1. The spot bond market is underdeveloped, and the bond types and maturity structure are unreasonable. 2. At that time, treasury bond futures were not typical treasury bond futures. 3. Lack of unified laws, regulations and supervision system. 4. There are misunderstandings in managing futures with spot mechanism.
The fundamental reason lies in the immature market conditions at that time, and the lack of unified supervision and corresponding risk control experience for financial futures.
2. The government subsidized the national debt by linking the interest rate with the index, and there were precedents of subsidies abroad, but at that time, the government's interest rate adjustment greatly exceeded everyone's expectations. "The most unexpected thing is that Wei, the general manager of the Shanghai Stock Exchange at that time, never dreamed that China's national debt discount would be like this. When the Fed adjusted the interest rate, it was 0.25%, and we suddenly became 5 percentage points. " The "value-preserving subsidy rate" was increased to 12.98%.
This is inevitably contrary to the marketization of interest rates, and it also shows the imperfection of the domestic market at that time.
3. Enlightenment; First of all, the varieties of financial futures that lack the necessary market conditions themselves contain huge risks.
This mainly means that the marketization of interest rate mechanism on which treasury bonds futures depend has not yet formed, and the financial spot market is not perfect.
Second, policy risk and imperfect information disclosure system are important sources of risk in the futures market.
Third, only by improving the management system of the exchange can we prevent endless risks in the futures market.
Fourthly, the risk control of modern futures trading needs computer system to provide necessary technical support.
After the incident, the government supervision department and the exchange improved the trading margin control system, the price limit system and other rules and regulations, and established trading risk control systems such as the position limit system, the large household declaration system, and the floating profit ban for new positions.