The regulatory loopholes in China's financial market have always been the focus of the industry. On March 20 16, a storm named "327 Treasury bond futures incident" shook the whole financial market. This incident exposed the loopholes in the supervision of China's financial market and aroused widespread concern from all walks of life.

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2065438+In March, 2006, the China Securities Regulatory Commission announced that it would severely crack down on investors who violated the rules in treasury bond futures trading. This news has aroused great concern in the market. Subsequently, some investors broke the news that an investment company had illegal operations and made illegal profits by manipulating the futures price of government bonds. This news triggered a panic in the market, and the futures price of government bonds plummeted for a time.

After investigation, the China Securities Regulatory Commission confirmed the illegal behavior of this investment company, and imposed a fine and closed down for rectification. The company's violations mainly include the following aspects:

1. Use its huge capital advantage to manipulate the futures price of government bonds and realize illegal profits;

2. Covering up manipulation through false declaration;

3. Violation of trading rules and manipulation.

Disclosure of regulatory loopholes

The "327 Treasury bond futures incident" exposed the loopholes in China's financial market supervision. First of all, the illegal behavior of investment companies is not a temporary fault, but a long-term existence. Secondly, the regulatory agencies did not find and stop these violations in time during the supervision process. Finally, the punishment of the regulatory agencies is not enough, and the crackdown on these violations is not enough.

Improvement measures of regulatory agencies

After the 327 Treasury bond futures incident, China Securities Regulatory Commission took a series of measures to strengthen the supervision of the financial market. Specific measures include:

1. Strengthen financial market supervision and establish and improve the supervision system;

2. Improve the technical level of regulatory agencies and strengthen information construction;

3. Strengthen the risk assessment and monitoring of financial markets, and find and stop violations in time;

4. Strengthen the supervision and training of financial practitioners, and improve their legal awareness and professional ethics.