Capital allocation is an economic term, which refers toCapital allocation companyOn the basis of your original funds, we will give you a certain proportion of funds for your use.
They have signed the Account Entrustment Agreement and other similar documents with you. If you allocate funds, you must use the account given to you by their company. Of course, you can also choose to use your own account, but you need to give themCollateral, such as house, car and other collateral!They will also monitor the loss of your account at any time. When the loss reaches a certain amount of your principal, they will first notify you to make up or reduce the position, which is calledcordon, when the account continues to lose money, they willCompulsory liquidationIf you want to continue, you need to pay them againRisk margin, because the funding industry is completely based onmarket economyThe market generated by supply and demand has no industry standards. The survival of capital allocation companies lies in self-discipline and integrity. When making capital allocation, companies with integrity, security and professionalism should be selected.
For example, if you have 10000 yuan, the allocation company will allocate the fund at a ratio of 1:5 to 1:10. Then the allocation company will give you 50000 yuan, and you have 60000 yuan to use.Essentially, the fund allocation company helps you finance and expand your operating capital,
advantage
1. Stock and futures trading will receive sufficient financial support.
2. The allocation company does not draw profit share, and customers can get enough profit;
3. The trading profits are all owned by the investors, and of course the losses are all borne by the investors,Futures fund allocation companyNo transaction risk.In case of lossesbondDeduction.Stock and futures fund allocation companies only charge a certain amount of interest, notTransaction commission, membership fee and other fees.
Disadvantages of capital allocation
1. The proportion of capital allocation leverage has been increased invisiblyTransaction risk；
2. Generally, it can only be done within the day, not overnight (generally, only two to three times the capital can be overnight);It is entirely possible for futures investment to achieve stable profits within the day.
Successful traders should have quality
1、 It has its own set of mature intra day trend judgment methods, which can roughly judge the beginning and end of the band.
2、 Seeing accurately is not equal to making money. Operation is equally important. We must have steady operation. After making a judgment, we must dare to open positions in time. We must not hesitate, but if we are wrong, we must stop loss in time.
3、 Don't be impatient, keep a relaxed and calm attitude.It provides a high proportion (1:5 or 1:10) of capital allocation trading within the day for investors in stocks and futures, especially excellent traders, to help you control larger funds and gain more profits.
Selection Skills
It is difficult to choose the company that allocates funds, because the account used by the customer is not his own, but the company that allocates funds, and the security of funds is the biggest concern of the customer.The fund allocation companies may abscond with their funds, and the funds may also be occupied. Moreover, many fund allocation companies use the method of transferring funds to private accounts, and their security is very uncertain.How can we choose the safest possible funding company?The following suggestions can be made:
1. Seeing is believing.Go to the company's site to see whether the company exists, how many people there are, and whether they have business licenses,registered capitalHow much (hundreds of thousands are small,reliabilityWill also be affected).
2. Customer reputation, establishment time.See if there are any old customers who have been funded, and what their reputation is like.It also depends on how long the company has been established. The older companies are less likely to "evaporate".
3. Entry practice is safe and reliable.The best way is to go to the office of the allocation company to conduct trading, and the allocation company allows customers to operate on site.In this way, customers can keep a close eye on the fund allocation company and reduce the risk of capital deposit (don't worry about the fund allocation company running away).
4. Fast in, fast out, safe in the bag.The funds of the allocation company can stay overnight, and customers can even exit immediately after the operation and return the funds to their own accounts.This is the safest and, of course, the most tiring.
Funding steps
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Allotment
Picture introduction of capital allocation steps
classification
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futures
Introduction to futures capital allocation
Futures allocationMeansFutures fund allocation companyAdvance funds to customers in a certain proportion based on their original fundsFinancing mode。Futures allocation is actually financing and advance.The futures allocation company signs a contract with the customer. If the customer allocates funds, it must use the account provided to the customer by the futures allocation company. The futures allocation company will also monitor the customer's account losses at any time.When the loss reaches a certain amount, the funding company willCompulsory liquidation。If the customer wants to continue the operation, it needs to pay to the futures allocation company againRisk margin。
Characteristics of futures capital allocation
1. Flexible cooperation mode: capital allocation companies only receivemanagement expense, no profit sharing will be drawn, and customers will operate on their own and be responsible for their own profits and losses.
