9月，三大交易所——上海证券交易所、上海期货交易所、中国金融期货交易所的总经理职位都完成了更换。

September,Three big stock exchange, Shanghai stock exchange/Shanghai futures exchange/China financial futures exchange the position of general manager is done replacement.

　　调整后，张育军重回阔别12年的证监会担任主席助理。张育军是在2000年从证监会到深证所，任深证所党委副书记、总经理，从2008年2月开始到任上证所党委副书记、总经理。

adjusted,ZhangYuJun back after 12 years of securities regulatory commission chairman assistant.ZhangYuJun is in 2000 from CSRC to ShenZhengSuo,Let ShenZhengSuo deputy secretary of the party committee/The general manager,From February 2008, vice secretary of party sse infonet availability/The general manager.

　　接替张育军的是黄红元，有意思的是，黄红元在4年前就已曾任过现在接手的职位，之后调任证监会机构监管部主任。黄红元曾在证监会国际部负责企业海外上市工作，因为拥有较强的国际化背景，黄红元的上任被认为利好上证所国际板的推出。

Take ZhangYuJun is yellow, yuan,Interesting is,Yellow, yuan in 4 years ago had held now take over the position,After transfer securities regulatory commission zang jingfan, director of institutions.Yellow, yuan have been at the CSRC international department is responsible for enterprise overseas listing work,Because have strong international background,The former is considered yellow yuan good sse infonet international board launch.

　　近期，黄红元和深证所总经理宋丽萍以及中金所常务副总经理李正强等人到各大境外市场开展全球路演，介绍QFII机制以吸引更多投资者进入境内资本市场。

recent,And yellow ShenZhengSuo SongLiPing general manager and the deputy general manager LiZhengJiang zhongjin standing, to each big overseas market will carry out the global road shows,Introduce QFII mechanism to attract more investors entering the domestic capital market.

　　新的上期所总经理刘能元取代了原来的杨迈军。上期所计划中的原油期货推出任务，则要落在刘能元肩上。

The new general manager by the previous LiuNengYuan replaced the original Yang mai army.Prior period had planned launch task of crude oil futures,Should fall on LiuNengYuan shoulders.

　　刘能元曾任天津证监局局长，那时曾为金融创新工作专门成立了跨处室的“金融创新支持与监管工作小组”。

LiuNengYuan had RenTianJin securities regulatory bureau chief,Then for financial innovation has specially set up to work across the room"Financial innovation support and supervision work group".

　　经过一轮竞聘，朱玉辰获任上海浦发银行(600000,股吧)行长，接替他成为中金所党委书记、总经理的是在证监会做稽查工作的张慎峰。

After a hired,ZhuYuChen was appointed to superintend the Shanghai pudong development bank(600000,guba)President,Take him to become zhongjin the secretary of the party committee/The general manager is in the securities regulatory commission do audit work ZhangShenFeng.

　　张慎峰于2007年起参加中国证券执法体制改革，担任证监会稽查总队首任总队长，2011年10月，张慎峰升任稽查局长。

ZhangShenFeng in 2007 up to participate in the China securities law enforcement system reform,As securities regulatory commission inspection corps ZongDuiChang first,In October 2011,ZhangShenFeng advancements audit director.

　　——肖妍茹

- XiaoYan shavings

　　基金筹备组

Fund to constitute

　　展开挖角战

Expansion dig Angle war

　　随着基金公司的扩容，基金行业人才荒呈愈演愈烈之势，于是基金筹备组之间开始互相挖角的现象出现了。

With the expansion of the fund company,Fund industry talent shortage are called-are,So fund committee to each other between dig Angle phenomenon appeared.

　　自2010年新基金公司审批重新开闸以来，已有13家新基金公司相继成立，江信、东海等9家公司则在等待审批中。此外，还有一批机构在等待证监会第一次书面反馈意见。行业飞速扩军，造血功能却相对有限，人才从何而来？

Since 2010, the new fund company since breaking again for examination and approval,Thirteen home new fund company established,JiangXin/The east China sea, etc and companies are waiting for the examination and approval.In addition,There are a number of agencies in waiting for the first time the CSRC written feedback.Industry rapid arms expansion,Hematopoietic function is relatively limited,Talents come from?

　　《陆家嘴(600663,股吧)》记者获悉，一些基金筹备组之间开始互相挖角。

[lujiazui(600663,guba)]The reporter learns,Some funds between each other to constitute began to dig Angle.

　　一般而言，基金公司筹备组核心成员多数是来自证券行业的老人。除此以外，股东方也会提供一些支持，但人才荒依旧难免。

Generally speaking,Fund company to constitute the core members mostly from the securities industry old man.In addition,Shareholders will also provide some support,But talent shortage is still hard to avoid.

