Securities self-employment


specific securities proprietary business following four meanings:

(1) engage in securities only China Securities Regulatory Commission approved the proprietary business of securities companies to engage in Securities proprietary business. Self-service securities company its minimum registered capital should reach 100 million yuan.

(2) self-service securities company profit, and buy and sell securities for their own profit through bid-ask spread of a business act.

(3) securities companies must use their own or raised funds can be used to import legally engage in proprietary trading.

(4) proprietary trading must be made on behalf of their own to open securities accounts; and can only be traded in accordance with law or other public offering of securities approved by China Securities Regulatory Commission.


securities self-service has the following basic characteristics:


i.e. autonomous self. This is the first self-service features. Under conditions do not violate laws and regulations, securities companies have engaged in self-autonomy in the transactions, trading, transaction price. Autonomy is completely autonomous from investment decisions to the whole operation, from external constraints, the company has the right to decide the direction of investment.



is derived from two self-service market. Securities trading is a risky activity, because many factors affect the price of securities, securities price volatility is difficult to grasp. Securities price risk determines the high risk of self-support business.


volatility of securities prices brought the price difference can make a profit from the price differences. Effectively grasp this price volatility, you can get income from proprietary trading in.


import department is a specialized department, we must focus on large number of experienced professional operators and professional researchers. Through research and regulate the operation of these professionals in order to achieve some stable income, in order to effectively prevent policy and legal risks.


As the self-funding of large-scale, functioning of big money has a great impact on the trading price of the securities, once the direction of operation of the fund, way, and scale are known to others, would cause huge losses to the self-employed business, therefore, proprietary business confidentiality is very important.


range of securities proprietary business generally include the following four areas:

① proprietary trading of listed securities in general.

listed securities are the main aspects of the securities company's own business. Securities company securities proprietary trading business according to market changes. Proprietary trading listed securities with a large throughput, mobility and other features.

② general trading unlisted securities.

Securities self-employment

General unlisted securities proprietary trading, also known as proprietary trading desk, the main trading unlisted securities, including the following non-tradable shares of listed companies, non-listed company's equity certificate two cases: one on the market the company's non-tradable shares. Two non-listed company's equity certificate.

③ mergers and acquisitions in proprietary trading.

According to the market development of securities companies may engage in mergers and acquisitions investment banks. The company may acquire securities in advance based on the potential value of acquisitions, including the acquisition of these shares of listed companies of all shares of listed companies and unlisted shares in various companies and then acquired the shares for sale to other companies.

④ securities underwriting business in proprietary trading.

securities underwriter in the distribution business in general, the balance of underwriting approach. If you do not stock the full sales due to various reasons, according to the agreement, the balance of the purchase by the securities firm in release. This situation occurs when policy changes and weak stock market. This part of the stock securities companies will choose to sell.

regulatory measures

1. Dedicated account production, management of securities companies also operate a separate securities proprietary and agency business, business should operate two types of funds, separate accounts and personnel management and full customer transaction settlement funds deposited in designated commercial banks, securities companies will set up a separate account dedicated to self-fund management accounting.

2. Report securities company's own situation

securities companies should be monthly, semi-annually submit to self-employed business Statistics of China Securities Regulatory Commission and the Stock Exchange. China Securities Regulatory Commission and would like to submit an annual report, the annual report submitted to the Exchange, where the self-employed business case is one of the main content.

3. Supervision China Securities Regulatory Commission

Securities proprietary business-related original documents and business documents, information, books, reports, and other necessary materials should keep at least 20 years.

4 Stock Exchange regulation

Member compiled monthly inventory reports securities, which was recently submitted to the stock exchange next month 5;.

6 year after 30 days of January and 31 December 30, 2009, submitted to the China Securities Regulatory Commission to the various members of the Securities proprietary business situation as of that date, and so on. The main measures

5. Prohibition of insider trading

strict control measures. Intermediary position in the securities company securities transactions, checks can be reviewed for possible insider trading formed using the identity of intermediaries, found that insider trading by abnormal behavior of the transaction. Topics include:

① to examine whether the object is based on the investor Insider;

② reasonable judgment based on the trading price of investors;

③ according to variety of transactions and the number of investors to analyze whether it is normal;

④ to observe according to market performance before and after the public disclosure of information would constitute insider trading.

In short, if it is found there is a possible insider trading, you should carefully examine and, once verified immediately suspend trading.


1. No self-qualified securities companies engaged in securities or disguised self-service, will be given a warning, confiscation of illegal gains and the corresponding fines. .

2 self-service securities company violates the regulations, super-scale, disproportionately hold or purchase securities of a single office or impose a warning, confiscation of illegal income, fines, and the deadline to correct; the deadline inside still do not meet requirements, the self-imposed suspension of six months to one year business qualification punishment. .

3 securities companies of the following acts, depending on the seriousness will be given a warning, confiscation of illegal gains, a fine or even suspension of self-employed business six months to one year of punishment:

(1) not to receive, check with the China Securities Regulatory Commission, the investigation;

(2) are not required to report the proprietary business information and reporting;

(3) by the listed company or its affiliated companies hold more than 10% of the shares of the company's own securities trading the shares of listed companies;

(4) the self-service brokerage business and mixing operations;

(5) in his own name or on behalf of others for their own securities trading for others;

(6) commissioned on behalf of other securities companies buy and sell securities;

(7) other violations of proprietary business management regulations behavior. .

4 the relevant provisions of the "Criminal Law":

Article 180 "Criminal Law", personnel securities trading inside information on personnel securities trading inside information or illegally obtained, in involving the issue of securities, transaction, or other information prior to have a significant impact on the price of the securities were not disclosed to buy or sell the securities, or divulge such information, the circumstances are serious, shall be punished by a fine and criminal prosecution. "Criminal Law" Article 181 stipulates that fabricate, spread false information affecting securities transactions, or forge, alter, destroy trading records, disrupting the securities market, in serious cases, will be fined and prosecuted for criminal liability.

the provisions of Article 182

"Criminal Law", any of the following acts, manipulating stock prices to obtain illegitimate profits or transfer risks, the circumstances are serious, will be fined and prosecuted for criminal liability; alone or in collusion, Securities collusion with others, previously agreed upon time, price and method for securities transactions to buy or sell is not held; focus on the use of funds, stocks, or information to jointly or continuously trading, manipulation of stock prices , shadow mouth to securities trading price or trading volume of securities; himself as the trading object, from buying from the sale of securities without transferring ownership affecting stock prices or trading volume of securities trading; other means manipulation of stock prices.

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