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Data:2009-12-12 2:34
(A) B shares commissioned way - face to face and telephone commissioned commissioned
Investors or their designated agents to the B shares trading desk dealers to personally fill Orders shall be personally commissioned. Currently residing in the territory of B-share investors or its designated agent in the territory of investors are more adopt this approach.
Investors or their designated agents by telephone, fax, telex and other communications issued by the securities dealers buy and sell orders, commonly known as telephone commission. Most of B shares to investors (including individuals, institutions and various types of funds) living overseas to conduct B share trading, the greater use of long-distance means of communication, will be entrusted to issue instructions to the broker in or through the sale of B shares of overseas agents. These overseas agents are generally by phone, fax, etc. to convey transaction instructions. Such phones are entrusted to delegate.
Tel delegate is a delegate B shares common approach. Therefore, the telephone recording (or fax) to preserve essential, generally require a longer period of retention.
(2) B shares commissioned a limit order and market order
Commissioned by the price distinction between B shares, B shares can be divided into limit order and commissioned market order.
The so-called limit order, that client in, all the elements have been commissioned to determine, including the variety, quantity, trade direction and prices. Only at the direction of brokerage and timely reporting to the Stock Exchange can be the host. Divided by the length of commission expiration date, limit order can be divided into day, effective, efficient or effective until canceled five days (GOOD TILL CANCEL).
Market order, the customer in addition to price all the other elements of the commission to determine ways. Market order is more common in foreign countries. As the B-share markets for overseas investors in the basic customer orders so they often use or reference to the international market, some of the quotation. The current market price of brokerage commission received mainly in the following categories:
1. Ensure that transaction commission (Market Order)
This commission required selling price in the market for pay deal to sell a single transaction purchase price, in principle, as long as the transaction, the price limited, and must deal immediately, as a broker, the obligation to market is the most advantageous price for our customers transactions.
2. The threshold transaction commission (All or Nothing)
This commission is normally limited price range, mainly sought assurances that transactions to achieve a minimum limit. Taking into account the cost of investment or investment portfolio, a number of fund clients often require a certain amount of commission is required to achieve it is willing to deal. General broker should wait until a certain amount of the corresponding disc popped into a link, to ensure that they have the amount of transaction.
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3. Carefully disposes commission (Careful Discretion)
This commission is usually commissioned by a day due to a number of clients larger orders, as not to influence the market by the broker to make decisions by its average price in the market, all within a day made. This commissioned some funds customers is very important, is the largest number of B-share market for a market order model, which is demanding for a brokerage commission approach. In general, brokers are required for empirical judgments in the market, sub-time period, for the customer to complete the commission.
Second, commission process
Commissioned in accordance with the different ways inside and outside the brokerage operation process vary, the following were described:
(1) investors through the sale process within the brokerage commission
1. Orders: Customers in the B share trading desk to obtain a type 2 associated Orders, the more decimal places the stock name, quantity, price, trading, reporting time, etc., signed later, with the shareholders account cards, identity documents to the B share trading, together Members of the counter orders.
2. Single testing: take a single member of the identity of shareholders and the required deposit in full after the test is correct, receive commission and staff to submit declarations.
3. Member declarations in the preparation of a good commission number (and specified in the Orders I) reported immediately after admission, the same time, returns to the client at the end of joint.
4. Return transactions: Customer Ruoyu inquiries, withdraw or change a single, can be associated to the declaration form at the end of a member of staff under delegated number declaration form to query or revised. As the B share transactions were T +0 rotary manner, it may be directly under the influence of transaction returns a delegate.
5. Settlements: All B shares sales desk in the T +3 day settlement with investors to liquidate.
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(B) no special seats for overseas agents commission process
1. The establishment of agent relationship: Choosing a good credit in the establishment of B share trading brokerage agency relationship, with the signing of the agreement, will be required materials submitted to China Securities Regulatory Commission, pending approval, foreign agents can be to the Shanghai Securities Central Depository and Clearing Corporation for clearing membership, and so approved, you can begin the sale of B shares agent.
2. Orders: By mutual agreement agreed to by both parties to commission designated traders trading. Overseas traders received the directive from overseas customers by telephone, fax or telex notice to the territory of traders, traders in the approval of the record as correct and stay within the immediately reported admission.
3. Declarations: domestic traders declarations admission, also need to develop application number, while securities firms must be outside the code for clearing members informed floor traders.
4. Return transaction: a transaction as soon as the venue has commissioned, you must immediately inform the foreign agent broker, in order to inform their customers.
5. Nuclear One: After the close of the afternoon, that is to examine the turnover of all the days of the broker, after verification, verbal confirmation of the date of closing.
6. Transaction confirmation, domestic brokerage commission is divided into clear and overseas agents.
(C) there are special seats for the foreign agent commission process
1. Establish agent relationship: Same as (b)
2. The establishment of special relations between the seats: When the foreign agent commission to reach a certain amount of turnover, the general will be asked to enable the special seats, that is, in the name of the broker application, the actual users of seats to overseas brokerages, so termed the special seats. Therefore, the two companies will reach a seat on such issues as the use of a new agreement. The agreement was signed and the application for special seats in the report of the approval by the Stock Exchange, the broker can, through their special seats, employed by traders to declarations, the input single-core single-commissioned work of normal.
3. Transaction identification and the commission is divided into: in the afternoon before a local brokerage clearing houses clearing data, which is the issue of the transaction confirmed telex, the commission is divided into by both sides.
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