The securities industry is facing a heavy profit again. According to the news released by China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as 'China Clearing') yesterday, China Clearing reduced the minimum settlement reserve for stock business to 16% and reduced some registration and clearing fees. According to relevant estimates, it is estimated that about 20 billion yuan will be released.

According to the news released by China Clearing official website, in order to implement the spirit of the special meeting of the Financial Committee of the State Council, reduce the market capital cost and serve the healthy development of the real economy, China Clearing, in line with the ongoing DVP reform, has reduced the minimum settlement reserve for stock business from 18% to 16% since April 2022.

At the same time, in order to support the accelerated recovery and development of the economy in areas greatly affected by the COVID-19 epidemic, China Clearing Corporation has reduced and exempted some registration and settlement fees such as the registration fees for shares and securities of the two networks and delisted companies, the non-transaction transfer fees for B shares and bonds, and the dividend distribution fees for closed-end funds from April 2022, and exempted the registration and settlement fees of issuers registered in Tianjin, Inner Mongolia Autonomous Region, Jilin Province, Shanghai, Shandong Province, Henan Province, Shaanxi Province and Shenzhen City in 2022.

In this regard, according to the information of China Clearing official website, reducing the payment ratio of the minimum settlement reserve for stock business is one of the powerful measures of China Clearing, under the leadership of China Securities Regulatory Commission, to actively implement the spirit of the special meeting of the Financial Committee of the State Council, maintain the stable development of the capital market and support the service of the real economy.

China Clearing pointed out that the reduction of the minimum settlement reserve payment ratio carried out by China Clearing has been fully calculated, and on the basis of ensuring the security of the settlement system, the transaction settlement cost has been reduced and the market efficiency has been improved. At the same time, the DVP reform is actively and steadily advancing. The reform plan has been fully demonstrated, fully solicited market opinions and unanimously affirmed by market institutions. After the implementation of the reform, the risk prevention and control ability of the capital market will be further improved. This time, China Settlement lowered the minimum settlement reserve payment ratio in line with DVP reform, and released part of the reform dividend in advance.

According to relevant calculations, in terms of settlement reserve, the proportion is reduced according to the data of the minimum reserve limit in March (that is, the daily average securities purchase amount in February is used), and it is estimated that the scale of released funds is about 20 billion yuan. In addition, the data of the amount of released funds will change according to the market turnover.

Insiders pointed out that the measures to reduce the settlement reserve will, to a certain extent, improve the capital utilization efficiency of market participants such as securities companies and fund managers, which will contribute to the high-quality development of the capital market.

The person in charge of a fund operation department said that promoting DVP reform, establishing the system of dealing with goods and silver and reducing the proportion of minimum settlement reserve, not only improved the overall risk prevention and control of the market, but also increased the tradable position of fund products to a certain extent, and improved the efficiency of market capital use.