What is channel service?

Question 1: What is the brokerage asset management channel business? The so-called brokerage asset management channel business refers to the business that brokers provide channels to banks, help banks adjust their balance sheets, and transport assets from the off-balance sheet to the off-balance sheet for banks. Its main mode is to cooperate with commercial banks in bill business, that is, commercial banks entrust financial management funds to brokers for management, brokers use these funds to buy bank bills, and banks realize the transfer of on-balance-sheet assets to off-balance-sheet assets, freeing up new credit lines.

Light light blue comments: The reason for the rapid development of bank-securities cooperation lies in the interests of both banks and brokers. For commercial banks, through the cooperation between banks and securities companies, on the one hand, the regulatory restrictions on the use of wealth management funds are effectively avoided; On the one hand, it provides the possibility for credit to transfer from on-balance sheet to off-balance sheet. For brokers, the depressed market has led to a sharp drop in their brokerage and underwriting business income, and it is urgent to open up new sources of income. At present, the CSRC encourages securities firms to innovate and relaxes the approval restrictions of various businesses, which enables the cooperation between banks and securities companies to be carried out.

In the past, banks adjusted their balance sheets, that is, the liquidity of assets from on-balance sheet to off-balance sheet was mainly carried out through trust companies, which was the so-called bank-trust cooperation model. Later (20 10), due to the restriction of CBRC, banks began to turn to securities companies, and the essence was the same.

Question 2: What is channel business? Because only trust companies have trust licenses, only trust companies can design a product to issue as a trust. But other financial institutions have a lot of resources, especially banks, which have product channels and customer channels. They can design their own products, package them into trusts, and then buy them with their own funds. However, banks do not have a trust license and must issue products through trust companies. Because the trust company is only an intermediary channel, there is no such thing.

Question 3: What is channel business? The channel business of securities companies mainly means that securities companies can provide investors with channels such as trading, issuance and listing. This is a unique business of securities companies. Also known as brokerage business and traditional IPO business. At present, these businesses are fully competitive and the profit rate is getting lower and lower. Non-channel services mainly refer to services other than traditional channel services. It mainly includes the agency business of providing funds and wealth management products in brokerage business, financial consulting business provided by investment banks, asset management business, establishment and issuance of wealth management products, margin financing and securities lending, stock pledge repurchase, bond quotation repurchase and other capital intermediary businesses.

Question 4: What is channel business? Personally, I think both the above answers are wrong. More channel business now refers to the channel business of bank-securities cooperation. Brokers cooperate with banks through targeted asset management business to help banks expand credit lines. Brokers play a channel role and charge channel fees of three to eight thousandths. This is also an important part of shadow banking.

Question 5: What is channel business? Channel business refers to bill collection, such as bill collection agency, bill collection bank or third-party bill collection channel. Channel business generally makes money from the discount rate, which is also quite powerful.

Question 6: The business types of channel business are within the industry, and channel business refers to the underwriting business of securities issuance, that is, IPO business and refinancing of listed companies. All other services are non-channel services. The so-called "channel business" refers to the business that trust companies do not actively and systematically carry out project development, product design, transaction structure arrangement and risk control measures, and do not directly and personally participate in trust asset management. This kind of business only carries out a documentary process for external assets in the trust company in the form of trust contract, and the business return rate is extremely low. Although the channel business has a low rate of return for trust companies, it can help trust companies expand their assets.

Question 7: Channel Business Introduction The so-called "channel business" means that securities firms issue asset management products to banks, absorb bank funds, and then use them to buy bank bills, help banks complete trust loans, and transfer related assets to off-balance sheets. In this process, brokers provide access to banks and charge a certain bridge crossing fee. The main form of channel business used to be bank-trust cooperation. Due to the suspension of the CBRC, banks turned to bank-securities cooperation with securities companies.

