金融Essay参考案例：Depository Companies in Stock Market Infrastructure

本文是金融专业的Essay范例，题目是“Depository Companies in Stock Market Infrastructure（证券市场基础设施中的存托公司）”，资本市场的发展高度依赖有关证券市场基础设施机构的活动，这些机构包括，除其他外，从事提供证券权利记录保存服务(登记和转让证券权利)的存托公司，收集投资组合产生的息票和股息(应付收入)，促进公司行动处理(如投标要约、代理投票、回购)和其他服务。本研究着重探讨了存托公司作为证券市场基础设施组成部分存在的问题及相应的补救措施。

Introduction介绍

The development of capital markets is highly dependent on the activities of related securities market infrastructure institutes that include, inter alia, depository companies engaged in provision of the services for record-keeping of entitlements under securities (registration and transfer of rights to securities), collection of coupon and dividends (payable income) arising from the portfolios, facilitation of corporate actions processing (such as tender offer, proxy voting, buy-backs), and other services. This study focuses on the issues and relevant remediation steps applicable to depository companies being integral part of the stock market infrastructure.

Recent volatility in the stock markets provided a positive impetus to change the business model of depository companies. Securities market participants seek to use the services of depository companies as an additional measure of protection for a significant amount of assets and portfolios. Moreover, the market is shrinking and brokerage houses are going bankrupt that also boosts customers desire to move their assets to specialized players in depository business by establishing direct relations. Nevertheless, the global turmoil has affected the research market segment resulting in rapidly decreasing value of assets under custody, reduction of on-exchange and OTC trading volumes, and redistribution of portfolios of assets by risk-averse investors seeking alternative strategies in times of crisis.

最近股市的波动为改变存托公司的业务模式提供了积极的动力。证券市场参与者寻求利用存托公司的服务作为对大量资产和投资组合的额外保护措施。此外，市场正在萎缩，经纪公司正在破产，这也助长了客户通过建立直接关系，将资产转移到专门的存托机构的愿望。尽管如此，全球动荡已经影响到研究市场部门，导致托管资产的价值迅速下降，交易所和场外交易量的减少，以及风险厌恶投资者在危机时期寻求替代策略的资产组合的再分配。

The objective of the research paper is to identify the key strategic options that would increase economic profit of the depositories’ organizations amid ongoing financial crisis. Effectively, we would like to develop and propose different approaches towards the companies’ strategic options aimed at defining current condition, future growth factors and drivers for relatives companies of the market segment.

研究论文的目的是确定关键的战略选择，将增加存托机构的经济利润在持续的金融危机。实际上，我们希望为公司的战略选择制定和提出不同的方法，旨在为细分市场的相关公司定义当前的条件、未来的增长因素和驱动因素。

The findings section of the research paper describes most topical problems that depository companies are currently facing in Russia. The economic value drivers are identified and can be used to translate them into the economic profit model of depository companies. Furthermore, the main strategic options are identified to highlight client portfolio rebalancing opportunities in the market segment.

Methodology方法

The methodological base of the research paper is based on the analysis of data and information available in public sources, and made through desk study, along with the opinion expressed by the market experts. The following sources of information were used for different sections of the report:

研究论文的方法论基础是基于对公共来源的数据和信息的分析，并通过案头研究，以及市场专家表达的意见。报告的不同部分使用了下列资料来源:

Legal framework: federal laws on securities and custody operations, information on securities market volumes and other statistics was retrieved from the Russian National Association of Securities Market Participants (NAUFOR) and the Central Bank of Russia (CBR) official web-sites, the official publications and documents of the Federal State Statistics Service (Rosstat), and the Ministry of Economic Development;

The problems were identified through interviews conducted with securities market specialists in Russia;

Securities services sector development: the data was retrieved from annual NAUFOR “Russian Stock Market. Facts and Events” survey of 2014.

The research paper is represented by six chapters that include introduction, methodology, the main part – hypothesis, findings, conclusion, footnotes and bibliography.

Hypotheses

We suggests the following hypotheses to be tested in the course of empirical research:

Hypothesis 1: The growth strategic alternative (merger / acquisition, and integration / alliance) is winning in terms of achieving the objectives set by the company during crisis.

Criteria: Cost-saving through synergies with other small providers; introduction of new product offering.

Hypothesis 2: Companies that apply product expansion strategy instead of infrastructure needs can be more effective during crisis times, create competitive advantage and fulfill the objectives of the company.

假设2:使用产品扩展策略而不是基础设施需求的公司可以在危机时期更有效，创造竞争优势，实现公司的目标。

Criteria: The presence / absence of the relation between the degree of product diversification of the company (interoperability with the Central Depository, Central Counterparties, communication standards) with product standardization.

Hypothesis 3: Depositories companies prone to invest in quality assurance (service organization), rather than implement cost reduction strategies.

Criteria: The presence / absence of large market players, including investment funds and wealthy individuals.

Characteristics of the research object

Object depository companies that provide services to broker / dealers, investment funds, private individuals and other depositories.

Characteristics and features of the market segment:

– Approximately 570 companies.

– From 15 to 80 employees.

– Revenue from 0.1 to 5 million dollars a year.

– Clients – local and foreign residents.

– Entry barriers – licensing requirements, IT technology, staff competencies.

– Large number of small companies with a small scope of operations and market share.

– Trend towards consolidation of businesses.

The market segment of the securities market industry has a number of distinctive features that influences application of discussed strategic alternatives in the crisis.

