⊙ Our reporter Huang Jintao
The Shenzhen Stock Exchange announced that it has focused on monitoring the trading of CIMC put warrants, and will restrict the trading of accounts suspected of violations in accordance with the Implementation Rules of Shenzhen Stock Exchange on Trading Restrictions, and report to the CSRC for investigation and punishment. The Exchange will take further risk control measures for the trading situation in the video disk. Shenzhen Stock Exchange solemnly reminds investors, especially small and medium-sized investors, to pay attention to investment risks, invest cautiously, not blindly follow the trend of speculation, and pay attention to the relevant risk warnings and temporary suspension announcements of the Exchange in a timely manner.
Yesterday, CIMC put warrants were again targeted by speculative funds. Except for 3 minutes of closing call auction trading, CIMC put warrants were only traded for 6 minutes yesterday, but were temporarily suspended by Shenzhen Stock Exchange for three times. Some insiders pointed out that this fully demonstrated the determination of the regulatory authorities to closely monitor the warrant trading to curb the irrational speculation of warrants and protect small and medium-sized investors.
CIMC put key monitoring
The Shenzhen Stock Exchange announced that it has focused on monitoring the trading of CIMC put warrants, and will restrict the trading of accounts suspected of violations in accordance with the Implementation Rules of Shenzhen Stock Exchange on Trading Restrictions, and report to the CSRC for investigation and punishment. The Exchange will take further risk control measures for the trading situation in the video disk. Shenzhen Stock Exchange solemnly reminds investors, especially small and medium-sized investors, to pay attention to investment risks, invest cautiously, not blindly follow the trend of speculation, and pay attention to the relevant risk warnings and temporary suspension announcements of the Exchange in a timely manner.
Some insiders pointed out that the temporary suspension of the CIMC put warrants was implemented three times a day for two consecutive days, which shows that the Shenzhen Stock Exchange is mainly taking temporary suspension measures to warn of the risk of warrant trading. From the rule of two-day suspension, put warrants with an increase of more than 10% may be temporarily suspended for the first time, more than 20% may be temporarily suspended for the second time, and more than 30% may be suspended until the closing call auction.
It is understood that the Shenzhen Stock Exchange has issued and implemented the Detailed Rules for the Implementation of Trading Restrictions to its members at the beginning of June this year. 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.
In addition, when significant abnormal transactions occur in investors' securities accounts, SZSE may take measures as the case may be, including: prohibiting the purchase of designated or all trading varieties, but allowing the sale; It is prohibited to sell designated or all trading varieties, but allowed to buy; It is prohibited to buy or sell designated or all trading varieties; Other transaction restriction measures that the Exchange deems necessary.
In fact, Shenzhen Stock Exchange has recently focused on monitoring the intraday trading of warrants, and timely sent 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.
Significant responsibilities of member units
It is worth noting that the SZSE made a special request in its suspension announcement yesterday that all member units should further warn of the risk of warrant trading, strictly supervise and regulate the trading behavior of customers in strict accordance with the requirements of the Guidelines on Management of Trading Behavior of Member Customers, and the Exchange will give disciplinary punishment to members who violate the Guidelines on Management of Trading Behavior of Member Customers.
The reporter learned that for members who still take effective measures to regulate and restrain customers' trading behavior after being reminded by the Shenzhen Stock Exchange, fail to timely and accurately convey and deliver oral and written warnings or documents to customers, fail to fulfill their duties as required by the Shenzhen Stock Exchange to assist in investigation of suspected violations of laws and regulations, or have deliberately delayed, concealed and omitted behaviors, Shenzhen Stock Exchange will give it a notice of criticism or public condemnation depending on the seriousness of the case.
The Guidelines on the Management of Member Customers' Trading Behaviors issued by Shenzhen Stock Exchange on September 3 this year also clearly stipulates that members should agree with customers in the securities trading agency agreement that if customers use their accounts in violation of laws and regulations, or there are abnormal trading practices that seriously affect the normal trading order, members can refuse customers' entrustment, Or terminate the principal-agent relationship of securities trading with customers; If a member finds that a customer's account continues to be suspected of illegal transactions, he/she shall timely remind him/her and request him/her to correct. If he/she refuses to correct, he/she may refuse to accept the entrustment and report to Shenzhen Stock Exchange in a timely manner.
Develop the market and curb excessive speculation
citic securities Yang Haicheng, a derivatives researcher, said in an interview with reporters yesterday that the Shenzhen Stock Exchange is conducive to protecting the rights and interests of small and medium-sized investors by temporarily suspending the trading of variable warrants. However, he also said that, in view of some problems existing in the warrant market at present, the key to solving the problem is to ease the imbalance of supply relations and develop the covered warrant market. The introduction of covered warrants is conducive to improving the completeness of the derivatives market and increasing the breadth and depth of the market. In addition, while carrying out risk education for investors, we should also be aware that the speculative demand for funds should not be blocked, or else it is easy to press the gourd to float. For the speculative demand of funds, if there is a mature and healthy financial derivatives market, it can effectively reduce investors' speculative impulse on speculative products and improve the market investment structure.
"After the introduction of the covered warrant market, its target is often the index or large blue chip stocks. In this way, the active covered warrant market can increase the attention to the large blue chip stocks, thereby enhancing the liquidity of the large blue chip stocks, curbing excessive speculation in the market, having an impact on investors' investment philosophy, and at the same time, transforming the adverse impact of speculative funds on the market into A driving force favorable to the market. " Yang Haicheng said.
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