According to the relevant provisions of the State Council, my country's implementation of the license system for futures brokerage companies, and institutions engaged in futures agents must be strictly reviewed and collected by the China Securities Regulatory Commission. license". At present, the futures brokerage company qualified by the futures agent business must meet the following conditions:
1, in line with the "Corporate Law of the People's Republic of China"; a regulated company charter.
2, there is a fixed business place and qualified communication facilities.
3, registered capital is more than RMB 30 million yuan.
4, there is a certain number of qualified professional and managers.
5, a complete business system and financial system.
As the bridge between the trader and the futures exchange, the futures brokerage company has the following functions:
1, according to customer directive agent trading futures contract , Handle settlement and delivery procedures.
2, managing customer accounts to control customer trading risks.
3 provides customers with futures market information, conduct futures trading consultation, and act as a customer's trading consultant.
Futures brokerage company as a direct participant and transaction of futures trading, the impact on futures trading risks is at the heart. The risk of the exchange (settlement) is the serious loss of futures brokerage companies, and the risk of customer explosion is both a customer's risk and the risk of futures brokerage companies.
Main Risk Origin
1, management risk. It mainly refers to the loss of improper management of futures brokerage companies. For example, in the case of the customer's failed, the futures brokerage company will be transaction to the customer or the customer, and will cause risk, causing a loss.
2, predict risk. In the prediction of prediction, the futures brokerage company is complicated due to the complexity, and there will be a loss to the customer, and the customer trust will be lost, and the futures brokerage company will shrink.
3, business operation risk. Futures brokerage company business operations directly affect the company's performance. Important business operations include how to recommend a reasonable risk decentralization investment, how to accurately assist customers, how to develop effective trading programs, etc., for brokers, business operation risk is always.
4, customer credit risk. When the agency customer is trading, if you encounter customers, if you can't or not, you will be in charge of the futures brokerage, any credit crisis will affect the performance of futures brokerage companies, so you have learned about the credit status of customer funds. It is important. Customer credit risk has the following cases: First, the customer cannot compromise due to major events such as the legal representative, the changes of ownership changes, the deterioration of the operating conditions and force majeure; Second, the futures market has changed significantly, the price is sharp, so that customers are weak Belt, unable to perform.
5, the economic industry is vicious competition risk. Futures brokerage company operates a lot, in order to strive to strive for more customers, futures brokerage companies often compete with low commission rates, reduce handling, improve service quality, etc., the competition between futures brokerage companies often makes the average profit margin in the industry, and also Improper futures brokerage companies are bankrupt.
internal risk monitoring mechanism
1, control customer credit risk
(1) For detailed investigation of customer funds, ensure that customers have enough funds Transactions, customers who do not meet the requirements of the credibility of those who do not meet the requirements of investment. Futures companies must carry out the necessary training to customers, strengthen their risk awareness, improve customer trading skills, and reduce the possibility of significant loss.
(2) Approve the position of the position according to customer credibility. In order to control the risk of transaction, the futures brokerage company generally adds a certain ratio to the customer based on the margin ratio specified by the exchange, otherwise the risk is very large, it is difficult to have a returned room. Therefore, many futures brokers have specified the maximum positional limit for customers to control their transactions and prevent risks.
2, strictly implement margin and additional margin system
Margin make customer performance guarantees, the margin standards for futures brokerage companies are generally higher than the departments of the exchange. Customers must append their margins within the specified time limit to do daily non-liabilities. When the customer can't take a timely increase, it will be enforced. For the treatment of customers, it is also an important part of risk control. Due to the limitations of the bank settlement system, the individual will also have a refund or a short check. Therefore, customers can generally cannot use new warehouses, only as additional margins; when the market price is fluctuated, funds cannot be used as a basis for unsolved.
3, strict management
It is strictly forbidden to use illegal means to disrupt normal transactions; the supervision of finances must insist on financial, settlement authenticity, insist on customers and itself Full supervision in the full process of futures trading.
4, strengthen management of practitioners and improve business operation capacity.
Futures brokerage company to strengthen personnel training, improve the quality of employees, effect in the field, the exterior and other staff, and strengthen the professional ethics education and business of the broker Training, enhance market competitiveness.
"Futures Broker Contract Book" made a clear agreement on the rights and obligations of the contract. Because the contract is legal effect, it is protected by law, and both parties must perform their rights and obligations in accordance with the agreement of the contract.
Contract books usually have the following content:
1, delegation; second, margin; three, forcibly positioning; four, notice; five, designated matters; six, directive 7. Report and confirmation; eight, spot month closing and physical delivery; nine, margin account management; ten, information, training and consultation; 11, fees; 12, disclaimer; thirteen, contract effectiveness and revision; Fourteen, the clearing of the account; fifteen, dispute processing; sixteen, other matters.
In these terms, investors should pay special attention to the contents of three to seven. Among them, the three is the corresponding measures for risk metric and in what circumstances; the fourth is how the two parties have notified the operational brokerage company to notify the obligation and how to identify the futures brokerage company has made the obligation; the designated matters in the five Refers to "designated instructions", "specified funds allocation person" and "designated contact information", pay attention, if the "instructions" and "fund transfer people" are not investors, it means that they have been authorized, investing in others. Veter must be responsible for the authorized person; the content of the sixth is to surround the manner of the order, if the transaction investor chooses the electronic trading method, it also needs to sign the corresponding supplementary agreement; the content of Seven is a settlement report How to solve the agreement when confirming or objection.