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最近,沪深交易所公布了《融资融券交易试点实施细则》(以下简称《细则》),从业务流程、标的证券、保证金和担保物、信息披露和报告以及风险控制等五个方面对融资融券交易进行了规范。《细则》要求投资者融资买入证券时,融资保证金比例不得低于50%；投资者融券卖出时,融券保证金比例也不得低于50%。此外,融资融券期限最长不得超过6个月。但《细则》未涉及客户融资融券的利率问题。与此前的征求意见稿相比,正式公布的细则中对融资标的物的标准有所放松。《细则》规定,股票、证券投资基金、债券都可作为融资买入或融券卖出的标的证券。
Recently, the Shanghai and Shenzhen Stock Exchange announced the “Implementation Rules for Pilot Margin Trading Practices” (hereinafter referred to as the “Rules”), financing from five aspects including business process, underlying securities, margin and collateral, information disclosure and reporting, and risk control Securities trading has been standardized. “Rules” require investors to buy securities financing, the proportion of financing margin shall not be less than 50%; investors sell margin, the proportion of security margin should not be less than 50%. In addition, the maximum period of margin financing and securities lending can not exceed 6 months. However, the Rules do not address the issue of interest rates on margin financing and securities lending. Compared with the previous draft, compared with the formal announcement of the rules on the subject matter of the financing of relaxation. “Rules” provides that stocks, securities investment funds, bonds can be used as financing to buy or sell the underlying securities.