Question 8: How can the channel business transfer the statement to the bank? Bank supervision is very strict with banks, especially for assets on the balance sheet, and there are countless regulatory indicators staring at it. In addition, the assets on the balance sheet occupy a lot of capital and credit scale, which affects the bank's credit capacity and return on assets. Therefore, in order to free up the scale of credit, reduce capital occupation, increase income, or reduce taxes, banks often move some assets from the balance sheet to the off-balance sheet, or move them out of the balance sheet, or find a new home to take over. Of course, this asset transfer process cannot be regulated by bare tables, but must rely on some tool, that is, channels.

Generally speaking, channels need to meet the following conditions:

1. The prerequisite is that assets can be released from the table. Needless to say.

2. Being able to evade supervision is a basic requirement. It is illegal to make a move in the direct newspaper, and the channel is playing a regulatory edge ball. Banks are also guilty, so channels must be able to evade supervision. Generally speaking, it is three means: cross-regional, cross-industry and drawer agreement. Cross-regional is to find a job in other provinces, which is not convenient for you to check; Cross-industry means banks (managed by CBRC) looking for trust and asset management. (managed by the CSRC), which makes your information communication poor; Similarly, channel business often has some things that can't be discussed on the table, so there are often drawer agreements.

3. It can realize that both ends are not in the table. Here, the two ends are off-balance-sheet, which means that in a channel business, neither the transferor nor the ultimate holder of the assets will put the assets in the table, and no one likes to buy an asset to press their own table, so the channel that cannot be off-balance-sheet is not a good channel.

There may be several types of channels:

1, double buyout, that is, the seller sells assets and signs a drawer agreement with the buyer for forward repurchase. For the seller, the transaction is regarded as two unrelated businesses, and the statement is realized in the current period; For the buyer, the business is regarded as a sale and is not included in the table. This is the simplest channel business, and the banking supervisor is angry. In 2009, it was directly prohibited in the Notice on Regulating the Transfer of Credit Assets and Related Matters of Credit Asset Financing Business.

2, credit to wealth management, that is, banks raise funds by issuing wealth management products, and then invest wealth management funds in credit projects that should be issued by credit funds. As a result, the CBRC is on fire again. 10 In the Notice on Further Regulating the Transfer of Credit Assets of Banking Financial Institutions, wealth management funds are prohibited from purchasing credit assets.

3. Transfer method of beneficial right, that is, packaging through trust and asset management plan. Realize the listing of assets by transferring beneficial rights. This model is mainly suitable for the proposed credit project. First, the asset transferor looks for a cooperative bank, and the cooperative bank as Party A signs an agreement with a trust company or an asset management company to package the credit project into a trust plan or an asset management plan; Secondly, the cooperative bank transfers the beneficial right of trust asset management to the asset transferor. Sometimes, this type will add a long-term beneficial right transfer agreement and an exemption letter as a drawer agreement. In this way, the transferor of assets has achieved the purpose of lending to credit projects through non-credit funds.

4. The entrusted investment mode is similar to the beneficial right transfer mode, except that there is no packaging of trust and asset management. The transferor of assets deposits a sum of money into the cooperative bank in the name of interbank deposits, and at the same time signs an entrustment agreement with the cooperative bank, stipulating that the interbank funds will be used to invest in specific objects. As entrustment is a ticketing agreement, it will only be reflected in the transferor's statement as interbank deposits, while in cooperative banks, it will be reflected as agency business.

5. Asset securitization, in which the assets to be sold are packaged into standardized products (usually bonds) through intermediaries and listed for sale in the market. In order to achieve this goal, banks need to find an SPV (or simply set up their own) to sell assets to it, and then SPV packages assets into bonds, which can only be sold after being rated by rating companies. It's troublesome and expensive. At present, few banks do this, but this practice is in compliance.

Question 9: How do banks take the asset management channel? At the end of February, the balance of stock financing in Shanghai and Shenzhen stock markets was 88.2 billion yuan. This means that the scale of stock pledge financing has increased by 19.04%.

However, the scale of pledge financing exceeds 654.38+000 billion, not all of which comes from the securities firms' own funds, and some of which comes from bank wealth management funds.

"Guotai Junan, CITIC, Huatai, Xingye, Haitong and many other brokers have used bank funds. They follow the model of asset management channel. The funder is a bank, the broker is just a channel, and the channel fee is less than 1%. " Chen Tao (a pseudonym), the person in charge of a brokerage, revealed that the intervention of bank funds led to a price war among brokers, and the interest rate was as low as 7.8%.

