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the new regulations have a wide range of impacts, but the core lies in "research value". in the past, brokerage firms used the method of "fund sales in exchange for trading commissions" to make profits through research commissions. the new rules clearly stipulate that trading commissions can only be used to allocate research services, and regard research services as the only legal expenditure entry.
the implementation of the new regulations will change the market landscape. some securities research institutes are actively transforming, strengthening their research capabilities, and re-establishing their own value with a new model. shenwan hongyuan introduced a team of chief economists against the trend, made early arrangements, and re-signed stock trading commission rate agreements with fund companies and other clients to implement new commission rate standards and standardize the use of commissions. meng jie, former deputy director of the industrial securities research institute, joined east fortune as director of the east fortune securities research institute and proposed the goal of the institute's "2.0 launch". changjiang securities also stated that the "regulations on the management of securities trading fees for publicly offered securities investment funds" at the regulatory level will be officially implemented on july 1, which is expected to have a certain impact on the scale and structure of commission income in the short term, but in the medium and long term, it will promote the research business to return to its roots.
the new regulations bring both opportunities and challenges. the new rules will not only change the way brokerages pay commissions, but also prompt them to focus on improving their research capabilities. they need to increase investment to ensure that they maintain their advantage in the competition. this is not a one-sided effort, but also requires the joint efforts of market participants and regulators to establish a more transparent and fair market ecology.
