The Detailed Rules for the Implementation of Trading Restrictions stipulate the circumstances, methods, duration, procedures and obligations of members of the trading restrictions
Reporter Li Xia
Our reporter Li Xia reported that since the end of May, warrant speculation has aroused widespread concern in the market. For this reason, our reporter recently interviewed the relevant person in charge of Shenzhen Stock Exchange. The person in charge introduced to the reporter that SZSE attached great importance to the recent warrant trading, closely monitored the warrant trading, and took a series of regulatory measures.
It is reported that the measures taken by SZSE mainly include the following: first, focus on monitoring the intraday trading of warrants, and timely send telephone or written warnings to relevant members and business departments for abnormal trading behaviors that affect the trading price of warrants through large, continuous and frequent return declarations. Since May 30, 225 telephone warnings have been sent to 27 members, 45 written warning letters and normative letters have been sent to 21 members, and the responsible person of the member has been interviewed twice; Second, the risk warning and control mechanism for temporary intraday trading suspension was implemented, and the risk warning and control mechanism for temporary intraday trading suspension was implemented on May 30, May 31, June 12, June 13 and June 15, respectively“ Potash fertilizer JTP1 ”、“ CIMC ZYP1 ”And“ Wuliang YGP1 ”Implement temporary suspension of trading for 5 times; Third, the Notice on Strengthening the Monitoring of "Potash JTP1" Warrant Trading was released to the market on June 11, in view of the characteristics of "Potash JTP1" being out of price; Fourth, strengthen the education and warning of warrant risks. On June 6, the special article "How investors prevent warrant investment risks" was launched in the "Shenzhen Stock Exchange investor risk education column"; The issuer of "Potash JTP1" and the listed company were successively required to publish risk warnings for 18 times; On June 18, a risk warning notice on "Potash JTP1" was sent to members, requiring them to strengthen risk education on put warrants, and on the last trading day of "Potash JTP1" on June 22, a risk warning was sent to the market.
The relevant person in charge of Shenzhen Stock Exchange introduced that in order to further strengthen the means of supervision, in accordance with the relevant provisions of the Securities Law, and on the basis of widely soliciting the opinions of members, Shenzhen Stock Exchange has recently released the Detailed Rules for the Implementation of Trading Restrictions of Shenzhen Stock Exchange to members, which clearly stipulates the circumstances, methods, periods, procedures and obligations of members of trading restrictions, According to the Rules, SZSE can restrict the trading of accounts with serious abnormal trading for up to 15 trading days, and will also give corresponding disciplinary punishment to members who fail to cooperate with the self-regulation of the Exchange.
The person in charge said that in order to further curb the speculation of warrants and maintain market order, SZSE will continue to strengthen the monitoring of warrant transactions, and will restrict the trading of accounts with significant changes in warrant prices caused by large, continuous and frequent returns in accordance with relevant regulations; Improve the risk warning and control mechanism, and take risk control measures such as temporary intraday suspension for abnormal fluctuations of warrants in a timely manner; Timely report the behaviors suspected of market manipulation CSRC Start the investigation and treatment procedure; Further strengthen warrant risk warning and investor education; Review and study the improvement of warrant trading mechanism.
It is reported that from May 30 to June 29, a total of 617800 investors who participated in the four put warrants trading in Shenzhen Stock Exchange suffered losses, accounting for about half of the number of participating warrant trading accounts; Among them, 45400 accounts participated in the last trading day of "Potash JTP1" on June 22 and caused losses, accounting for 66.48%.
The relevant responsible person of Shenzhen Stock Exchange once again reminded investors to pay attention to the risk of warrant investment, invest cautiously, and never blindly follow the trend of speculation.
