本报讯 六大证券期货交易所继6月1日后再次从9月1日起下调手续费，管理层年内两次让利的初衷是降低交易费用，每年减轻投资者负担155亿元，但6月份至今，多数期货公司却将管理层的让利落袋为安，不主动跟调，九成券商同样截留投资者减负款，令投资者丝毫没有受惠。而且，对于9月份的降费新规，证券公司与期货公司也不打算主动下调。

Report from our correspondent six big securities futures exchange following the June 1 again in the future from September 1,, cut fees，The management of the two years profits to the original intention is to reduce transaction costs，Reduce the burden of investors $15.5 billion every year，But since June，Most futures companies but will fall bags for the management of the profits to Ann，Not active with the，Ninety percent also intercept the burden of securities investors，No benefit for investors。and，For the new rules JiangFei in September，Securities companies and futures company also not going to cut the initiative。

　　数10亿让利进期货公司腰包 Number 1 billion futures company profits to the pockets

　　从9月1日起的调整中，四家期货交易所分品种交易手续费降幅从6.25%到50%不等。其中，上期所、郑商所、大商所期货交易手续费整体降幅分别为26%、17%和15.5%，中金所股指期货交易手续费将按成交金额的0.025‰收取，降幅为28.57%。

From September 1,, in the adjustment，Four futures exchange points varieties by trading range from 6.25% to 50%。Among them，By the previous、zce、DaShangSuo futures trading by whole were 26%、17% and 15.5%，Stock index futures trading by cicc, according to clinch a deal amount will be 0.025 ‰ of the charge，Decreased by 28.57%。

　　证监会称，按2011年市场成交量测算，两次调降后，证券、期货市场投资者一年的交易成本可节约155亿元，其中全年可降低期货市场交易成本88亿元，在接下来的四个月内期货市场交易手续费将会减少10亿元。

Securities regulatory commission says，In 2011 the market volume measurement，Two times after a reduction in，securities、Futures market investors a year of transaction costs can save 15.5 billion yuan，One year can reduce transaction costs 8.8 billion yuan futures market，In the next four months futures market trading will reduce 1 billion yuan。

　　投资者能否享受到期交所的让利？从6月份降低手续费的效果看，降低的费用大部分被期货公司“截留”，并没有落实到投资者头上。

Investors can enjoy the hkfe concessions？From June the effect of lower fees to see，Reduce the cost of most be futures companies“intercept”，And not carry out to investors head。

　　广东一家中型期货公司负责人向《投资快报》记者透露：“6月份下调手续费的同时，三大交易所也暂停了返还期货公司30%手续费的政策，只有郑商所称将继续返还手续费20%。暂停返还的这部分费用算到期货公司的账上大约一两百万，而公司截留下调手续费的让利金额也是一两百万左右，两笔金额刚好相抵，因此6月份并没有下调手续费。由于市场低迷，竞争激烈，期货公司的日子不算好过，为了多一笔利润，期交所9月份再次下降手续费，期货公司也难跟调。”

Guangdong a medium-sized futures companies to charge《Investment express》The reporter said：“June cut fees at the same time，Three big exchange also suspended the return the futures companies 30% commission policy，Only zce says will continue to return the poundage of 20%。Stop this part of the return to the cost is a futures company account about shares，And the company cut the amount of the profits to the interception fee is around shares，Two amount just balance，So in June and no cut fees。Since the market downturn，competitive，The day of futures companies is not good，For a profit，Hkfe in September to fall again charges，Futures companies with the hard also。”

客户主动提出 期货公司才下调 Customer offered futures companies to cut

　　“还是自己盯紧点，主动要求降手续费，要不期货公司都是不会降的。”在采访中，一位手持3家期货公司帐户的期货大户向记者说。

“Or their gaze at the point，Ask for the drop charges，Or futures companies won't fall。”In the interview，A handheld three futures company account of futures to reporters that large。

　　对于投资者的反映，多家期货公司确认只有客户主动提出要求，期货公司才下调手续费。

For investors reflection，Several futures company confirmed that only the customer offered requirements，Futures companies to cut fees。

　　万达期货华南区市场总监朱沙表示，“因为要留住客户，公司在6月份曾经下调手续费，但具体情况则是根据客户的要求来决定，如果客户明确要求下调手续费，我们就会下调。至于9月份，公司还没有相关政策说要下调。”广发期货的工作人员也表示，如果投资者要下调手续费，可以跟客户经理协商。

Wanda futures south China market ZhuSha director said，“Because to keep customers，The company is in June once cut fees，But the specific situation is according to the requirements of our customers to decide，If the customer has specifically request cut fees，We will be cut。As for September，The company still does not have relevant policy to say to want to cut。”Wide hair negotiable futures officials also said，If investors want to cut fees，With customer manager can negotiate。

　　另外，各家期货公司对手续费的下调幅度也不一致。例如期交所将豆油合约交易手续费标准由3.5元/手调整为2.5元/手，那么期货公司可能会下调为3元/手，剩下的0.5元就归到自己的账户上。

In addition，Families of the futures company charges declines are not uniform。For example hkfe will contract by trading standards of soybean oil 3.5 yuan/hands adjustment is 2.5 yuan/hands，So futures companies may cut for 3 yuan/hands，The rest of the 0.5 yuan will be upon his own account。

　　对此，大连商品交易所广州发展与服务总部的郑宇玲解释说，期交所下调手续费，属于指导性政策，不会强制期货公司跟调，是否下调期货公司可以和客户协商，下调幅度也可以自行决定。

this，Dalian Commodity Exchange guangzhou development and service of the headquarters of the ZhengYuLing explained，Hkfe cut fees，Belong to the guiding policy，Not mandatory futures companies with adjustable，Whether the company can cut futures and customer consultation，Declines can also own discretion。

　　券商同样截留投资者减负款 Brokers also intercept the burden of investors

　　除了期交所外，沪深交易所、中登公司将从9月1日再次大幅度降低A股相关交易手续费，沪深交易所费用整体降幅为20%。

In addition to the hkfe，Shenzhen exchange、Put the company in from September 1, again greatly reduce A shares related transaction commission，Shenzhen exchange fees decreased by 20% overall。

　　证监会称，以去年市场成交量测算，证券市场投资者一年的交易成本可节约67亿元，今年证券市场投资者可减少42亿元交易成本。但记者了解到，近九成的券商同样截留投资者减负款。

Securities regulatory commission says，Last year, the volume of market estimates，Stock market investors a year of transaction costs can save 6.7 billion yuan，This year the stock market investors can reduce transaction costs 4.2 billion yuan。But the reporter understands，Nearly ninety percent of brokers also intercept the burden of investors。

　　“交割单我仔细算了，这两个月的几笔买卖，佣金、经手费、过户费都没有降低”，在中信证券(600030,股吧)广州营业部开户的小张有些郁闷。“买卖经手费、过户费都没有降”，来自中信证券的一位中层人员向记者证明道。

“I stamped it carefully，The two months of a few sale，commission、brokerage、No transfer fee is reduced”，Citic securities in(600030,Shares it)Guangzhou sales to open accounts chamberlain some depressed。“Trading charges、Transfer fee is not drop”，Citic securities from a middle staff to make sure most。

　　而对于9月份的新标准，仍有众多券商表示不会下调手续费。

And for the new standard in September，There are still many brokers said it would not cut fees。

　　可以看出，管理层年内两次让利并未令投资者受惠，而过百亿的让利将进入券商和期货公司的腰包。

Can see，Management two years did not make profits to the benefit investors，But the billions will go into the profits to the brokers and futures company's wallet。