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In overseas markets, warrants are not only trading in a large scale, but also developing rapidly. In 2004, the total amount of global warrant transactions exceeded US $190 billion, up more than 50% from US $123 billion in 2003. According to a sample survey conducted by the International Federation of Trade (FIBV) in March 2003, 83% (45) of its 54 member exchanges have launched warrant trading, which is second only to stocks (95%) and corporate bonds (88%), ranking third in all trading categories. It can be seen that warrants have become a type of subject transaction in overseas stock exchanges and are still developing at a high speed.
It can be said that warrants have become a relatively basic trading product of overseas stock exchanges, and are developing at a rapid speed. However, in the current Chinese mainland market, warrants trading is basically blank. However, with the increasingly urgent demand for warrants and the deepening financial innovation of all parties in the market, the time for launching warrants in the mainland of China is also increasingly ripe. From the development history of warrants, there are equity warrants first, then covered warrants. Equity warrants were first issued by the American Power Company in 1911. In the 1960s, many American companies used equity warrants to finance mergers and acquisitions of other enterprises. In the 1970s, listed companies attached equity warrants when issuing bonds to stimulate bond trading. Although warrants originated in the United States, it is in Europe that they have really flourished, with Germany, Italy, Switzerland and other countries occupying the top positions in warrant trading volume for a long time. However, in recent years, the Asian warrant market, represented by Hong Kong and Taiwan, has developed rapidly. In 2004, Hong Kong, China, overtook Germany at one fell swoop, ranking first in the global warrant trading with a total transaction amount of US $67.3 billion. In the first quarter of 2005, the issuance scale and transaction amount increased by 50% on a year-on-year basis, further consolidating the leading position of the warrant market. Taiwan, however, ranked among the top five in global warrant trading only seven years after the introduction of warrants. At the same time, after years of steady development, the Australian warrant market is again showing a trend of accelerated development.
The development of the warrant market is only a microcosm of the development of the global financial derivatives market. According to the statistics of the Bank for International Settlements (BIS), the closing book balance of financial derivatives traded in organized exchanges at the end of 2003 was 16 trillion US dollars, which has exceeded the international inter-bank market negotiable securities The book balance of the market at the end of the year was nearly seven times higher than the US $2.29 trillion in 1990; At the end of 2003, the book balance of financial derivatives on the OTC market at the end of the period reached 197 trillion US dollars, more than three times that of 47.5 trillion in March 1995. As an emerging market, the financial derivatives market plays a more and more important role in price discovery, risk aversion and increasing investment portfolio, which has a profound impact on the international financial market, and its development speed is far faster than that of the basic product market. It is a better choice for domestic investors to enter the complex financial derivatives market with warrants, a relatively simple derivative.
Author: Huang Wenqing, Guotai Jun'an Securities
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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