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Brokers to reappeal on credit for retailers?

+6
Market Sucker
Soundchips
duke
econ
Rajaraam
mission
10 posters

Go down  Message [Page 1 of 1]

mission


Manager - Equity Analytics
Manager - Equity Analytics

Thursday, 28 July 2011 00:00

By Jithendra Antonio

The twice best performed second capital market in the world, Colombo Stock exchange has tumbled to its worst performance in 2011. Stock brokers have now resorted to boost retail activities, requesting to extend the broker provided credit, Mirror Business learns.

According to a top official of the stock broking community, at meeting held on Monday, almost all the Chief Executive Officers of stock broking firms had agreed and signed letters stating that brokering firms should be able to lend their excess funds above the minimum capital requirement to their trade debtors.

“We will soon submit our letter to the Securities and Exchange Commission,” our source added.

However, Mirror Business learns that two broking firms which are units of two joint investment managing arms who brought in overpriced IPO’s for listing in recent times, had disagreed on providing broker credit.

“No one can prevent us from lending to clients, and what we can do anything with excess money which is above the minimum capital requirement’ our source said.

“Further, CEOs also agreed that it is fair enough for the brokering firms to leverage one time as it was allowed once. Finance companies in the country are allowed to leverage 10 times and leasing companies are allowed to leverage 7 times,” he pointed out.

According to the industry, the biggest reason for the market to fall to its lowest in seven months during early this week was the declining interest of retailers.

“Retailers are the major force of the market, and they contribute 44% of the daily market turnover” he said adding that if broker provided credit could not facilitate those individuals who have portfolios less than Rs.2 million, the major driving force in the market will soon be eliminated.

On 29 November 2010 SEC Directed brokers to limit credit by December 2010, and was further extended till June 2011 after broking community made representation to SEC.

Sri Lankan regulator, from January 01, 2011, has banned all stock broking firms from providing credit to customers and encouraged banks to provide margins.

Subsequently, brokers cleared 50% of credit in March 2011 and then SEC again revived its directive allowing brokers to clear 25% of credit by September 30, and the rest by end of year 2011. Since then, market indices have gradually declined, and some investors had moved away from the capital market after burning their fingers, market analyst point out. Meanwhile, it is learnt that Colombo Stock Brokers’ Association made a representation to the SEC yesterday, requesting permission to provide credit for retailers.

http://print.dailymirror.lk/business/127-local/51340-brokers-to-reappeal-on-credit-for-retailers.html

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics

Thank you mission. You brought this statement for the attention of the members here.Most members surely apriciate the points raised therein.

econ

econ
Global Moderator

hehe seems that ctcapital and jksb do not want broker credits. because they dont care about it. they got good bucks from overvalued IPO issues to market.
those broker firms usually target HNWI , not the retailers.

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I don't think retailer investors can change the direction of a stock market.
Brokers are just appealing to double their profits. New broker spots are popping up everyday like internet cafes.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics

duke wrote:I don't think retailer investors can change the direction of a stock market.
Brokers are just appealing to double their profits. New broker spots are popping up everyday like internet cafes.



Do not forgot, 44 % of the market is handled by retailers.

Soundchips


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

All those days they did not appeal for retailers, ......there was continuous force selling. ......cannot understand ......

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

These broker spots cannot be trusted.
SEC should tightly monitor the transactions, payments of these shady places not using the reports they provide but SEC should actively monitor them daily may be random checks.

Market Sucker

Market Sucker
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

econ wrote:hehe seems that ctcapital and jksb do not want broker credits. because they dont care about it. they got good bucks from overvalued IPO issues to market.
those broker firms usually target HNWI , not the retailers.

capital trust dont have much HNWI base,but JKSB have the biggest HNWI and Institution base,so they dont care bout little retailers,but their service is good...
btw they ruined it by overpriced IPOs Mad

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Market Sucker wrote:
econ wrote:hehe seems that ctcapital and jksb do not want broker credits. because they dont care about it. they got good bucks from overvalued IPO issues to market.
those broker firms usually target HNWI , not the retailers.

capital trust dont have much HNWI base,but JKSB have the biggest HNWI and Institution base,so they dont care bout little retailers,but their service is good...
btw they ruined it by overpriced IPOs Mad


I think it is CTSmith not Capital trust...

Capital Trust freely provide credit but interest rate is really high.

Suthar

Suthar
Manager - Equity Analytics
Manager - Equity Analytics

It's CT SMITH and JKSB. 100% sure

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Better ask even friends to avoid these two brokers. They are criminals who stole in daylight.

Market Sucker

Market Sucker
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

gamaya wrote:Better ask even friends to avoid these two brokers. They are criminals who stole in daylight.

JKSB dont accept individual accounts now,so you can remove from list

RDS

RDS
Manager - Equity Analytics
Manager - Equity Analytics

i have a account with JKSB, but i never trade, they promise me to give online account, but later they said, they will do the trading on behalf me. so i give up that. only advantage is their free web site,

Suthar

Suthar
Manager - Equity Analytics
Manager - Equity Analytics

Market Sucker wrote:
gamaya wrote:Better ask even friends to avoid these two brokers. They are criminals who stole in daylight.

JKSB dont accept individual accounts now,so you can remove from list

I have an account with JKSB, recently one of myfreind also opened an account. This is from when?


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