Category: Money tips Release Date: 2007-01-11
Also near end of the year, voted in 2005 went to the top ten news day. If you ask who is the 2005 stock market of the most stirring the hearts of the news, the author's answer is: warrants.
Warrants an appearance, let the market regulators and investors in surprise. Put in the Steel and Vanadium, Vanke, and Anshan Iron and Steel put warrants listed on the week, setting a six week warrants a record turnover of 39.5 billion, while the two cities a week more than 1300 stock turnover is merely 42.4 billion yuan. C of E seems to be the protagonist of the market.
Warrants the role played by many: as a price, which is used to compensate investors for the means; as a financial product, it is a tool for active market; it is less certain major shareholders to pay right price for magic; and in the creation of system was in place, it has become a broker's profit machine. These different roles and led some people to understand the dislocation of the warrants that it is excessive speculation, or the creation of a system problem. Different "bottom", sitting in different "location", there will be a different conclusion. Regulatory authorities to lift the board wants to play, but it is difficult to determine who is playing the bottom.
However, one thing is clear: the innocent warrants. Warrants, and similar warrants other financial derivatives, which itself is only a financial instrument, there is no right or wrong. Warrants can not only attract capital market activities, but also rich in investment and trading choices. No warrants, no other derivatives, only the stock market is a crippled market. An incomplete market is a function of market barriers, is an unhealthy market. The surface, warrants, and other derivatives are very risky, but if used well, they will play a perfect market to promote market development.
Of course, the warrants in the transaction and management does seem a perfect space. But we blame the same time, it should be a little tolerant. There is nothing is perfect. If for a certain thing on the一棍子打死flawed, then the securities market will not develop, it will not improve.
As for how to view the current warrant market problems, I wanted a slower pace, whenever they Da Banzai. In the creation of the new warrants on the Shenzhen Stock Exchange This is just better, there is limited, the creation of the warrants the implementation of T +2, information transparency, investors have been recognized. If you really want to curb a climate of speculation about warrants, I believe that shortening the duration of the warrants a good idea, it is worth considering two exchanges, especially in the current preparations for launch of 50ETF warrants, great reference value.
Perhaps some people I do not agree with Da Banzai this attitude of doubt, then read on, not a warrant has been played in front of the board of the Well, warrants the creation of that right warrants Da Banzai. However, the board shot down, and how the results like? Is not yet landed on the bottom of the investors.
Although the warrant an unsatisfactory start in some places, but with the improvement of the system, warrants give the market more of a hope. Hope that the improvement in the recommendations of spanking less perfect and more suggestions for improvement.
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