Brokerage Commission war on the interest of the Drum Futures Company margin Reduction competition has been Ming gong

In the past one months, more than 10 futures companies have announced the adjustment of margin ratio, obvious to promote active, secretly scramble for customers a-share market in recent months of the exchange of investment has just prompted brokerage commission war, and Futures Company's margin "downward competition" has been Ming gong war.　　"Superficially, lower margin is in accordance with the Exchange notice and in order to promote active, but in fact, the futures companies to reduce margin is to compete for customers, because the margin is actually related to the customer's financial leverage factor, senior people to the" Securities daily "reporter Miju margin adjustment behind the mystery.　　Futures companies are scrambling to cut margin according to the "Securities daily" reporters do not fully statistics, nearly one months time has been more than 10 futures companies announced large-scale adjustment of margin ratio, but the adjustment of product types and range is not the same.　　For example, since the settlement of Tianma futures on June 30, 2009 (Tuesday), the trading margin for the cotton and sugar contracts was lowered from 11% to 10%. The new century futures since June 25, 2009, the Shanghai Futures Exchange copper, fuel oil, natural rubber varieties of the initial margin adjustment from 15% to 14%; aluminum, gold, zinc each variety of the initial margin from 15% to 12%, screw steel, wire, the initial margin from 13% adjusted to 12%; The initial margin of yellow soybean and soybean meal of Dalian Commodity Exchange is adjusted from 12% to 10%; the initial margin of corn is adjusted from 10% to 8%; the initial margin of soybean oil, palm oil, polyethylene and polyvinyl chloride is adjusted to 13% by 12%. Zhengzhou Mercantile Exchange The initial margin for sugar and cotton is adjusted from 12% to 10　　The initial margin of rapeseed oil and PTA was adjusted from 13% to 12%, and the initial margin of each variety of strong wheat, hard wheat and early Indica Rice was adjusted from 10% to 8%.　　SU material Futures June 19 announced the adjustment of aluminum and palm oil varieties contract trading margin, June 25 announced the adjustment of soybean meal and yellow soybean, such as a variety of contract trading margin, July 13 announced the adjustment of white sugar contract trading margin.　　Xinda futures from July 2, 2009 when the rubber oil contract adjustment to 15%, aluminum, threaded steel, wire contract adjustment to 13%, LDPE contract adjustment to 12%, the sugar contract to maintain 11%, cotton contract adjustment to 10%, refined terephthalic acid contract adjustment to 12%, rapeseed oil contract adjustment to 13%. The margin is related to the fund lever coefficient According to the introduction, in the futures trading, any trader must pay a small amount of money in accordance with the value of the futures contract, as the financial guarantee of the futures contract, and then to participate in the trading of futures contracts, and depending on the price changes to determine whether additional funds This system is the margin system, the money paid is the margin. [Page] margin of the collection is graded, can be divided into the futures exchange to members of the deposit and futures brokerage companies to collect the deposit, that is, membership margin and customer security. MarginShould be paid in monetary funds, can be listed in the circulation of Treasury bills, standard warehouse list discount futures margin. The ratio of customer margin is regulated by the futures Brokerage company, but it shall not be less than the transaction margin charged by the exchange to the members according to the relevant regulations. The margin belongs to all customers, futures brokerage companies in addition to the CSRC in accordance with the regulations for customers to the futures exchange deposit margin, to carry out transaction settlement, is strictly prohibited to move for his use. When the customer's margin is lower than that stipulated by the futures exchange or the margin level agreed by both parties after the daily settlement, the futures brokerage Company shall issue a margin notice to the customer as required.　　Customers in the specified time to provide margin gap.　　In the face of leverage behind the margin, futures companies often have to make a choice-to ask for higher margin risk reduction, or to proactively reduce margin rates to active customer transactions?　　More serious is that, in terms of the industry, the ratio of guarantee gold has a "parity effect", if the futures company itself set a higher margin than peers, it is likely to face customer churn. It is a difficult point for the current futures industry to increase the amount of the sprouting margin in the process of deleveraging.　　On the one hand, to improve the margin ratio is conducive to control risk, but will inevitably affect the liquidity of the futures market.　　On the other hand, raising the margin also increased the transaction costs of investors, allowing investors to reduce interest in the futures market.　　Although recent futures companies have lowered margin ratios and stimulated market exchanges, some investors have turned to "deleveraging" instead of buying accounts.　　Since last year, the international crude oil price volatile, a private equity futures investors in the arbitrage operation of a very cautious-if a variety of margin lever is 1:10, and the investor has 10 million yuan of funds, will only use 1 million yuan to do this breed.　　Theoretically, in accordance with the normal ratio, if the following 1:10 lever, 10 million yuan of funds can operate a value of 100 million yuan position, as long as the direction of the correct judgment, the position of 100 million yuan only need to change 10%, 10 million yuan can double the principal.　　"To give up the small broad, would rather disguise the full margin trading discipline in the securities market, but also to ensure that the risk is minimized in order to achieve as stable as possible profitability," analysts so evaluation of this deleveraging operation. According to the reporter understand, this "deleveraging operation" at present only by a small number of investors agree, and more for private equity, but the significance of its germination lies in the margin of the dilemma to make another answer.