Study on the performance of securities firm as an introducing broker

• Main Authors: Hsiang-Huan Tseng, 曾祥煥
• Other Authors: Chin-Shen Lee
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/qqsmf8

碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 94 === Our domestic futures market grows up day by day. As more and more futures become available in the market, many scholars begin to discuss the business pattern and performance of the futures related industries. In the past, all of the studies on securities and futures firms focused on the performance and strategy analysis of their own domains. However, FCM firm is a key part of the futures business. At the same time, most of the domestic FCM firms are owned by securities firms. As a result, these securities firms become introducing brokers (IB) for their FCM. I hope we can understand the business pattern of the securities firms as IB through the discussions in this study. In this study, two securities firms and groups with and without futures investment respectively are discussed. SWOT is adopted to analyze the business modes of the securities firms as IBs to find out the differences of opportunities and disadvantages they may face in the IB domain. After that, we try to find out the relationship among the volume of futures transactions, volume of stocks, income as a stocks broker and IB business through multiple regression analysis based on a performance index of income as a futures broker. As a result, we find that a securities firm who invested in a FCM firm can provide a more complete transaction platform, information and professional report in the IB business domain. It’s good for its business expansion. However, these securities firms do not have strategic market forces in the IB domain, in spite of their investment in FCM firms. Besides, IB performance can be better observed on the firms who have investment in FCM firms than the firms without such investment. This is determined by the volume of futures transactions. More the transactions, higher the income will be. At the same time, the volume and income of stocks transaction does not affect the IB business.