China is planning to launch a unified account platform for securities investors to increase the attractiveness of A-share market to new investors, effective 1 October 2014.
The platform has been set up to create a unified one yard pass account for every investor.
According to the in new rules published by China Securities Depository and Clearing Corp (CSDC), the account platform will enable investors to trade through different brokerages and on different stock exchanges by using single account.
In addition, investors will start trading in the country’s Shanghai and Shenzhen stock exchanges from October.
The unified account management will simplify investor operational processes and cost savings market.
Under the new rules, investors account fees will be reduced more than 50% and the provision of limiting individual investors to trade through only one brokerage will also be eliminated.
An official from CSRC said the unified platform will eliminate the way in which trading is conducted and managed by the mainland’s markets.
Additionally, Shanghai and Shenzhen account information will be moved to the unified account platform, which will significantly allow brokerages to conduct comprehensive wealth management business and reduce operating costs.