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Registration And Settlement Infrastructure Is Crucial To Improve Centralized And Unified System.

2014/5/17 8:47:00 24

Registration And Settlement Unified System System Design

reporter interviewed the Secretary and chairman Zhou Ming of China securities registration Clearing Corp (hereinafter referred to as "China settlement"). 
 Zhou Ming revealed that in order to implement the nine deployment of the new country, China's settlement will focus on eight points in the next stage. With the integration of account system with investors as the core and serving all levels of the market, we will strive to support all securities companies to complete the system before the end of this year. At the same time, we will further study the feasibility of unified investor suitability management system based on account integration. 
 in addition, the China settlement also intends to optimize and perfect the existing customer service system, explore and open up three business counters in Beijing, Shanghai and Shenzhen, and strive to promote online registration and settlement online services, and cooperate with the SFC to improve the third party depository system of customer spanaction settlement funds, and actively promote the construction of private equity market and regional equity market infrastructure. 
 registration and settlement infrastructure construction is critical. /p >
 the third Plenary Session of the 18th CPC Central Committee, the decision clearly put forward "strengthening the construction of financial infrastructure, ensuring the safe and efficient operation of the financial market and the overall stability". This time, the nine new countries will also "optimize capital market infrastructure" as one of the main tasks, and put forward "perfect centralized and unified registration and settlement system", "strengthen the registration, settlement, trusteeship and other public infrastructure construction" and other requirements. 
 Zhou Ming believes that the importance of the current registration and settlement infrastructure construction has been raised to an unprecedented level. As a financial capital market has a system of importance infrastructure, registration and settlement system is in the background of capital market, but to a large extent, it determines whether the capital market construction can advance smoothly. It not only plays a basic supporting role for the efficient operation of capital markets and the overall competitiveness of the capital market, but also plays an essential and decisive role in enhancing the stability of capital market operation, enhancing the risk resisting ability of the financial system, and effectively preventing and dealing with systemic regional risks. 
 he said that compared with overseas markets, China's capital market has many unique advantages in the construction of registration and settlement facilities. In the early stage of China's capital market in the early 90s of last century, Shanghai and Shenzhen Stock Exchange adopted advanced information technology at that time to fully realize the basic systems such as paperless securities, centralized registration and settlement, multilateral net central guarantee, direct holding and so on, and realize the highly automatic and direct processing technology of registration and settlement business. Centralized and unified registration and settlement system plays an important supporting role in the development and growth of China's capital market. 
 "centralization and unification is the advantage of the system. Once it is broken, it will not only be conducive to giving full play to the scale efficiency of the capital market, improving the overall efficiency of China's capital market, but also greatly reducing the ability of our capital market to participate in international competition, and weakening the ability of the capital market to prevent and deal with systemic regional risks." Zhou Ming said. 
 registration and settlement system must deal with four aspects: /p >
 Zhou Ming also said that in order to implement the nine new countries and improve the centralized and unified registration and settlement system, we need to focus on four aspects: learning from international experience and considering China's national conditions, centralization and unification, division and cooperation, innovative development and risk control, accelerating development and consolidating the foundation. 
 first, handling the positive relationship between drawing lessons from international experience and giving full consideration to China's national conditions means that improving and perfecting the registration and settlement infrastructure must start from the practice of capital market in China, the stage of development and the need for quickening the development of multi-level markets; and the serious adverse effects that may be caused by the fragmentation, fragmentation and decentralization of the registration and settlement system that may lead to China's centralization and unification may have an in-depth analysis and Study on China's capital market. International experience and China's national conditions should be organically combined to prevent mechanical copying of international experience, and to prevent complacency. 
 secondly, handle the relationship between centralization and unification and < a href= "//www.sjfzxm.com/news/index_c.asp" > division of labor > /a >. Centralization and unification are not "unified". China's settlement will continue to work together with the industry to push forward the construction of multi-level market infrastructure. In the field market, off market private placement market, regional equity market and market main body business innovation, China's settlement will work together with all parties in the market to give full play to their respective strengths and strength, cooperate with each other, promote each other and achieve win-win results. 
 in addition, handle the relationship between innovation development and risk control. The level of risk management determines the level of innovation. The quality of risk management determines how far the innovation can go. The risk management ability and level of registration and settlement infrastructure are related to the safe and stable operation of the entire capital market. While supporting market innovation, China's settlement will always put risk management in a crucial position, always emphasize risk management, and firmly avoid the bottom line of systemic regional risks. 
