Take off "invisible capital preservation" jacket securities dealers set aside the "homogeneity" of the query

With its own funds to participate in the management of the collection of financial products, and the first to bear the loss, is the securities companies to carry out a collection of financial services in the early days of the most distinctive features.　　However, at present, the use of their own funds to participate in the collection of wealth management products are quietly abandoned by the securities brokers. Statistics show that the 2009-year first quarter of the new brokerage set up 10, and 6 in the promotion period, the number of products has been the year 2008, the number of distribution, but only 3 of the product managers chose to subscribe to their own funds,　　And only one of the products set up in January will be the first to bear the risk of its own funds.　　On the contrary, the 16 securities brokers set up in 2008, more than half of the product managers chose to participate in their own funds, and promised to take the lead in the loss. "This is a change that follows the development of the market.　　"June 4, when talking about the changes, the Asset Management Department of a large Beijing brokerage said so. The personage pointed out that after many years of development, the security of the securities of the collection of financial products has been gradually recognized by investors, at present, the yield of the product is the most concerned indicators of investors.　　Taking into account the security of securities companies and market risk factors, many brokerages have chosen to give up their own funds to participate in the subscription of financial products.　　Take off the "invisible capital" coat out of control of the entrusted financial services has been a Chinese brokerage field of a big scar.　　In order to cure the existence of the securities business "Scar", the CSRC in "blocking Shandao" at the same time, decisively "open the right path", began to approve the pilot collection of innovative securities business management. March 2005, when the innovative type of securities companies formally launched the first collection of wealth management products-GF 2nd.　　After Everbright Securities, Oriental Securities, CICC, Citic Securities has also launched its own collection of financial products. Public data show that 2005 first issued 8 brokerages collection of financial products, in addition to GF Securities and CICC do not have their own funds to participate in, the other 6 of the collection of financial products are set up their own funds to participate, of which Everbright Securities and the highest in the Orient, for 10%, the Yangtze River Securities,　　China Merchants Securities and credit securities own funds to participate in the proportion of 5%, Citic Securities own funds to participate in the proportion of 3%.　　Why is there so many brokers will choose their own funds to participate in the sale of their own financial products? "In fact it is very simple, we think, at that time, investors buy our collection of wealth management products, although the interest rate, but also pay attention to the safety of the principal."　　"Everbright Securities Asset Management Department, a person pointed out that because the securities brokerage in the reputation has been destroyed, in order to restore investor confidence, the securities brokers choose to participate in the collection of their own funds of financial products is to reassure investors on the principal security concerns. The person pointed out that it is undeniable that this practice is actually a "hidden capital preservation" approach.　　However, this may be the best option for starting a business that is almost cut off. In fact, the China Securities Regulatory Commission issued a set of management measures for the collection of securities, it is also clear that the securities companies can use their own funds to participate in the company set up a collection of investment and financial planning, if the collection of financial losses, can be the first part of the securities brokerage funds to other principals of the principal and income compensation. "Since this is a new business, there is no historical reference to the rate of return, so the level of operation of each brokerage is unknown."　　These people pointed out that in the face of the situation at that time, many investors clearly believe that a collection of financial management to participate in more of their own funds, which is the relative soundness of the higher. "Innovation Road" long, in addition to reassure investors on the principal security concerns, of course, to take their own funds to participate in financial products, another reason is to avoid and other financial products with the homogenization.　　"The above Everbright Securities Asset Management Department personage pointed out.　　Since entering the 2005, the face of banking, insurance, funds, trusts and other financial products gradually mature, and later--brokers set up financial management does not have more advantages. "In fact, after 4 years of collecting money, other financial products have never stopped attacking us, thinking that we are going the way they are," he said.　　June 4, Shenzhen, a well-known asset management department of the senior said, diligently seek innovation, has been a collection of securities brokerage products development theme.　　2007 3-July, because of the fierce debate, China Securities Regulatory Commission also temporarily suspended the securities brokerage collection of product approval work. "In fact, in the current market environment, the securities brokers have been trying to innovate, but the space for innovation is indeed not very big." Now, as the main force of the financial Management market, the fund company has developed a suitable for various levels of investors, different investment target market products, securities companies to gather money in this area of innovation is indeed difficult.　　The Asset Management Department of the above-mentioned securities brokers said. At the end of 2007, regulators began to approve large batches of securities brokers to assemble wealth management products.　　At the same time, the parties began to use a variety of financial products "homogenization" of the dispute, the Ministry of China's Securities Regulatory Commission began to encourage brokers to launch a variety of securities collection of financial products. Entering the end of 2008, since the beginning of 2009, the brokerage collection of financial products began to appear "blowout." In addition to the creation of securities can be issued, the rating of more than 2 B brokers began to allow to join the market, more brokers issued their first collection of financial products.　　More importantly, the management has significantly shortened a collection of financial product approval period, the collection of financial products on the sale of the same as the fund to push the phenomenon. After 08 years of unilateral downward bear market, the security of the principal of the securities collection of financial products is fully tested.　　"According to the Asset Management Department of a large Beijing securities broker, the effect of a high degree of concern on the safety of the investor's principal was significantly reduced as a function of its own funds involved in financial products.　　More importantly, the outside world for their own funds to participate in financial products and funds such as the homogeneity of the criticism began to weaken. "In fact, the invisible capital-saving approach to financial products with its own funds does notis an innovation in a strict sense.　　"A Beijing large-scale fund management company product Design Department personage pointed out, some brokers ' collection financing product only invests in the fixed income product or participates in the new stock subscription, the principal security originally has the guarantee, the securities broker does not need to use own funds subscription share to guarantee the customer the principal security."　　In addition, a wealth management products, not managers put their own funds, investors can rest easy, after all, the securities companies involved in their own funds also have limits, if the performance of the financial products is too poor, its own funds can not make up the loss of the principal, the investor's principal security is difficult to get bag guarantee. "From this point of view, although the brokerage collection of wealth management products in recent years has been shouting innovation, but ultimately did not exceed the fund and other financial products of the rut."　　"It is one of the best examples of a broker abandoning its own funds to participate in financial products," the person said. "Innovation is a complex and difficult thing. Now, the collection of financial management using the current wealth management market mature operational practices should not simply be referred to ' homogenization '.　　"The Asset Management department of a large Beijing brokerage believes that at present, as the people's financial awareness gradually increased, the market clearly needs more different management of the financial institutions, need more different choice of financial products." The person pointed out that the securities collection of financial products and funds and other markets more mature financial products are part of the homogenization of the phenomenon is objective, but more should be understood by the market parties.