从购买非标到套取现金：“两融绕标”变形记

Core Viewpoint - The regulatory scrutiny on "margin financing and securities lending circumvention" (referred to as "two融绕标") has intensified, with multiple securities firms facing penalties for inadequate control over such practices, indicating a persistent issue in the market despite regulatory efforts [1][3][9]. Group 1: Regulatory Actions - In early 2026, the Zhejiang Securities Regulatory Bureau issued three fines to a branch of Xinda Securities for failing to effectively manage client circumvention operations [1][3]. - Since 2025, several securities firms have been penalized for similar violations, highlighting ongoing regulatory vigilance against two融绕标 practices [3][9]. - The regulatory framework has been strengthened, with revisions to business rules and monitoring systems aimed at curbing these circumvention activities from the source [1][8]. Group 2: Market Behavior - The demand for two融绕标 has varied with market conditions; during bullish markets, investors sought to purchase non-standard stocks, while in bearish conditions, they aimed to extract cash while retaining their holdings [1][6]. - Recent market recovery has seen a resurgence in demand for circumvention aimed at purchasing non-standard stocks, although the number of brokers willing to facilitate such actions has decreased due to heightened regulatory pressure [2][6]. Group 3: Internal Controls and Compliance - Leading securities firms have implemented stricter internal controls to prevent two融绕标, including prohibiting clients from using securities purchased through margin financing to repay short-selling contracts [8]. - Contracts have been revised to explicitly forbid actions that circumvent regulatory requirements, with firms outlining potential consequences for clients engaging in such practices [8][9]. - Despite these measures, some firms still exhibit a tendency to assist clients in circumvention when regulatory scrutiny lessens, indicating a gap in compliance culture [8][10].