The threshold for reverse repurchase of government bonds in Shanghai stock market dropped to 1 10,000 yuan.

Cailian reported on May 16 (Reporter Huang Jingsi) that the transaction threshold was reduced from 654.38+10,000 yuan to 1000 yuan. The latest changes in the reverse repurchase of Shanghai government bonds have aroused market concern, and some brokers have called for a full-scale attack in the "civilian era" of reverse repurchase of government bonds.

On October 27th, 65438/kloc-0, the Shanghai and Shenzhen Stock Exchanges respectively issued the bond trading rules and three supporting guidelines (hereinafter referred to as the "new bond trading regulations"), which came into effect on May 6th, 65438, except for the partial suspension of the implementation provisions. The new regulations have made relevant optimization arrangements in the aspects of bond trading participant system, bond trading market maker system, bond trading mechanism, bond trading reporting parameters, and bond trading price management methods, and further strengthened bond trading supervision and risk management.

With the implementation of the new regulations, the reverse repurchase of government bonds in Shanghai stock market, previously known as the "local tyrant version", officially bid farewell to the historical stage, that is, the number of declarations in Shanghai stock market changed from the original 65438+ 10,000 yuan to 1000 yuan or its integer multiple, and the minimum change unit of the declared price was 0.005; The threshold for Shenzhen Stock Exchange to declare is still 1 1,000 yuan, and the minimum change unit of the declared price is changed from 0.005438+0 to 0.005.

The reporter noticed that since last week, some brokers have made relevant tips on the threshold adjustment of "reverse repurchase of government bonds" in the form of investment knowledge. At the same time, in order to fully support the new bond market and transactions, most brokerage apps and trading terminals have further adjusted their functions and interfaces according to regulatory requirements.

"Local version" of national debt reverse repurchase bid farewell to the historical stage

In recent years, the reverse repurchase of government bonds has been favored by ordinary investors because of its attributes of "lying to earn pocket money", "collecting money" and "bonus hunter". The full name of national debt reverse repurchase is "bond pledged reverse repurchase", which is essentially a short-term loan, that is, short-term capital borrowing with bonds as collateral by both parties to the transaction. It is worth noting that after the implementation of this new round of regulations, the full name of national debt reverse repurchase will also be adjusted to "bond general pledged repo".

In addition to renaming, the biggest attraction of the implementation of this new regulation is to unify the threshold of reverse repurchase in Shanghai and Shenzhen stock markets. According to the new regulations, the declared amount of general pledged bond repurchase should be 1 1,000 yuan or its integral multiple. So far, the threshold of reverse repurchase in Shanghai stock market has been reduced from 1 1,000 yuan to 1 1,000 yuan, which is consistent with that in Shenzhen stock market. In addition, the reverse repurchase transaction time has also been extended to 15: 30.

Zheng Jiawei, chief collector of Shanghai Securities, believes that the adjustment of the threshold of reverse repurchase in Shanghai Stock Exchange will help unify the threshold of reverse repurchase in Shanghai and Shenzhen Stock Exchanges and avoid discrimination against funds of different sizes. In addition, there are financial big V tips. After the threshold of reverse repurchase in Shanghai and Shenzhen stock markets is unified, investors only need to compare the interest level for reverse repurchase operation.

Previously, due to the inconsistent threshold, the reverse repurchase of government bonds was also divided into two versions: "civilian" and "local tyrant", corresponding to different markets in Shenzhen and Shanghai respectively. Before the implementation of the new bond regulations, the threshold of reverse repurchase in Shanghai stock market was as high as 654.38+10,000 yuan, and the code began with "GC-"; In contrast, Shenzhen reverse repurchase 1000 yuan, the code starts with "R-".

At present, there are 9 trading varieties in Shanghai and Shenzhen stock markets, including 1 day, 2-day, 3-day, 4-day, 7-day, 14-day, 28-day, 9 1 day and 182-day. The transaction process usually includes repurchase entrustment, repurchase transaction declaration, transaction matching and transaction closing.

In terms of commission, the transaction cost of reverse repurchase of government bonds is calculated according to the variety and amount, and there is no minimum 5 yuan limit. For example, the commission for 1 day reverse repurchase is 0.00 1%, that is, 1 yuan is charged for every 1 10,000 yuan, and the interest is calculated on a daily basis, and the 30 yuan is capped, which can basically realize the income far higher than the transaction commission.

In addition to the low handling fee, the reverse repurchase of government bonds has the advantages of good security, convenient operation and high liquidity. From the perspective of yield, the more money is lacking in the market, the higher the interest rate, and the more cost-effective it is to operate the reverse repurchase of government bonds. At the end of the season, at the end of the year and before the long holiday, not only the interest rate soared, but also it was often 1 day, so the reverse repurchase of government bonds became the best choice for the long holiday.

As an important trading channel, at present, major brokerage apps have basically set up a national debt reverse repurchase zone in a prominent position on the front page of the "transaction" column. The real-time yield and interest-bearing days of various varieties in Shanghai and Shenzhen stock markets are clear at a glance. After clicking on a product, investors can enter the ordering page of the product, fill in the loan amount and yield, and then complete the transaction.

