券商中国·2025-03-21 15:18Core Viewpoint - The article discusses the recent measures taken by China Galaxy Securities to prevent "roundabout cashing out" in margin trading, highlighting the importance of regulatory compliance and risk management in the securities industry [2][4][6]. Summary by Sections Regulatory Actions - China Galaxy Securities announced revisions to its margin trading contracts to explicitly prohibit investors from engaging in "roundabout cashing out" operations, with penalties including credit limit reductions and forced liquidation [2][4]. - The revisions include eight key changes, notably the addition of clauses that empower the company to adjust credit limits and enforce risk control measures against clients who violate the rules [4][6]. Definition and Risks of "Roundabout Cashing Out" - "Roundabout cashing out" refers to a practice where investors exploit margin trading to circumvent restrictions on the types of securities and purposes for financing, which poses significant risks and compliance issues [5][6]. - This practice can increase credit risk and obscure market transparency, making it difficult for other market participants to assess the true market conditions [5]. Industry Response and Guidelines - The actions by China Galaxy align with the guidelines set forth by the China Securities Association to standardize margin trading practices and mitigate risks associated with "roundabout cashing out" [6][7]. - Other securities firms, such as GF Securities and CITIC Securities, have also implemented measures to restrict similar practices, indicating a broader industry trend towards stricter compliance [7]. Market Context - As of March 20, the total margin trading balance in the market was 11.615 billion yuan, with a margin balance accounting for 0.01% of the A-share circulating market value, showing stability since September 2024 [7]. - The regulatory focus on margin trading and related activities continues, with the China Securities Regulatory Commission emphasizing the need for targeted monitoring of these practices [8].