美国经纪交易商净资本规则演变对中国的启示

Implications of US Developments in the Net Capital Rule for Broker-dealers to China

本文在重点探讨2004年美国经纪交易商净资本规则的演变及其存在缺陷、2013年美国净资本规则最新变革的内容之后,认为应当重新评估中国净资本规则,提高数量和质量标准,应当完善经纪交易商的退出机制和建立证券业的最后贷款人制度,明确规定系统性重要的经纪交易商的杠杆率限制,充分利用但不过度利用杠杆,完善净资本的计量方法以反映净资本与风险的相关性。

The paper explores the changes of the American net capital rule and its defects for broker dealers in 2004, and the recent developments of the American net capital rule in 2013. With regard to China＇s net capital rule, it is proposed that the quantity standard and the quality standard be enhanced, the mechanism of broker dealers opting out be improved, lender of last resort in securities industry be established, the limits in leverage ratios be clearly defined for systemically important broker dealers with the leverage ratio not too high and not too conservative, and the quantitative methods for net capital be perfected to reflect the relevance of net capital to risk.