Margin basically become a decoration.
Everyone knows that margin trading is to an active securities market, financing, lengthen the financial leverage, Securities Lending found that stock prices can be short.
I had been opposed to capital in China's stock market elongated lever, because the credit rating of China's stock market was not of a market interest rate mechanism. For example, how much the interest rate financing, Securities Lending Rate geometry? Some departments dare to eat crabs person, I hope that they will take care of, since the derivatives market has been opened, I hope the China Securities derivatives smoothly. Unexpectedly, the occasion should be opened, but found that the rules-makers carrying fish shrimp when the crabs Huyou everyone.
Margin interest rates are very concerned about the market and directly involve the interests of investors. March 24, there is the mysterious authority to "China Securities News" reporter revealed that initial list of 7.86 percent financing rate, Securities Lending rate of 9% -10% in between. Interest-rate benchmark to the international practice. Financing rate generally higher than the same period in the benchmark lending interest rates 3 percentage points. At present, the central bank for six months or less (including six months) of short-term lending rate to 4.86%, 7.86% floating three percentage points in the level and international practice.
The reason why banks overcharging than three points, because the financing of leverage ratio, brokers take greater risks. Generally speaking, the financing market by brokers and other intermediaries to act as investment brokers, to obtain funds from a bank or a private loan financier. They get the middle charge, while the lender for lending rates. China has qualified brokerage margin trading is based on its own funds to lend to the market, so they can get interest rates and the middle fees double charging.
The same broker wronged, why the bull market, when it comes to financing to others, large brokerage business far greater than the self-employed about 8% of the interest rate is much more lucrative.
Even so, broker or a little too risky, simply take off the last one vest, through the margin so that their own absolute security. Media, Guotai Junan proposed to stock margin trading margin rates of 50% in the SFC has 90% -110%, or 90 million for mortgage investors to finance purchases of securities, the financing of a maximum of 100 million, leverage has been very short, if the financing margin was higher than 100%, the so-called financing was funny, more funny is the margin up to 110%, 120%. Why should investors so stupid to pay hundred percent margin financing to brokers, should the broker is to pay 7.86 percent interest rate? Really have such a moth flying into the fire of the investors, brokers'd like to suspicion, and why he has about one million renminbi funds, but also by 900,000, and are willing to pay high interest rates? Unless the margin is a fraudulent, as some companies like the fraudulent investment. In order to improve the safety margin, brokers may find yourself in a debt dispute. In short, some brokers do not want to give up not only the qualifications of margin trading, but also reluctant to lend, but to the margin, leverage and so kept out of demon moths.
If the stock guarantee financing, investors lose more. Published in accordance with the subject of Stock Exchange securities, 40 in Shenzhen, Shanghai stock market 50, respectively, with the Shenzhengchengzhi and SSE 50 Index constituent stocks of the same scope. In accordance with the provisions of the Shanghai and Shenzhen Stock Exchange, the Shanghai 180 Index (Shenzhen 100 Index) constituent stocks of the discount rate to no more than 70%, the highest rate of conversion of other shares not exceeding 65%; ETF highest rate of conversion of not more than 90%; debt the highest rate of discount of not more than 95%; other listed funds and discount bonds, the highest rate of no more than 80%. But in order to secure, even the so-called large cap blue-chip, discount rate was also low. Can be offset by margin securities and the underlying securities and the discount rate, the Shanghai and Shenzhen securities underlying the financing of discount rates between 0.3 to 0.6.
Person in charge of the Shanghai and Shenzhen Stock Exchange also "reminded investors", the Stock Exchange announced the scope of the underlying securities are not necessarily the investors in a securities company can be the subject of financing or the scope of Securities Lending Transactions. Each securities company according to market conditions and its own conditions, the exchange announced, within the scope of the underlying securities, to determine the actual financing available to customers, Securities Lending in the list of the underlying securities. The collateral securities in the calculation of each offset by margin value of the specific discount rate will also be from a variety of brokers based on its analysis of listed companies and secondary market transactions and other risk factors to determine the final set, investors should be margin trading by securities firms to learn more about the former specific situation. In other words, conversion rate was even lower than 0.3, more than loan-sharking is also ruthless, investors also, what kind of financial capital ah, directly out of the market and so on down rotten buy work?
As for the stock short, is simply non-existent, than the financing is not Kaopu. SSE 6 Tradable Securities Lending underlying securities (China Merchants Bank, China Unicom, China Shenhua, China's Ping An, Industrial and Commercial Bank of China, China Construction Bank) conversion rate of 0.6, Tradable 4 Shenzhen stock (Yunnanbaiyao, Gree Electric Appliance, Wuliangye, Suning Appliance) conversion rate of 0.4-0.5. That means Securities Lending short must be spotted the plummeting stock market, plus transaction costs, they are not to lose everything.
