At the beginning of the article, I apologize to the genuine book readers of the stock fairy. Because of the personal reasons of the eldest son of the Li family, I couldn't upload the article last night and early this morning. As a result, the shares of some of the alliance group's salon activities were not dedicated to everyone.

Moreover, the Sunday evening salon concluded that the Red Devils continued to fail to notify on Monday. Here, the eldest son of the Li family bowed and apologized to the book friends who supported genuine reading and supported the eldest son of the Li family to reward the eldest child of the Li family.

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Thank you Dong Ge for the short-term variety that you analyzed earlier. Strong stocks are expected to rise sharply in the later stage, and the Li family also thinks so. Getting back to the point, but before the salon began today, the eldest of the Li family was asked by the leader of the alliance to talk to you about the problems that China has come out of.

In fact, many financial websites and news are talking about China's problems. The Li family doesn't know if everyone is only focusing on the field of financial news. If not, you need to understand. What if so? In fact, the eldest of the Li family hopes that everyone will listen to the opinions of "non-professional" people.

Everyone knows this old man in the picture, right?

I'd like to leave you with an assignment that doesn't count as homework. The two videos posted by the brother above. In fact, it is made in China. Edutainment, but also depth. If you are interested in Made in China, you are interested in China going out. You can take a look. Maybe it's a different feeling.

Now let's move on to today's news combing.

A lot of people have been asking me lately. Li Da, look at this. Is this a rat barn?

After the eldest son of the Li family looked at it, he shook his head and said, "No." This is due to the normal volatility of the market. ”

The one said, Li Da, look at this. What's going on here?

The eldest son of the Li family looked at it again and said indifferently: "This is estimated to be an oolong finger." The main force must have drunk ...... at noon."

Among so many problems, in fact, there are indeed many rat warehouses and other situations, such as Denghai Seed Industry in Li Da Concept Stocks since the opening of the book. As shown in the picture, the lower shadow folds the wings, why not the rat warehouse of the red fruit?

The rat barn at that time of Denghai Seed Industry was very obvious, and it was very, very obvious! The main force threw the chips to someone with the lowest price. Then Denghai began to walk to start the market

We can see it on the picture. A wave of pull-up, box W accumulation. After that, it pulled up again. On the weekend afternoon, many league leaders summarized Li Da concept stocks. But it seems that people don't pay much attention to him......

At this time, it is said that Denghai Seed Industry. In fact, it's just a rabbit beating the grass.

Here's the dry stuff!

Citing the news: "The regular meeting of the China Securities Regulatory Commission announced that it would focus on cracking down on six types of market manipulation behaviors, and the headlines of the CCTV news channel at 9 o'clock in the news live broadcast room on the 23rd focused on this, naming listed companies that make up stories and tell stories, such as Duolun shares, 2345, Shenzhou High-speed Rail, Tianshen Entertainment, Santai Holdings, Zhongke Cloud Network, Keda Clean Energy, and Lufeng Environmental Protection. In addition, high-priced stocks have also attracted attention, such as Sunline Technology, All Access Education, ISHARES, Baofeng Technology, Jingtianli, and Kweichow Moutai.

The eldest son of the Li family really wants to say: &&&, you are so red and fruity to manipulate the market, no one will take care of you? There is a backstage monster even if it is picked up. If you don't have a backstage, you have to kill a few!

Therefore, this news is a reminder for everyone. Obviously looking at stocks with intimidating gains. Basically, they are stocks that are suspected of manipulating the market.

We don't know if there's a tough backstage behind him. But when the country wants to take action, everyone should be careful!

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Yesterday, the China Securities Regulatory Commission once again concentrated on the investigation and handling of the "2015 Securities Regulatory Legal Network Special Law Enforcement Action", involving a total of 12 abnormal transaction cases.

The above-mentioned abnormal trading cases mainly target six types of market manipulation. First, it caters to the hot spots of market speculation, makes up themes and tells stories, and influences stock prices with false, exaggerated or uncertain information; The second is to manufacture and make use of information advantages. Multiple entities or institutions jointly manipulate stock prices; (3) manipulating stock prices with listed companies, their controlling shareholders, actual controllers, and senior executives of the company inside and outside in the name of market value management; Fourth, the transfer of improper benefits through price manipulation between different asset management products such as public and private offerings and other entities; Fifth, using "sky-high" benchmark stocks to affect market valuation and jointly manipulating multiple or one type of stocks; Sixth, market manipulation is intertwined with insider trading and other violations of laws and regulations.

Deng Ge, spokesman of the China Securities Regulatory Commission, said: market manipulation undermines the transaction price formation mechanism, violates the principle of "three publics" in the market, seriously infringes on the rights and interests of investors, and may even cause systemic risks in the capital market. This has always been the focus of the CSRC's regulatory enforcement crackdown. Recently, with the market situation improving. Driven by profits, some lawbreakers do not hesitate to defy the law, constantly change their methods, and challenge the bottom line of the law. In the next step, the China Securities Regulatory Commission will further strengthen the comprehensive comparison and screening and analysis of information disclosure and abnormal trading behaviors of listed companies, dig deep into clues of market manipulation, find cases that meet the relevant conditions, and promptly include them in special law enforcement actions, continuously increase the intensity of crackdowns, purify the market environment, and promote the stable and healthy development of the capital market.

