Innovation or offside: Joint securities "golden shopkeeper" multi-deposit management cited controversy

During the comprehensive management of the voucher industry, the important institutional changes introduced by the SFC--the third party depository system for the clients ' funds of securities companies--may be greeted with a heated debate.　　At the beginning of 2008, the joint securities quietly launched a third-party depository business model of financial innovation products-"golden shopkeeper" wealth management platform.　　With the former securities companies engaged in the third party management business model is different, the "golden shopkeeper" can allow customers to connect the securities account at the same time a number of bank accounts, to achieve in a number of bank accounts easily transfer funds. "The practice in the third party depository of securities is that a customer's securities account can only correspond to a bank margin account." Therefore, this practice of joint securities is obviously in breach of the system of third party deposit and control.　　"June 18, a senior Beijing securities sales Department said that if the management continued to acquiesce to this practice, more brokerages may consider the introduction of such services."　　But "golden shopkeeper" run for more than 1 years, and did not cause too many brokers follow, obviously has its own reasons.　　On the evening of June 18, China Merchants Securities, credit securities, such as Shenzhen brokerage business people interviewed by this reporter said that has been concerned about the practice of joint securities, but at present, their company can not provide customers with similar services.　　From "one to one" to "One-to-many" third party depository, the full name of "Customer transaction settlement funds third party", refers to the customer transaction settlement funds by the securities of the third party independent depository management institutions.　　Its core is "securities brokerage, Bank management of funds", securities dealers are responsible for customer security transactions, shares management, the bank is responsible for customer transaction settlement Funds management account, securities funds (i.e. the original securities funds account) and its Bank settlement account (Bank personal debit card or public settlement account) between the transfer of funds.　　The purpose of introducing a third party is very clear, that is, in order to completely eliminate the former securities companies appear misappropriation of customer margin phenomenon.　　However, in the third party depository system, because the customer's securities account can only correspond to a securities margin account, linked to a bank, therefore, when investors to the brokerage department to open an account, although the brokerage can provide a number of banks for customers to choose, but the final customer opened the guarantee gold account to choose a bank. "Combined securities are seeing this flaw.　　June 18, the Beijing securities business executives said that, despite the rapid development of electronic banking, but the majority of the people are still worried about the Trans-bank transfer funds, coupled with net bank repayment charges as high as 1%, is time-consuming and laborious.　　The "Golden shopkeeper" of joint securities can solve this problem.　　June 18, Joint securities Beijing Sales Department, a Customer manager introduced, customers open "golden shopkeeper" platform, you can achieve a security account can open 5 funds account. At present, the joint securities Shanghai Huanghe Road Sales department outside the information revealed that the "gold dispensers" of the cooperative bank reached 19, including workers, farmers, in, build, pay five major lines, as well as China Merchants Bank, Minsheng, Citic, Guangdong and other small and medium-sized banks. Almost all of Shanghai residents can contactTo all the banks. The above Beijing securities business executives said, in fact, customers to the joint securities opened "Golden shopkeeper", in fact, open with a number of related banks of the third party management business, if you want to 5 bank accounts to the "golden shopkeeper" wealth management platform, then you need to open 5 funds account, and your 5 bank accounts corresponding, by the " Golden shopkeeper "to 5 funds account unified management."　　"Golden shopkeeper" support online, telephone, cabinet face a variety of funds transfer methods, once opened, customers can through the network or telephone, easy to transfer a bank funds to the "gold dispensers", and then the money from the "gold dispensers" transferred to Bank B, can complete the transfer.　　Innovation or offside?　　The brokerage division of Joint Securities became the focus of the industry in 2009 because of the first approved securities broker system.　　"Understanding their clients and providing appropriate services" is an important principle of the joint securities Brokerage service, according to the official website.　　The account manager of the Joint Securities Beijing Sales Department said for securities investors, the greatest value of the "golden shopkeeper" is practical, can quickly and freely transfer funds from a number of bank accounts, grasp the investment opportunities, but also can be easily transferred investment income to a number of bank accounts, timely to meet the needs of different accounts of the funds. "Innovation is the vitality of the combined securities, which is one of the innovation of the company's wealth management platform."　　"When asked why other brokerages are not doing similar business at the moment, the account manager replied. The account manager introduced that, at present, customers experience the value of this platform, the general is the initiative to transfer securities trading accounts to the United Securities. "The charm of market economy is to use the intangible hand of value to regulate the behavior of consumers, rather than relying on monopoly and bundling sales."　　"Public information shows that in 2008, the number of joint securities firms grew by 33.4% per cent year-on-year, with a 23.9% per cent increase in the number of individual customers and a 2.05% increase to 2.32% in market share, up from 13.5% in 2007." "From the customer's point of view, this is indeed an innovation." However, careful to clear the ' golden shopkeeper ' mode of operation, we may find that there are many laws, regulatory risk, there is an obvious ' offside ' behavior.　　"The above-mentioned Beijing securities Business executives pointed out that this is why the" gold dispensers "run for a year, there are no more brokers dare to follow the reasons. "The joint securities business is the equivalent of a brokerage to provide customers with some banking business support, a greater degree of freedom of control over client funds." "At present, because the scope of operation is very small, the regulatory department has not been too much attention." Now also said not good, the golden shopkeeper's practice will have what kind of result, it is also difficult to say this will immediately bring what undesirable consequences. However, from the risk point of view, do not rule out, the late negative effect will appear, in case the customer funds problems how to do? "The security of funds is the most concern of customers." "The senior noted that the closure of the shipment under the third party depositoryBank of Banks as an independent third party, to fulfill the supervision of investors and the supervision of the operation of the security deposit of the deposit management duties, to be responsible for the access of investors funds, according to the securities company sent the liquidation data with the Chinese settlement company and investors of funds settlement and other business. Gold dispensers The most prominent function is to achieve a number of funds to transfer funds between accounts, in fact, is the transfer of funds, broke through the three-party deposit management funds account? D Bank Account "one by one corresponding, closed operation requirements, evolved into a bank account?" D funds account a? D funds account B? D Bank Account B "model, the middle added" fund account a? D funds Account B "link, the link is mainly in the internal system of the broker to complete, so the security platform is worth thinking."