It also is not excessive, over-regulate the price of the deal. To prevent the risk of market manipulation, Securities Lending investors shall not be less than the selling price of the securities reported the most recent sale prices. If the securities have not yet produced the same day the transaction, Securities Lending selling price of not less than its previous declarations closing price. Less than the price of the declaration be regarded as null and void declaration be revoked automatically. In the Securities Lending period, investors sold through its ownership or control of securities account held by the securities and its integration into the same securities, the selling price should not be lower than a recent bid to meet the requirements, but exceed the number of Securities Lending exception of the part. Let's not such a play, directly giving the Securities Lending business lines not?
Together with financing to buy declare Securities Lending bought a declaration approving hedging, arbitrage approval and so on, regulators ming more backward, and can only do hedge, can not do arbitrage. However, I believe the hot money to enter the market must be doing arbitrage, convertible arbitrage, arbitrage is a view, similar to the warrants in order to allow margin trading high-yield some value.
Regulators to financial innovation, it is understandable; to safe and sound can also be understood, but security to fully to the market variability, while difficult to understand.
Note: Some net friends said, would lose their independent character. Be assured that I will not lose their independent character as the cost of acquisition should not belong to me things.
Is very simple, it would conscience, will think of Grandma.
Recently wrote the exchange rate is thought in mind. Three or four years ago, has worked with friends speak out the exchange rate should appreciate. Now with the chanting should not be appreciated. Why? China is fully embarked on another road. Engage in national income doubling plan to expand domestic demand and investment should be vigorously pursued. This level of asset bubbles, large one-off revaluation is a one-time kill themselves.
Hubei 12 trillion investment in six years, 2 trillion per year, momentum is really bold, dare to last nine days the moon. Investment in fixed assets will rise steadily. At the same time the news is, Hongshan District, Wuhan City, Lake Village, Ma has just completed five years of "townhouse" encounter demolition reconstruction, in order to save the land. Investment up, but taking into account the previous damage to the amount of GDP, but also what is blowing cow! From 2000 to 2008, Hubei urban fixed-asset investment rose to 60.04 billion yuan from 513.33 billion yuan, the cumulative increase of 7.55 times the compound growth rate of roughly 31%. Hubei's economic boost it? Take a look around the city of Wuhan can see 12. To listen to Mr. PI Hai Chau described the local situation.
Drought, Yunnan, Kunming, are still spending large amounts of water. In 2008 the total invest 40 billion yuan, up more than 90 kilometers Zhangjiu River drinking water projects Completed, Yunlong Reservoir began to Kunming, water supply, water shortages in Kunming had a waste water opportunities. According to Newsweek magazine reported that recently, a city water pipe burst, the loss of 100 tons water, car washing, bathing water sector is still high as usual hotbed of activity. Despite the cessation of the urban landscape in Kunming water, but did not take other related water restrictions.
Not the dam is a dam on the river, accompanied by serious pollution, ecological inferior technology in exchange for the progress of industrialization, but also in exchange for natural resources extreme contempt. There is no faith, there is no bottom line.
Water to dispatch some confusion, need to set up a unified dispatch center.
It is reported that water-governmental organizations from the water to the villages. Under normal circumstances arranged by the county government, township government concrete implementation. Shilin County Drought Emergency Command deputy director Zhao Shuping told the "China News Weekly," bottled water is still the main township, county Water Conservancy Bureau will be bottled water truck and send them to town, each township area in drought conditions and then under the self-organization arrangements, to send quantity and frequency of both there are towns and townships, as the case may be. "But the county, and there is no uniform water distribution scheduling scheme, all from the township level have the final say, which increased the water to the arbitrariness and uncertainty." Stone Forest County, a cadre of "the China News Weekly" said.
And rural areas is very different, Kunming City careful layout of water resources for the main city of Kunming total of six reservoirs, as well as six water, carry out their duties strictly according to plans to Kunming, the main city water supply. Kunming Water Limited water supply situation told the Dispatch Center Manager Zhang, "China News Weekly," as early as last July, that is, water has been more difficult to Area southeast of the Po River as a water reservoir conducted, and the construction of a 1.4 m wide water pipeline, which makes this year's drought period of the main city of Kunming has not been affected.
Please restrain greed and conserve resources. A gift of God, do not exterminate violence.
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