Summary after reading:
The capital account is managed by the securities company, the shareholder account is managed by the registration company, three-level liquidation,
Informatization of securities companies 6-The distinction between transaction and settlement? What is primary liquidation? What about secondary and tertiary liquidation? What IT application systems are involved?
When I first arrived at the securities company, I heard the firm discipline that the company has been emphasizing: the "liquidation" business must be done by business personnel, and IT personnel are absolutely not allowed to do liquidation operations on their behalf ! There are some noteworthy information implied here: 1. "Liquidation" is a very confusing business; 2. The liquidation staff of the sales department (generally financial staff) are very concerned about the "liquidation" process of the counter system. I don't understand, any problems are handed over to the IT staff. If the number of times is too high, the IT staff will simply do it for you; 3. "Liquidation" is a link that is prone to problems.
Next, I will talk about what is "liquidation", which business elements are involved, which business personnel, which IT systems, and what is the relationship between business elements.
As mentioned earlier, each shareholder has a unique "fund account" in the counter system, and at the same time, multiple shareholder accounts can be linked under each fund account (this shareholder account is the one you opened in the registered company, and you are trading identification of the shares being traded). There can be 3 currencies under the capital account, which are respectively RMB, US dollar and Hong Kong dollar funds . There may be multiple shareholder accounts, such as: Shanghai A-share accounts, Shanghai B-shares, Shenzhen A-shares, and Shenzhen B-shares accounts, where stock shares are stored separately. The capital account is managed by the securities company , the shareholder account is managed by the registration company , and the data in the counter system is only a copy of the registration company data . This is the basic bookkeeping structure. The so-called "liquidation" (here refers to the three-level liquidation) is the change management behavior of these accounts.
We know that during the trading hours from 9:15 to 15:00, the OTC system continuously accepts customer orders to buy and sell stocks, make offers to the exchange, and receive transaction return information from the exchange on whether the transaction is successful. There are a series of capital accounting logic in the counter system. For example, if you buy stocks, you will reduce the customer's funds, and if you sell stocks, you will increase the customer's available funds. However, these changes in the balance of funds and securities that occur during the trading hours are temporary in nature, and a "clearing" activity must be used to record all these transactions on the day to the customer's account balance, and transfer each day's transaction to the customer's account balance. The transaction situation is merged into the historical transaction record.
Note: The transaction return record returned by the exchange in real time is only a notification of whether the transaction is completed. The result of the transaction must be determined by the registration company. (Note: the different legal positions of the exchange and the registration company, the exchange is only responsible for the transaction, and the registration company is responsible for who owns which shares). The registered company will generate some dbf files with legal recognition for all transactions that occur on that day at more than 5 o'clock every day.(Including transaction return data of each transaction during the day, share change notice, etc.), and sent to each business department through the satellite communication system. According to these data records, the over-the-counter system of the sales department records the changes in funds and shares involved in the transaction to each shareholder.
You want to ask, is it possible that the data given to me by the exchange during the day is inconsistent with the data given to me by the registration company? In theory, this is possible, and the data sent by the registration company must be used as the account for the customer Credentials. (It’s only in theory, in fact, there has never been any inconsistency. This description is just to let everyone understand that the information given to us by the exchange during trading hours and the information we give to shareholders is theoretically not counted, only waiting for the company to register. After the data is sent, we will record the data in the shareholders' accounts, and the entire day's transactions will be counted.) In the
final analysis, trading and settlement are two completely different business activities, and the current securities trading behavior in our country is the most deadly risk. It's just that these two activities are mixed together, and everyone can't tell the difference. Below, I try to distinguish these two behaviors:
1. Trading activities are generally just customer service behaviors. Although the results of the transactions can be seen, they are not responsible for the ownership of the stocks generated by the transactions; settlement is the ownership of the transactions. responsible for changes in rights.
2. The change information of the balance in the account that the customer sees during the day and generated by the transaction is only a notification, and these changes in the ownership rights will be effective only after the securities company has completed the liquidation in the evening.
