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Deputy Director of Joint Securities Warrant Research and Design Center: Pei Xiaoyan
Development Trend of Warrant Market in China
A perfect warrant rule is the prerequisite for the sound development of the warrant market. Due to the development of the past decade, especially after the baptism of China's securities market in recent years, it has gradually become mature. First, investors have emerged a new structure
Changes, the growth of a group of institutional investors represented by funds, together with the participation of insurance institutions, QFII and other institutional investors, have had a good impact on the investment philosophy of the market, and the market has emerged some mature features. Moreover, the stock price level has basically converged to the standards of foreign stock markets, which has also brought a good environment for the healthy development of the warrant market. From the perspective of the development of foreign warrant markets, combined with the actual situation in China, it can be predicted that the development of warrant markets will gradually be independent of the split share structure reform, and will develop independently as a financial derivatives market model. Moreover, the main products will be covered subscription certificates, supplemented by other types of warrants: warrants (equity warrants), covered put certificates, alternative covered subscription certificates, alternative covered put certificates, other covered subscription certificates, other covered put certificates, and so on, forming our own warrant market. Of course, the market maker system will be a fundamental institutional prerequisite for the development of this market. Without market makers, the warrant market cannot develop significantly.
Historical lessons
Fairness and efficiency are the basic conditions for the development of a market. To ensure fairness and efficiency, we must pay attention to the following issues:
1. The seriousness of the rules
From the review of the historical situation of warrants in China, we have learned many lessons. Among them, the improvement and seriousness of the rules are the basic premise for the development of the warrant market. Therefore, we should pay special attention to the perfection of the warrant rules when China re develops the warrant market today. When introducing the corresponding rules and regulations, the management must have a high degree of foresight, so that the rules have good operability, but also take into account the future development space of the warrant market. For example, the market maker system is a very important system for the development of warrants. When formulating the warrant system, such systems should be taken into account, Even if temporarily subject to legal restrictions, there should also be room for the introduction of such systems when conditions are met in the future. Judging from the warrant management measures issued by the two exchanges in China at present, they can basically adapt to the future development of warrants, and the seriousness of the rules is possessed. Of course, with rules, it is also very important to act according to the rules in practice.
Only by ensuring the seriousness of the rules can we ensure the fairness of the rules.
2. Importance of regulation
The supervision of the market requires the joint efforts of managers at all levels, including issuance, trading and other links. In addition to formulating effective regulatory rules, it is also necessary to establish a set of effective constraint mechanisms for the behavior of market participants, especially for the behavior constraints of issuers and creators. We must learn from the experience and lessons of successful countries or regions to avoid harming the rights and interests of investors due to system defects. Tracking and monitoring the trading behavior of market participants is also the key to prevent manipulation. The manipulation of the warrant market is inevitable in any country and any market, and the corresponding supporting regulatory mechanism and punishment system must be able to follow and strictly implemented to ensure the healthy and orderly development of the warrant market.
3. The system is loose and orderly
As warrants belong to financial derivatives, the establishment of the system must adhere to the principle of ease and order to ensure the healthy development of the warrant market. The main reason why countries such as the United Kingdom and Japan have not developed well in warrant products is that the system is excessively strict, even with some hostility, which makes the participants have little room to play, thus losing the space for the development of warrant products. The cost is not small. In this regard, the Hong Kong market can be used for reference.
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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