Quotes of the day

"the stock market during its recent slump included curbs on margin lending and a halt on initial public offerings. Right now investors are trying to reassess what this means for the brokers, and it is not clear if views were polarized between weighing the cost of intervention against the benefits for the markets."

Xu Ran, China financial analyst at Morgan Stanley

"Regulation will standardize operations and bring light to the industry. Practices that were seen as existing in grey areas will be forbidden. But regulation will also increase operating costs, causing some of the lower-ranking and weaker players who can't make the cut to go bankrupt. And it will raise barriers to entry. Average people won't be able to get in any more."