Arbitrage trading exists in various fields of the financial market. For example, the same stock or the same variety of goods are listed in different places. When the price difference reaches a certain degree, large investment banks will buy low price goods and sell high price goods at the same time, realizing risk-free returns.
There are a lot of funds wandering around the world's major exchanges to look for arbitrage opportunities in gold trading. For example, a member of a large Shanghai Gold Exchange in Beijing will carry out arbitrage transactions between Shanghai Gold Exchange and overseas gold trading on behalf of clients. Generally speaking, arbitrage trading is also risky. Although this risk is small, it exists objectively after all. If we can find arbitrage opportunities that are absolutely risk-free, it will be a blessing for all arbitrage traders.
Having said so much, to get to the point, there is no risk in the arbitrage of warrants and stocks, because there is no market difference between them, nor does there exist exchange rate As long as the left hand buys warrants and the right hand sells stocks, there will be no investment risk. A fund manager also agreed with this judgment, but why did the fund not fully implement the arbitrage of warrants and stocks? If fully implemented, the warrants will have a premium over the stocks, or at least the discount will disappear.
In this regard, the fund manager said that if the fund wants to buy warrants on a large scale, it must hold a general meeting of the holders in advance, and the proportion of the assets of investment warrants in the net value cannot exceed 5%, which led to very few funds to arbitrage stocks and warrants.
After listening to the explanation of the fund manager, I think this statement is far fetched. No matter how small a fly is, it is also meat. Many fund managers will look down on it? We all like risk-free profits. Just look at the new share subscription and warrant creation. Therefore, there must be other reasons why funds do not participate in the arbitrage of warrants and stocks. Since the fund manager refuses to say, I will guess a few randomly for the entertainment of readers only: First, the management fee cannot be charged for buying warrants; 2、 Set aside cheaper warrants for the mouse warehouse to hold, and "officials" will not compete with "people" for profits; 3、 It is hard to maintain the existing stock price. If you insist on participating in the warrant trading, you will need more capital, and the fund may not have extra money; 4、 Other problems.
I don't know any of them. It seems that I haven't heard that funds can't charge management fees when buying warrants. It is said that there is more money in the market, especially the funds are richer. It seems that they are different from each other. It reminds me that when the bull market just started, a fund manager asked his mistress to buy Wuliangye The rumor that warrants are held from more than 1 yuan to more than 11 yuan may be a bit reliable. But when I think about the integrity of the fund manager I talked to, I think the fourth is probably quite big.
Business Daily reporter Zhou Kejing
