与监管部门统筹的“新三板”市场相比，区域性股权市场和券商柜台交易市场遵循了更加市场化的途径，这是监管层的一种新思路在场外市场的尝试

And the supervision department as a whole"The new SanBan"Market compared,Regional equity market and securities trader counter market followed more market-oriented approach,This is the supervisor's a kind of new train of thought in the otc market attempt

　　历经大半年的清理整顿之后，地方股权交易中心的前景出现转机。

After few months after the rectifications,Local equity trading center prospects turn.

　　在“前海金改”和“温州金改”的背景下，深圳市和浙江省近期启动了区域性股权交易市场的计划。据《财经》(博客,微博)记者了解，深圳前海股权交易中心和浙江省股权交易中心，均将引入证券公司出资入股，并允许其参与运营。

in"Sea before gold change"and"Wenzhou gold change"Under the background of,Shenzhen and zhejiang province recently launched regional equity market plan.According to[financial](blog,Micro bo)The reporter understands,Shenzhen sea before equity trading center and zhejiang equity trading center,All will introduce a securities company and become a shareholder,And allow it to participate in operation.

　　9月4日，中信证券(600030,股吧)（600030.SH/06030HK）公告称，将出资不超过1.5亿元人民币参股前海股权交易中心（深圳）有限公司（下称前海股权交易中心），参股比例不超过30％。除中信证券外，国信证券和安信证券也将参股前海股权交易中心。

On September 4,,Citic securities(600030,guba)(600030. SH / 06030 hk)Announcement to say to,Will investment not more than 150 million yuan participation sea before equity trading center(shenzhen)Co., LTD.(Before the "sea equity trading center),Shareholding proportion is not more than 30%.In addition to the citic securities,Held securities and anxi securities will also participation sea before equity trading center.

　　据悉，财通证券和浙商证券亦会出现在浙江省股权交易中心的股东名单中。

It is reported,Wealth through securities and zhejiang merchants securities also can appear in zhejiang province equity trading center of shareholders list.

　　证监会8月下旬发文，首次明确允许证券公司参与区域性股权交易市场运营。中信建投场外市场业务的负责人李旭东表示，专业中介机构的参与，既可使市场活跃，又可以提高规范程度。

Securities regulatory commission late August outgoing mail,The first clear allows securities companies to participate in regional equity trading market operation.Citic built for otc market business person in charge said Patrick,Professional intermediaries participation,Not only can make the market is active,And can improve the degree of regulating.

　　与此同时，券商柜台交易市场亦可能被允许设立，私募债产品有望率先试点券商柜台交易。通常，柜台交易市场被视为自发形成的场外市场。

meanwhile,The securities trading market may be allowed to set up,SiMuZhai products is expected to take the lead in pilot securities trader counter trade.usually,Counter trade market is considered as the spontaneous formation of otc market.

　　与监管部门统筹的“新三板”市场相比，区域性股权市场和券商柜台交易市场遵循了更加市场化的途径，这种自发形成、必将通过优胜劣汰才能生存壮大的市场，可看做是监管层的一种新思路在场外市场的尝试。

And the supervision department as a whole"The new SanBan"Market compared,Regional equity market and securities trader counter market followed more market-oriented approach,The spontaneous formation/Through the survival of the fittest will survive and expansion of the market,Can be seen as the supervisor's a kind of new train of thought in the otc market attempt.

　　券商介入 Brokers intervention

　　接近监管层的人士透露，此次允许券商参与区域性股权交易市场，是对各地股权交易市场清理整顿之后，监管层试图让专业机构参与市场建立，以规范市场的发展。

Close to the supervisor's sources,This allows brokers participate in regional equity market,Is the stock market all over after rectifications,Supervision layer trying to make professional organizations to participate in the market to establish,To standardize the development of the market.

　　7月12日，国务院下发《国务院办公厅关于清理整顿各类交易场所的实施意见》（国办发〔2012〕37号），该意见是对此前国务院清理整顿各类交易所决定的解释和细化。

On July 12,Issued by the state council[The general office of the state council about all kinds of trading places rectifications of the implementation opinions](Countries do hair [2012] no. 37),This opinion is right under the state council after rectifications of of all kinds of exchange decided to explain and refining.

　　此前，在证监会牵头清理整顿各地各类交易所期间，监管层曾以“窗口指导”的方式明确了证券公司不能参与地方股权交易中心的推荐挂牌等交易。

after,In the lead the CSRC rectifications during all kinds of exchange all over,Supervision layer had to"Window guidance"Way to clear the securities company can't participate in the local equity trading center recommend listing and trading.

