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Recently, the National Stock transfer Company released the results of the evaluation of market makers in the first quarter of 2024.
Northeast Securities, Open Source Securities and Shanghai Securities rank in the top 5%, and the percentage of fee reduction is 100%. In the top 20% of the list, Shanghai Securities, Federal Reserve Securities, Shenwan Hongyuan Securities, Guoyuan Securities and other securities rose compared with the results of the previous quarter.
Some securities firms said: "the company timely adjusts its market-making business strategy, constantly improves its comprehensive trading capacity, and selects enterprises with development potential as market-making targets." Some brokerages said that in the future, the market-making business development center will be tilted to the North Stock Exchange.
The handling fees of three securities firms are free.
On April 17, the National Stock transfer Company released the results of the market maker's evaluation in the first quarter of 2024.
The target of this evaluation is the securities firms that carry out market-making business in the first quarter of 2024. According to the National guidelines for the Evaluation of Market makers in the share transfer system of small and medium-sized Enterprises (for trial implementation), 13 market makers have obtained the qualification to reduce or waive the handling fees for market-making transactions. Among them, the reduction ratio of Northeast Securities, Open Source Securities and Shanghai Securities is 100%.
According to the evaluation results in the first quarter, seven brokerages ranked between the top 10% and 20%, and the percentage of fee reduction for these brokerages was 50%. Including Zhongshan Securities, Guangfa Securities, Huayuan Securities, Tianfeng Securities, Zhongshan Securities, Shenwan Hongyuan Securities and Guoyuan Securities.
There are three brokerages in the top 5%, namely, CIC Securities, Haitong Securities and Fed Securities. The percentage of fees waived by these brokerages is 70%.
The top 5% of brokerages are Northeast Securities, Open Source Securities and Shanghai Securities, with a 100% fee reduction rate.
The National Stock transfer Company publishes the evaluation results every quarter, and the ranking of many brokerages has changed compared with the results of the fourth quarter of last year.
Specifically, the ranking of Shanghai Securities has risen to the top 5%. Fed securities also moved up the rankings, reaching 5% of Murray's 10% position. Shenwan Hongyuan Securities and Guoyuan Securities also entered the top 10% to 20% positions. Of course, there are also brokerages that have fallen in the rankings.
Constantly optimize the market mark.
"on the whole, if you look at a few more quarters, or if you look at the rankings for a few more years, you will find that the list of brokerages on the list has not changed much, but the ranking on the list may have a relative change, which may be due to business fluctuations." A person from the securities firm told the Chinese reporter of the brokerage firm.
The person said that the list is dominated by some small and medium-sized securities firms, which can be seen some of the differential competition results of securities firms. Head brokers are in the forefront of stock and bond underwriting in Shanghai and Shenzhen markets, and the market pattern has been very stable, and it is very difficult for some small and medium-sized brokerages to break through. In the business of the North Stock Exchange or the national stock transfer company, small and medium-sized securities firms occupy a certain advantage, the head securities firms do not spend much energy to do this business, layering is still very obvious.
Capital Securities said in its 2023 annual report that during the reporting period, the company adjusted its market-making business strategy in accordance with regulatory policies and market conditions, continuously improved its comprehensive trading capacity, selected enterprises with development potential as market-making targets, and improved the whole process management system of the project, and continuously enhanced its professional market-making service capability. In the evaluation results of the market makers of the national stock transfer company in the first quarter and the second quarter of 2023, the company ranked in the top 10%, with a 70% reduction in transaction fees. By the end of the reporting period, the company had 41 new third-board market-making enterprises, ranking 14th in the industry.OnlinecasinomegawaysAmong them, there are 36 innovation enterprises, accounting for 87%Onlinecasinomegaways.80%.
Hongta Securities said that in 2023, the company's market-making business continued to maintain investment and support for the new third board enterprises. As the high-quality enterprises of the new third board continue to turn to the North Stock Exchange, the future market-making business opportunities are mainly concentrated in the North Stock Exchange, and the scale of the new third board market-making business is further tightened. Therefore, the structure of the market mark is optimized according to the changes of the market. With the continuous deepening of the reform of the North Exchange and the further active liquidity of the secondary market of the North Exchange, the North Exchange has become the main position for the development of specialized and special new enterprises in China, and the market capacity and quality will continue to improve in the future. Under this background, the company actively applies for the qualification of market-making business of the North Exchange, and the future development center of the market-making business will also tilt to the North Exchange.
Evaluate from three dimensions
It is reported that the "National guidelines for the Evaluation of Market makers in the share transfer system of small and medium-sized Enterprises (for trial implementation)" has been revised many times, and the current version is the revised version in 2020.
According to the rules, the score for this evaluation is 100 out of 100. Among them, the full score of market-making scale is 40, including the number of market-making stocks and the market value of market-making stocks, and the full score of each index is 20 points. The full score of liquidity provision is 40, including market maker turnover, the proportion of individual stock trading volume and order depth, and the full scores of each index are 20, 10 and 10 respectively. The full score of the quotation quality is 20 points, including the optimal bidding time of the market maker and the bid-ask price difference, and the full score of each index is 10 points.
The National Stock transfer Company believes that the market maker system is of great significance to improve the level of market liquidity, promote the discovery of stock prices, and form a virtuous circle of the market. The evaluation of market makers is an important institutional guarantee for the national stock transfer company to adhere to and encourage the development of market-making transactions. The National Stock transfer Company will continue to evaluate the implementation effect of the system, study and optimize the evaluation incentive mechanism, persist in carrying out the evaluation of market makers, and further promote the sustained and healthy development of the market maker system.
