美国投行FICC业务发展经验及启示

The Development of FICC of US Investment Banks and Its Inspirations to Chinese Securities Companies

作为美国投行的核心业务,FICC业务具有交易性、数量化、规模化、杠杆化、机构化等五大特征。金融危机爆发以来,美国投行FICC业务全线收缩,业务结构深度调整,产品呈现标准化、场内化趋势,服务对象也逐步扩展到个人客户。中国券商FICC业务正处于起步阶段,受到外部制度性障碍及自身资本实力和创新能力的约束,该业务发展迟缓、贡献偏低。本文结合美国投行经验及中国券商实际情况,对中国券商FICC业务发展提出了六大建议,即产品研发兼顾机构与个人客户、适度运用财务杠杆、广泛使用量化交易、重塑风险管理体系、整合部门架构及择机开展海外并购等。

As one of the core businesses of the US investment banks, FICC had five characteristics. They were trading, quantitative investment, large scale, high leverage and institution clients. Since 2008 Financial Crises, FICC has been shrinking and the structure of its productions was adjusted deeply. There has been a trend of production standardization and transaction on exchange as well as expanding its clients to the individuals. As for the China＇s securities companies, FICC is on the initial stage. It develops slowly and has not yet contributed to the revenue, which is due to its system impediment, capital strength and innovation. After analyzing the US investment banks＇ experiences and the China＇s securities companies＇ situation, this paper proposes six pieces of advice on how to build the FICC smoothly for China＇s securities companies. They are, namely, developing the production for both institutional and individual clients, using the financial leverage moderately, using the quantitative trading widely, remodeling the risk management system, integrating the departments of the company and carrying out overseas mergers and acquisitions at appropriate time.