Tuesday, December 01, 2009

證券行靠基金盤食胡

禤中怡上周出外小休,偷懶暫停兩天,敬希讀者原諒。但休息不忘了解世情,只見杜拜世界翻起的波濤令環球股市一震,港股更罕見出現逾千億元成交,但好友昨日立刻反擊,需注意好壞消息陸續出籠,對股市構成的波動恐加大。

儘管今年港股成交未算顯著大增,日日過千億元成交的盛況也不復再,但證券行依然有肉食,禤中怡知道部分證券行員工,繼年中花紅早已有著落之後,年尾份花紅相信亦已經可以袋袋平安,只是份花紅份量究竟是多是少,就要等計數,畢竟大家追貨忙,還有衍生工具供選擇,產品可謂五花八門。

同證券界朋友談起,他亦話做散戶買賣其實經已愈來愈少,年輕有為的客戶早已投向互聯網證券服務的懷抱,實行自己話事,故招呼幫手落盤的散戶數目自然有限,相反,在過去半年已不斷接基金盤做,等於套用網上商業模式,以前做B to C(商業對消費者),即專照顧散戶,現在則是B to B(商業對商業),照顧機構性投資者也。

所謂基金盤,就是投資基金經理處理手上的投資組合時,自然要找地方落盤買賣,故證券行亦樂於為基金提供服務,特別是這類客戶有要求,需要證券行供應增值服務,例如供應相關公司的研究報告,甚至是上市公司舉行電話會議講解業績的時間等,也要照顧周到,當然,所謂一分錢一分貨,基金所作的證券買賣,其佣金收費也會高一點。

不過,有些外資基金要求十分簡單:就是價錢(即佣金)要「平」,毋須提供額外服務如研究資訊等,只需夠快做買賣便可,只需Discount Broker,即有折扣的經紀服務吧!除了基金客戶之外,近年發展蓬勃的衍生工具發展商也是其目標客戶,因為發行窩輪和牛熊證時,也需要作對沖行動,證券行也可幫一把。

為何基金盤增加呢?證券界朋友話,同基金公司傾未來一年的生意額時,基金會將買賣盤分散,但證券行數目亦會控制在一定數目,讓每間獲巨額交投,以便爭取更低的交易成本。二來分散落盤亦可以避免讓證券行發現其盤路策略,跟隨炒賣的話,自然可能影響回報。

更重要的,就是分散「交易對手風險」(counterparty risk),因為去年金融海嘯爆發期間,雷曼兄弟倒閉,最終引發大量交易無法結算,倘若基金集中由雷曼的證券部門負責買賣的話,後果會有多嚴重,大家可想而知。

證監會向對沖基金經理進行的一項調查發現,於今年3月,有多達52.5%的對沖基金經理,會使用多於一間主要證券行,而這個比例於06年僅39.6%而已,反映短短3年間增加了12.6個百分點之多,更有趣的是,不但用證券行,這些對沖基金經理還選用銀行,為其提供證券買賣服務,而這種趨勢亦漸普遍,銀行可能想幫手提供融資,以便對沖基金經理進行槓桿買賣,實行交叉銷售,又賺多筆。

(12月1日刊於《am730》)

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