Category: Money Tips Date: 2006-07-31
For a long time, Bank-Securities Link has been "than brokerage security" itself gained the favor of many investors, however, Bank-Securities Link is really safe and convenient Mody?
Bank-Securities Link is usually a "bank management funds, stock brokerage tube" model, in this mode, the client's trading and clearing of funds need banks to change the past, brokerage firms to participate in a separate manner, resulting a series of问题.
First of all, the problems brought about is how to ensure that securities trading, as banks computer system is based on access and settlement of funds on the basis of real-time ask for much, if the computer system failure, so that customers wait a few minutes is quite normal matter, for most people, are seen in the bank "computer system failures, please wait" prompt card, securities investors, can be This is unacceptable.
Insiders pointed out that compared with the Yinzhengzhuanzhang, Bank-Securities Link existing trade order flow and other drawbacks too many links, and repeatedly caused technical problems, this is also determined to standardize Bank-Securities Link management business, important reasons. This year in May, due to hot stock market, investors enter the market enthusiasm results of operations for several days led to Bank-Securities Link does not work correctly, and even investors in the transaction time can not be completed under a single command.
In the existing Bank-Securities Link business, investors, trading commission process requires the banking system in the brokerage system and determine the various communications between the client funds to complete the transaction would cause too many links slow trading, commission apparent failure probability increased. At the same time, as opposed to trading as the main function of clearing brokerage systems, banking Bank-Securities Link business systems design purpose, function, business model completely different, and, banking Bank-Securities Link business systems and brokerage system is a transaction data interface, docking , in the transaction processing systems, communications systems, lack of backup systems, and simply involved in securities brokerage computer system compared to the stability and security, there is a considerable gap. In the market is not active, when a smaller volume, this difference is not obvious, once the market trading volume amplification, it is easy to cause investors to entrust a single block, cause losses to investors.
Second, because banks involved in securities transactions settlement funds has also brought a series of problems. In liquidation, settlement areas, the clearing broker granting of a banking data, and then banks in accordance with the data sent by brokerage clearing settlement, both sides clearing the data transmission and liquidation of the results of the reconciliation process cumbersome and, to a certain extent, reduce the efficiency of clearing and accuracy.
Bank-Securities Link client funds due to all the individual accounts in banks, brokerage accounts at financial accounts is only a temporary transitional above, and no client funds. In the Bank-Securities Link liquidation mode, the exchanges and brokerage fund settlement is T +1 day, while the banks and their customers money is a T +0 settlement day, so when the transaction occurs when the poor sell, if the Bank-Securities Link liquidation account There is no liquidity, brokerage customers will be sold the day advances poor position which led to bank overdrafts, for which banks have asked to have a certain Bank-Securities Link provisioning of clearing accounts. Under normal circumstances, banks should implement netting liquidation, or to buy liquidation, then the liquidation selling in order to ensure that client funds promptly Dao Zhang. However, due to the development of bank liquidation computer personnel do not understand the securities business, in the preparation program, designed according to the subjective wishes of the liquidation process, the first settlement to sell, then buy the liquidation, leading to potential risks. If the brokerage of financial officers in accordance with the provisions of registered companies and the exchanges and clearing the way netting settlement, and in the Bank-Securities Link no extra provisioning of the liquidation accounts, banks can only be run out of excess reserves broker to sell shares as part of customers transfer money agreement, the funds are not Daozhang result in situations where customers can not withdrawals. Bank-Securities Link's development in the history of this failure has occurred many times, but only affected part of the client, which some customers are also thought it was misappropriated customer brokerage margin.
