Ye Tan Interpretation Of Cleaning Up The Allocation Of Funds "Soup"

Considering that a large part of the leverage fund is still in the regulatory perspective, the SFC has stepped up its clearance and tightened up the loopholes.

How long leverage is used depends on how much investment capability and strong management capability. It is unfounded to put leverage and innovation together without controlling leverage.

It is necessary to clean up the allocation of funds, but it must not be urgent.

The market is very sensitive to capital. If the market is in danger, it must not be cleaned up.

The original intention.

In September 17th, the securities fund supervision department issued a notice that the over-the-counter assets and sub accounts would continue to be cleaned up, and other accounts could be traded through the parent account.

The market was alarmed because of the liquidation of funds.

In September 2nd, the regulatory authorities pointed out that the core of the rectification and rectification work is to completely eliminate the illegal allocation of funds accounts. The focus of the rectification and rectification work is the information technology system with the function of dividing warehouse pactions as represented by Hengsheng HOMS system, Shanghai Ming Chuang and flush.

The end of September is a deadline. The timetable for media disclosure is that the securities dealers with a stock size of less than 15 billion yuan must be fined and rectified before the end of September.

The allocation of capital is a tool, and the stock market is not attributable to the allocation of capital.

But in opaque soils, opaque and undisclosed funding is a poison that induces a sharp rise and fall.

Leveraged trading and futures index together to raise volatility, the market is exhausted.

What is particularly concerned is the collective madness caused by leverage.

Highly leveraged capital allocation will be strengthened by a slight wind.

Forced liquidation will trigger a new round of liquidation, which is the pmission process of financial toxins.

On the surface, the allocation company is not too big.

However, considering the scale of priority funds and the cost of usurious loans, it will be difficult for the companies to invest in the event of large-scale stabilization.

In September 10th, the communication letter of China financial trust to Huatai Securities was widely circulated in the market.

According to the letter, Huatai Securities will terminate any data services provided by the company to the company in accordance with the requirements of the SFC in September 30th.

At present, there are 38 trust schemes for China Securities Trust's access to Huatai Securities system. The trust scale is 13 billion 300 million yuan, involving 758 investors, including 691 natural persons and 67 institutions.

In order to deal with a series of disputes such as Guotai Junan and foreign trade trust, the caliber of "halt" has been loosened.

GF issued a letter to the China securities trust that according to the relevant regulations of the regulatory authorities, the account opened to China Trust Trust will suspend the access authority of the external information system after the market closes in September 18th. After completing the liquidation, it will report to the Securities Association of China for assessment and certification according to the request of the financial trust.

China Trust can continue to operate through gf's own online trading platform and mobile phone security platform.

Guoxin Securities requires that the non - umbrella and non - violation trust products accounts which are suspended for external access on the 18 day of the original notice are not suspended at the moment, but the sales department needs to switch the external access to the headquarters own system as soon as possible.

stay

There are two key points in the field of cleanup and standardization.

First of all, the size and trade of the over-the-counter market should be included in the regulatory vision.

The risk that is beyond control is the real risk.

China's securities and money markets are primary markets. Even if they have leverage, they must be open, pparent and controllable.

If the number of leveraged masked nocturnal nights outside the stadium, it will give people a cold sweat.

Secondly, third party trusteeship, traders and name correspondence, paction coding can not change.

In the past, the reason why the third party trusteeship was to be embezzled was a big basket. Now various interfaces, pactions and account names do not correspond, and third party trusteeship problems.