2、High leverage: The capital allocation company can provide 10 times of the capital allocation, that is, the customer provides 10000 yuan, and the capital allocation company can lend up to 100000 yuan to the customer for transactions.
The rise of the futures fund allocation industry is not long, and it came into being with the demand of the market. There is no written code in the industry. The survival of futures fund allocation companies lies in self-discipline and integrity.
Select futures fund allocation company
The biggest risk point of futures allocation iscredit risksThe main reason is that the account used by the customer does not belong to itself, but to the futures allocation company. The security of the fund is the biggest concern of the customer.It is possible that the futures fund allocation companies have absconded with their funds, and the funds may also be occupied.So how can customers choose the safest possible futures allocation company?We suggest customers consider the following points:
1. Seeing is believing.Go to the company site to see in person;
2. Entry practice is safe and reliable.The best way is to go to the office of the capital allocation company to conduct trading. Generally, the capital allocation company allows customers to operate on site.In this way, customers can keep a close eye on the fund allocation company and reduce the risk of capital deposit (don't worry about the fund allocation company running away).
3. Fast in, fast out, safe in the bag.The funds of futures allocation companies do not stay overnight, and customers can even exit immediately after the operation and return the funds to their own accounts.This is the safest and, of course, the most tiring
4. Customer name card, establishment time.See if there is any capital allocationRegular customersHow about the mouthpiece?
5. Take corresponding measures, such as going to the bank for the self owned funds of the customer and the fund allocation companyFund supervision。
6. It is better to choose a capital allocation company that can be selected. For example, if the company allocates capital for a period of time, if it can meet the standard, it can be done without its own capital. This is the best.
Precautions for selecting futures fund allocation companies
The most important point in selecting futures allocation is whether the company can provide you withtechnical support。Theoretically, a regular capital allocation company hopes that customers can make money, so that the company can make steady profits.But many customers are not really experts in futures. In this market where 95% of people are losing money, they must have their own methods (mentality, technology,fund management，Risk Management Etc.), letNew customersIt is necessary for a mature capital allocation company to survive and make steady profits for old customers. (It is difficult for a company to survive on the principal of customers, because no one makes profits and no one is willing to allocate capital again.).This involves the technical level and management level of the company itself.The company can provide you with information, technology, risk management, training and other support, which is the key to get you through a difficult period of time. It will not be washed out soon, and it can really grow and profit in the market.
Risk control of futures capital allocation
1、 Futures capital allocation ratio
The futures capital allocation market generally provides a ratio of 1:1 to 1:10. It is very important to grasp the ratio for investment. Generally, the smaller the ratio, the longer the survival time.
2、 Principles for risk control of futures capital allocation
General capital allocation companies stipulate that if the loss of self owned funds of traders does not exceed 70%, the capital allocation funds can be used sustainably.Example: Generally, the fund allocation company will stipulate that when the riskbondWhen the loss reaches 50%, no new establishment is allowedPosition；The company has the right to reduce the position. When the risk margin loss reaches 70%, the capital allocation company has the right to hold all positions at the market price at any timeclose a position。After the compulsory closing position, the trader shall not operate again before making up the risk margin.
shares
Having contacted so many stock allocation customers, many of them are rightEquity allocationThis model is relatively strange. The first time I heard of it, I would like to introduce stock capital allocation to you again.Share capital allocationfinancial marketThe development ofstock marketUpper capitalholderandFund demanderCombined through certain modes,common development, gradually formed a new financing model of futures allocation.
Stock capital allocation can also be called a new model, which has existed for nearly 20 years.However, there may not be many people who know about stock allocation. Let's call it a new model.
