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(Reporter Wu Min) The Investor Education Center of the Shanghai Stock Exchange wrote yesterday that the current irrational warrant market needs to create a system. The warrant creation system can protect the interests of small and medium-sized investors.
The 40 warrants of Baosteel since its listing in August 2005 had reached 9.167 trillion as of October 31. SSE pointed out that there are two types of problems in the warrant market: there is a great deviation in the pricing of the warrant market, and the warrant market is vulnerable to extreme speculation.
The SSE points out that the creation of systems can effectively reduce the scope and extent of investors' losses. The main force of warrant investment comes from individual investors. According to the statistics of the Exchange, the transaction amount of warrants contributed by institutions only accounts for 0.1% of the total transaction amount. The probability of deep out of price warrants returning to zero at maturity is very high, and investors' participation in such warrants is essentially a zero sum game. The creation of warrants effectively curbs the events and spaces that warrant deviates from the theoretical value, so it can effectively protect the interests of investors on the whole.
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