迪维娅·帕蒂尔和阿舒托什·乔希报道：股票经纪商正成为印度短期债务市场的一股重要力量，他们借入数十亿美元，以支持投资者日益增长的杠杆股票投资需求。
Stock brokers are emerging as a major force in India’s short-term debt market, borrowing billions of dollars to finance investors’ growing appetite for leveraged equity bets.
根据primedatabase.com的数据，今年迄今，经纪商占商业票据发行量的比例约为21%，而2021年这一比例仅为4%。数据显示，基于主要经纪商的发行情况，他们共筹集了约3.2万亿卢比（330亿美元）。
Brokers accounted for about 21% of commercial paper issuance so far this year, up from just 4% in 2021, according to primedatabase.com. They raised about 3.2 trillion rupees ($33 billion), the data showed, based on issuance by prominent brokers.
这一激增表明，印度保证金交易的繁荣正外溢至债务市场。据IndiaMTF.com数据，截至9月30日，杠杆股票头寸的价值接近1.6万亿卢比的创纪录水平。尽管印度股市因油价飙升和全球收益率高企而下跌，但经纪商的融资需求仍在增加。
The surge shows how India’s boom in margin trading is spilling into the debt market. The value of leveraged equity positions approached a record 1.6 trillion rupees as of Sept. 30, according to IndiaMTF.com, increasing funding needs even as Indian stocks tumble on surging oil prices and elevated global yields. “The rise in CP issuance by brokers is closely aligned with the growth in their margin trade facility books,” said Sandeep Chordia, chief operating officer at Kotak Securities Ltd., which is among the large issuers of the securities.
Kotak Securities Ltd.首席运营官桑迪普·乔迪亚表示：“经纪商商业票据发行的增长与其保证金交易账户规模的增长密切相关。该公司是该类证券的主要发行方之一。我们预计，随着保证金交易规模的扩大，这种关联将持续存在。”向债务融资的转变也受到了更严格监管规则的推动。印度储备银行在2月限制了银行向自营交易公司发放贷款，促使经纪商寻求替代融资渠道。6月，市场监管机构提议允许经纪商通过发行债券来为这类交易融资，从而拓宽了除银行贷款和商业票据之外的融资选择。
“We expect this linkage to continue as MTF scales up.”The shift toward debt funding is getting a push from stricter rules. The Reserve Bank of India in February curbed bank lending to proprietary trading firms, prompting brokerages to seek alternatives. In June, the markets regulator proposed allowing brokers to raise money through bonds to finance such trades, broadening their choices beyond bank loans and commercial paper.
尽管增加了这一融资选项，但由于成本较低且保证金贷款期限较短，商业票据仍可能在经纪商的融资结构中占据主导地位。
Even with that additional funding option, commercial paper is likely to remain dominant in brokers’ borrowing mix because of its lower cost and the short tenor of margin loans.
彭博汇编的数据显示，上周非银行金融机构发行的三个月期票据收益率为7.18%，而经纪商根据条款不同，对保证金贷款收取的利率约为9%至20%。
Three-month notes issued by non-bank financiers yielded 7.18% last week, according to data compiled by Bloomberg, compared with rates of about 9% to 20% charged by brokerages on margin loans, depending on the terms.
印度一些最大的银行系券商，包括HDFC证券有限公司、ICICI证券有限公司和Kotak证券，都是短期债务的主要发行方之一。
Some of India’s biggest bank-owned brokerages, including HDFC Securities Ltd., ICICI Securities Ltd. and Kotak Securities, are among the largest issuers of short-term debt.
尽管保证金贷款头寸在印度4.8万亿美元的股票市场中占比不足0.5%，但其快速增长已引发担忧。印度第二大股票经纪商Zerodha Broking有限公司的创始人尼廷·卡马特（Nithin Kamath）在8月份警告称，即使该业务已成为公司日益重要的收入来源，市场大幅下跌仍可能对其迅速发展的保证金贷款业务构成风险。这些贷款的需求几乎没有减弱迹象。
While margin-loan positions account for less than 0.5% of India’s $4.8 trillion stock market, its rapid growth has prompted concern. Nithin Kamath, founder of Zerodha Broking Ltd., India’s second-largest stock broker, warned in August that a sharp market decline may pose risks to the firm’s fast-growing margin-loan business, even as the product becomes an increasingly important source of revenue. Demand for those loans shows little signs of abating.
孟买Nayan M. Vala Securities Pvt.公司的首席执行官达梅什·瓦拉（Dharmesh Vala）表示：“该行业的融资规模在三年内增长了两倍多，市场对杠杆交易的渴求依然巨大。”
“The size of the industry’s funding book has more than tripled in three years and there remains huge appetite for leverage trading,” said Dharmesh Vala, chief executive of Nayan M. Vala Securities Pvt. in Mumbai.