Bull market rain to institutional investors looking forward to legal reform-音羽かなで

The "bull rain" to institutional investors expect sina finance system reform, Level2:A shares of sina finance: App speed Kanpan live on-line blogger to tutor appointment soon, the Commission’s new leader Liu Shiyu has felt the market expectations of A shares rebound — investors on the Internet gave him a title. Bull: "rain". The institutional investors are more concerned about whether they can stabilize the market after the CSRC, and promote market-oriented and legal reform. Yesterday, after Liu Shiyu took office for the first time to the governor’s speech outflow, which said that the current commission’s main tasks include: strict supervision of the market; thorough investigation and manipulation of the stock market; actively guide the external funds into the market. The empirical study shows that before the stock index futures are limited, the CSI 300 index drops to 5% with an average of 180 minutes. The fastest in the sample takes only 20 minutes, and the slowest takes 244 minutes. From 5% to 7%, an average of 25 minutes, the fastest only 12 minutes, the slowest need 71 minutes. After the Stock Index Futures Limited, the CSI 300 index fell to 5%, only 138 minutes on average, the fastest only 13 minutes, the slowest need 209 minutes. From 5% to 7%, the average is only 4 minutes, the fastest is only 3 minutes, the slowest is only 5 minutes. At the same time, need to understand is that three months before the Stock Index Futures Limited A shares is the leverage bubble rupture of the outbreak, the current market volatility is extremely intense, this situation can be more stable than the stock index futures limited performance is very convincing open futures position limits with many reporters in Nandu institutional investors exchange, they pay more attention to the stock market is gradually returned to normal after the crash, many restrictions can be relaxed. State Securities researcher Liu Tao said, after the stock market crash of stock index futures position limits and other measures to make the stock index futures turnover shrinking rapidly. Especially the Shanghai 50 stock index futures turnover declined rapidly in the stock market crash, in June last year turnover of over 700 billion yuan, especially at the beginning of September the turnover warehouse after has been maintained at less than 1 hundred million of the scale. Due to Stock Index Futures Limited trading, resulting in the stagnation of the actual transaction. A large number of institutional investors because of limited opening of retail investors have been shut out, because 40% of the high margin rate can not participate in, short-term investors lose trading space in the double pressure opening limit and super high intra day transaction fees. "In fact, after the A stock index futures can not be successfully