Jiangnan
Behind the controversy of the warrant creation system is the discussion on the access to the warrant creation qualification, whether there is interest transmission in the warrant creation, and whether the interests of investors are fair and reasonable.
At present, the mainland warrant market only allows innovative securities companies to create, and many standardized securities companies point out that this has caused unfair competition among securities companies. In addition, some market participants pointed out that the main body of warrant creation can also be relaxed, and qualified fund companies, insurance companies, banks and other financial institutions can also participate.
Teng Tianming, Executive Deputy General Manager of Huaxia Fund, said that according to the requirements of the fund contract, Huaxia Fund has participated in limited warrant investment, mainly for fund position building. Last year, Huaxia Fund actively bought some warrants with lower prices and participated in the exercise, finally locking the cost of stock purchase. Now it has proved that the benefits are great. This shows that the warrant market can also help fund companies. Obviously, if fund companies can also participate in the creation of warrants, it will undoubtedly increase the supply of warrants and be beneficial to curb excessive speculation. However, this involves the fund's participation in the financial derivatives market, which needs to be improved.
Shanghai negotiable securities Relevant people of the Exchange (hereinafter referred to as "SSE") said that only innovative securities companies are allowed to create warrants in line with China CSRC And the Exchange has always adhered to the principle of "controllable, measurable and affordable" risk. As an "emerging and transitional" market, taking certain qualification and license management is still an important means of supervision and risk control. Of course, this is still a process of innovation and exploration. However, institutions with sufficient capital and strong risk management capability are the primary conditions for warrant creation qualification, and ordinary investors will not be allowed to participate in the pursuit of the so-called "fairness and rationality".
Some market participants pointed out that because the securities companies have abundant funds and are qualified to create, they can first make high warrant prices and then create at a high level, causing losses to weak ordinary investors.
Liu Xiaodong, deputy general manager of Shanghai Stock Exchange, said that the creation of warrants is completely a market-oriented act, and the participation of securities dealers in warrants is also based on their own interests. The Exchange mainly supervises whether various acts violate the market trading mechanism.