3. Trading activities are generally handled by the trading service department of the business department; the electronic entrustment means in the OTC trading system, the transmission of trading entrustment information on the company's internal network, and the exchange offer system belong to the "trading system"; the exchange is the trading system. active market. Settlement activities are generally in charge of the financial department of the business department; the customer account book function in the OTC system and the changes in the account book balance belong to the "custodial system" (currently fully integrated in the OTC trading system); the registered company is owned by all shareholders The management agency of the securities balance, and the securities company is the second-level securities management agency of the shareholders.
4. In foreign countries, the transaction system and the depository system are generally two completely independent systems. The sales and transaction department is responsible for transactions, and the operation department is responsible for clearing. Whether it is the management structure and IT system, it is much clearer than in China.
5. The business elements involved in the liquidation business are complex, which can easily make people dizzy. It is a common phenomenon that the system misremembers accounts (especially for some new businesses and businesses that rarely occur at ordinary times), and it is also the biggest headache for developers. The clearing logic is the place where the business proficiency of the business personnel is most tested. In foreign countries, the number of employees in the operations department (like our clearing center) is much higher than that in the sales and trading department (this is the opposite of domestic).
Well, can't talk too much, these things are already hard to understand. Let us remember: trading and clearing are business activities that must be separated, while domestic clearing is carried out at three levels (compared to the first-level clearing of the securities company by the registration company, the second-level clearing of the securities company headquarters to the business department of the securities company , and the business department to the specific clearing. The customer's clearing is called the third-level clearing ) link, and both trading and clearing are carried out in the OTC system. If you want to work in the securities IT industry, this is the content that must be figured out.
再讲讲，客户交易结算金的管理问题。（又是一个头痛的问题）