Brokers quickly respond to the new regulations in a multi-pronged manner.

In order to cooperate with the implementation of the new bond regulations, brokers also actively respond to regulatory requirements in terms of trading system, function update and investment content.

The reporter noted that since last week, some brokers have made relevant tips on the new rules of bond trading in the form of investment. Most of the teaching contents are the comparison and change of the old and new trading rules, the impact on investors, and related operational procedures. At the same time, in order to fully support the new debt market and transactions, many brokers have updated the relevant functions of trading terminals such as mobile APP in advance according to regulatory requirements. In addition, some brokers choose to explain the new rules of bond trading by SMS reminder.

Taking Essence Securities as an example, in order to cooperate with the implementation of the new regulations, the company has updated the Essence Mobile Securities APP to version 7. 1. 1, and reminded investors of the upgrade by pop-up in the APP. At present, the latest version of Essence Securities' mobile APP has supported the new bond matching business, including the spot bond bidding business and the bond general pledged repo business (including the national debt reverse repurchase business, etc.). ). In addition, modules such as basic market, trading, financial management and market tools have also been upgraded.

In order to cooperate with the new rules of bond trading, Ping An Securities APP (version APP(9. 1.2) gave relevant tips to investors on its opening page, including the adjustment of trading mode, trading time, trading elements and the impact on investment trading under the new rules of bond trading. , including a reminder to reduce the threshold for reverse repurchase in Shanghai and Shenzhen.

GF Securities Easy Gold Rush APP also reminded investors in the form of "important announcements" and explained the adaptation support of its trading terminals one by one. GF Securities said that after upgrading to the version of 10. 1.5, E-Gold APP fully supports the matching transaction business of spot bonds and exchange bond repurchases, and can operate with the original business menu.

Founder Securities Xiaofang APP also directly indicates in the banner position of the homepage that "the threshold for reverse repurchase of government bonds in the Shanghai Stock Exchange has dropped to 1 000 yuan". Founder Securities believes that this means that the reverse repurchase of government bonds has hit in an all-round way in the "civilian era", and the APP has also been completely revised to adapt to relevant changes.

Four main points of the new rules of bond trading

In addition to the concerns of ordinary investors such as reverse repurchase of government bonds, what are the highlights of the new bond trading regulations implemented today? From the comprehensive interpretation of all parties, the new regulations are also quite interesting in optimizing the bond trading mechanism, improving the bond trading participant system and adding the bond trading market maker system.

In order to standardize the bond trading behavior, as early as the end of April 20021,the Shanghai and Shenzhen Stock Exchanges drafted and formulated the "1+3" bond trading rules and supporting business guidelines, and publicly solicited opinions from the market. It is understood that before this, the bond trading rules were based on the stock-based rules, which did not fully reflect the characteristics of bonds, and there was a "strong coupling" between stocks and bonds.

On June 5438+ 10, 2022, the Shanghai and Shenzhen Stock Exchanges simultaneously issued the Rules for Bond Trading of Shenzhen Stock Exchange and three supporting guidelines, initially established a clear bond trading system architecture of "Rules-Guidelines-Guidelines (not yet released)", further clarified the various optimized arrangements of the bond trading mechanism, and supported the completion of the technical system transformation of the bond market.

At this point, the Shanghai and Shenzhen bond trading markets will abandon some old bond trading rule systems that have not been updated for a long time and are mixed with stock rules, and gradually form a new bond trading rule system of "1+3+ 1".

The four highlights of the new bond trading regulations include:

First, optimize the bond trading mechanism, including enriching bond trading methods, improving the flexibility of bond trading settlement, standardizing bond trading declaration elements, and strengthening bond trading risk prevention and control and behavior supervision;

The second is to establish a bond trading participant system, broaden the participants and strengthen the echelon construction of the buyer's power in the bond market;

The third is to establish a bond market maker system and improve the price discovery function of the bond market;

The fourth is to standardize the arrangement of repurchase business, improve the construction of repurchase system and prevent the settlement risk of repurchase transactions.

CICC collection team believes that the separate release of new bond trading regulations is an important step in the reform of bond trading system. Perfecting the system of bond trading participants and market makers is conducive to the diversified development of investors in the exchange bond market and the improvement of liquidity; Modifying some trading mechanisms will also help overseas institutions to enter the domestic market; In addition, the revision of the relevant trading rules is also conducive to the interconnection of the two major bond markets, banks and exchanges.

Zheng Jiawei, chief of fixed income of Shanghai Securities, said that the new rules for bond trading in Shanghai and Shenzhen have made a series of specifications in terms of participants, trading mechanism, market makers and self-management, and also unified the declared price, declared quantity and minimum reporting unit, which will help to realize unified supervision and unified trading in the bond market, strengthen information disclosure of issuers and protect ordinary investors to the maximum extent.

Huatai Securities also said that the release of new bond trading rules and guidelines is conducive to improving the basic system construction of the secondary market of exchange bonds, enhancing the activity and trading efficiency of the bond market, and promoting the integration, unification and high-quality development of China's bond market.