Start a price war

The stock pledge repurchase business carried out by brokers has also started a price war recently.

"The interest rate set by the company for stock pledge financing is 8.8%, and the average market interest rate is 8.5%. Some brokers look for bank funds to dock, and the lowest interest rate is only 7.8%. Now many customers complain that the interest rate is too high and ask us to lower it. " Chen Tao revealed.

Stock pledged repurchase is an innovative business opened on June 24, 20 13. It means that the shareholders of listed companies pledge their shares to brokers and get a financing. In the early stage of business development, brokers generally lend their own funds to customers at the interest rate of 8.5%- 1 1%.

It is understood that every brokerage firm will stipulate the lower interest rate limit of stock pledge financing business every month, for example, the interest rate in March is 8.5% or 8.6%. However, recently, a number of brokers launched bank capital docking, and the financing interest rate dropped rapidly.

"The operation mode of introducing bank funds is that bank wealth management funds take the brokerage asset management channel, and then the two financial departments lend funds to customers." Chen Tao said that recently, the price of bank funds was 6.8%-7.0%, and the asset management and margin financing and securities lending departments of brokers increased by 1 point, so the actual financing cost of customers was less than 8%.

Because of the low financing cost, the asset management channel model has a significant impact on the securities firms' own funds to do this business.

"The bottom line of our financing interest rate is 8.5%, but customers still complain that it is too high. The brokerage business department and branches have great opinions on us, saying that customers are going to run away and desperately want us to lower interest rates. " A person in charge of a non-listed brokerage firm admits that the two departments are under great pressure.

This is a difficult problem faced by many financial leaders: on the one hand, the lower limit of interest rate set by the company is 8.5%, on the other hand, the financing demand of customers is lower than 8%, and the two cannot match at all.

"The company believes that stock pledge financing is a risky business. It is a large amount of financing for high-end customers, and the number of stock pledges is relatively large. In the event of default, the disposal pressure is also relatively large. " Chen Tao said that, considering the risk that pledge financing may face the loss of principal, brokers are unwilling to make concessions on interest rates when lending their own funds to customers.

As a result, brokers who didn't do channels began to look for bank funds to dock and reduce the financing interest rate of stock pledge.

"The customer asked to reduce the interest rate to 8%. If they don't provide financing, customers will go to other brokers. There is no way to force it now, only to find bank funds to do it. " The general manager of the credit market department of a brokerage revealed that he was looking for bank funds recently and tried to take the channel model.

Become a channel

Due to the low interest rate of the asset management channel model, more and more brokers have recently begun to try to take the channel model. This invisibly lowered the interest rate of stock pledge financing business, which led to the narrowing of the spread of securities firms.

"Everyone is taking the asset management model, forcing the industry to start a price war." Chen Tao bluntly said that in order to compete for high-end customer resources, brokers began to lower the financing interest rate, making stock pledge financing a channel business.

"Channel" not only means that brokers become an export of bank funds, but also means that the spread space of brokers is reduced to the level of channel business.

"With its own funds as pledge financing, the financing cost of brokers is less than 6%, and it is lent to customers at 8.5%, with a spread of nearly 3 percentage points. However, if bank funds are used, brokers can only charge 1 minute at most. Some can only receive three thousandths or five thousandths. " Chen Tao said.

It is understood that there are two modes for brokers to take the asset management channel mode to do stock pledge financing. One is a pure channel, and there is no need to guarantee rigid redemption. If the customer defaults, it shall be borne by the investor. But it also requires brokers to use their own funds.

In the industry's view, if you need a brokerage firm, you only charge a management fee of 1%, which is obviously the income risk is not equal.

"The spread of channel business is only 1%, which is10 billion, which is10 billion. However, brokers should provide channels, project audit, mark to market, post-loan treatment, default treatment and so on. Once the customer defaults, he will be jointly and severally liable. " A listed brokerage said.

Another person from the credit department of a securities firm expressed a similar view. "broker ... >>