Wednesday, March 07, 2012

兩滴都殺!

好消息欠奉,溫總一席話立刻讓淡友大造藉口,引發中資股跌個人仰馬翻,話雖經濟增長目標放緩,但該升幅按實質計算也相當巨大,初步看,去年內地生產總值47萬億元人民幣,如果簡單地計,該總值續升7.5%,便要增加3.5萬億元人民幣,相信有所交代了。

港交所(388)周一延長交易時間,成交不升反跌,畢竟氣氛暢旺比時間長短重要,且看昨日逾1,271億元成交額,扣除美國國際集團(AIG)配售友邦保險(1299)股份逾467億元的股份上板,其他股份成交額也有804億元,實屬不俗。

至於AIG今趟找來高盛和德意志幫手,《FinanceAsia》引述消息話,反應踴躍,入飛額達90億美元,即約702億港元,可見超額認購逾50%之多,而由開始叫人認購起,短短6小時便搵夠投資者參與,認真恐怖。

同證券界朋友談起,他當然羨慕人家食大茶飯,相反做中型行就辛苦得多,因為這類大刁定必無份,但往往幫大行效力。他話聽聞證券商鬥得難分難解,可惜市場成交不多,故有大行睇中此點,當要出擊掃貨和沽貨時,竟找其他證券行幫手,原因簡單不過:平!

究竟有多平?朋友嘆道:「兩滴都殺!」,由於已取消最低佣金制,證券行一般做交易的佣金為0.15%,或設最低收費,如每宗交易收100元不等,當然大客所獲優惠定必較多,但「兩滴」定義就是只有0.02%而已!

假設有客要沽1億元貨,證券商能夠落袋的佣金總額僅有2萬元,而肯接這類柯打的原因,不外乎雞仔啄米,勤力啄便飽肚。對大行而言,這類執行方法除了省錢外,如果碰上低調的客戶,不想讓交易輕易曝光,交由這些打手處理,便可提高私隱度。

不過,大行交投歸邊情況在過去1年惡化,且看港交所統計顯示,一直位處前列,佔成交額比重最高的A組經紀,即首14間證券商,過去佔每月大市成交約50%,但其佔有率去年持續向上,最高更曾攀上59.65%,試問其他經紀怎樣混飯吃呢?

或許是當時股市差,散戶反而不敢出擊,在比重中由排名65位以後的C組經紀群愈見慘情,從前也能瓜分成交額逾一成,最好的一間證券行也有0.24%佔有率,怎知愈跌愈有,去年9月C組整體佔有率更曾低見9.55%而已,即每10元成交額,佔一元欠少少,計及佣金後,可見收入之微薄。

以前風光的股票經紀行業,今日竟要捱飯盒,確是風水輪流轉,相信新一代見到這種場面,只會敬而遠之,而細行難守下去,中型行又要平做,最終證監會只有麻鷹要管?

(3月7日刊於《am730》)

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