　　一位接近监管机构的人士说，对于已有的区域性股权交易中心，券商能否参与要看该股权交易中心是否规范运作，而新设立的则必须符合37号文。

A person close to the regulators said,For the existing regional equity trading center,Brokers can participate in to see the equity trading center is standard operation,And a new must be accord with 37 sign language.

　　近年来，全国各地为推进权益（如股权、产权等）和商品市场发展，陆续批准设立了一些从事股权交易、产权交易、文化艺术品交易和大宗商品中远期交易等各种类型的交易场所。由于缺乏规范管理，在交易场所的设立和交易活动中违法违规问题日益突出，风险不断暴露。

In recent years,All parts of the country to promote equity(Such as equity/property)And commodity market development,Approved in some engaged in equity trading/Property transactions/Culture art trade and commodity trading rotational acetabular osteotomy, and other types of trading places.Due to the lack of standardized management,In the establishment of trading places and trading activities illegal has become an increasingly important issue,Risk constantly exposed.

　　目前全国各地有200多家产权交易中心，而且很多都已经存在股权交易的业务。

At present all over the country more than 200 property right transaction center,And many have existed equity trading business.

　　2011年11月，国务院要求清理整顿各地各类交易场所。中国证监会希望能够借此机会规范发展地方的股权交易，使之成为区域性的场外市场，成为中国多层次场外市场的一部分。

In November 2011,The state council asks rectifications of all kinds of trading places all over.The China securities regulatory commission hopes to take this opportunity to regulate the development of the local equity transaction,Make it become the regional otc market,Become China's multi-level part of the otc market.

　　不过，证监会与地方政府的监管责任划分不明，以及围绕区域性场外市场建设主导权的争夺，使得参与各方均不能清晰地看到地方股权交易中心的前景。

but,Securities regulatory commission and local government supervision responsibility division is unknown,And around the regional otc market construction for diet,In that all parties can't see clearly where the prospect of equity trading center.

　　此次深圳前海和浙江省的股权交易中心的设立，被视为区域性股权市场建设的一种尝试。

The shenzhen sea before in zhejiang province and the equity of the establishment of trading center,Be regarded as regional equity market construction of a try.

　　据《财经》记者了解，按照原先的计划，深圳前海股权交易中心分别由中信证券出资30％、国信证券出资25％、安信证券出资20％、深圳市政府通过地方企业出资25％设立。

According to[financial]The reporter understands,According to the original plan,Shenzhen sea before equity trading center respectively by citic securities investment 30%/Held securities investment 25%/Anxi securities investment 20%/Shenzhen government through the local enterprise investment set up 25%.

　　由于中国证券登记结算公司（下称中证登）和深圳证券交易所（下称深交所）亦希望成为该公司股东，前海股权交易中心增资扩股10％，中证登和深交所分别持有5％的股份。其他股东的股份被相应地摊薄。

Because of China's securities registration and settlement company(Said an enhanced)And the shenzhen stock exchange(Shenzhen said)Also hope to become the company shareholders,Sea before equity trading center increase endowment spread 10%,Shenzhen's background and respectively holds 5% of the shares.Other shareholder's stake be corresponding booth thin.

　　前海股权交易中心的主导权实际上归属于证券公司，它的日常运营也由三家证券公司负责。

Sea before equity trading center of the dominant right in fact attributable to the securities company,Its daily operation also by three securities company is responsible for.

　　接近该中心的人士说，前海股权交易中心将有别于现有的各类会员制的产权交易中心、交易所，将采用公司制的思路运营。产品和服务都将是市场化运作，淡化地方政府的色彩。

Close to the center of the people said,Sea before equity trading center will be different from all kinds of existing membership of the property right transaction center/exchange,Will the corporate system thinking operation.Products and services will be market-oriented operation,The colour of desalination local government.

　　他介绍，未来前海股权交易中心将会成为一个社会性的市场，而不是由政府主导培育。目前它还只是一个区域性的市场，挂牌企业不能够跨省。但未来通过市场竞争，各家交易所可以整合，区域性交易场所还可能通过联网方式，将产品辐射全国。

He introduced,The future sea before equity trading center will become a social market,Not by government leading cultivation.At present it also just a regional market,Listed enterprise can't across the province.But the future through the market competition,Each exchange can be integrated,Regional trading places may also through the networking mode,The product radiation throughout the country.

