，BASELIIIiSdifferencesofthefinancialpracticeanddesignedmainlyforthematur

7、estructurebetweenChinaandmanagementofbankingmarketsandnotfortheothercountries，forexampleifweAPITAL&MARKET资本与市场lookatchart1below—Americaninnovationbusiness，especiallyintradingbusinesshasalargesecuritiescompaniesown18％thethreeaspectsbelow．proportionanduseu

8、ptheliquidity．ofthetotalassetintheUSwhileFirstistheCDS(CreditThirdisthelongtermfundingtheratioisonly1％inChina．DefaultSwap)market．CDSchanne1．GovernmentencourageChinesesecuritiescompaniesaremarketinChinaisdifferenttolongerte