证券公司内部资金转移定价的功能和运行机制

The Function and Operating Mechanism of the Internal Fund Transfer Pricing in Securities Companies

本文首先从理论上对FTP概念、商业银行FTP和证券公司FTP各自的引入背景、功能和定价原则进行了对比分析,接着从业内实践出发,通过调研对23家证券公司FTP运行情况进行梳理,并从FTP价格构成、覆盖范围、定价原则、定价模型、期限划分、业务划分、报价周期、价格曲线条数等八个方面进行了归纳分析,最后针对FTP运行中存在的问题提出建议。

This paper discusses the concept of funds transfer pricing and then compares the FTP background, function and pricing principles of securities companies and commercial banks. It concludes that the differences of the assets and liabilities of securities companies and commercial banks determines the primary function of FTP, which is to transfer capital costs for securities companies. Based on the investigation of FTP practices at 23 securities companies, this paper undertakes inductive analysis in terms of FTP price composition, pricing principles, pricing models, business categories, quotation cycles and price curves. This paper also puts forward some recommendations aimed at resolving practical problems in applying FTP.