Those who know a little about stock capital allocation may think that stock capital allocation is not feasible because it enlarges the proportion of transactions and risks.This kind of understanding is very one-sided. First of all, stock capital allocation enables some people who lack funds to seize the favorable entry time to make profits quickly, which is one of them;Second, stock capital allocation can prevent those who are doing other businesses from delaying the operation of business because they put money into the futures market and stock market;Third, the stock capital allocation needs to be supervised by the investors, which is a reminder to the stock capital allocators, so that they can stop loss in time, so that they will not lose all their funds. The stepped capital investment also limits the gambling psychology of investors to a certain extent, and wins time for adjusting the operation ideas.
Electronic finance such as stocksInvestment modeIt is a relatively new thing for most Chinese investors.It has not developed for a long time in China, but because of its outstanding advantagesDevelopment speedSurprisingly, it can be said that the stock has basically reached the scale of all shares.
As long as the stock capital allocation model is operated reasonably, it has certain benefits, and also improves the efficiency of the use of funds, which is beneficial to both parties.
foreign exchange
Foreign exchange allocationIt means that the capital distribution company provides you with a certain proportion of the original funds of the traders. The traders and the foreign exchange capital distribution company sign the Account Entrustment Agreement and other similar documents, and must use the account provided by the foreign exchange capital distribution company for the traders to conduct foreign exchange operations. The capital distribution company monitors the account losses of the traders. When the losses reach a certain amount,The allocation company will forcibly close the position. If you want to continue, you need to pay the risk deposit to the company.Foreign exchange allocation refers toforeign exchange marketMedium, platformdealer An investment form in which the trading party conducts trading by lending funds.The funds lent by dealers can be used for the investment of platform investment products.Its purpose is to solve customers' financial difficulties and enlargeCapital leverage。
Compared with other investment methods, foreign exchange allocation develops slowly. With the development of economy, foreign exchangeTrading volumeAs a result of the substantial increase of, more and more investors have entered this market, and foreign exchange capital allocation has also emerged,Dyson, UKIt is the first dealer to realize foreign exchange allocation.This is a new attempt in the foreign exchange market, and it will certainly make foreign exchange investors' investment enthusiasm unprecedented.Foreign exchange allocation will bring new investment opportunities to the foreign exchange market.
Legal provisions
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Securities capital allocation is essentially a kind of private lending.Private lending is legal, effective and protected by law.
Private lending refers to lending between citizens, between citizens and legal persons, and between citizens and other organizations.It has existed since ancient times.As long as the opinions of both parties are true, they can be recognized as valid. The mortgage generated by borrowing is correspondingly valid, but the interest rate shall not exceedPeople's Bank of ChinaRelevant interest rate specified.
According to the Supreme People's Court《Some Opinions on the People's Court Hearing Loan Cases》"The interest rate of private lending may be appropriately higher than that of banks, but the maximum shall not exceed that of similar banks"lending rateFour times of (including the principal amount of interest rate) "
Private lending is divided into private individualsLending activitiesAnd loans between citizens and financial enterprises.Private individual lending activities must strictly comply with national lawsAdministrative regulationsAnd abide by the relevant provisions of voluntary mutual assistancePrinciple of good faith。
If any investor encounters any dispute in the process of capital allocation, he/she can negotiate with the capital allocation company by virtue of the contract and relevant vouchersArbitration institutionOr the court.
★ Article 211 of the Contract Law:Loan contractIf it is agreed to pay interest, the interest rate of the loan shall not violate the relevant restrictions of the StateBorrowing rate".
★ Several Opinions of the Supreme People's Court on the People's Court's Trial of Loan Cases: "10. One party makes the other party violate its true intention by fraud, coercion or other means or by taking advantage of others' difficultiesLending relationshipShall be deemed invalid. "
★ Several Opinions of the Supreme People's Court on the People's Court's Trial of Loan Cases: "XI. If the lender knows that the borrower borrows money for illegal activities, its loan relationship will not be protected."