每个股民在柜台系统里都有一个资金帐号，上边记录了这个人有多少钱（这个钱的术语叫“客户交易结算保证金”，俗称“保证金”，它们分币种存放，就象一张银行卡，上边都有人民币、港币、美元三个子帐户）。每天清算完毕以后，柜台系统要生成一个客户保证金汇总的金额（分币种）。每天清算人员（一般是财务人员）要把这个重要的数字，记录到财务帐中。
根据中国的客户保证金制度（就是，你要买卖股票必须先有钱，才能买股票；在国外你没有钱也可以买股票，只要3天内把钱打过来就可以），证券公司绝对不能把这部分钱拿去干自己的买卖！那么这些钱，到底放在什么地方的呢？
首先，每个营业部在银行开设有专门客户保证金存款户头。这个户头可能有多个，规定每个银行一个，但具体情况要看银行业务人员是否有本事揽到这些证券保证金存款；这些户头是所谓的对公存款户头（银行内部为公司服务的对公存款户头和为个人服务的个人存款户头是完全两个不同的概念），对公存款的利率比私人存款高，证券公司以个人利率支付利息给股民，而银行以对公存款利率支付证券公司，平白无故吃了一大口利差，暴利呀！
股民银证转帐、或者机构股民转帐划款，都是把自己的钱划到这些“客户证券保证金专用存款帐户”上。
但是，这些帐户上的钱加起来一般都会远远少于开始我们通过柜台系统统计的客户保证金总额。钱到哪里去了？！答案：被证券公司总部拿走了。
是的。虽然证券公司公司总部并不直接对股民发生关系，但它们也会在多个银行开设多个“客户保证金专用存款帐户”（性质与营业部开设的一样）。为了削弱营业部对客户保证金的控制力度（无数的案件都涉及营业部挪用客户保证金存款专用帐户上的钱），证监会要求营业部的客户保证金必须有70％以上要交给总部管理。
OK。每个证券公司都有一个叫“清算中心”（可能与财务部在同一个部门，也可能独立），专门来管理这些总部的客户保证金存款资金。这个部门里有一个权力很大的人，不断的要求营业部把客户保证金转帐过来，或者返还回去。有个术语叫做“资金划拨”。管理哪个营业部留多少钱，哪个银行帐户上有多少钱的系统一般都是新意公司“新意法人清算系统”。
总部拿到这些钱以后，还会拿出一小部分存放到上海、深圳证券登记公司的客户保证金专用帐户上。（这些钱，用来每天的一级清算，就是说每天登记公司根据你这个证券公司的所有客户的买入卖出股票汇总，计算出你是买的更多还是卖的更多，如果你的所有客户交易买得比卖得多，那就把你存在我这里的钱扣掉一部分，用来付给别人；如果你这个公司卖得更多，那我就把别人的钱付给你。这就是一级清算的概念。）
好了，我们现在可以得到一个等式：整个公司的客户保证金=所有营业部的所有客户保证金专用帐户上的钱＋所有总部的客户保证金专用帐户的钱＋公司存放在两个登记公司的钱。
（这个等式的所有数据的自动化抽取和计算由“保证金独立存管监控系统”负责，2005年监管风暴中，对这个平衡式的强调到了无以复加的地步。）只要每天考察这个等式，就能够知道客户存在证券公司的保证金被证券公司合理的使用和保管。
好了，接下来，让我描述一下证券公司内部有哪些IT系统涉及到上述的“清算”业务。
1、Prop系统。由福建新意公司为上海证券登记公司开发的，连接上证登与各证券公司之间数据交换的信息系统。所谓：与上证登的一级清算数据就是通过这个系统接收的。Prop系统有点象一个文件共享软件，共享区域在上证登，每天上证登把若干dbf文件（客户保证金帐户明细数据，客户交易明细数据，客户股份余额变动数据，客户股份余额数据等等）放在这个“共享目录”上，证券公司的总部的清算中心的业务操作员，把这些文件下载到本地。供“法人清算系统使用”。
2、IST系统。与Prop系统类似，IST是由新意公司提供的连接深圳证券登记公司与证券公司的通信系统交换一级清算数据。
3、法人清算系统。由于新意垄断了与登记公司的数据接口服务，很容易的把触角伸到证券公司总部，提供了所谓“法人清算系统”。99年以前，证券公司总部和营业部之间的客户保证金的划拨基本通过手工完成的，直接把相关科目数据记载在财务系统中。而法人清算系统的出现，规范和集中了二级清算的业务行为。把总部清算中心（财务部）与营业部的财务部联系在一起。特别是，B股的清算，登记公司不直接往营业部发清算数据，而只往证券公司总部发，这样需要总部将B股数据根据客户属于不同营业部对数据分拆，再发送到营业部，营业部才能做B股的三级清算，所以02年后普遍都配备了法人清算系统。
4、卫星通讯系统。除了Prop系统、IST系统，两个登记公司还通过卫星通讯系统（与交易用的相同的系统）把，分别属于哪个营业部的三级清算数据（具体到每个股民），发送到营业部。注意：每个股民的每天的交易成交明细数据，既发给总部，也发给营业部，但是，总部拿它们是没用的，因为三级清算是在营业部做的。
5、柜台系统。在每天通过卫星系统拿到三级清算数据以后，记到每个股民的个人资金帐户（放资金）和股东帐户（放股票）上。
6、财务系统。在证券公司得财务总帐系统（用友、金蝶等）中，有一大批涉及客户保证金的财务科目，贷方科目叫“客户保证金”（可能有一级科目，二级科目等等），就是每天营业部从柜台系统统计出的那个汇总客户保证金数字；借方科目就是“银行存款下边的客户保证金专用存款”，也是一级、二级、三级等等，具体到每一个对公存款户头都对应一个科目。财务系统里的这些数据是具有法律效力的，人家审计公司来查帐，查的就是你的这个财务帐。虽然，相同的数据可能在银行、在法人清算系统、在柜台系统中都可以统计出来，但面对外部，财务系统里的数据是最有效力的。
7、独立存管监控系统。这是证监会对证券公司规范性的最基本的要求之一。这个系统，自动抽取柜台系统、登记公司清算数据、法人清算系统、财务系统、外部银行系统的数据。分别对客户的股票余额在柜台系统和登记公司数据进行核对，对客户保证金平衡等式进行核对，对财务科目的平衡性进行核对。（听起来有点数据仓库的味道，ETL等等）。
好了。今天的内容够大家消化的了。反正我是花了近半年时间才对这个业务关系有一个较为整体的概念。
如果你对一级清算，二级清算，三级清算的概念有所理解，就足够了。200608291439
2006年09月10日以前发布下一篇。