Category: Money Tips Date: 2007-05-18
Extremes meet, anything is once gone to the extreme, it is inevitable that it will usher in the opposite. For example, the warrants market, because its most recent a period of frenzied speculation, and finally ushered in the management of "supervision." On the one hand, the SSE will be held by Baosteel Warrants expire August 30 of the machines on the countdown Baosteel warrants to remind investors of the risk of warrants trading. On the other hand, the recent series of Shanghai Stock Exchange issued a "warrant of knowledge on strengthening the education and the risk of revealing the letter" and "on the further strengthening of risk management brokerage warrants notice" requiring warrants a dealer and member units of the effective prevention warrants trading risks, safeguard the normal order of the market. It is precisely in the Shanghai Stock Exchange, "enhancement of risk management" under the supervision of the market warrants June 2 finally usher in a collective diving, 26 warrants, the average has fallen by 18.5%.
This is the SSE of the warrants market in the second shot. In November last year, when the warrants for Baosteel unusual transactions, the SSE had once shot. At that time, the SSE is not only unusual transactions on Baosteel Warrants issued a "letter of investigation", but also issued a "warrant on the strengthening of member brokerage business risk management to inform." As for the first time warrants direct supervision of the storm, "results", when the Shanghai Stock Exchange launched a warrant continuous creation of a system. It is based on the experience of the first end, the face of the SSE's "second monitor", investors will inevitably be such a worry: Will this usher in real-time warrant the creation of the market?
This fear is obviously not redundant, in fact, already doing a good job of introducing the SSE in real-time creation of the preparations. The first is on February 18, Shanghai Stock Exchange and China Securities Depository and Clearing Corporation jointly organized warrants the creation of related businesses real-time network-wide testing, which warrants the creation of the introduction of real-time provides a technical guarantee. Second, at the March 17 issued a "put warrants on related matters such as the right line notice" warrant for real-time creation of the introduction of the system was foreshadowing.
Not only that, we should also see is real-time creation of speculation in inhibiting the role of the C of E does mean is better than the current non-real-time creation. Because in the real-time creation of mechanism, the broker warrants can be created in an instant without having to first apply, and then the creation of such approval. Therefore, real-time creation will greatly enhance the warrants the creation of efficient, reduce the broker the creation of the risk of a bubble right now a lot of warrants, it is clear means that the value of the acceleration of the process of return, there is help to curb the market speculation.
Why, then, real-time delay in the creation of a system introduced? This is mainly the strong opposition from the market. First of all, the result will be the creation of real-time broker alone win, investors lose all, therefore, is obviously a real-time creation of harm to the interests of investors. Second, the Warrants are currently on the market share reform warrants are stock reform, "right price" an integral part of reform of the stock warrants the creation of the already lowered the price level, lead to investor discontent, and then engage in real-time creation, which intensify the investment of those dissatisfied with the. But also from the management, the reform of the stock and need to continue to introduce to the price of the case warrant, nor warrants transaction control can be too rigid, otherwise the smooth progress of reform of the stock negative. In addition, the Shenzhen Stock Exchange in the warrant taken on the creation of the "temporarily warrants the creation of" policy, and also the launch of the SSE system for real-time on the question of the creation of a certain constraint. In this way, this real-time creation of matter, naturally temporarily shelved.
However, the current market situation is changing. On the one hand is close to finishing stage of stock reform, to be ripe to warrant to the price of the companies have been very limited. On the other hand, early introduction of stock warrants reform, it will gradually usher in the day of its expiration, the value of return is inevitable. In particular the behavior of the current market madness of speculation, only for the upcoming return of the value of leaving the seeds of the road. Trade-off between the advantages and disadvantages, the SSE Therefore, the implementation of real-time warrant the creation of a system, it would not matter what is outrageous. Therefore, the warrants market, will usher in real-time creation, all in one read between the Shanghai Stock Exchange.
