转融通基本问题研究

转融通实质上就是证券金融公司对证券公司的融资融券。证券金融公司是转融通业务的唯一主体,具有一定的垄断地位,但证券金融公司在开展转融通业务时,与证券公司是交易对手,处于平等的民事主体地位,证券金融公司不应定位为交易的中央对手方或者市场组织者。在《转融通业务监督管理试行办法》规定的框架下,证券金融公司可以根据实际情况和需要设计出不同的业务操作模式,但效率与安全应当是考虑设计转融通操作模式的两大基本出发点。从长远看,比照现有的融资融券业务操作模式构建证券金融公司的转融通业务操作模式,是一种可取的选择,值得作进一步的思考。

The Foundation of Centralized Securities Lending and Borrowing

According to the related regulations,centralized securities lending & borrowing(SL&B),in its essence,is a margin trading & short selling service that securities finance corporations provide for securities companies.The securities finance corporation,as the only servicer of its kind,enjoys certain monopoly.However,when conducting centralized securities lending & borrowing,the securities finance corporation is the counterparty of,and has the same civil status as securities companies.It shall not be defined as the central counterparty or market organizer.Under the Framework of the Tentative Measures for the Administration of Securities Lending & Borrowing,the securities finance corporation can,according to the actual situation and needs,design various business models,but efficiency and safety should be the two overarching considerations in all designing efforts.In the long run,to design a centralized securities lending & borrowing model on the basis of the current model of margin trading & short selling is a feasible option,and merits further research.