The stock market fell and conspiracy theories appeared. In fact, there are only two ills in this market, from the national team taking chips, short selling of foreign capital to the use of stock index futures to kill the allocation of large funds-the financing circle does not withdraw from the market, and the information is opaque and inaccurate.

Theoretically speaking, it is unlikely that foreign capital will short.

In the face of recent remarks that southern fund Hongkong Company, Goldman Sachs and other foreign-funded institutions shorted the A-share market, CICC checked the futures and spot transactions of all 38 QFII and 25 RQFII participating in the stock index futures market on July 1 day. Southern fund RQFII has not yet opened an account with CICC. QFII and RQFII, including Goldman Sachs, can only hedge stock index futures. The recent hedging transactions of these institutions in the stock index futures market are in line with the rules, and there is no so-called large short-selling behavior.

CICC implements the hedging quota management system. According to the Guidelines for Qualified Foreign Institutional Investors to Participate in Stock Index Futures Trading issued by China Securities Regulatory Commission on October 201year 10, QFII should apply directly to the Exchange. They have separate codes and are strictly controlled. Qualified investors participating in stock index futures trading shall apply to CICC for trading codes according to different capital accounts approved by the State Administration of Foreign Exchange, and the trading codes correspond to the approved RMB special accounts one by one. Each transaction code should run independently. Each QFII can entrust no more than 3 domestic futures companies to trade stock index futures. Even if QFII enters and exits in large quantities, there are still a series of control measures such as capital entry and exit.

Changes in the details of hedging transactions can increase the volume of futures trading. The above documents stipulate that at the end of any trading day, the value of stock index futures contracts held by qualified investors shall not exceed their investment quota. The transaction amount of stock index futures (excluding liquidation) of qualified investors on any trading day shall not exceed their investment quota. Because it does not include liquidation, stock index futures can enter and exit in large quantities, as long as the intra-day and end-of-day quotas are met.

For active trading, on April 10, CICC issued an announcement to modify the trading rules of the Shanghai and Shenzhen 300 futures index contracts, and adjusted the position limit of single account speculative trading from 1200 lots to 5000 lots. In order to reduce the examination and approval and improve the efficiency, CICC will record the hedging amount of stock index futures. As can be seen from the transaction data, the transaction volume has increased substantially.

Foreign investors can short the A-share market by shorting derivatives such as ETF related to China or stock index futures traded overseas, but they cannot short specific stocks or industries through the A-share market. When they short the FTSE A50 index of Xinhua listed in Singapore, if they want to suppress blue-chip stocks, they can only indirectly influence them through the Hong Kong market. They can't short the securities in the A-share market, because the amount of securities in the A-share market is almost negligible.

According to the data released by China Clearing, QFII opened the A-share account 4 1 for four consecutive months. In May alone, QFII opened 12 A-share accounts. So far, QFII has opened a total of 876 A-share accounts. This data basically does not show that foreign investment is promising, but only shows that China is open. QFII's position can only explain the problem. Judging from the QFII positions announced by Oriental Fortune.com on June 30th, there are some increases and some decreases. Although the QFII entry and exit cycle has become shorter, it has always been very cautious.

The large increase in financing and futures index has indeed increased volatility. The author has been paying close attention to stock index futures. Ics reflecting small and medium-sized stocks in futures are extremely sensitive and often lead the gains and losses. In the early morning of July 1 day, IC became the "leader" leading the rise; After the opening in the afternoon, it plunged directly, and IC became the "diving champion" and fell again, with a fluctuation range of 1290.6 points. As of the trading week of June 19, the momentum of IF's decline weakened, and the short orders of IH and IC increased. Coupled with the panic of financing, the superposition of the two may aggravate market volatility.

Due to the Greek crisis, global stock markets fluctuated. On June 30th, the 400 richest people in the world accumulated losses of $70 billion that day. According to the Bloomberg Billionaires Index, the average loss of each rich person is $6,543.8+$75 billion. AmancioOrtega, the founder of Spanish Zara brand, lost $2.2 billion that day, and his wealth shrank by 3.2%, making him the billionaire with the biggest loss. Buffett lost $654.38+06 billion and Bill Gates lost $654.38+04 billion. Therefore, global financial instability is also one of the reasons for the shock of A shares.