Although the relevant regulatory authorities have repeatedly warned about the investment risks of put warrants recently, the warrant market has gone astray driven by huge amounts of funds. This makes us reflect on the development of the warrant market and even the development of the entire capital market. In this regard, a financial engineering researcher of a securities firm put forward a very pertinent point of view.
He believes that the reason why put warrants can obtain funds is that they are the only tool that can be short in the current market and become a vent for short forces. Therefore, the stock index futures launched in the future will become a place for both short and long parties to fight, and its intensity may exceed expectations.
Second, there are problems in the warrant market itself. The foreign warrant markets, except Hong Kong, have basically withdrawn from the historical stage and are not mainstream trading varieties, which indicates that there are always systematic problems in the transaction of warrants as derivatives.
After the chaos of the put varieties for several consecutive days, the warrant market experienced sudden changes yesterday, and the subscribed varieties saw a substantial increase in volume, which also attracted our attention.
On the one hand, there are still some discount varieties in the market that take into account the principles of security and leverage. The rise of warrants undoubtedly brings good opportunities to these holders.
On the other hand, the speculative varieties with the highest premium rate are still launched in advance in the past two days, which seems to indicate that the capital driven market divorced from the intrinsic value will still be staged in the warrants. For this reason, when the warrant market is expected to rise again, we should especially remind investors that the warrants are also risky and should not blindly follow the trend of speculation.
(Wang Qi)
