| The new"Regulation on the Administration of Futures Trading"issued in 2007 has opened an expansive space for individuals'entire innovation in China's futures trading market which will greet a profound market transform. Different futures trading companies will do as much as is realistically possible based on their own strength and undertake dissimilar businesses. Supervision authorities will have a mind to contrast the models of classification management in security industry and administrate redundant futures trading companies through sorting and grading to encourage powerful futures trading companies to excel and strengthen themselves. A group of futures trading companies who have capital strength and competitiveness will come to the fore in the tough competition while those who are lack of core competitiveness and undemanding risk controlling may be washed out. Therefore, the exploitation and innovation of business models have become a major task for futures trading companies who have the intention to possess positions in new market conditions.As for the business of futures trading companies, their exploiting models can be classified into different types according to different classification standards: (1) independent exploitation and reference exploitation according to whether the business is exploited independently. (2) policy restriction and market orientation according to different examining and approving approaches of business from the sectors in charge. (3) risk shunning, cost reduction, competition promotion, technology promotion, shunning controlling and government impulsing according to different innovation reasons.Foreign futures brokerage companies present diversities due to market environment. Besides the business of brokerage agent, futures brokerage companies also have the functions of futures settlement, assets management, self-support transaction, over-the-counter, option sale, consultation, financing and so on, which can offer comprehensive services.Referring to developed countries'experiences, futures trading in China was built. The difference from Singapore and Korea is on the basic market environment. So far China's socialist market economy has been severely restricted by traditional system and idea, while futures trading-the outcome of high market-orientation of commodity swap-presents the single business model development under the regulation of our country's law and supervision. Due to the single business function and the single agent variety for futures brokerage companies, the brokerage business competition is mainly focuses on the malignant competition of procedure fee, which is the main cause of"increasing production but stationary profits"for the futures brokerage companies in recent years. Therefore, many futures brokerage companies have started to actively seek how to exploit the business fields and try to create company's brands and specialities in expanding futures brokerage business and improving services to enhance their competitiveness. At the same time they are taking the international futures brokerage companies'experiences in developing business for reference and exploring some ness businesses'varieties.There exist certain differences in terms of operation models for the futures brokerage companies in different countries and regions due to their differences in economy, society, culture, law, environment, etc. and different historical evolution. Nevertheless, there are many common nesses and rules for futures trading industry's running and management and development trend, which offer some references for our countries'futures trading companies.At present, foreign futures trading companies'development is presenting the following characteristics: 1. commission freedom, running scope, market centralization. 2. Futures trading companies are various, the sources of income are diverse and business fields are comprehensive. 3. The participation scope for organization investors is enlarging and futures trading customers are more centralizing.4 The electronic swap is changing the competition structure in futures trading industry, which promotes the shift of business model in futures trading. Compared with foreign futures trading markets, the overall operation level of futures brokerage companies is still lower than that of developed markets abroad. The main characteristics for futures brokerage companies are as follows: numerous quantity, small operation scale, the overall weak strength; single business, similar operation methods, lack of diversity; more polarizing, market share and possession rate are tending to be centralized.In a few years in the future, the development of futures trading industry in our country will present the following six basic trends:1. Futures trading industry will show a complexion of monopoly competition.2.Futures trading companies will be gradually heterogeneity.3.Futures trading industry will step into a phase of conformity and amalgamation on a large scale.4.Internationalization of Futures trading industry is inevitable. 5.Futures trading market enter an era of organization investor.6.Information technology will affect the business models in futures trading industry.Although the futures trading market in our country started the development late, it has absorbed a century's essence from international futures trading markets. However, futures trading market's construction in our country is still bound by the traditional system and it's hard to fully develop since our country's market economy system is not perfect enough. The formation of the single business bound by policy and the status of the poor independence in terms of operation development are caused by various factors.The following ones are the main factors which lead to the current status for the business of futures brokerage companies and business exploitation models:1. Creating and binding markets by means of administration2. The effect of law regulations and supervision on the business exploitation of futures brokerage companies.3. The caution of administration and law regulation caused by the non-standardization in the early stage of market development.4. The substantial restriction of the development capabilities and levels of the futures brokerage companies to their exploitation and innovation.Through the above analysis, GUOTAI JUNAN futures trading company should carry out some changes and perfection from the following two aspects in order to smoothly move on business 1. Further perfect share structure and legal person management system of corporate. 2. Further strengthen risk control inside the company from the following aspects:1.The management and inner risk control for marketing developing department 2,The management and inner risk control for opening account department 3.Department management and inner risk control.4.Settlement business management and inner risk control.Innovation is bound to encounter certain risk, furthermore, innovation itself is not goal. Any innovation is bound to base on specific environment. Since it has to face opportunity cost option in economy, technology, law regulation and supervision and so on, careful attitude should be appreciated. Based on the fundamental analysis to the futures trading business exploitation, this paper designed the principles for the business exploitation of GUOTAI JUNAN futures trading company as the follows: (1) regularity (2) exploration (3) foresighting (4) reference (5) economy. At the same time, the realization of business exploitation should be started from the following three aspects: 1. System innovation is the precondition of business innovation. 2. Company's self-building lays a solid foundation for the efficient innovation. First of all, more than ten years'practices give a deep impression to the futures brokerage companies in terms of standard operation and the imprinted lessons still remain fresh in those senior executives'minds. Secondly, the integrated qualifications of the futures brokerage companies are internal assurance. At last, economy strength is material basis used for resisting business risk and innovation risk. |
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