Stock Market Policy Should Be Maintained Before And After Unification.

This week, the stock market has gone out of the roller coaster trend from plunging to skyrocketing. The sharp shock is hardly seen in the past 7 years. First, Monday's plunge, the Shanghai composite index plunged 7.7%, the largest single day decline in 7 years, followed by 4 consecutive trading day index continued to Friday, the Shanghai composite index not only fully recovered land lost, but also hit a recent high. The stock index rose 4.74% on Wednesday, the biggest one-day gain in 5 years.

Why did the stock market collapse sharply? The supervisory role of the SFC undoubtedly played a crucial role. On Monday's collapse, the SFC's "two financial ticket" is undoubtedly a direct fuse. Because at the news conference held last Friday, the securities and Futures Commission spokesman, Deng Ge, announced the decision of the SFC to punish 12 brokerages who had business irregularities in the "two checks". Among them, CITIC Securities, Haitong Securities and Guotai Junan were all administrative suspension measures to suspend the new credit account for 3 months. Deng Ge also said that securities companies should abide by the existing regulations, operate in accordance with the law, strengthen the management of investors' appropriateness, strengthen the protection of investors' rights and interests, and do not finance or loan securities to clients whose securities assets are less than 500 thousand. It is these two measures that led directly to the stock market crash on Monday.

It should be said that the SFC's punishment to the 12 companies is indeed a normal regulatory measure, and its impact on the stock market is limited. Even three brokerages who have been suspended for 3 months from the new credit account account for the 3 months have not suffered the same negative impact. According to Haitong Securities's response in January 19th, the impact of the two financial business penalty on business is about 9 million 60 thousand yuan. Why, then, will the stock market crash on Monday? The real reason should be "no margin financing for securities assets less than 500 thousand". This "new regulation" refers directly to the key position of the stock market.

The current market is known as the "leverage bull market", one of which is the huge increase in the financing balance of the "two financial" business of the securities company, which has reached a trillion yuan by the end of last year. At present, the margin balance reached 1 trillion and 100 billion yuan. Among these financing balances, the balance of assets below 500 thousand yuan accounts for a large proportion. Because at present, the "two fusion" business of brokers is not limited by the threshold set of 500 thousand yuan. As early as April 26, 2013, the SFC cancelled the window guidance for the "two fusion" business, and securities companies could decide for themselves the threshold for customers to enter such businesses. Therefore, at present, the "two fusion" threshold of brokers is very low, set at a position of 100 thousand yuan or even lower. If the "no margin financing for securities assets less than 500 thousand" is to be implemented, this will constitute a major blow to the "two fusion" business. The collapse of the stock market is normal.

And it appears again. Skyrocketing The trend is because on Monday night, SFC A new press conference was held on the same night. In the evening news conference, the securities and Futures Commission spokesman Deng Ge not only said that standardizing the financing business was not a pressure on the stock market, but the market should not be over interpreted; and Deng Ge also said that when the securities company opened margin trading credit account, the customers whose securities assets were less than 500 thousand continued to press the original of the securities and Futures Commission. policy And the implementation of regulations, not because of this asset threshold and forced liquidation. As a result, the threat of "new regulations" to the "two fusion" business has been greatly reduced. The stock market has to go back up and investors have taken a roller coaster ride.

But this week's sharp rise and fall brought profound lessons to the market, and many investors suffered heavy losses in the roller coaster. To avoid or reduce the emergence of such a sharp rise, it is very necessary for regulators to keep the consistency of policies. For example, the supervision of the "two fusion" business has already given the right to all investors to decide the threshold of investors. Now the stock market has risen and the threshold setting of 500 thousand yuan has been restored. The impact on the market is of course negative. This is not a "excessive interpretation" of the market, but a real problem for the regulators' decisions. I hope that something like this will not happen in the stock market, so as to reduce the impact on the market.