However, we only see the front of the coin, but ignore the back of the coin. Due to the unique leveraged trading mode in the futures market, the high returns of futures private placement products are inevitably accompanied by high risks, and the performance fluctuates greatly.
Judging from the information available on relevant websites, it is not uncommon for some futures private placement products to suffer heavy losses, and the net value has dropped to two or three cents. More interestingly, the supervision of futures private placement in China is still in a vacuum zone, without the constraints of laws and regulations and the supervision of third parties, and the authenticity and credibility of its performance are questioned. Most futures private placements are still in the stage of special account financing.
At present, futures private placement, which focuses on investing in the futures market, basically takes three forms:
First, limited liability companies,
Second, the limited partnership futures fund,
The third is the "futures studio".
The development path of future private placement of futures may be dominated by the first two. At present, there are not a few influential private equity fund companies doing futures, such as Jie 'ang, Hongding Capital and Shanghai Jiufu. In legal form, however, if a limited partnership is a natural person shareholder, it needs to be levied according to individual income tax, and if it is a legal person, it needs to be levied according to enterprise income tax. Faced with higher taxes and management costs, some futures private placements have to give up the sunshine of trying limited partnership.
Fund analysts believe that at present, China's futures private placement is still in its infancy. Restricted by laws and regulations, domestic futures private placement cannot issue products through trust companies like stock private placement, and often adopts the form of limited partnership. Although at present, the credibility of the net value of private equity in the form of limited partnership may not be as good as that of products issued by trust, with the liberalization of asset management business of futures companies and the intervention of fund managers, there is great room for improvement in market acceptance of such products.
With the development of various futures wealth management products such as funds, trusts, brokers and banks, especially the opening of self-operated business of futures companies, it is feasible to explore the "sunshine" of futures private placement. For example, China Eastern Airlines Finance cooperated with Huitianfu Fund to issue a fund account product. The special account of Huitianfu Fund hired China Eastern Airlines Futures, a subsidiary of China Eastern Airlines Finance, as an investment consultant. The investment scope of this product includes stock index futures and commodity futures traded in the mainland.
Following Huabao Trust, Foreign Trade Trust and China Resources SZITIC, Industrial Trust also obtained the qualification of stock index futures trading, which means that the securities investment trust business of trust companies has entered the field of financial derivatives investment. The asset management products reported by 19 futures companies such as yongan futures and Huatai Great Wall Futures are under approval. According to the approval process, it is expected to be approved this month. In the future, it is also worth looking forward to the joint efforts of futures private placement and futures companies to create a new road.
Except for limited partnership funds, the other two organizational forms of the above three models all adopt account management mode, which is still the mainstream form of investment operation in futures industry. This is mainly due to the fact that it is difficult for futures private placement to take the organizational form of collective trust with high credibility like securities private placement, and compared with securities private placement, the current net settlement system of futures private placement is not perfect.
Therefore, the collective fund management model is still relatively rare. In terms of product form, it is relatively difficult to raise funds for futures private placement. Some products of futures private placement are mainly based on full capital preservation and partial capital preservation. To realize capital preservation, futures private placement needs to invest some of its own funds as a deposit. Once trading losses, futures private equity firms will undoubtedly face great risks.
Although the path of futures private placement "sunshine" will not be smooth sailing, they are already on the road.
The development of futures private placement industry urgently needs legal escort.
Just like the sunshine private placement in the stock market, many managers of futures private placement now say that the biggest confusion or bottleneck they face is the lack of legal status. Because there is no legal status, and the futures market has always been a high-risk place, it is difficult for private placement of futures to grow under this background; In addition, because it is a high-risk activity, futures private placement is also afraid of getting into a lawsuit, so the yield of futures private placement is often greatly affected. The insiders believe that there will be more and more derivatives in the mainland market in the future, but if the futures private equity industry wants to achieve great development, it must also obtain better legal protection, first of all, the relevant legislation should be improved.
Needless to say, in the eyes of many ordinary investors, futures players are professional gamblers, while futures private placement is actually giving money to some high-level professional gamblers, and these people do not have legal status. Driven by this understanding, first of all, there are great problems in fund raising of futures private placement. It is understood that in terms of management scale, the scale and management level of futures private placement with a scale of about 654.38 billion yuan can be ranked in the forefront of the industry; Futures private placement with a scale of about100000 yuan can be regarded as medium-sized; The management scale of most futures private placements is several million yuan. Compared with trust private placement, the scale is far from it. The reason is closely related to the absence of relevant laws.
Due to the unclear legal status, many futures private placements dare not develop the market in a big way. Some companies don't even have websites, so they dare not deal with the public media. According to insiders, the employees of futures private equity companies are mostly trading professionals, and there are no specialized marketers. Their marketing model is word-of-mouth model. Little is known about them, so it is difficult to raise funds. No one will give money to people they don't know. In addition, from the channel point of view, due to the difficulty of futures private placement financing, the trust industry that is developing smoothly at present has little interest in futures private placement trust products; From the bank's point of view, after the accident of a bank's wealth management products last year, some banks quickly eliminated the high-risk products in the property pool, and the development of futures private placement through banking channels was blocked. Well, it seems that the only channel that has a greater willingness to issue futures private placement products is the brokerage.
Due to the lack of clear legal status, the transaction efficiency of private placement of futures will also be affected. They can't operate in the way of "collective account", but only manage in the way of "single account", which will affect the transaction efficiency and fairness of futures private placement. According to the "single account" method, investment managers will open different fund accounts in different futures companies after signing entrusted financial management agreements with many customers. In this way, the accounts managed by the investment manager are limited, and the scale of assets managed by the investment manager will also be limited, and even the risk of unfair transactions will arise. Previously, after some private placements in the stock market, the final charge given by the law was "illegal operation", that is to say, even if an asset management agreement was signed with a client in the name of an individual, private placements in futures could be charged with "illegal operation" if they were sued by the client and caused losses. Therefore, futures private placement operations are very careful, for fear of causing trouble for themselves in account management. Due to strict risk control, the yield of futures private placement will be affected to some extent. Once the futures yield is lower than the stock market, the asset management scale of futures private placement will be further reduced.
However, the development of futures private placement is a realistic demand. Due to the continuous development of China's economy and investment and wealth management market, it is increasingly attractive to global investors, and more futures option clearing products and other financial supporting products are needed to meet people's needs. But the futures market needs more participants and is more professional. How to attract and cultivate talents under the current background and make a breakthrough from the legal point of view may be a good way to usher in the spring of private placement of futures.