　　“筹备组从其他筹备组挖人，我认为是下三滥，某种程度上无异于偷窃。”某基金公司筹备组组长在与本刊记者交流挖角问题时，毫不掩饰他的愤怒。

"Preparatory group from other people to constitute dig,I think that is next three abuse,To a certain extent is stealing."A fund company preparatory group leader in with this reporter exchanges dig Angle problem,Don't hide his anger.

　　在他看来，筹备组在成熟的基金公司挖人尚可理解。筹备组会给新加入成员提供再上一个台阶的平台。

In his view,Preparatory group in the mature fund company who dig fair understanding.Preparatory group will give new members provide will be on a higher level of the platform.

　　然而，筹备组成员已经脱离基金公司一段时间，筹备组之间的挖角是毫无底线的行为。人员流失会干扰筹备组的运营，更要命的是，许多被挖走的人员手中掌握了筹备组的某些核心机密，譬如产品创新的思路以及投资研究的方向，对筹备组造成严重伤害。

however,Preparatory group members have from fund company for a period of time,Between constitute dig Angle is no baseline behavior.Loss of personnel to interfere with the operation preparatory group,More deadly is,Many of whom get poached personnel constitute the hand some of the core secrets,Such as the train of thought of product innovation and investment research direction,To constitute to cause serious damage.

　　某基金行业资深猎头向《陆家嘴》记者证实，近期确实存在筹备组之间的人员流动。

A fund industry to senior headhunting[lujiazui]Reporter confirmed,Recent do exist between constitute the personnel flow.

　　筹备组成员入职要签订协议，有保密义务。而据该筹备组组长介绍，实际上，保密协议很难形成有效的约束，多数时候都只是一纸空文。

Prepare and plan to constitute member induction to sign the agreement,Have the obligation to keep confidential.And according to the preparatory group leader is introduced,In fact,Confidentiality agreement is difficult to form effective constraint,Most of the time are on old parchment.

　　——宁鹏

- NingPeng

　　中融信托深陷

Harmony in the trust

　　鄂尔多斯

ordos

　　疯狂的鄂尔多斯(600295,股吧)正在为冲动的泡沫型经济付出惨痛代价。今年以来，鄂尔多斯银行业坏账激增，而曾深度参与该地区房地产、矿产等项目融资的部分信托公司，也同样陷入被动境地。

Crazy ordos(600295,guba)Is for the impulse of the foam type economic pay a painful price.Since this year,Ordos banking bad debt surge,And once depth to participate in the region real estate/Mineral such as part of the project financing and trust company,Also falls into the passive situation.

　　统计发现，共涉及了6家信托公司的19款产品，其中今年到期的信托规模达25.64亿元，投向用于房地产的产品规模占比达50%；且今年以来发行的信托产品规模仍超过20亿元。

Statistics found that,Common involved six trust company and product,Which expires this year's trust scale up to 2.564 billion yuan,Casting used for real estate product scale accounted for more than 50%;And since this year issue of trust product scale is still more than 2 billion yuan.

　　中融信托有11.6亿元的信托产品今年到期，占比近总计划的50%。

It melt in the trust has 1.16 billion yuan trust products expires this year,Accounts for nearly 50% of total plan than.

　　2011年5月10日，中融信托发行的一款名为“鄂尔多斯伊金霍洛旗棚户区改造项目集合资金信托计划”的产品，信托规模11.64亿元，期限18个月，满一年可提前结束，年收益率9.5%~12%，成为在鄂尔多斯等发行规模最大的信托产品。

May 10, 2011,It melt in the trust issue of the one called"Ordos ejin horo banner shantytowns renovation project trust plans of assembled funds"products,Trust scale is 1.164 billion yuan,Term 18 months,A full year can end in advance,Annual return of 9.5% ~ 12%,Be in ordos issued such as the largest trust products.

　　近几年，中融信托扩展迅猛。2008年至2011年，中融信托资产管理规模分别为708亿元、1323亿元、1820亿元、1784亿元（其中信托资产规模1742亿元，自有资产42亿元）；2011年底公司净资产33.21亿元。

In recent years,It melt in trust expand rapidly.From 2008 to 2011,It melt in the trust assets management scale is 70.8 billion yuan respectively/132.3 billion yuan/182 billion yuan/178.4 billion yuan(The trust assets scale is 174.2 billion yuan,Self-owned assets of 4.2 billion yuan);By the end of 2011 the company net assets 3.321 billion yuan.

　　虽然扩张模式有时受行业内质疑，但业绩一直保持大幅增长。2011年末，中融信托实现各项业务收入29.26亿元，同比增长66.94%；实现税后净利10.53亿元，同比增长51.55%。

Although expansion mode sometimes in the industry by the question,But performance keep sharp increase.By the end of 2011,It melt in trust realize all kinds of business income is 2.926 billion yuan,Year-on-year growth of 66.94%;Realize after-tax net profit of 1.053 billion yuan,Year-on-year growth of 51.55%.

