Break out of the courtyard

After Zhang Heping returned to Hong Kong Island, he began to pay attention to the testing of the electronic stock trading systems of the three stock exchanges.

Because the Chinese banks introduced by the three stock exchanges thought Zhang Heping's computers, servers and systems were too expensive, they have not yet started electronic trading.

Finally, most likely the Eagle Capital's Huifeng Bank and Standard Chartered Bank will be cheaper.

However, Hong Kong Telecom, Japan Telecom, and telecommunications companies in Southeast Asian countries have begun to announce that they are preparing to connect their Internet connections.

The six major Japanese banks subsequently sent people to Hong Kong Island to prepare to set up branches in Hong Kong Island.

At the same time, they also invited the four stock exchanges in Hong Kong Island to cooperate in electronic trading network settlement.

Regarding their actions, the words "UnionPay" and "handling fee" flashed through Zhang Heping's mind. It seemed like another great business opportunity.

However, given that OMG's Internet had not been taken over and his computer research center had not been established, he temporarily put aside this money-making idea.

I remember that on the fourth day of the first lunar month, at the gathering organized by the Chinese Merchants Association, the shareholders of the Chinese-owned banks actually wanted to jointly pressure Zhang Heping to give them a 5% discount on the computers they sold...

Fuck it!

Zhang Heping wrote them down in a small notebook. If they dared to use other companies' computer hardware and software to connect to the Internet in the future, they would have to wait for him to cut their total bank deposits by 5%!

……

February 2th, the eighth day of the first lunar month, Sunday.

Because the other three stock exchanges in Hong Kong Island will begin trialing their electronic stock trading systems tomorrow.

So, today we need to connect them to the electronic trading systems of Huifeng and Standard Chartered Bank.

Since the four stock exchanges on Hong Kong Island did not want to merge into one electronic stock trading system, Tang charged them technical fees for three trading systems, while the securities companies under them had to open membership services for the four stock exchanges.

What makes these securities companies speechless is that a company member account can only be logged in on one computer at the same time. If another computer logs in to this account, the account on the previous computer will be offline.

Some time ago, Hong Kong stocks continued to fall.

During this period, many securities companies in Hong Kong were trying to be clever. A member account of the Hong Kong Exchange was shared by multiple computers. As a result, a group of securities company employees rushed to log into the account and tried to sell their own clients' stocks first.

When the stock price is falling, if you fail to sell the stock in time to stop the loss, you can imagine how those customers would feel when they later find out that the selling price is much lower than the price they quoted.

Therefore, after the three stock exchanges were connected to the Internet today and bound to the electronic accounts of Huifeng Bank and Standard Chartered Bank, the securities companies that received the news began to register as members, paid their membership fees honestly, and then quickly jumped into the accounts of the three stock exchanges.

However, what makes these securities companies angry is that the registration pages of the three stock exchanges, like the registration page of the Hong Kong Stock Exchange, have not only company account registration but also personal account registration.

In other words, these securities companies are likely to lose many wealthy customers who can afford personal computers!

Unfortunately, their protests against their personal accounts were ignored by the four stock exchanges on Hong Kong Island, because personal membership fees and handling fees for each transaction would eventually go into the accounts of the four stock exchanges respectively.

The only thing that makes those securities companies feel at ease is that stock transactions conducted by personal accounts without the provision of stock certificates will all be taken back by the stock exchange.

The early operation of electronic stock trading at the Hong Kong Stock Exchange has proved that the vast majority of Hong Kong people will choose their securities company and continue to keep their stock certificates!

On Monday, the 21st, as the electronic stock trading systems of the four stock exchanges began to operate, the securities companies communicated with each other and found that very few stock certificates were handed over to the stock exchanges for redemption.

After the false alarm, securities companies began to feel depressed again.

Because currently only Huifeng Bank and Standard Chartered Bank have access to the electronic trading system, if securities companies want to open margin accounts for their own customers, the loans from Huifeng Bank and Standard Chartered Bank not only have high interest rates but also very small loan amounts, which cannot meet their business needs.

