Pi Haizhou: What Does "Tight Lever" Of Management Mean?

At the end of last week, the news that the securities and Futures Commission tightened the lever of funds was spread again in the market. Securities companies have been prohibited from providing consignment related services through consignment parachute trust and P2P platform, while the SFC once again reiterated the 500 thousand threshold of the two fusion.

Today (February 9th), the Shanghai 50ETF option is officially launched on the Shanghai Stock Exchange.

These are two seemingly irrelevant things.

But in fact, the two have their inherent interconnections, that is, the two are related to innovation.

It is for this reason that I hope the former will have some enlightenment on the latter and hope that the latter should not repeat the former story.

In fact, both the margin trading and the umbrella trust are all the products of stock market innovation.

And the margin threshold of 500 thousand yuan for margin trading is also cancelled by the SFC itself.

As early as April 2013, the head of the relevant departments of the securities and Futures Commission said that the margin trading business of the securities companies had developed well, and that the risks of these pactions were gradually familiar to customers.

To this end, the SFC cancelled the window guidance, and the securities company decided to enter the threshold of such business by itself.

But now, management will tighten the lever of capital and reset the threshold of 500 thousand yuan fund.

It should be said that management tightening the lever of capital is worth affirming.

The stock market mad bull market in late November to early January of this year has fully proved the leverage type.

Harmfulness.

Because this kind of leveraged bull market has greatly increased the investment risk of the stock market, especially some highly leveraged funds, which can be devoured at any time.

Therefore, after the impact of the mad bull market, management promptly tightened the lever of capital, which is a manifestation of responsibility to investors.

And this way of tightening the lever of capital actually proves that it is inappropriate to enlarge the lever of funds at the beginning.

Or, to some extent, this innovation is not entirely correct.

After all, China's stock market is a speculative market, and amplifying capital leverage can only fuel the speculation of the market.

Today, management has tightened capital levers and has led to a fall in the stock market.

It can be said that this is the market for the original is not comprehensive or impractical innovation to pay.

Of course,

Moving towards perfection is a long-term process, and sometimes it is inevitable for investors to pay the price.

But when it comes to launching an innovative business, the management needs to consider it more fully and make the investors pay as little as possible.

In this way, investors should focus on the introduction of stock options.

For the A share market, of course, it is an innovation.

Whether it will cause harm to investors, I am afraid no one can deny it.

Although the Shanghai 50ETF option, like other innovative businesses, has been highly affirmed by public opinion when it is launched, its risk is too great to be avoided.

Because of this, management has set a threshold setting of 500 thousand yuan, and even some brokerages believe that the risk is too great to persuade customers to give up their accounts.

These practices are responsible for investors.

But since the risk is great, and the Shanghai 50ETF option will exacerbate the volatility of the stock index, why do we need to rush out? A share market is not innovation, but innovation still needs to match the development stage of the market.

If we go beyond the development stage, innovation will inevitably bring harm to the market.

Because of this, the author hopes that all kinds of innovative businesses in the market can be based on reality as much as possible, and can bring some harm to investors.