traded, investors have sought other ways. Singapore’s A 50 index futures volume surged last year, the daily average volume increased by more than 150%, now has become the main battlefield of domestic investors hedging." Stock index futures have been strictly restricted in the past 4 months. This year, when the stock market is facing a new round of risk, the market is still fragile, investors can not find effective hedging tools, only to ignore the cost of selling chips, to reduce the risk of exposure." Director of a Shanghai Futures Research Institute told reporters in Nandu. In fact, the current round of decline, and even medium and long-term investors have been reduced to hedge. And the vicious circle will lead to more large-scale sell-off, and ultimately the vast majority of investment theory

“牛市雨”到 机构投资者期盼法制化改革 新浪财经Level2:A股极速看盘 新浪财经App:直播上线 博主一对一指导   获得任命不久,证监会的新领导刘士余已感受到市场对A股反弹的期许―――投资者在网上给他取了一个谐音的称号:“牛市雨”。而机构投资者则更多关注其执掌证监会后能否稳定市场,推进市场化、法制化改革等。昨日,刘士余就任后首度向证监会官员的讲话流出,其表示,当前证监会主要任务包括:严格监管市场;严查操纵股市;积极引导外部资金入市。   实证研究显示,股指期货受限之前,沪深300指数跌至5%平均需要180分钟,样本内最快只需20分钟,最慢需要244分钟。从5%跌至7%,平均需要25分钟,最快只需12分钟,最慢需要71分钟。在股指期货受限之后,沪深300指数跌至5%平均只需要138分钟,最快只需13分钟,最慢需要209分钟。从5%跌至7%,平均仅需4分钟,最快只需3分钟,最慢也只需5分钟。同时,需要了解的是,股指期货受限之前的三个月正是A股杠杆泡沫破裂爆发期,期现市场波动极为剧烈,这种情况下能够有比股指期货受限之后更加稳定的表现是非常具有说服力的   放开股指期货限仓   南都记者在跟众多机构投资者交流时,他们更关注的却是在股市渐渐恢复常态后,股灾中诸多限制能否随之松绑。   国元证券研究员刘涛表示,股灾后股指期货限仓等措施使股指期货成交额迅速萎缩。特别是上证50股指期货成交额在股灾后迅速下降,在去年6月成交量超7000亿元,尤其在9月初限仓后的成交额一直维持在不到1个亿的规模。   由于股指期货限仓导致事实上的交易停滞。大量机构投资者因为开仓限制被拒之门外,散户投资者因为40 %的超高保证金率也无法参与,短线投资者在开仓限制和超高日内交易手续费的双重打压下失去交易空间。   “事实上,A股的股指期货不能顺利交易后,投资者已经寻找其他门路。新加坡的A 50指数期货成交量去年暴增,日均成交量同比增长超过150 %.现在已经成为国内投资者套期保值的主战场。”   “股指期货在过去4个月被严格限制。今年,股市面对新一轮风险时,市场依旧脆弱不堪,投资者找不到有效的对冲工具,只有不计成本抛售手中的筹码,来降低风险敞口。”上海一家期货研究所所长对南都记者表示。   “事实上本轮下跌,连中长期投资者都已经通过减仓来避险。而且恶性循环会导致更大规模的抛售行为,最后绝大部分投资者成了受害者。”深圳某家基金公司投资副总监对南都记者表示。   而上述期货研究所也对几大关键时点进行了量化研究。假如国内股指期货市场功能发挥正常,年后第一周A股市场能够表现得更好一些吗?他们的答案是肯定的。研究结果显示,股指期货功能发挥正常时期,现货指数日内发生极端波动的概率要比股指期货受限之后低很多,股指期货在平抑市场极端波动方面的作用非常显著。   “我们建议尽快放开股指期货市场限制,充分发挥期货套期保值和价格发现功能。”上述研究所所长则建议,股指期货在避险功能发挥上有着其他金融衍生品无法替代的地位和作用,对于减缓现货指数极端波动的时间长度和概率有着显著正面作用。   北京工商大学证券期货研究所所长胡俞越认为,对股指期货的非常规限制手段是去年救市措施的一部分,要逐步退出,否则股指期货无法发挥避险作用。“现行制度下,套保者在股票市场是做多的,在期货市场就必然做空,机构做套保按照现行规则就是天然的空头,得有交易对手。但40 %的保证金让套保者望而却步,进得去出不来”。   完善落实退市制度   “市场风险高了,好多‘贼’在,就需要加强监管。”2月23日,香港证监会主席唐家成于公开场合表示。   事实上,在注册制即将落地的关头,机构投资者对于监管层加强退市制度建设和严厉打击财务造假等清理市场的动作,加强对投资者的保护,也抱有足够大的期待。   某位此前在国际投行的银行业人士表示,2015年,制度的缺陷使股市在短期繁荣后掉头急转直下。然而股市永远是要发展的,要新陈代谢的,新的企业逐渐替代已经明日黄花的企业是长期的必然趋势,完善退市制度事不宜迟。   上海一家券商投行负责人也对南都记者表示,新任证监会主席目前最为艰巨也最为重要的工作是注册制的推进。但是,在推进注册制之前,必须要净化市场。特别是应该先做好关于沪深市场的退市问题,甚至包括新三板的退市问题。只有将业绩不达标、ST股等一些垃圾排除出资本市场,才能让市场处于良性。   他表示,近两年,对资本市场建设影响最为深远的便是2014年颁布的退市制度。当时发生震惊市场的万福生科、南纺股份等财务造假案例,业内都认为它们或许是退市新规下的首批退市公司,但事实远超意料:万福生科被借壳了、南纺股份也传被南京证券借壳,这也意味着退市制度没有被有效执行。   事实上,业内人士也表示,退市的某些标准给了监管者和中介机构充分的自由量裁甚至是寻租空间。证监会要加强监管,这方面也得跟上。   采写:南都记者周亮 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: