[단독] Donghak ant securities librarian borrowed 1.7 trillion won in ten days Can account concerns

◆ Emergency financial market inspection ◆

Securities companies’ credit transaction loans (credit loans) are showing a sharp increase since the’Donghak Ant Movement’ was triggered last year. According to the Financial Investment Association, the balance of credit loans exceeded 5 trillion won for the first time in 2014, and only increased by 4.1 trillion won over the next five years until 2019. However, last year’s 10 trillion won increase, and the credit loan balance soared to 19,221.4 billion won.

As a result, in September of last year, Mirae Asset Daewoo, Korea Investment & Securities, and Samsung Securities stopped credit loans one after another due to exhaustion of the limit. The suspension and resumption of credit loans were repeated at several securities companies until the end of the year. Usually, brokerage firms can lend up to 100% of their equity capital, but since they manage a limit such as stock mortgage loans, it is known that credit loans to individual customers are possible about 50-60% of equity capital.

The surge in credit loans continues earlier this year. From the 4th to the 13th, the first trading day of this year, securities firms’ credit loans increased by more than 1.7 trillion won. It is increasing by more than 100 billion won every day. In particular, on the 6th, the increase of 330 billion won, two to three times more than usual.

Korea Investment & Securities has seen the largest increase in credit loans this year. Korea Investment & Securities’ credit loans increased by nearly 390 billion won for nine trading days from the 4th to the 14th of this month. Second place is Samsung Securities, which is about 370 billion won.

Third place is Mirae Asset Daewoo, which is worth 330 billion won. NH Investment & Securities (250 billion won) and KB Securities (130 billion won) followed.

Securities companies that have exhausted their limits amid the rapid increase in credit loans at the beginning of the year are locking their’faucets’ again. First of all, Samsung Securities stopped credit lending on the 13th. Daishin Securities announced to investors that starting on the 18th, it is impossible to buy stocks with credit loans. Other securities companies, whose credit loans increased sharply at the beginning of the year, are also nearing exhaustion, so it is not unusual to stop at any time.

A senior KB Securities official said, “KB Securities is also in a state of running out of credit loan capacity,” and said, “If we stop credit loans, we are worried about how to alleviate complaints from customers who wish to borrow.” Financial authorities are also watching the recent trend of’overheating in debt.’

An official from the financial authorities said, “The fact that securities companies continue to stop credit loans proves that the signal to manage loan risk is on,” he said.

There are two main reasons why securities firms’ credit loans are scary. First of all, interest rates are higher than bank credit. Commercial bank credit loan rates are currently around 2-4% per year. Since it is a negative bankbook, you can pay as much interest as you write. However, the interest rate on credit loans at securities companies varies depending on the period, at 3.9% to 9.5% per year, much higher than that of banks. Interest calculation methods are also different for each securities company, but in many places, a retrospective method is adopted rather than the body difference method, which is advantageous to consumers.

There is no burden of compulsory repayment (loss of time-limited profit) if you pay interest only properly for negative bank loans. On the other hand, when stock price volatility is severe, the risk of counter trading, which corresponds to forced repayment, increases. In the case of last year, the KOSPI rose 97% compared to the annual low and 30% throughout the year, and the risk of counter-trading was relatively low.

However, this year, the KOSPI rises to 3100 on the 15th, showing the possibility of adjustment due to short-term overheating, and the situation has changed. This means that the risk of counter trading is rising again. Counter-trading usually occurs when the stock price falls by 30% from the time of the loan, so there is still room based on the KOSPI 3200, but it is evaluated that it is not a situation that can be relieved as the risk of inflation and interest rate hikes as well as Corona 19 continues. .

In particular, when the credit balance is 5 trillion won and 20 trillion won, the vicious cycle effect of counter trading shows a big difference. The vicious cycle shock of `stock market crash → counter trading → stock market crash` differs more than 4 times by arithmetic alone.

In order not to be counter traded, the company has to pay the additional margin required by the securities company, but the fact that bank credit loans are difficult is a bad environment compared to last year.

In October of last year, the Financial Supervisory Service said that credit loans for young people under the age of 30 have more than doubled. It should be done.” He warned, “If the stock value plummets in a short period of time, it could become a tin account due to large-scale counter trading.”

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