RatTrading is a "food price" practice, and unscrupulous brokers are unfaithful to customers. Specifically, before using public funds to raise the stock price, the banker first uses his own personal funds (heads of institutions, traders and their relatives, related households) to open positions at a low level. After the public funds are raised to a high level, the individual positions are the first to sell for profit. The characteristic of China stock market is that there are no villages and no stocks, and rat warehouses exist in these large and small stocks. Brokers are the main force of Zhuang shares. They use their natural advantages of financing to integrate a lot of funds from all walks of life to boost stocks. Sitting in the village was originally to make money, but brokers rarely really make money. The reason is that after the brokers pulled up their stocks, a large number of rat warehouses buried at the bottom flocked to ship, and the brokers took over at a high position. As a result, brokers lost a lot, and rat warehouses earned a lot. This is the main form of securities firms being hollowed out today.

Cases of "rat warehouse" occur frequently.

Since the "Ma Le case" was exposed at the end of last year, according to incomplete statistics, dozens of fund managers have been investigated or rumored for being suspected of rat warehouses. With the introduction of audit big data system by CSRC, the efforts to crack down on fund rat warehouses are strengthening. On the afternoon of May 9, the CSRC reported three cases in which relevant personnel in the asset management industry were suspected of rat warehouses, with a profit of up to 20 million yuan. The following are some influential "rat warehouses" counted by Caijie.com in recent years.

In 2007

Vote Morgan Tang Jian.

Punishment: cancel the qualification of the fund, confiscate the illegal income, impose a fine of 500,000 yuan, and be banned from the market for life.

20 10 year

Everbright Prudential Fund Xu Chunmao

Punishment: 3 years in prison, suspended for 3 years, and fined 265,438+10,000 yuan.

20 10 year

Bank of Communications Schroeder Zheng Tuo

Punishment: sentenced to 3 years in prison and fined 6 million yuan, sentenced to 2 years in prison for his ex-wife, suspended for 2 years, and fined 6 million yuan; His ex-wife's sister was sentenced to six months' criminal detention, suspended for six months and fined 500,000 yuan.

20 10 year

Bank of Communications Schroeder Li Xuli

Punishment: sentenced to 4 years in prison at first instance and fined180,000 yuan; The second instance upheld the original judgment.

20 13

Ma Le Bosera Fund

Punishment: At the first trial, he was sentenced to three years' imprisonment and suspended for five years. Recover the illegal income of18.83 million yuan and impose a fine of18.84 million yuan.

20 14 10 month

Huitianfu Fund Su Jing

Punishment: sentenced to two and a half years in prison and fined 37 million yuan.

20 14 10 month

Qian Jun, fund manager of China Everbright Prudential.

Punishment: sentenced to fixed-term imprisonment 1 year for 6 months, suspended 1 year for 6 months, and fined 1.6 million yuan.

How harmful is the "rat warehouse"?

When the verdict of Ma Le case of Bosera Fund came out, online public opinion thought that the verdict was too light, but in the fund industry, there were many opinions that the fund rat warehouse was not harmful.

On March 28th this year, the Shenzhen Intermediate People's Court pronounced the case of Ma Le Rat Warehouse in the first instance. Ma Le was sentenced to three years' imprisonment, suspended for five years, recovered illegal income of18.83 million yuan, and fined18.84 million yuan. After this result came out, Sina's investigation. Com shows that 9 1.5% of netizens think that the sentence is too light. Some investors believe that this is encouraging fund managers to commit crimes. Ordinary investors simply think that they have made more illegal profits and the sentence is too light.

In the fund industry, in addition to some people who think that rat warehouses are really illegal and need to be severely cracked down, some people think that if fund managers can manage their own funds well, they will not obviously harm the interests of holders, nor will they cause too much social harm. As Ma Le said in his court statement, all the stocks he invested in were bought through his own research.

Many fund employees have sympathy for the rat warehouse, which is also related to the fact that fund employees could not trade stocks in the past. Although there were restrictions on employees' stock trading before, in reality many people are investing in stocks through their own or other people's accounts. In the eyes of investors in the industry, it is unreasonable to prohibit employees from trading stocks before. "As a professional investor, if you don't manage your own money, how can you help others manage their own money?"

In addition, Zhao Xijun, deputy dean of the School of Finance and Finance of China Renmin University, believes that the fund manager's "rat warehouse" behavior will sacrifice the interests of many people who entrust him to invest and the interests of public investors, which is obviously an unfair transaction. This exposes many reasons such as insufficient self-discipline supervision, imperfect system and lack of investment responsibility of fund companies. He believes that in order to reduce or eliminate this behavior and protect the interests of investors, it is necessary to constantly improve various systems and rules, improve the incentive mechanism and increase penalties.

Li Shuguang, a professor at China University of Political Science and Law, believes that the behavior of "rat warehouse" has been defined as a financial crime when the Criminal Law was revised. The "rat warehouse" is very harmful and belongs to a kind of insider trading. The "rat warehouse" is actually an act of using Public Offering of Fund's or citizens' money to benefit fund managers or themselves, individuals or relatives and friends, which is actually a great violation of the interests of citizens and investors in the whole market.

How to standardize the "rat warehouse"?

Zhao Jianglin, deputy general manager of Qian Jing Fortune and director of the research center, said that recently, the regulatory authorities have intensified their efforts to investigate and crack down on "rat warehouses", mainly using big data to dig out the transactions that once had rat warehouses and hold relevant personnel accountable, which shows the determination of the regulatory authorities to rectify the fund industry. Zhao Jianglin believes that if "rat warehouse" becomes a common phenomenon in the industry, investors will lose confidence in the fund industry and the fund industry will decline. At present, the fund company has not come up with an effective way to deal with the "rat warehouse". Observing the mature market in the United States for many years, the most effective way to deal with the "rat warehouse" is to severely punish it according to law, increase the illegal cost of the "rat warehouse", strengthen the investigation and punishment, and deter the occurrence of the "rat warehouse" incident through measures such as rewarding reports.

Zhao Jianglin suggested that eradicating "rodent infestation" requires a multi-pronged approach. The first is strict supervision, and it should be long-term and normalized. Secondly, improve relevant laws and regulations, and solve the institutional problems faced by securities market reform and supervision and law enforcement through legislation. In addition, some insiders suggested that an accountability mechanism should be established for fund companies.