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By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-04 11:22

Three-year prolonged housecleaning of securities brokerages has concluded and met its targets, said Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), the Shanghai Securities News reported today.

Changes to the entire securities industry were made during the crucial period of fundamental system reform of the capital market amid a collective risk explosion, Shang indicated.

During the past three years, previously accumulated risks, such as impropriation of clients' bonds and settlement funds, illegal property management, as well as shareholders' outstanding and over proportional shareholdings, in the securities brokerages have been swept, and 104 normally operated dealers' risk-control indices met the standard.

Meanwhile, CSRC cleaned up 31 high-risk companies and 11.53 million accounts, among which 27 brokerages were reshuffled.

Additionally, the securities watchdog improved a number of basic systems, involving treasury bonds repurchase, new assets management and securities companies' information disclosure. As part of the achievement, a long-term mechanism for daily monitoring, market exit and investor protection gradually took shape.

In the next step, CSRC is to promote a multi-leveled market system, develop a corporate bonds market, and issue stock index futures, while maintaining its primary tasks in monitoring the market, encouraging innovations and reducing risks.