　　交易规则设计方面，前海股权交易中心将更多地考虑提供多样化的产品，减少政府审查环节，强化市场的约束力。在信息披露公开透明的情况下，要求投资者做到买者自负。此外，政府部门不会参与公司的具体运作，更多的是监管欺诈等违法、违规行为。

Trading rules design,Sea before equity trading center will provide more consideration to the diversification of products,Reduce government review link,Strengthening market binding upon both parties.In the information disclosure under the condition of transparent,Request investors do buyers conceit.In addition,The government will not participate in the company's specific operation,More is illegal supervision fraud, etc/violations.

　　与前海股权交易中心不同，浙江省股权交易中心则由政府背景的企业作为大股东。据参与市场筹备的人士透露，浙江股权交易中心注册资金为1亿元，浙江省金融市场投资有限公司持股40％，上海证券交易所信息网络有限公司与温州市国资投资集团有限公司各持股20％，财通证券、浙商证券各持股10％。

And the former sea equity trading center is different,Zhejiang equity trading center by the government background of the enterprise as a major shareholders.According to participate in market team for the sources,Zhejiang equity trading center the registered capital of 100 million yuan,Zhejiang financial market investment co., LTD. 40% shareholding,Shanghai stock exchange information network co., LTD. And wenzhou salt investment group co., LTD., each holding 20%,Wealth through securities/Zhejiang merchants securities each holding 10%.

　　财通证券场外市场部负责人任善国说，浙江省股权交易中心仍将是一家会员制的交易所，日常运作将由两家证券公司承担，包括规则的制定、吸收会员、管理交易等。交易中心的监管则由省政府和省金融办主导。

Wealth through securities street chief of department of RenShanGuo said,Zhejiang equity trading center will still be a membership stock exchange,Daily operation will be two securities company to undertake,Include the formulation of rules/Absorption member/Management trade, etc.Trading center is the supervision by the provincial government and provincial financial do leading.

　　北京一家大型券商场外市场业务负责人表示，让证券公司参与区域性股权市场建设是一个折中的选择。一方面，证监会牵头的交易场所清理整顿工作遇到地方政府强大的阻力；另一方面，多层次场外市场的建立需要区域性交易市场作为补充。

A Beijing big securities trader otc market business person in charge said,Let the securities companies to participate in regional equity market construction is a compromise choice.On the one hand,Securities regulatory commission lead trading places the rectifications program meet the local government strong resistance;On the other hand,Multi-level otc market is an important regional market as a supplement.

　　37号文要求各地交易所尽早规范，以避免关闭；同时允许券商参与规范的区域性股权交易市场，发挥其专业职能，并起到活跃市场的作用。这一方案可谓“恩威并济”。

37 sign language requires all exchange standard as soon as possible,In order to avoid close;At the same time allow brokers participate in regulating regional equity market,Exert their professional functions,And play the role of active market.The plan is"With economic".

　

　有别“新三板” has"The new SanBan"

　　区域性股权交易市场对于企业和投资者的门槛更低，被业界称为“四板”市场，与中关村代办股份转让系统（下称“新三板”市场）相对应。

Regional equity trading market for enterprises and the threshold of the investors more low,Be known in the industry as"Four plate"market,And zhongguancun agent share transfer system(said"The new SanBan"market)corresponding.

　　9月7日，中关村代办股份转让系统迎来八家新的挂牌企业。上海张江、天津滨海、武汉东湖三家高新技术园区成为该系统的扩大范围，即 “新三板”扩容。

On September 7,,Zhongguancun agent share transfer system have eight home new listed enterprise.Shanghai zhangjiang/Tianjin binhai/Wuhan east lake three high-tech park become the system expansion of the range,namely "The new SanBan"flash.

　　“新三板”市场是在证监会的统一监管之下的全国性的场外市场。地方股权交易中心是区域性的，各家交易所的制度、规则都有不同。前述的37号文，为各地股权交易中心业务范围、交易方式等划出了“红线”。

"The new SanBan"The market is in the unity of the securities regulatory commission under the supervision of the national otc market.Local equity trading center is regional,Each exchange system/The rules are different.Of the 37 sign language,For different local equity trading center business scope/Way to trade and lay off"Red line".

　　37号文规定，各地交易市场不得将任何权益拆分为均等份额公开发行；不得采取集中交易方式进行交易；不得将权益按照标准化交易单位持续挂牌交易；权益持有人累计不得超过200人；不得以集中交易方式进行标准化合约交易。

37 sign language provisions,All trading market may not be any rights and equal share split for public;Shall not take centralized way to trade transactions;May according to the standardized trading unit for rights listed for trading;Rights holder accumulated shall not be more than 200 people;In concentrated way to trade for standardized contract transaction.

