The era of Internet securities is opening

Absrtact: The era of internet securities is open, in this relationship between the financial operation model changes, internet companies are ambitious attackers, and as defenders of the securities companies, the hands of a few chips. For the securities industry, the Internet is to achieve

The era of Internet securities is opening, in this relationship between the financial operation model changes, internet companies are ambitious attackers, and as defenders of the securities companies, the hands of not many chips.

For the securities industry, "Internet" is the means to achieve the goal or the way of thinking? Can the securities industry change its edge in the financial map by virtue of the Internet? Where is the real choice of the securities company? With these questions, the securities Times reporter conducted a multi-party interview survey, trying to explore a little clue.

The Wolf is coming!

It was learned that internet companies want to use internet brokerage to kill into the securities trading market, through the Free Trade Commission method and the traditional brokerages head-on competition.

In this respect, a vice president of a securities brokerage in Shenzhen, said, "the securities industry has been the birth of the main food rations will be looted, brokers for many years rely on the Channel business profiteering era will end." ”

The rations will be plundered.

At this stage, the commission rate for securities trading is 0.6%. ~0.8%. If an Internet broker offers free securities trading services, the mere commission rate of the securities industry will fall to floor prices in the short term. Said a former executive at Huatai Securities.

The Commission income of Securities trading has been the main pillar of brokerage income for many years. Public data show that 2007 Securities brokerage commission revenue accounted for the proportion of operating income as high as 70%. Since then, as far as possible the proportion of the year fell ――2011 less than 51%, 2013 the first half of the 43.3%, but still did not shake the securities Trading Commission income accounted for "a share of the single big" situation.

In addition to pure brokerage brokers, there are also a number of integrated securities brokers also rely on brokerage transactions to live on commission income. In the first half of 2013, some large brokers traded securities commission income accounted for more than 60% of operating income.

The securities industry's fear of the "wolf" of internet companies is not superfluous, as internet companies have long expected the "free" banner to be plugged into the top of the securities trade. An insider at Tencent said the Internet's core spirit includes "freedom, equality, integrity and openness", and that the reason for the internet to grow is "free", and Internet securities are naturally difficult to escape.

In many cases of the Internet in the financial field, it is not difficult to find that free services bring about a rise in the consumption experience. Since last year, many banks have faced a dilemma in implementing mobile phone transfers: Many customers are worried about cybersecurity and are often reluctant to transfer money via mobile phones. It is understood that in order to enhance the scale of business and customer experience, ABC, China Merchants Bank, Everbright Banks, Guangdong Bank and Beijing Bank, including a number of banks have launched mobile phone transfer free services.

This is a typical case of changing consumption habits for free. Tencent, Taobao and other internet companies rely on free, good customer experience, such as a number of factors sweeping the traditional industries, the current most popular micro-letter to the telecommunications industry impact can be seen.

Every monopoly and profiteering industry can be pried and changed. This time, internet companies are looking to finance. Ma Yun, chairman of Alibaba's board of directors, asserts that the two major opportunities for future finance are the financial Internet, the financial sector moving to the Internet, and the second is internet finance, which is led purely by laymen, and "the financial industry needs spoilers and needs outsiders to come in and change." ”

"Mr Ma's actions in the banking and fund industries are enough to deter the financial world. The next target for Mr Ma is likely to be the brokerage, which can be very quick. Said a CITIC Securities managing director.

"We looked at the securities industry and found that, like telecoms companies, the current system of securities companies decided that they were going to decline." "It was a slow pace of progress for so many teenagers," said a securities business person at a large internet company. The crisis does not necessarily come from competition between peers, the external impact is the most lethal. ”

Internet securities are a big opportunity, say several internet business people. Because there is a huge profit margin in a monopolistic place, the probability of future shocks and forced opening is higher, such as Alipay's change in the payment industry.

Coveted customers and business value

Internet companies are not live Lei Feng, the free card behind the coveted is a huge customer base and its commercial value. And the number of customers and lack of technical content of the securities trading business, has been regarded as the Internet enterprises into the securities industry into the mouth.

A number of brokerages have or intend to drop the Commission rate directly to 0.3% per cent before they can agree to a self-regulatory consensus on commission standards. (NET Commission), aiming at peer customers. A brokerage in the Southwest has said that 0 Commission will be able to gain a higher market share in the short term, "most investors only need trading channels, free trade is undoubtedly a huge attraction." ”

Today, the logic of the Internet enterprise's thinking has not changed radically. A person close to net that the securities trading services and some internet companies have overlapping business attributes, so internet companies are easy to get started.

In the technology sector, internet companies do not have any barriers to intervene in securities trading services. It is understood that the same flush, great wisdom for dozens of brokerages to provide trading services. Many market participants judged that if the big wisdom or the same flush and other companies to obtain securities licences and announced the transaction free of charge, then most of the previous use of these two companies trading system investors will be transferred to the two companies.

It is reported that the current use of great wisdom and flush with registered users have reached tens of millions of. 2012 daily use of the same flower shun online market for free clients on average about 3.57 million households; great wisdom at the end of 2009, the number of daily use has exceeded tens of thousands of households. Tencent, with the help of mobile phone applications, obtained millions of securities users.

At present, net, financial, and news and other securities sites provide real-time securities trading market. Tencent and other portals have developed applications related to mobile securities. "They have already been able to go it alone and are missing a licence." Many of the company's technical service capabilities are even stronger than some brokerages. "A person in Huatai Securities said.

Up to now, most Internet companies to provide the stock market browsing, trading services are free. If they obtain a securities licence, the continued provision of free services does not impose any additional burdens and does not require adjustments to earnings forecasts.

Guotai, a brokerage person, said internet companies ' erosion of brokerage customers would be triggered by a "tsunami" after the licence was opened. "In accordance with the existing service level and service awareness of brokers, as well as the Commission price of the catalyst, then the large number of customers loss of brokerage is expected." The power of large internet companies should not be underestimated. ”

Creating a fourth business model

However, the ambitions of internet companies are clearly not limited to obtaining securities trading service licences. Industry insiders said that there will be no business has been providing free services to survive, or it will violate the basic principles of the operation of modern Non-public enterprises, such as by mobile phone users highly dependent on the micro-letter, is also exploring a variety of profit models.

Yi Huan, deputy director of the Institute of Macro-source securities, said that internet finance should open up a fourth business model beyond advertising, electricity and value-added. They have three advantages, one is high degree of activity, the second is customer description meticulous, three is based on the data can be judged in advance of customer loan needs, to achieve information push. For Internet financial enterprises, facing 90% of the grassroots customers, as long as they can meet the needs of 30%~40% customers, there is a huge profit space.

"It is expected that internet companies will develop a variety of securities and financial services after acquiring a large number of customers." Initially including the current securities industry does not have the technical content of the type of business-such as the two-Rong, pledged to buy back, such as financing business, the management of financial services. Later do not rule out and brokerage cooperation, or a wide range of professionals, to create professional-class investment bank. Said the head of a department of National Credit Securities.