Category: Money tips Release Date: 2006-10-09
Recently there have been reports that regulators would limit clean-up "tractor Account" is not on schedule cleared, they will be forced unwinding. However, the Department of journalists from a number of brokerages have learned that they have repeatedly been called upon to clean up the notification of tractors account, but did not mention the forced liquidation. In the real-name system increasingly enjoys popular support, in turn floodgates of margin trading, some investors have begun initiative to clear up "Tractor accounts."
An interview of a business department, general manager of China Merchants Securities, said the company had to stop for customers apply for "Tractor account", belong to the existing problems left by history. The industry said that the lack of legal support are now forced liquidation, if the customer does not own signature confirmation, securities companies can not operate these accounts.
The so-called tractor accounts, is a financial account for more than two shareholders of accounts under the hang of, tractors account for the problem is a relatively common problem, most business departments exist.
However, some investors are beginning to take the initiative to clean-up "Tractor accounts." The reporter learned from a securities business department learned that, as the brokerage is expected to shortly be eligible for margin trading, a number of clients eligible for margin trading as soon as possible in order to take the initiative to clean up his own tractor accounts. In addition, the regulatory authorities of the repeated demands, also the risk of some customers feared that the policy will bring its own actual losses.
In the present market conditions are not favorable, clean-up "tractor Account" means part of the customer's Fukui to become the true loss. Some investors expressed their unwillingness to sell short the stock now, will clean out accounts because afford to lose too much, would like more opportunities to become re-energized.
However, the securities company is trying to convince customers accounts as soon as possible clean-up. They cautioned investors on the one hand will soon launch margin trading, while the tractor margin trading accounts will not be awarded the qualification, on the other hand, had "issued by the securities registration and settlement management approach" to define the account opening securities accounts system for real-name system to determine the account of the illegality of the tractor.
The former "Tractor account" all the harm caused, but also so that regulators want to "In addition to the then fast." "In the past, as long as customers complete documents, whether or not I come, can open an account in a securities company. The non-real-name system, under the 'tractor accounts' is China's stock market specialty products, is the dealer the only way to manipulate stock prices." Certain securities General Manager of Sales Department, said. In fact, the use of "tractor account" example of manipulating stock prices have been abound. For example, Dapeng securities of 402 financial accounts under the accounts linked to 6449 shareholders of speculation "Minmetals Development", China Southern Securities in the operation "Hafei shares" in the process of in order to fund 289 accounts, and hanging under the 1611 shareholders account, participation "Hafei shares" sub-warehouse sale.
However, there is a market veteran who pointed out that although a lot of brokers have been on the "tractor account" cleaned up, and the supervision of regulatory authorities are also very strict, but this phenomenon has not become extinct in China's stock market, some business department in the short-term thinking Under the guidance is still in secret operation "Tractor accounts." "Tractor Account" and it will not be out of the stage of history, it will under certain conditions, long-standing, "with ulterior motives of the people always come up with another way of alternative."