　　这些均与“新三板”的规则有所不同，特别是权益持有人累计不得超过200人。

These are all"The new SanBan"Different rules,Especially rights holder accumulated shall not be more than 200 people.

　　日前，“新三板”扩容仍然沿用原中关村代办股份转让系统各项制度规则，“新三板”挂牌企业想要突破200人股东的限制，需要向证监会申请。

a,"The new SanBan"Flash still continue to use the original zhongguancun agent share transfer system the system rules,"The new SanBan"Listed enterprise want to break through the limitation of 200 shareholders,Need to apply for the CSRC.

　　此前，监管层已明确表态，“新三板”挂牌企业股东人数可以突破200人，而且在日后的IPO过程中， 200人股东人数的限制将不会成为“新三板”挂牌企业公开发行上市的障碍。

after,The supervisor has already made clear,"The new SanBan"Listed enterprise shareholders can break through 200 people,And in the future in the process of IPO, 200 people in the number of shareholders limit will not be"The new SanBan"Listed enterprise public offering obstacles.

　　此次 “新三板”扩容，挂牌企业煦联得经营亏损仍被允许挂牌。中国资本市场多年来以盈利作为评价企业好坏标准的惯例被打破。

the "The new SanBan"flash,Listed enterprise Xu union operating losses to still be allowed to hang out one's shingle.China's capital market for many years to profit as evaluation enterprise quality standard practice is broken.

　　据接近浙江省股权交易中心的人士透露，浙江省股权交易中心初步拟定的规则仍不允许亏损企业挂牌，但合格投资人的门槛要比“新三板”市场低，即机构投资人100万元人民币的资金门槛，自然人20万元人民币的资金门槛。

According to zhejiang province to equity trading center of the sources,Zhejiang equity trading center drawn up a tentative rules still don't allow loss enterprise listed,But the threshold of the qualified investors than"The new SanBan"Market low,Namely institutional investors is 1 million yuan RMB funds threshold,Natural person is 200000 yuan RMB funds threshold.

　　中信建投场外市场业务负责人李旭东表示， “四板”市场的定位仍不清晰，缺少增强吸引力的举措，多数证券公司和企业均处于观望状态。

Citic built for otc market business controller Patrick said, "Four plate"Market orientation is still not clear,The lack of increase attraction action,Most of the securities company and the enterprise all in a state of wait-and-see.

　　此外，在区域性股权交易市场的建设中，证券公司对于地方政府的角色既有期待，又有担心。

In addition,In the regional equity trading market construction,A securities company for the role of the local government to both,And worry about.

　　一位华南券商的高管称，地方政府的参与肯定会带来相当多的地方资源，这是区域性股权交易市场发展所必需的。但这种情况下，证券公司还能够掌握多大的主导权将难以估计。

A south China securities trader executives said,The local government participation will bring quite a number of local resources,This is the regional equity market development necessary.But this kind of circumstance,Securities companies will be able to grasp how much dominant right will be hard to say.

　　他坦言，省级地方政府对市场交易、信息披露、企业财务数据真实性的监管能力是否足够，直接影响到今后市场的环境是否公正，进而影响市场的发展前景。

He said,Local governments at the provincial level to the market transaction/Information disclosure/Enterprise financial data authenticity regulatory capacity is enough,Directly affect the future market environment is justice,Affect the development of the market prospect.

　　券商柜台交易突破 Brokers counter trade breakthrough

　　据《财经》记者了解，监管部门在规范地方股权交易中心的同时，亦在酝酿允许券商建立以柜台交易为基础的另一种场外市场。

According to[financial]The reporter understands,Regulators in the standardization of local equity trading center at the same time,Also in brewing allow brokers establish a counter trade on the basis of another kind of otc market.

　　前述接近监管层的人士说，券商柜台交易市场和区域性股权交易市场是同一层次的市场，两个市场间有部分业务和功能是重合的。监管层希望两个市场同步发展，没有倾向性。最终哪个市场发展更好完全由市场决定，证监会只负责制定规则和监管。

The close supervision layer activists say,The securities market and regional equity trading market is the same level of the market,Between the two markets a portion of the business and function is coincide.Supervision layer hope the two market synchronous development,No inclination.Final which market development better completely decided by the market,Securities regulatory commission is responsible only for rules and regulation.

　　其实，柜台交易在上世纪80年代中后期就曾被引入中国资本市场。

In fact,Counter trade in the 1980 s has been introduced to China capital market.

