⊙ Reporter Li Jianfeng and Wang Lu
At the "Media and Warrants Seminar" held recently, representatives of Guotai Jun'an, Everbright Securities, Ping An Securities and other securities companies said that warrant creation is a market-oriented behavior with risks and costs, not an absolute risk-free arbitrage.
The representatives of these securities companies said that the warrant creation business itself is not risk-free, and the founder needs to perform the same obligations as the issuer and provide 100% performance guarantee for this purpose. Because of the coexistence of risk and cost, creation is a completely market-oriented decision-making behavior, and the amount of creation mainly depends on the degree of warrant price deviation. It can be said that the greater the warrant price deviation, the greater the possibility of creating profits, but it is not an absolute risk-free arbitrage.
safety negotiable securities Chen Zhuoran, the president, said that the creation of securities companies is not unlimited, but subject to a certain proportion of their own net capital. Seen from the current situation, the overall scale of funds that securities companies can invest in warrant business is actually not large, and they are not in an absolute strong position in the warrant market.
Wang Jizhong, general manager of the financial derivatives department of Everbright Securities, believes that sometimes the market speculation power is very strong in the short term, and the creation of securities companies often encounter losses.
Zhang Biao, General Manager of Guotai Junan Asset Management Department, said that whether the price of financial products is reasonable depends on whether there is arbitrage room. When the price is too high, whether the arbitrage mechanism is smooth or not. The reason why the price of some warrant varieties is seriously overvalued is largely due to the shortage of supply. The creation of warrants helps to solve the problem of imbalance in the price of warrants. In the game with warrant speculators, the creation institution is in the bright, the speculators are in the dark, the decision-making process of the creation institution is relatively slow, and the speculators react quickly. Therefore, the securities dealers are not always in a favorable position, nor are they always making money.
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