 finally, handle the relationship between speeding up development and consolidating the foundation. Only by accelerating development can we cope with and solve the current problems and challenges. At the same time, infrastructure is very important. Only by laying a solid foundation can we achieve long-term development. China's settlement will take account of the overall situation and balance the interests of all parties. It will not only be based on the current market needs, but also take into account long-term goals and make top-level design, and actively and steadily promote centralized and unified registration and settlement system. 
 focus on carrying out eight tasks to promote the improvement of the three party < a href= "//www.sjfzxm.com/news/index_c.asp" > depository system < /a > /strong > /p >
 Zhou Ming revealed that the integration of account system with investors as the core and serving all levels of the market will strive to support the completion of the system by the end of the year. At the same time, the company will further study the feasibility of supporting the integration of investors' appropriateness management system on the basis of account integration. 
 China settlement intends to optimize and perfect the existing customer service system, explore and open up the business counter service in Beijing, Shanghai and Shenzhen, and strive to promote online registration and settlement online services. At the same time, it will cooperate with the a href= "//www.sjfzxm.com/news/index_c.asp" > the SFC < /a > to promote the third party depository system of customer spanaction settlement funds, and actively promote the construction of private equity market and regional equity market infrastructure. 
 in particular, he said that in the next stage, in order to implement the nine deployment of the new country, China's settlement will focus on eight aspects. 
 first, according to the requirements of multi-level stock market development, we continuously improve the efficiency and quality of serving the Shanghai and Shenzhen trading markets, and smooth the operation of the registration and settlement system of the national share spanfer system. We should actively and steadily push forward the integration of accounts and strive to support all securities companies to complete the system on-line by the end of this year, so as to establish an account system that takes investors as the core and serves the needs of all levels of the market. We should promote the integration and long-term planning of technological systems, and actively and steadily push forward the solution to the problem of redundant infrastructure construction. 
 two is based on the revision of the securities law as an opportunity to further improve the basic legal system of registration and settlement, clarify the legal relationship and responsibilities boundaries between investors, securities companies and China settlement in registration and settlement business, and promote the improvement of the securities spanfer system, so as to provide support for investors to stock stock assets and business innovation of securities business institutions. 
 three is based on the requirements of internationalization of the capital market, actively promotes the construction of Shanghai Hong Kong through registration and settlement business technology system, provides infrastructure support for cross border financial products, actively participates in mutual recognition of domestic and foreign mutual funds and exchange products, and actively supports securities business institutions to expand international business. 
 four is to actively cooperate with the SFC to improve the third party depository system of customer spanaction settlement funds, and further improve and perfect the long-term mechanism of liquidity risk management in capital market. We should give full play to the payment function of the China settlement settlement payment system and the capital collection and payment system, so as to provide interconnected capital payment services for securities institutions and industries. 
 five is to stick to the bottom line of risk and ensure the safe, efficient and stable operation of the registration and settlement infrastructure. We should strengthen the investigation of potential risks and constantly improve and perfect the mechanism of rapid response and disposal of sudden risk events. Optimize and improve the settlement risk monitoring system, improve the ability of early warning and evaluation. Establish and improve the long-term mechanism for liquidity risk management of settlement system. 
 six is to implement the nine opinions of the State Council on the protection of the legitimate rights and interests of small and medium-sized investors, continue to improve investor services, and further strengthen the protection of the rights and interests of small and medium-sized investors. We should optimize and improve the existing customer service system, explore the business counter service of Beijing, Shanghai and Shenzhen, and strive to promote the online service of registration and settlement, and further study the feasibility of supporting the unified investors' appropriateness management system based on account integration work. 
 seven is to strengthen the communication and cooperation with the middle debt market, further enhance the level of interconnection and provide infrastructure support for cross market spanactions such as credit asset securitization, etc. according to the needs of private market development and regional equity market, the General Department of multi-level market system will actively promote the construction of private equity market and regional equity market infrastructure. 
 eight is to actively support various business and product innovation of securities business institutions, optimize and perfect asset management registration and settlement business and technology platform, actively support securities business institutions to expand asset management business, strive to promote the construction of financial derivatives registration and settlement infrastructure, and provide infrastructure support for financial derivatives such as stock options and OTC derivatives.