　　1986年8月沈阳开设股票交易柜台，同年9月上海工行信托投资公司静安证券业务部获批开展股票柜台买卖业务，之后多家金融机构和证券公司开办了此类业务。直到沪深两市的成立，股票交易柜台被关闭。

In August 1986, shenyang open stock trading desk,The same year in September, icbc Shanghai trust and investment companies jing an securities sales department approved to carry out stock the counter transactions,After several financial institutions and securities companies started the such business.Until the establishment of the Shanghai and shenzhen two cities,Stock trading desk is closed.

　　国信证券场外市场部负责人鲁先德透露，今年证券公司推出的私募债产品可能于近期获准通过券商柜台交易进行转让。这一交易形式不仅是场外市场的一个层次，更是证券公司业务的一种延伸。

Held outside securities chief of department of LuXianDe revealed,A securities company launched this year SiMuZhai products in the near future may be allowed through the securities trader counter transfer transactions.The deal is not only form a hierarchy of otc market,A securities company business is a kind of outspread.

　　中国证券业协会曾在今年上半年召集十家证券公司讨论如何建立券商柜台交易市场，其中一家华南券商递交过一份发展柜台交易业务的规划，但未能得到监管层的明确回复。券商柜台交易市场的建立亦被搁置。

China securities industry association has convened in the first half of this year ten securities company to discuss how to establish the trading securities market,One of the south China securities trader to submit a copy of the trading business development planning,But failed to get the supervisor's clear reply.The establishment of the securities market has also been shelved.

　　上述华南券商高管称，9月初，监管层明确表态，证券公司可以发展柜台交易。

The south China securities trader executives said,In early September,Supervision layer clear statement,A securities company can develop counter trade.

　　他介绍，该公司计划将自己的各条业务线推出的产品跟柜台交易对接，根据客户的需求推出合适的产品，而这些产品只需在监管部门备案即可。

He introduced,The company plans to own every business line on the product to be launched with counter trade butt,According to the customer demand introduction suitable products,And these products need to be the supervision department for the record.

　　他进一步解释，券商柜台交易的产品多为私募性质，投资人和企业都是券商的客户，只要在两者之间做到信息透明真实即可，并不需要监管层以公募产品的标准进行严格的监管。这样也有利于证券公司差异化的发展。

He further explain,Brokers counter traded products more for private property,Investors and enterprises are brokers customers,As long as between them do information transparency can be true,Does not need supervision layer to public offering of the standard of products strict supervision.That will help the development of the securities company differentiation.

　　《财经》记者询问多家券商得知，券商柜台业务只有少数几家有意向的证券公司在推进，可以提供的产品仅限私募债。缺乏可靠的盈利模式是多数证券公司谨慎参与的原因。

[financial]Reporters asked about the much home that brokers,Brokers counter business only a few home has intention securities company in advance,Can provide products only for SiMuZhai.The lack of reliable profit model is most securities companies cautious in reason.

　　财通证券场外市场业务负责人任善国说，对于场外市场业务，每家券商有不同的理解，有的参与区域性交易市场，有的重点发展自己的柜台交易业务，但其实质就是帮助实现企业与投资者的投融资需求，体现证券公司服务的价值并寻找盈利方式。

Wealth through securities otc market business person in charge RenShanGuo said,For otc market business,Each brokers have different understanding,Some participate in regional market,Some focus on developing their own counter trade business,But the essence is to help enterprises and investors' investment and financing needs,Reflect the value of the securities company and looking for profit mode.

　　前述北京大型券商的负责人亦坦言，目前场外市场的建设在多个层面取得突破，但在解决中小企业融资难题上收效甚微。

The Beijing big securities trader's person in charge also said,At present the construction of the otc market in multiple level breakthroughs,But in the financing of small and medium enterprises to solve the problem of colour-blindness.

　　过去六年，“新三板”市场为企业融资的总额仅为人民币17亿元；地方股权交易中心是为企业提供股权转让的平台，很少涉及融资服务。券商柜台交易市场提供融资则需要各种融资工具。他担心多层次场外市场的发展出现同质化的倾向，又解决不了资金有效配置的问题。

The past six years,"The new SanBan"The market as the enterprise financing amount is only 1.7 billion yuan;Local equity trading center is to provide enterprises with equity transfer platform,Very little involves the financing service.The securities market to provide financing requires various financing tools.He is worried about multi-level otc market development appeared the tendency of homogenization,And can not solve the problem of the efficient allocation of capital.