| China's securities market in the first warrants appeared in 1992-96 to the cash warrants. At that time, the C of E's investment, is full of speculation and risk stupid. At this point warrants market failure two reasons: the first is the introduction of the warrants do not meet the development requirements of the market economy, making the C of E as a financial instrument in the capital market in the role of uncertainty fuelled the speculation for transactions sexual. The second is the lack of supervision warrants market, the policy is very uncertain warrants, warrants market at the same time both the public and private cash warrants. Not expected to change in the policy led directly to the C of E speculation is extremely serious. From July 2005 to date, warrants in China's development is once again at stake as the reform process continues to move forward. Shenzhen Stock Exchange and Shanghai Stock Exchange on July 18, 2005 officially announced the "Shenzhen Stock Exchange warrants business Interim Measures," and "Shanghai Stock Exchange warrants Interim Procedures for operational management." China's securities market to the introduction of the C of E as a financial tool to increase the share reform of the price paid options. August 22, 2005, beginning at Baosteel warrants listed indicates that our market warrants the restart. Currently Shenhu two active warrants market transactions, the market has begun to take shape.Long-term perspective, the development of both our products warrants further improve the financial market an effective way, the development of China's financial derivatives markets is an important step. Can predict that in the next three to five years, China's financial derivatives markets will be gradually emerging interest rate futures, options and ETF index options and options products such as stocks, warrants and derivatives markets as a breakthrough in China's development of China's securities market the development and the development of other derivative markets undoubtedly will have a positive and far-reaching significance. From the international experience in the development of the securities market that warrants between the market and the stock market is a good interactive relationship Husheng each other constitute a mutually promote mutual development of the chain. We have reason to believe that the strong advance in the management of the external environment and the support of the domestic warrants market development will help promote the development of securities markets.Following is the development of China's warrant market that the proposed measures:1. Development fine warrants, active in the stock marketC of E is based on the specific underlying securities derivative securities, the Securities and Exchange target price and liquidity of the market for the C of E secondary market trading price volatility, liquidity of size, will have a direct impact. C of E products high-yield, high-risk characteristics of the underlying stock if the decision does not have quite the scale of the flow, then the underlying stock price linkage with the warrants by the price fluctuations and risk control will be very large. Therefore, the choice of large-scale, strong market liquidity as a leading shares underlying stock trading was active, and the C of E is an important foundation for stability2. Increase warrants product publicity efforts to increase awareness of the risk investorsWarrants for most domestic investors, are still a novelty, the management should increase its efforts to publicize the product warrants, warrants to enable investors to understand the benefits and risks, such as the price risk warrants limitation risks , compliance risk, and so on.3. Normative issues and trading of warrants4. Accelerate the improvement of China's financial derivatives market risk prevention mechanismHowever, China's current equity warrants warrants almost all products, with the Bank of Japan is drawing near, the speculation warrants the atmosphere of the increase is unavoidable. How to avoid warrants products excessive speculation, the stability of the market warrants, but also one before the people problem. Wuhan Steel warrants from the beginning, the Stock Exchange introduced a timely creation of mechanisms. Not only the creation of mechanisms to reduce the abnormal fluctuations, increased the stability of the market and improve the efficiency of the pricing of the warrants, effective in reducing the volatility of the underlying security, and expand market capacity, enhance liquidity of the market.China Merchants Bank identified through put warrants studies show that: Even if China Merchants Bank warrants the introduction of the creation of mechanisms, the creation of the impact of its price trend is not strong, that is to say that the creation of the C of E and they will play a due role. And the creation of mechanisms of the C of E has been criticized. Now broker warrants the creation of a very chaotic procedures, the protection of the interests of investors is very negative. Several brokerage firms to create a massive amount of recognition put warrants listed in the stock was sent to the investors warrants, but to watch the start value of the C of E has shrunk greatly. And from the current results, the C of E is for the creation of the anti-market, a violation of the rule of law fair to justice.Since China's warrants market problems, the current solution to the problem: the creation of the C of E to a certain extent, has been criticized by people, then China's warrant market will be how to solve the problem? Overseas markets have advanced warrants mature experience. Through the overseas warrants market research, overseas warrants from the successful experience of the market, to learn the lessons of its failure, the Mainland of China warrants the development of the market there is a facilitating role. Through the Hong Kong warrants market and the Taiwan warrants market research, the combination of the actual market situation warrants a timely manner by the introduction of warrants will be against the trend.In this paper I Baosteel warrants through Wugang and the sensitivity of the price of warrants, the volatility rate sensitivity analysis, as well as warrants on the Hong Kong market as well as the market warrants from Taiwan reached the following conclusions:1. Prepared against the subscription card will be the main products of the warrants;2. Hong Kong a large proportion of small and medium-sized investors to participate in the C of E products transactions, illustrate the high-risk high-yield varieties are suitable for small and medium-sized investors to participate in a good variety of transactions;3. Warrants and options to a certain extent, with alternative, the development of the C of E are good it will be difficult for a large-scale development options, options, warrants it will be difficult for the development of good development. We believe that the development of good warrants, options market in future large-scale development will be difficult;4. Foreign investors, including small and medium-sized investors to participate in the C of E has completely speculative, but also portfolio investment, the C of E has become a very important investment products.5. Warrants a major product development, market maker system must meet.6. Creating sustained warrants products, investment banking business will have greater At the same time, domestic investment banking industry will bring new profit model.7. The rules are relatively loose warrants market conditions for the development of the basic system.China launched against the warrants will be prepared to resolve the current problems faced by the market warrants, timely preparation of the launch of warrants will be against the trend. I hope that I will be the conclusion of the warrants later researchers have some guiding value. |
PDF Full Text Request