The first half of the fund contribution has shrunk, refrain from commissions on brokerage
In the first half of this year, the securities industry-wide average net commission rate fell to about 0.076%, for the first time less than eight ten thousandths. At the same time, the first half of the fund contributed to securities companies sub-warehouse commission of 2.068 billion yuan, down 25.6%. Analysts believe that the fund transactions in the brokerage commission rate for the first time more than the industry average, the fund cut stock trading rate pressure increasing fund commission income share of the total revenue of the brokerage commission is not, but for the brokerage research department, or will be the impact of the commission reduction. In this case, layoffs and pay cuts became the Institute a means to deal with a bear market. The Institute, to get rid of the homogenization of the business model, take the road is the long-term plan of service differentiation statistics show, the the securities industry buying and selling securities net operating income in the first half of this year was only 66.7% in the same period last year. Which funds to securities companies in the first half of contribution to the sub-warehouse commission of 2.068 billion yuan, compared with the same period last year fell by 25.6% Wind data show, this year, the Fund of the positions in the top five brokerage CITIC Securities, SW, Galaxy Securities, Guotai Junan Securities, Orient Securities. Fund commission income 119,600,000 yuan, 118,477,000 yuan, 100,147,000 yuan, 87,375,000 yuan, 81,603,000 yuan. However, in these five brokerages, in addition to the Galaxy Securities, the remaining four brokerage fund commission income year-on-year has about 25% of the decline. The view from the fund transaction only, SW, Guotai Junan, CITIC Securities broker-traded fund only a few more than 480. Most securities companies the Fund commission income in the first half of this year, a year-on-year decline. , Huatai Securities decline as high as 75.63%, a decrease of 63.41% Soochow Securities Galaxy Securities to Win Replica Baume & Mercier Watches
in the Fund commission income in the last year and a half, from 11 last year to advance to the top three this year, the first half of this year, the Galaxy Securities 10,014.7 million commission, far more than more than fourth of Guotai Junan. Galaxy Securities commission of the highest positions in the three funds are Changsheng, Bo emerging Castrol quality business. Trading commissions of the three funds in the Galaxy seats more than 330 million, of which Changsheng sub-warehouse commission of over 700 million. In addition, Central China Securities, financial securities, Jin and Yuan Securities brokerage commission income of the Fund increased as compared with the whole, according to the Securities Association of China data show that in the first half of 2012, net income of the business of buying and selling securities for the securities industry 27.333 billion yuan, only 66.67% in the first half of 2011. Wind statistics show that the first half of buying and selling securities had net revenue of over 100 million yuan, only 8, the data of the same period last year, compared with 13 in August, a fund brokerage will drop 20% commission message attract market attention. It is reported that the adjustment to the commission of the relevant positions there is no document issued. However, the industry believes that, in the context of retail commission rate market-oriented downward adjustment of the Fund sub-warehouse commission is also imperative. CITIC Securities semi-annual report shows that the first half of 2012, the securities industry-wide average net commission rate fell to about 0.076%, representing a decrease of 5% compared with 2011. Brokerage for the first time the industry average commission rate of less than eight ten thousandths in the first half of this year, it is learned, eight ten thousandths still fund industry stock trading commission rates means that the fund for the first time in the history of trading brokerage commission rate more than the industry average, the fund Replica Zenith Watches
cut stock trading rates increasing pressure layoffs and pay cuts deal with a bear market
A brokerage industry analyst told reporters that the commission income from sub-positions have limited impact on the overall business of the brokerage, fund commission income share of the total revenue of the brokerage commission. But for the brokerage research departments, or will it be the impact of the commission reduction. Market transactions continue to shrink, the seller researchers are constantly rising labor costs accounted for, resulting in Vendor Institute earnings space decreases. Today, the Fund contribution to the brokerage commission reduced year by year, the entire market downturn, not just the investment bank layoffs, and now the brokerage research sector employees could not escape. Even analysts complained that: bear market, layoffs and pay cuts, brokerage Institute is always the first to the knife. This year, the brokerage Institute of layoffs after another, Ping An Securities, SW, Huatai Securities involved. Even the media reported that the first half of the brokerage Institute layoffs in vogue, even CIC Securities Institute of independence, let the self-financing brokerage Institute in urgent need of transformation
The layoffs take a pay cut is just a delaying tactic, does not solve the brokerage Institute of the problems encountered in the course of development. In the past decade, the rapid rise of China Equity Research industry, relying on funds, insurance and other institutional investors, have been expanding. Brokerage Institute gradually began from the inside out, by the pure cost to the profit sector restructuring, sub-positions of intelligence research for new profit growth point for the brokerage commission income. Now, to get rid of the homogenization of the business model, some brokers Institute began groping forward service differentiation on the road. March of this year, Ping An Securities Institute to streamline the 30 sub-field of study was 16, with its own investment bank advantage to strengthen the study of small and medium capitalization companies. In addition, Shanxi Securities, Warburg Securities, Debon Securities, Societe Generale Securities and other small and medium-sized brokerage regions, industries, major shareholders and other advantages, has been basically formed in the traditional study featured in the the seller Institute services, a researcher reluctantly said: Vendor increasing investment in service buyer, and the buyer is getting a small contribution to the commission, the Institute as a seller's value is what, so layoffs and pay cuts is indeed a positive direction. certainly hope that our range of services and service frequency can also be a corresponding decline in we go.
However, for the brokerage services and research at the quality is good or bad, is also one of the most intuitive criteria. Brokerage researchers in order to make their study can come to the fore, however, often leads to a research report Taishishuizhun. Brokerage sell-side research report fraud, plagiarism, inadvertent errors and other events often occur, there is no lack of use of the Tang, Song, network hot words, the title of Replica Movado Watches
the party create a gimmick to attract the buyer's eye not only research report, a Analysts said: different institutions different on analyst performance evaluation standards, some are in accordance with the 'new wealth', but our research is to look at the customer's evaluation. As we all know, the annual wealth ranking list for brokerage researchers to significance. But this year, the new wealth glorious seems to be gradually fading. It is reported that the CICC will collective absence this year of new wealth selection. Earlier, the Securities chief economist Gao Shanwen publicly announced its withdrawal from the selection work of the new wealth.