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Launch of margin trading may be delayed

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-17 13:15

The timetable of implementing the long-awaited margin trading and short selling may be delayed as brokerage firms need time to seek the most "optimized" effect.

Zhuang Xinyi, vice chairman of the China Securities Regulatory Commission (CSRC), said at a forum on Tuesday that, "for the preparation works of margin trading and short selling, the brokerage firms should try their best to optimize the process and effect, which may have an impact on the implementation time of the pilot units."

According to the regulations released by the CSRC on October 30, brokerage firms could apply to offer margin trading and short selling as of Dec 1. Yet, brokerage firms said they were still waiting for the specified guidelines from the regulators.

Shanghai Securities Gazette reported on Saturday that the CSRC was inspecting eight brokerage firms on the spot, which are likely to be in the first batch of pilot units.

They include four Shanghai-based brokerage firms: Haitong Securities, Guotai Junan Securities, Shenyin & Wanguo Securities, and Everbright Securities; two Beijing-based firms: Citic Securities and China Galaxy Securities; one in Guangdong: Guosen Securities, and another unconfirmed brokerage in Guangzhou.

It's reported that the capital scale has been regarded as a key factor to select pilot brokerage firms. "Guangdong-based GF Securities is likely to be included in the final list of the first-batch pilot units, since its main local competitor, China Merchants Securities, has invested a lot to purchase the shares of BoShi Fund Management Co, and the regulators are worried about its capital capacity," the newspaper reported, citing an unnamed close source.

So far, the inspection works haven't been finished, which is regarded as the main reason for delaying the application of brokerage firms.

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