However, if they are allowed to choose their previous cooperative bank, they will need to withdraw funds from the cooperative bank and then deposit them into the accounts of Huifeng Bank or Standard Chartered Bank!

In the past, when there was no electronic stock trading system, securities companies would receive the stock certificates from the seller and the buyer's money, and then send the stock certificates to the buyer's home. Only then could the buyer buy and sell the stock certificates again.

In order to pursue efficient transactions, customers will deposit their stock certificates with securities companies to facilitate buying and selling.

Therefore, in the past, a stock transaction could be completed on the same day if it was faster; but if it was slower, it might take a week, or even a year before the stock certificate could be delivered.

Because stock trading was slow in the past, it was enough for securities companies to sign an agreement to open a margin account first, and then go to the blackboard of the stock exchange to buy stocks out of thin air, and finally get the money from the cooperative bank and slowly exchange it back for stocks.

However, when the electronic stock trading system was launched, stock certificates became a string of codes. After a stock certificate was sold on the same day, it was likely to be traded dozens or hundreds of times on the same day.

The key point is that the trading system deducts and transfers account funds in real time, and what finally reaches the securities company is only a string of stock codes, omitting the complicated transaction flow process in the middle. As a result, securities companies can no longer take advantage of the time difference as before!

In other words, if the securities company does not have sufficient funds, it will not be able to open a margin account for its customers in a timely manner, and will not be able to earn the difference in loan interest rates and handling fees.

However, it is not realistic for securities companies to borrow money from cooperative banks in advance, as this would make them bear the interest risk when the loan is not in use.

In addition, when stock certificates are traded multiple times in the stock electronic trading system using a code, each securities company needs to deliver the stock certificates after the stock exchange closes for the day.

Some are handed over to the stock exchange for recycling, and some are delivered to the final buyer of the day. There are information prompts in the electronic trading system.

Of course, the prerequisite is that the securities company can take back the corresponding stock certificates!

Therefore, for securities companies that help clients sell stocks, if they cannot produce stock certificates on the same day and cannot deliver them to the buyers in time, they will be fined at the very least, and at the worst, the securities company’s trading qualifications will be permanently revoked!

Over time, securities firms' trading rules were gradually changed to require stock traders to see the client's stock certificate before they could operate on the computer.

As a result, those investors who could check the Hong Kong stock market on their computers gradually discovered the drawbacks!

Sometimes, some investors find an opportunity to sell, but they have to take the stock certificates to the securities company first. There is a delay in the process, and then they sell at a low price. In this falling market, many people lose hundreds of thousands or even millions of dollars because of this.

Buying stocks is quite convenient. As long as there is a sell order in the system, you can buy in real time.

"Have you noticed?"

When Zhang Heping walked into a securities company, several small retail investors were whispering behind the traders.

"We bring stock certificates to sell in the morning, and we can sell the stocks we bought during the day even if we don't have stock certificates!"

"It's only available on the same day. You have to bring the stock certificates back the next day to sell them, otherwise you can't sell them!"

"I heard that if you apply for a personal account, you don't need a stock certificate to buy or sell. The stock certificates are all deposited at the stock exchange!"

“Can I trade without the stock certificate the next day?”

"Of course you can! Aren't stock certificates deposited with the stock exchange? Unless the securities company that sold the stock can't provide the stock certificate of the original seller."

"I heard that in Japan's Dongdu Stock Market, many securities companies were unable to produce stock certificates, causing the stock electronic trading system to return money and data, and finally Dongdu Stock Market cancelled the stock certificates."

"I saw the stock price of Changjiang stocks fall on my computer at work last week. I went back at noon to get the stock certificate and went to the securities company to entrust it to sell in the afternoon. As a result, the stock price fell terribly! If I could sell it in the morning, I could save at least 20 yuan!"