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Let go of stock index futures
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1, the development status of stock index futures:

Since the listing of China's stock index futures in April, 20 10, the market has been running smoothly, the basis is reasonable and tends to be stable, and the participants generally show the characteristics of maturity and rationality, without blind speculation. It can be seen that the strict risk control system implemented by exchanges and futures companies has achieved certain results and ensured the smooth operation of the whole market. With the ups and downs of the market, the concept of risk management with the help of stock index futures has begun to be widely recognized by investors. In addition, due to the maturity and rationality of participants, investor education and risk management of exchanges and futures companies, there is no abnormal "maturity effect" in the market. Generally speaking, China's stock index futures market presents a good trend of healthy development.

2, the current stock index futures problems:

First, the effectiveness of China's securities market is insufficient, and investors can't predict the fluctuation of stock index according to the change of macro situation, thus reducing the hedging effect of stock index futures.

Second, the main structure of China stock market is unreasonable, and there are a lot of irrational speculation. Because of the strong leverage of stock index futures, its introduction is equivalent to introducing a more speculative tool, which may further expand the speculative atmosphere in the securities market.

Third, participants in China's securities market don't know enough about stock index futures, and a large part of individual investors and even institutional investors don't pay enough attention to the risks of stock index futures, so they can't invest rationally and may even suffer huge losses.

Finally, China has not yet issued a special futures law, and neither the Securities Law of People's Republic of China (PRC) nor the Provisional Regulations on Futures Trading clearly stipulates the trading of stock index futures. At present, the regulatory basis of stock index futures in China is insufficient, and the uncertainty of trading rules means that stock index futures trading contains huge risks.

3. Countermeasures for stock index futures:

First, the exchange strengthens risk prevention and control. The exchange shall adopt the debt-free settlement system, the position limit system, the large-scale declaration system, the price limit system, the hierarchical settlement system and other aspects to formulate specific legal systems, and clarify the macro-and micro-level risk supervision mechanism.

Second, constantly improve the regulatory capacity of regulatory agencies, set up a special futures regulatory department, realize the joint supervision of other CSRC, CBRC, financial futures exchanges and clearing houses, establish a multi-level risk supervision system, and adopt advanced real-time risk monitoring technology to prevent and control the market risks of stock index futures.

The third is to speed up the risk education for investors. Strengthen the risk education for investors, especially small and medium-sized investors, improve their understanding of stock index futures trading and risk characteristics, and make them fully realize that the leverage effect of margin trading system should be a double-edged sword, which increases the risk while amplifying the income. Before and after the introduction of the stock index, we should strengthen the risk propaganda work and improve investors' risk awareness and investment skills.

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1, Development Status of Margin Trading:

At present, the number of securities subject to margin financing and securities lending in China has increased from 90 constituent stocks in the original SSE 50 Index and Shenzhen Stock Exchange Index to 285. Including 7 ETFs. At the beginning of the launch of the two financial institutions last year, some keen institutional investors grabbed most of the securities lending targets and continued to short for more than a year, which benefited a lot. So far, all of them have not been returned, which leads to difficulties in securities lending. After the recent expansion of the underlying securities, the favorite stocks of ordinary investors will still be difficult to obtain, and the short selling of all securities may have to wait for the launch of refinancing business.

2. Problems existing in current margin financing and securities lending:

First of all, the threshold of securities financing transaction is too high, and it is difficult to produce a large-scale secured transaction market effect. Regardless of financing, there is still a problem that small and medium-sized investors can't get support in practice.

Secondly, the detailed rules for evaluating the market value of securities financing transactions are vague. In securities financing transactions, customers use some securities as collateral to buy securities from securities companies. In this process, market value evaluation is undoubtedly a problem that needs attention. Regrettably, the Measures for the Administration of Pilot Margin Trading of Securities Companies did not make detailed provisions. The fuzziness of the rules leaves room for the agreement between brokers and customers, but it has laid a certain hidden danger for the safe operation of the whole market.

Finally, the handling of securities rights and interests in securities lending transactions is worthy of attention. In short selling, when a securities company sells securities to customers, the stocks it borrows may come from securities used as collateral when other customers finance transactions. After the delivery of securities, the buyers of securities become shareholders of listed companies. Since securities lenders should not lose their legal rights, there are two rights subjects on the same securities, which leads to equity conflicts.