★ Several Opinions of the Supreme People's Court on the People's Court's Trial of Loan Cases: "XIII. In the loan relationship, the person who only plays the role of contact and introduction shall not assumeWarranty liability。The performance of the debt is guaranteedDeclaration of intentionShall be identified as the guarantor and bear the guarantee liability. "
In March 2008, the Ministry of Commerce officially approved the first trans provincialChain operationPrivate lending intermediary company.So far, the existence of private lending intermediaries in China has been recognized by the national regulatory authorities.Drafted by the central bank《Lender Regulations》The draft has been submitted to the Legislative Affairs Office of the State Council, and "private lending" is under waynational legislationThe level is confirmed.
technological process
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1. Understand futures allocation and determine cooperation intention
Before dealing with futures capital allocation, traders should first deal with the operation mode of capital allocation (using the account of the investor), trading restrictions (not to re position overnight) andTransaction risk（Leverage ratioZoom in again) for a comprehensive understanding.
Thereafter, traders need to select the proportion of capital allocation and determine the amount of capital allocation.The larger the allocation ratio, the better. Traders should choose the allocation ratio according to their actual needs. The higher the allocation ratio, the greater the harm to your own funds when the market develops in a negative direction.After you have determined the proportion and amount of capital allocation, you can contact customer service personnel to prepare futures for youFinancial cooperationAgreed.
2. Sign the futures fund cooperation agreement
After receiving the cooperation agreement, please read the terms of the agreement carefully, especially the accountRisk monitoringTerms of the Detailed Rules.It is very important for fund allocation traders to correctly understand the risk monitoring rules. If you have any questions about this part, please be sure to contact the customer service personnel before signing the agreement.
3. Deposit risk deposit
After checking the account, the trader shall pay the risk margin according to the amount and account number agreed in the contract.
4. Officially start trading
After the payment is confirmed, the account is officially delivered to the trader for trading.
Before capital allocation, please confirm whether the terms of the contract comply with the laws of the industry.It can be obtained from the local law firm for verification and confirmation that the capital allocation contract conforms to the operating rules before signing.
Before deposit, confirm that the deposit account isCompany account, is not a private account.Never allocate fundsbondTo a private account.
Risk Management
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1. What are the risks of capital allocation?
The allocation of capital enlarges the leverage, and at the same time enlarges the profit, it also enlarges the risk, so if youProfitabilityNot strong. If doing your own account is a loss, it is likely to lose faster if you allocate funds again.Therefore, before making capital allocation, you must consider your own trading level to see if you are suitable for making capital allocation transactions.
2. The proportion of capital allocation is too high
This is also a large amount of fundingRisk pointEspecially for customers who make capital allocation for the first time, they should not blindly require a high proportion of capital allocation.The higher the proportion of capital allocation transactions, the greater the risk.It is recommended that customers who make capital allocation for the first time should not make capital allocation more than 1:4 times.
3. Always full operation
Many fund allocation customers have this feeling: if there is no fund allocationFull warehouseThe operation suffered a lot.Just imagine that if you judge the correct full position operation, you can earn a lot, but if you misjudge, the full position operation will only bring about greater losses.I once met such a customer, who has always beenSemi warehouseI earned some money during the operation, and lost a lot during a full warehouse operation. I not only gave back all the previous profits, but also lost a lot of my own capital.Full warehouse operation should be assured, not to mention full warehouse operation all the time.
If the risk of capital allocationInattentionIf not, it will cause you great losses. However, without capital allocation transactions, profits cannot be amplified. How to solve the contradiction between the two?The first point is to judge whether they are suitable for funding, and even if they are suitable, do not allocate too high a proportion. It is recommended that the proportion of funding should be 2-4 times.In general, try to avoid full position operation, and leave a certain margin of funds to prevent the opportunity to adjust turnover or make up positions in case of an error in judgment and a loss in the market.The capital allocation transaction is a way to amplify risks and profits. If you do well, you can gain relatively large profits in the short term. Conversely, capital allocation can also cause heavy losses.
Ensure safety
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Panfang security
From the perspective of the process of capital allocation, the investor seems to be in a passive position.How does the investor defend its own rights and interests in the process of capital allocation? The capital allocation market will give you some tips.
