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Face reality, and actively respond to the challenges facing the securities brokerage business - Entering WTO

Author: SunGuoXiong From: www.yourpaper.net Posted: 2007-11-21 05:02:04 Read:
For the entry of the challenges faced by the securities brokerage business, I would like to explain such three points:

View: In the short term, the brokerage business at the indirect impact is greater than the direct impact; internal impact is greater than the external shocks.

Although the specific terms of the negotiations between China and the United States and the European Union has not yet been released, but unofficial channels we can learn, through customs and no open issues involving the number of securities market, foreign brokerages the form in which to enter the Chinese market is not clearly defined, and analysis from the relevant provisions of the General Agreement on Trade in Services, and some of the restrictive provisions, the opening up of China's securities market is a gradual process, offshore brokerage and we go fight The contest of strength is still some way off. But this does not mean we can sit back and relax, in fact, we should have felt the to join WTO indirect impact. You may have noticed the recent SFC Zhou Xiaochuan, the President's speech, he stressed: 'Next, any market can play a normal role, and that can be solved, it is necessary to let the market decide. 'This means that our regulatory approach will be a significant change, I think that there are two factors, on the one hand, China's securities market has developed to a certain stage, the level of regulation of the management, the art of management in raising, on the other hand, equal integration into the pattern of integration of the world economy and China's accession to the WTO, because joining the WTO, which first requires the conduct of the government to comply with the general rules of the market economy. Our industry is to grow up in the care of the government, the government not only to implement strict market access policies, while still allowing the broker to earn a margin spreads to see a bad market, but also from time to time to point bailout policies, nearly a decade , Securities Dealers really sad when I am afraid only 94 years and 95 years, but even so, we Fujian brokerage or insurance businesses, a slight surplus. Over the years, we have every year called the brokerage business profits averaging time has come, but so far there are excess profits earn. But recently indeed change: brokerage firms to increase their investment conditions relax the securities outlets additional accelerated speed, and cancel preferential placing of new shares of the Fund are instructions, ways to monitor changes, competition in the market situation is followed change this although some happy people worry, but the market economy is not all Pareto optimal, so-called win-win-win worth mentioning are the ideal state, the impact of this change in the market for brokerage business naturally without saying -evident. , Especially Fujian brokerage, in the past fewer outlets, more moisture all day, at a large brokerage to set up points the pressure soon come, it should be said, this situation is both inevitable market development, at the same time can not deny that this is the indirect impact through customs.

On the other hand, we know that the biggest impact is the banking and insurance industries through customs, the past few years, the days of the banks and insurance is not very good, poor asset quality, institutional huge, fierce competition and had a block of securities business, due to separate management, separate management, but also to the sub-out, and now it has joined the WTO, in direct confrontation with the financial department store foreign financial institutions, can be said to be a bit worse . At the same time, the securities industry so high profits, whether from the angle to improve the competitive strength of the integrated service, or from the point of view, to improve the income level of the banking, insurance has the inherent power to enter the securities market. In fact, in recent years the banking industry no less in the securities industry, brains, networking to place liquidation of funds from the banking and securities, stocks from the passbook to the financing agency, recently launched by the purchase of new shares, as well as insurance companies participating policyholders, a bit pressing harder and harder, and the securities industry, on the contrary, seemed to be somewhat passive, the apparent lack of banks, insurance companies and enterprising spirit. China's now approaching banking, insurance requirements combined operation pressure from the international point of view, the combined operation is the trend, so that, not open a foreign brokerage brokerage business, the first domestic The banks are open in this business, it is entirely possible.

In addition, the pressure from the IT industry can not be overlooked, due to E * TRADE mode inspired many IT companies want to get a piece of territory in the securities of e-commerce soup Securities Dealers IT companies dependence growing IT sector sent can not be purchased on the Exchange seats directly entrusted SFC shortly before the introduction of the online securities entrusted management approach, the most intense reaction is the IT company. If the WTO, China can not prevent the online brokerage E * TRADE, if not prevent, before they come, will not give the domestic IT companies to open a port, which are quite hard to say.

Therefore, China's accession to the WTO, on the the Securities Brokerage greater pressure from the direct impact of domestic, rather than foreign brokerage.

The second point I would like to explain here: our offshore brokerage gap is mainly reflected in the mechanisms and concepts.

Admittedly, the gap between our offshore brokerage, such as the size of the foreign brokerage far greater than we, as people often example: the whole of China's securities firms together might as Merrill Lynch a large securities, as well as in services means the service varieties gap is obvious. However, in my opinion, these gaps are not major, especially in the securities of e-commerce era, the whole world are carrying out re-shuffle in the grasp of the process of this trend of e-commerce, we do not have much behind than foreign Minfa Securities in 1997, began the online trading for a full two years earlier than Merrill Lynch. As we all know: in the age of electronic commerce, not ones devour the small, but fast fish eat slow fish, so large is not terrible. In addition, service tools and services together in the era of e-commerce is just a business model, this model is often copied. In fact, we are really difficult to clone offshore brokerage mechanisms and concepts. Foreign securities companies have a hundred years old, in so many years, has been able to survive and continue to grow and develop, revitalize, relying on what I think is a good mechanism and Innovation and change the concept, and has formed its own unique corporate culture. These foreign big brokerages are often listed companies, scientific decision-making mechanism, and precision industry, dedicated professional managers to run the highly recognized core values ??and standards of business ethics, employees and customer base; them to enter a long-term bullish market, continuous investment in ten years without asking for anything for enterprise development in the heyday of corporate development being merged. Compared with these century-old brokerage in China is far from being very mature, and I think that with our experience, relatively shallow securities skill, many of our brokerage is not only difficult to get rid of the mechanism of state-owned enterprises the traditional system, the concept, the lack of long-term strategic vision and even some quick success. This point, not only brokerage shortsighted, our local governments and local protectionism. For example, right now is the brokerage merger of a golden opportunity to broker reorganization basically under the guidance of the government in place in this jurisdiction, the merger of the provinces and cities, the one to the local government where it is easy to get stuck, because each The province wants to engage in integrated securities firms, if such a way, everyone get on the scale, and rely solely on its own development, China will always appear no super brokerage, in the end, it may be the same as China's beverage market and the detergent market, market cede.



Multinational companies in the development of the situation in China after the reform and opening up, I think that if foreign brokerage to enter the Chinese market, is likely to be mainly in the form of joint ventures, joint venture can scale up quickly, occupation market. The offshore brokerage will generally choose the level of income, as a breakthrough to a higher cultural level and investment awareness of the coastal areas of the high-end individual customers and large institutional clients, which is their strength.

We now may be a misunderstanding that we already have their own customer base, and to understand that they can accept the challenge of foreign capital, may not be so in fact on fact, foreigners are sometimes more than we know us customers when they enter a market, tend to conduct in-depth, detailed and long time market research to develop a good marketing strategy, and at any time to adjust, they are not only able to understand what our customers need, but also to understand what they be able to provide, we can not provide, and rely on these advantages, establish customer identity and retain customers accordingly. The other hand, our existing business department, casually walk a manager, you can take away a number of customers, customers' corporate identity is far lower than the recognition of employees, this is the Chinese enterprises inadequacies.

I thought, if not in the concept and mechanism to change the future, we are very passive. Therefore, I will explain to my third point: the securities industry must spotted the trend to the flow.
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