Third, the countermeasures of margin financing and securities lending:

First of all, the access scope of securities financing transactions will be expanded on a large scale, and the threshold rules, access subjects, margin ratio, securities registration company system and bank capital channels will be relaxed on a large scale.

Secondly, we should narrow and slow down the trading scope of China's securities lending, only liberalize the securities lending of the main 50 blue-chip stocks, and expand the short selling of stock indexes, so that the market will have a blue-chip effect that is common in all countries' markets.

Third, reform China's current securities registration company system to provide conditions for trust registration, secured transaction registration, loans, forced liquidation and leveraged short selling.

Fourth, strengthen market supervision. The CSRC, the stock exchange and the securities industry association should conduct triple supervision on the margin financing and securities lending market to ensure orderly market transactions.

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1. Development status of sponsors:

According to the statistics of the website of CSRC, as of September 20, 20 1 1, the number of registered insurance agents in China has reached 1876. According to this calculation, after the above-mentioned 1400 quasi-insurance agents "become full members", the number of insurance agents in China will exceed 3,000. It is understood that at present, an initial public offering (IPO) project in China usually needs two insurance agents to sign, so the industry also calls these two insurance agents channels. According to a previous investigation by the Securities Times reporter, it usually takes 8 to 12 months for a sponsor channel to complete an IPO project. Therefore, if each Bao Dai is required to complete at least one IPO project every year, according to the rough calculation of 3000 Bao Dai people, at least 1000 IPO projects are needed every year to ensure the utilization rate of investment banking channels. At 20 1 1, there are only more than 400 IPO projects in the A-share market (of which 339 have attended the meeting), that is to say, the insurance team of investment banks is saturated.

2. Current problems of sponsors

First of all, at present, the small workshop-style operation mode of sponsor institutions is relatively common, and the internal control level is low. The internal control system of most sponsors is not perfect, strict quality control systems and processes have not been established, and there is a lack of supervision and restriction in all aspects of business processes, which leads to the rough quality of a large number of initial declaration documents, reflecting that the information of the companies to be listed is insufficient and incomplete, which increases the pressure and difficulty for the preliminary examination.

Secondly, the market reflects that a few sponsor representatives use their specific roles and unique functions in the process of issuance and listing to relax the requirements of diligence, and even a few sponsor representatives become signature machines and do not actually participate in the project. There are still a few sponsor representatives who give up their professional ethics and seek illegitimate interests by issuing and listing opportunities.

Third, the sponsor representative himself does not bear the responsibility of sponsorship, frequently transfers, and continues to supervise and become a mere formality. In fact, the sponsor is responsible for the sponsorship. Up to now, the maximum penalty for the sponsor representative is only to suspend his qualification for three months. One listed company was delisted because of its own fault, and some listed companies with frequent changes in performance faced huge market disputes, but did not pursue the responsibility of the sponsor representative, which was obviously disproportionate to the excess income of the sponsor representative.

3. Countermeasures of the sponsorship system:

First of all, it is necessary to strengthen the internal control of sponsors. Strengthening the internal control of sponsor institutions is the key to strengthen the sponsor system. Therefore, it is clearly required that the person in charge of the sponsorship business and the core person in charge are responsible for supervising the implementation of various systems of the sponsorship business and bear corresponding responsibilities. It is very important to realize the overall control of the project and improve the quality of sponsorship work by strengthening the management responsibility consciousness of the person in charge of sponsorship business and the core person in charge.

Secondly, we should strengthen the management of sponsor representatives, strengthen the sense of responsibility, and implement the responsibility of sponsor representatives. The sponsor representative is appointed by the sponsor institution to be responsible for the sponsorship work, and is the person directly responsible for the sponsorship business. He must be honest, trustworthy, diligent and conscientious in performing his duties as a sponsor. Therefore, the interests of investors cannot be put on the morality of the sponsor representative. It is necessary to strengthen the management of sponsor representatives, enhance their philosopher consciousness and put them on the right path through various means.

Third, strengthen regulatory measures. The perfection of sponsorship responsibility is an important guarantee for the function of sponsorship system to play. The so-called power is a double-edged sword, and the increasing importance of sponsor representatives means that corresponding measures must be taken to supervise their behavior. Strengthening the construction of laws and regulations is the most direct way. This is conducive to restricting the power of sponsor representatives, and can force them to regulate their behavior, so that they can act according to law and make due contributions to the financial and securities market. In addition, we can also make use of public opinion supervision, which is a very common and effective way of supervision, which can not only make the sponsor representatives consciously consider their own actions and be responsible for their own actions, but also ensure the smooth operation of the entire financial and securities market.