First, credit risk is the main risk faced by the investors in the process of capital allocation.In fact, the goal of professional capital allocation companies is to obtain long-term, stable and low-risk returns.Under normal circumstances, it will not damage reputation or violate the law for immediate interests.Therefore, investors should mainly identify whether you are facing a formal capital allocation company, andFinancial strengthWhether it is strong.
Second, the company can also establishLimited PartnershipAnd strive for fair and reasonable cooperation between the two sides of capital allocation, so as to avoid worries in the future.
Third, applicationThird party institutionsTo supervise and guarantee the security of the allocation account, a third-party institution shall supervise the security of the allocation account and issue a third-party agreement.During the cooperation period, ifLegal rights and interestsIf it cannot be recovered as agreed in the contract, it shall be advanced by the third party organization.
Fourth,Contract signingThe lawyer witnessed the signing process of the cooperation agreement on the spot to ensure your legitimate rights and interests.
Fifth, the investor can apply for trading in the office prepared by the investor for the investor.The on-site operation will also reduce the credit risk you face.
Sixth, during the trading period, if there is a large amount of book profit, it should be transferred out of the profits in a timely manner to ensure safety.
Management safety
The management mainly adopts the following three ways to safeguard its own interests:
First, it is established in the name of the investorSecurities account, the funds of both parties are operated in this account;
Second, after the risk deposit is recorded, the investor shall collect fixed interest or management fee by monthly/quarterly payment;
Third, set warning line and forceClosing line。When the loss in the trading party's operation reaches or exceeds a certain proportion, the management party has the right to remind the trading party to make up the risk deposit in time.If the offeror refuses and continues to lose money, the investor can also force the closing of the position to safeguard the safety of its own funds.
It should be pointed out that although the above conventional means are available for protection, the company is extremely aggressiveInvestment behaviorIt may also cause losses to the management.Therefore, several suggestions need to be added.
First, investigation on investment and risk control capability of the company.When selecting partners, the management can request the investor to provide detailedIdentificationDocuments andDelivery order。This is to evaluate theRisk tolerance, as well as the strength of trading, and finally determine the proportion of capital allocation.The higher the allocation ratio is, the better it is. Instead, we should look at the assets of the inventory sideManagement abilityAnd risk tolerance.
Second, in order to reduce the risk as much as possible, the investor can require the investor to avoid participating in those high-risk varieties as much as possible. Taking stock capital allocation as an example, the following varieties should be restricted: such as warrantsGEM、ST、*ST stockEtc;New sharesOn the day of listingStopEquivalence on the day of resumptionDeclineShares not subject to 10% restriction;Stocks with a decline of more than 8%, and stocks with T-1 and T-2 daily decline limits, etc.
Third, limit the position of the order side during operation.Full warehouseOperational riskExtremely large, especially for single varieties with full warehouse.The investor can limit the maximum position of the cooperative account and the proportion of holding a single security, so as to avoid the trader placing all eggs in the same basket and causing losses due to excessive speculation.
Although the above suggestions are harsh on the investors, they are actually put forward by us in consideration of the interests of both parties.On the one hand, the management side puts forward higher requirements for the management side's operation based on experience, and can try to eliminate the possible threats in the capital allocation.On the other hand, the management takes this opportunity to exclude someInvestment philosophy. The operation method is not yet mature. At the same time, it is also to protect the other party's interests and prevent the other party fromrisk managementIf they are not in place, they will suffer more losses.
In addition, the investor can also apply to a third-party institution for supervision and guarantee. The third-party institution will issue a third-party agreement to supervise the security of the capital allocation account.It is stipulated that during the cooperation period, if the legal rights and interests cannot be recovered as agreed in the contract, the third party institution shall pay in advance.