Findings发现

The current global financial crisis requires depository companies to respond quickly to all macro-environment changes and stay competitive player with large amounts of assets deposited. The securities services are fairly stable line of business, where the client portfolio (equities and fixed income instruments) size is crucial and steady income for the maintenance would facilitate the development of the company. However, the depositary companies are affected by unstable situation, which is observed in the stock market in recent years. Therefore, we would like to see new threats and opportunities that have emerged recently.

当前的全球金融危机要求存款公司迅速应对宏观环境的变化，并以大量的存款资产保持竞争力。证券服务是相当稳定的业务，客户的投资组合(股票和固定收益工具)规模至关重要，维持稳定的收入将有助于公司的发展。然而，存托公司受到不稳定形势的影响，这在近年来的股票市场中是很常见的。因此，我们希望看到最近出现的新的威胁和机会。

We analyze the strategies of corporate governance of companies affected by the financial crisis on this basis, the following assumptions that were designated for the research paper:

– We assume that all actions are undertaken in the interests of the stakeholders of the company or business.

– Set of strategic alternatives designated for the management in order to adjust the company’s goals, drivers and incentives. It should be aimed at achieving long-term stability and development of the company’s competitive advantages.

We offer three strategic alternatives focused on the development of depository companies.

Strategic integration opportunity is aimed at further increasing the scale of production for the purpose of reducing the share of the unit cost. The implementation of the strategic alternative is expected to be done either by improving production processes or acquiring other depositary companies of market segment for the purpose of achieving the economy of scale. The strategy also suggests the possibility of further acquisitions and development of the most profitable depositary companies of the group.

The strategy of product expansion in companies offering depository services promote the interests of customers and investors in attracting new portfolios. This strategy, however, requires a systematic approach and professional competence to be successful. The Russian capital market has grown rapidly over the last 15 years, but the securities market infrastructure could not keep up the pace. Effectively, depository companies that had specialized in improving the securities market infrastructure of the stock market, promoting new electronic document interchange, new product offering and interconnection services, can achieve success in the crisis. Given the opportunity to work with local authorities on the development of the securities market infrastructure in the long term they can lead to key roles in the value chain. These depositories companies has a fundamental knowledge and significant resources to identify and resolve discrepancies in connection with the accelerated development of the stock market.

提供存款服务的公司的产品扩张策略促进了客户和投资者吸引新投资组合的利益。然而，这种策略需要一个系统的方法和专业能力才能成功。俄罗斯的资本市场在过去15年里发展迅速，但证券市场的基础设施却跟不上。有效地说，专门致力于改善证券市场基础设施、推动新型电子文件交换、新产品提供和互联服务的存托公司能够在危机中取得成功。如果有机会与地方政府合作，发展长期的证券市场基础设施，他们可以在价值链中发挥关键作用。这些存托公司有一个基本的知识和重要的资源来识别和解决与加速发展的股票市场相关的差异。

The strategic alternative of the service organization if they can meet service level claimed by sophisticated investment funds, private individuals and global custodians forced by the credit crunch to hold their assets through depository companies using them as extra protection during the financial crisis. For depository companies, there are many opportunities to retain these customers and grow the business, if they can agree and guarantee services that their customers demand. Nevertheless, many questions arise when thinking about the possibility of service in the framework of this strategy, there is no innovation component. It may be difficult to implement such a strategy for large depository companies whose business models are based on cost reduction and unification of services provided. However, the innovative component cannot be a panacea for all the ills in the short term. The decisive role is played by the demand and requirements of the customers and investors, and also monitoring and control regulatory bodies.

Business model of depository companies are highly dependent on the cost of fees for safekeeping as a percentage of total assets in custody, as well as fees for each transaction in securities. Probably the situation could become worse, given the negative reaction from politicians and regulators in light of the financial crisis. One of the key areas which will have an impact on the financial services sector is information transparency.

保管公司的业务模式高度依赖于保管费用占保管总资产的百分比，以及每笔证券交易的费用。鉴于政客和监管机构在金融危机中做出的负面反应，情况可能会变得更糟。对金融服务业产生影响的关键领域之一是信息透明度。

Stagnation of business activity in the stock market has provided many opportunities for depository companies, and put some pressure on the volume of investment and resources management companies. Business and operational models were tested under the conditions subject to increased demands of customers in the pursuit of improving the quality of service and flexibility of services provided. The rapid reduction in the value of client assets under custody put pressure on revenues and spending in order to remain profitable.

Conclusion结论

The practical conclusions of the study can be summarized as follows:

The specific strategic alternatives have been formulated for depository companies acting in a financial crisis. Each option describes opportunities and focus group, and is presented as optimal one for the company with certain level of expertise and specific client types.

本研究的实际结论可归纳如下:

针对金融危机中的存款公司，制定了具体的战略选择方案。每个选项都描述了机会和焦点小组，并作为具有一定专业水平和特定客户类型的公司的最佳选择呈现出来。

Each of the strategic alternatives is aimed at selected market participants and shall provide opportunities to survive, improve operational activities, and also to strengthen their position in the market segment.

In conclusion, we notes that at the present time, when the whole world is deepening the financial crisis, more and more companies risk losing their ability to pay. Accordingly, it is necessary to pay more attention to the anti-crisis strategy of corporate governance.

总之，我们注意到，在目前整个世界都在深化金融危机的情况下，越来越多的公司面临失去支付能力的风险。因此，必须重视公司治理的抗危机战略。

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