　　——詹晨

- ZhanChen

　　银行同业业务凶猛

Banks fierce business

　　以存放同业、拆出资金、买入返售构成的同业资产正在成为银行资产主角之一。上半年银行同业业务的迅速发展，一定程度弥补了信贷规模受限和息差收窄的负面效应。

To deposit/Lend money/Purchases of resale consisting of the trade assets is becoming bank assets is one of leading role.Banks in the first half of the rapid development of the business,A certain degree to make up for the credit scale restricted and narrow spreads the negative effect.

　　2012年上市银行中报显示，16家上市银行同业资产同比增幅超过50%的达11家，远远超过同期上市银行资产增速。

2012 listed Banks center daily news show,16 listed Banks assets the year-on-year growth rate more than 50% of up to 11,Far more than the same period listed bank asset growth.

　　由于信贷调控市场资金利率较高，去年以来上市银行更多选择通过同业业务来快速扩充资产规模，甚至通过同业业务创新增加信贷规模。

Because of the credit control the market funds rate is higher,Since last year listed Banks more choice through the trade business to rapid expansion of asset scale,Even through the trade business innovation increasing credit scale.

　　上半年，兴业银行(601166,股吧)同业资产规模位列上市银行榜首，同业业务收入贡献创新高。截至6月末，兴业银行同业资产规模达到11017亿元，同比增长75.6%；占总资产的比例达39.62%，成为首个同业资产超贷款的银行。

In the first half of,Societe generale(601166,guba)Trade asset scale ranked top of listed Banks,Trade business income contribution to a new high.By the end of June,Societe generale trade asset scale up to 1.1017 trillion yuan,Year-on-year growth of 75.6%;The proportion of the total assets of 39.62%,Becomes the first trade asset exceeds the bank of loan.

　　较早定位于发展同业和资金业务的兴业银行，可谓创新同业业务的受益者。兴业银行于2007年开办银银平台，向中小银行机构输出技术与管理，并借此扩充网络、吸收同业存款。兴业银行再通过买入返售等渠道实现同业资产运用，获取同业业务利差收入。

Earlier positioning on the development of trade and capital business societe generale,It may be said innovation trade business of beneficiaries.Industrial bank opened in 2007 silver silver platform,To small and medium-sized Banks output technology and management,And like to take this opportunity to expand the network/Absorption trade deposit.Societe generale again through purchases of resale channels to achieve trade assets such as using,For trade business spread income.

　　不过，银监会于近日正式下发《关于规范同业代付业务管理的通知》，规定银行开展同业代付业务必须遵循“三真实”原则。这或将对同业业务持续增长产生影响。

but,CBRC formally issued in recently[On regulating trade pay for another business management of the notice],Provisions Banks trade pay for another business must follow"Three real"principle.This or to trade business growth impact.

　　——杨斯媛

- YangSiYuan

　　信托账户重启，私募踊跃

Trust account to restart,Private enthusiastically

　　8月底，中国证券登记结算有限责任公司发布通知，信托公司可自行开立证券账户参与证券交易。

The end of August,China securities depository and clearing co., LTD. Published a notice,Trust company can open a securities account to participate in securities trading.

　　这意味着，在2009年为了防止信托公司滥开账户打新股而被暂停的信托公司证券投资开户重新开闸了。

This means that,In 2009 in order to prevent the trust company abuse, open account temporarily suspended play new shares of the securities investment trust companies to open an account to breaking the.

　　由于上述禁令，信托账户供小于求导致了账户费用高涨，在市场行情好的时候，需要以信托平台发产品的阳光私募可以不计成本；但目前市场持续低迷，私募产品也因此表现不佳，而信托证券账户重开，应该可以降低私募在账户上花费的成本。

Due to the above ban,Trust account for less than for led to account costs high,In the market good time,Need to trust platform hair products sunshine private can regardless of the cost;But the markets continue to slump,Private products is also so poor performance,And trust securities account to restart,Should be able to reduce the private in the account the costs.

　　受这一消息的刺激，部分阳光私募已经在和信托公司洽谈开设证券账户的事，只等时机成熟入市抄底。有媒体调查显示，在信托账户重开后，近2/3的私募表示有意愿发行新产品。

By this news stimulation,Part of the sunshine private already in and trust company to negotiate the opening securities account things,Only wait for the ripe for entering the market copy the bottom.Media survey,In a trust account after the restart,Nearly two-thirds of private said intend to release new products.

　　Wind数据显示，9月首周有10只阳光私募成立，其中6只为固定收益类阳光私募产品，3只为股票方向阳光私募产品，1只为创新类产品。

Wind data display,The first week of September 10 only sunshine was private,Six of them only for fixed income class sunshine private products,3 for stock direction sunshine private products,1 for innovative products.

　　值得注意的是，近一段时间不少阳光私募产品濒临清盘，业内人士认为市场表现改善才是私募发展的关键。

It is important to note that,Close to a period of time a lot of sunshine private products is on the verge of liquidation,The personage inside course of study thinks market performance improvement is the key to the development of private equity.

　　——肖妍茹

- XiaoYan shavings