Transaction risk
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On July 5, 2011, the CSRC issued the Notice on Preventing the Risks of Futures Fund Allocation Business, requiring relevant units to take strict precautions against the risks arising from fund allocation transactions.Subsequently, the securities and futures regulatory authorities of various regionsFutures companiesIssued the Report on the Investigation of Futures in JurisdictionCapital allocation companyNotice on Relevant Information, which lists more than 100 investment companies engaged in capital allocation business, and requires futures companies to check the account opening of capital allocation companies in futures companies in the name of legal persons.The inventory is drawing to a close.
In the list of more than 100 capital allocation companiesPrivate financeAndprivate lending As one of the most developed regions, the number of Zhejiang companies accounts for about one-third.However, after consulting the principals of several Zhejiang futures companies, it was found that not many of the companies in the above list opened accounts in Zhejiang futures companies.
Most companies said that they cleaned up the capital allocation business in a timely mannerFutures companiesIt's a good thing.GuohaiLiangshi FuturesZhang Jinrong, the general manager, said that the inspection by the regulatory authorities came very timely.He believes that futures itself is already highLeveraged transactions, if the introduction of capital allocation activities, it is tantamount to further amplificationLeverage effect, leading to excessive risk amplification.
"Excessive leverage makes customers have less room to cope with adverse price changes, which is more likely to cause irreparable losses, which may further lead to social misunderstanding of futures trading." Zhang Jinrong said that the futures capital allocation behavior benefits some illegal capital allocation companies, while the damage isfutures marketReputation.In the case that the futures market is still unknown to many people, the misunderstanding of society will make the development of the industry face more obstacles.
"Clearing up the futures capital allocation transaction is conducive to maintaining social stability and harmony." Xia Suining, general manager of Jiangsu Jintai Futures, also agreed with the measures taken by the regulatory authorities. He also proposed that starting from the causes of the capital allocation market and combining blocking and dredging can better solve the problem of capital allocation transaction.
In the past year, capital allocation transactions began to attract market attention.Xia Suining believes that this is related to the tightening of domestic capital supply and the marketInvestment channelsNarrow.
"Because there are no more investment channels, some funds have chosen to borrow at high interest rates, while others have chosen to carry out capital allocation transactions." Xia Suining said that regulators should speed upFinancial product innovationSpeed, launch more varieties in futures business, including options and other new products, guide the orderly flow of funds, so as to fundamentally changeUsuryMode.
ZhejiangFutures companiesThe person in charge also believes that it is very beneficial to the development of the futures industry to stop the blind development of futures capital allocation transactions in a timely manner.He analyzed the impact of customers' use of funds from different sources on transaction results.Customer heldOwn fundsIt is totally different from the mentality of borrowing funds to participate in futures trading.Generally speaking, long-term operation by customers will result in a relatively fixedTrading habitsAnd transaction philosophyfund managementHave their own set of ideas, more rational in operation;However, most of the misappropriated funds have time limit, and the cost is high, so we should pay back the capital in a short time orExcess profitThe idea of return participates in the futures market, and the change of traders' mentality makes them lose more, which is not worth advocating.
fromFutures companiesFrom the perspective of, retaining customers and making them live longer has always been the direction of the company's efforts, but the capital allocation transaction business is contrary to the company's development philosophy.As a result, the company has madeagencyIt conveys the policy spirit of the regulators and shows the company's position.
The person in charge suggested that the current futures market should further enrich the trading varieties, attract high-quality customers to participate in the market, and encourage industrial customers to use the futures marketrisk management And strengthen investor education.All parties in the market should coordinate and cooperate to make the capital allocation transaction difficult to have a foothold in the futures market.
Latest news
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May 21, 2015, ChinaSecurities businessThe Association has organized some supervision meetings for securities dealers, and leaders of the Institutional Department of the CSRC and the Association have participated in securities dealersOff site fundingThe business has put forward strict requirements for self inspection and self correction, mainly including "cooperation withHang Seng electronIt is illegal and illegal to sign agreements and use the HOMS system to provide services or facilities for the allocation of funds between customers, use a third-party system to achieve the allocation of funds between customers through interface access, and provide services or facilities for the allocation of funds between customers in other ways. ".[1]