Fourth, change the system of selecting sponsor representatives only through examinations. A person who can only take exams but is not strong in ability, no matter how much influence it will bring to his own securities company, even if he becomes a sponsor representative, once the sponsor fails to perform his duties, the unqualified company will be pushed to the securities market, and the damage to investors will become irreparable. Therefore, we must liberate ourselves from the rigid examination system in China and create a new selection mechanism that is suitable for China's national conditions and pays attention to practice.

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1, Development Status of Growth Enterprise Market in China

At present, there are 158 enterprises in the entrepreneurial edition market, with an average price-earnings ratio of 70 times. It is planned to raise 36.5 billion yuan, resulting in121600 million, with an average of 770 million per enterprise. The company with the highest over-fundraising is the National Science and Technology Plan, which raised 340 million yuan and 2.83 billion yuan. Looking at the ownership structure, among 158 companies, 142 are family enterprises, 6 are foreign-funded enterprises, 1 is a collective enterprise and 9 are state-owned enterprises. The largest shareholder accounts for 90% 9 1, exceeding 40%, with the highest listed shareholding of 96.43% and 4 1.2% after listing. Growth enterprise market enterprises are not expanding at all, but redistributing existing wealth.

2. Problems existing in China Growth Enterprise Market.

(a) Frequent resignations of senior managers. After many GEM listed companies successfully went public and raised much-needed funds for enterprise development, their executives did not choose to continue to "start a business", but chose to leave quickly. A very important purpose is to buy shares and cash out, which is not conducive to the long-term healthy development of GEM.

(2) The delisting mechanism is difficult to produce. Delisting mechanism is an important mechanism of survival of the fittest in GEM, and it is also an important symbol of high-risk market. Without an efficient delisting mechanism, the market efficiency of GEM will be greatly reduced, and speculation will not be curbed.

(3) The P/E ratio of GEM is too high, and it is vulnerable to market speculation. The P/E ratio of China Growth Enterprise Market is too high, and the market speculation after the issuance makes the P/E ratio remain high for a long time. Although listed companies on GEM have the characteristics of high growth and great potential for later development, they are still in the initial stage of business and their strength is weak, so they are likely to fail in the market competition. Therefore, the general high P/E ratio is very abnormal, and it is not conducive to actively guiding market development. Once they encounter large-scale collective losses or bankruptcy, it will have a huge negative impact on the next development of the GEM.

3. Countermeasures of GEM

(1) Reform the examination and approval system for issuing new shares on the Growth Enterprise Market. The market-oriented reform of the new share issuance system is the right direction, but it is not mature to directly change the approval system into the registration system now, and it is necessary to gradually create conditions to implement the registration system. A complete marketization includes not only the marketization of IPO pricing, but also the role of an intermediary to minimize administrative intervention. We should delegate the power to review the issuance of new shares to Shenzhen Stock Exchange, so that the rights and responsibilities of the exchanges are consistent and a large number of small and medium-sized enterprises have the opportunity to go public.

(2) Strengthening the responsibilities of securities sponsors and intermediaries. Securities institutions should weaken the role of sponsorship channels and attach importance to the construction of valuation ability and professional service ability. The CSRC and the Securities Industry Association should strengthen the supervision of securities sponsors, and at the same time strengthen the supervision of intermediaries such as accountants and lawyers, enhance their sense of responsibility, improve their moral quality, and ensure that listed companies strictly meet the requirements and conditions of the Growth Enterprise Market.

(3) Increase the proportion of tradable shares of GEM companies and reduce the time of stock locking. It is necessary to speed up the "full circulation" of new shares and shorten the lock-in time. It is not necessary to stipulate whether to adopt the stock issuance method across the board, but it can be stipulated that the issuer can choose the stock issuance or incremental issuance method.

(D) Reduce the profit margin of PE, strengthen supervision and increase the cost of violation. Through the implementation of the "three public principles" in the issuance of new shares on GEM, the P/E ratio of new shares on GEM will be reduced as a whole, and the profit margin of PE will be reduced. At the same time, capital gains tax is levied on PE to adjust its unreasonable income.