Huang Xiangyuan: Let Leverage Fund Be Controllable

Frankly speaking, "love is also leveraged, hate also leveraged", for the market, though it may always be the case, and as a policy choice, if everything is just like the market, it will not be too much to say.

However, people can not help but regret that, if not all leveraged levers in the past have been leveraged in the past, how can we have today's hot potato like a hot potato?

Although it is absolutely necessary to operate within a range, marketization and

It is the fundamental policy of restoring the market and building the market on the basis of stabilizing the market. It is the unshakeable and lasting plan for developing multi-level capital markets.

Zhou Xiaochuan said, "the stock market adjustment has been roughly in place", and Li Keqiang also said, "now we can say that we have prevented systemic financial risks".

This is not only a basic judgement of the current stock market situation, but also an important policy signal of "promoting stability" again.

Saving the market is a common practice in the world.

When the stock market crisis, any country will not listen to it, let it jeopardize the economic development, damage the interests of investors, and affect the stability of the country.

If the government fails to act as a result of the abnormal collapse of the stock market in China, no one can tell clearly how serious the situation will be.

But is it not too late to save the market if all the catastrophic consequences have become an impossible reality? For this, domestic and foreign public opinion has basically reached a consensus, and there is nothing to argue about.

At present, the measures to stabilize the market not only squeeze the stock market bubble, but also release the risk of leveraged financing to a certain extent, effectively control the negative factors of helping to rise and fall, and more importantly, the risk of the stock market has not been extended to banks, which has better prevented the occurrence of systemic financial risks.

This can be said to be good for maintaining the safety of investors' financial assets or maintaining the stability of the pformation and development of the national economy.

However, the specific practice of the previous phase of the bail out action is that if the regulatory authorities did not regulate the margin trading policy from all aspects, they had investigated and dealt with the OTC capital allocation, especially the progressive stricter restrictions on the short selling of stock index futures.

Obviously, it is not effective.

On the one hand, although it is not doubted that the bail company's bailout can not be doubted, it seems now that this way of dispersing the bailout funds in several major securities companies and by the brokers' business personnel is not only prone to free riding interest corruption, but also makes it possible for some interest groups or even individuals to seek the right to rescue the market in the name of a fake bailout.

On the other hand, the SFC's strike on leverage, including margin trading, off site allocation and stock index futures trading, is not only forced but also difficult to rely on capital to help stabilize the market.

The same is true of the problem.

I remember that when the stock index futures were just being discussed, the market participants, including the author, insisted on introducing the fusing mechanism. However, the fusing mechanism proposed by the parties concerned is not like the fusing mechanism that people are looking for, but a new turnover board.

When the market is about to enter the era of registration, not only can it still be separated from the price limit, but also when the acute fusing mechanism is pformed into a new version of the suspension system, how can we talk about marketization or market progress?

In my view, Premier Li Keqiang said well: "next we will continue to promote the development of multi-level capital market, and we must adhere to the direction of marketization and rule of law, and strive to cultivate open, pparent, long-term stable and healthy development of the capital market."

From the perspective of actively and steadily implementing the reform of stock issuance registration system, it is necessary to make up for regulatory loopholes, improve market management system, curb malicious short selling and excessive speculation, regulate stock financing business, and enable leveraged funds to operate within a controllable range. However, marketization and rule of law are the fundamental principles for restoring market and building market on the basis of stabilizing market, and it is an unshakable plan to continue developing the multi-level capital market.