In the United States in 1980,cheap nike shoes, all brokerage revenue, 13 % came from interest income to investors financing. In Hong Kong, China and China Taiwan is even higher, you can reach brokerage business gross income 1/ 3 or more. Of course, comparing the United States in 2003 and 1980 corporate income securities can be found in the structure, financing, interest income from 13% down to 3 %, therefore, does not necessarily persistent financing interest income securities referred to the company's main source of income. And if the establishment has a certain monopoly specialized securities finance companies, which may be more likely to be part of interest income securities finance company received and when the securities firm can obtain refinancing spreads will be relatively small.
Had warrants for the share reform launched fluctuations and disputes,nike air max womens, is a mirror. Companies involved in the securities margin trading business, more liberal provisions of the United States, as long as the customer portfolio securities held by the company comply with the Securities Exchange Act of 1934 in respect of net capital requirements, then apply for credit transactions with qualifications. Not hold client securities securities companies, only to hold securities on behalf of client accounts, accepting customer payments and securities, it is also called introduction Dealer. And the customer's eligibility restrictions, the United States does not require investors to open credit accounts with special qualifications, client eligibility norms and procedural aspects of limited funds.
Excessive increase in the proportion of financing is risky,nike air max mens, cheap ugg boots 1996 bull market, some securities companies allow large overdraft, in December of that year the stock of collective limit, several large been forced open, and the lessons are very painful. Theoretically, if the funding ratio of 1 to n, the total bid amount is 1 + n ( to be monitored ), then when the market slid 1 / (1 + n), securities companies will be forced open in order to protect its financing, unless customers to margin calls. The outbreak of the financial crisis in the United States, to some extent, also part of the investment bank has no control risk, lend funds beyond the statutory percentage cause.
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