The above content is a question that the Li family thinks is very important recently~

There is a very important score point in the securities qualification examination.

That is: fairness, openness, and justice. The Three Commons Principle.

Great alliance leaders, see that the Li family remembers it clearly enough, right? Although my brother always can't help but want to hehe, I still tell everyone that after Xi Jinping came to power, the intensity has indeed increased undeniably!

There are some evil things, let's watch him ebb and flow......

After talking about market manipulation, let's talk about another important point!

That's an umbrella trust.

Someone said: Umbrella trust, it sounds like a tall look, although I don't know what it is, but I just think it's awesome.

What exactly is an umbrella trust?

Citing the content of the search engine, Li Jia'er replied: "An umbrella trust refers to the fact that the same trust product contains two or more sub-trusts of two or more different types, and investors can freely choose one or more of them for portfolio investment according to their investment preferences. Meet different investment needs.

As an innovative variety of structured securities investment trusts, in practice, it is often cooperated by securities companies, trust companies and banks and other financial institutions. Provide investment and financing services for investors in the secondary market.

After reading this, you probably understand this umbrella trust somewhat. Why do you want to say that the umbrella trust is in mind? Please wait a moment.

Speaking of umbrella trusts, the eldest of the Li family also has to talk about capital allocation.

Many of the eldest friends of the Li family have opened a capital allocation company. In our stock fairy novel, we also wrote about capital allocation.

Characters in the book have jumped off a building because of their allocation. The protagonist Li Dabao, also indirectly because of the allocation, has since bid farewell to tomatoes and braised tofu brain.

(Don't ask me if I have this marinated tofu brain...... ）

Getting back to the point, what are the two of them doing?

Actually, it was just now! At the end of the weekend, a piece of news came out that conveyed a deep meaning at the national level. The eldest son of the Li family will quote it to everyone. Let's take a look:

Qilu Securities: A comprehensive inventory of over-the-counter capital allocation umbrella trusts and the second "forbidden umbrella" trust umbrella of the regulator hangs by a thread.

The regulator has made another big move. Brokerages are required to rectify their behavior of facilitating customer capital allocation through a specific system.

According to the Securities Times, the securities company has joined hands with the trust company. The behavior of allocating funds and increasing leverage for customers through the Hang Seng HOMS system is ushering in the heavy-handed governance of relevant parties. The relevant regulators have begun to closely investigate the Hang Seng HOMS system, requiring securities firms to summarize the cooperation agreements with trusts, the scale of cooperation, etc., and requiring relevant securities firms to formulate and report rectification plans as soon as possible.

Previously, it was clearly stipulated in the regulatory aspect. Securities firms are not allowed to carry out over-the-counter capital allocation and umbrella trusts. On April 16, Zhang Yujun of the China Securities Regulatory Commission said at a briefing on the margin financing and securities lending business of securities companies: "Securities companies shall not participate in activities such as over-the-counter stock allocation and umbrella trust in any form, and shall not provide services or conveniences such as data ports for over-the-counter stock allocation and umbrella trust." ”

However, in the face of huge interests, the "willful behavior" of using the umbrella split system to increase leverage for customers has been repeatedly prohibited. Many brokerages have been facilitating the practice of signing investment advisory agreements with trusts, recommending customers for the trust's structured products, and even providing transaction settlement data for the Hang Seng HOMS system.

The regulator's investigation of the Hang Seng HOMS system means that it will be difficult to carry out the allocation business using the system in the future.

According to the "Securities Times", citing industry insiders, the purpose of the regulator's second "umbrella ban" is not to ban the umbrella trust, a normal financial product. Rather, it is to curb the Hang Seng HOMS system attached to umbrella trusts.

In addition, it should be pointed out that although the China Securities Regulatory Commission (CSRC) has repeatedly and strictly regulated umbrella trusts, the CBRC has not provided documentary constraints or verbal guidance on umbrella trusts from the beginning to the end.

The relevant parties have already approached some securities companies to understand the relevant situation. These brokerages are also required to summarize and sort out the agreements between branches, business departments and trusts, the scale of cooperation and other information, and require the brokerages with problems to formulate and report rectification plans as soon as possible.

In fact, the regulatory requirements for this business are very clear:

Securities firms shall not participate in activities such as over-the-counter stock allocation, umbrella trusts and other activities in any form, and shall not provide services or conveniences such as data ports for over-the-counter stock allocations and umbrella trusts.

However, in the face of huge interests, many brokerages have been facilitating the behavior of signing investment advisory agreements with trusts, recommending customers for the trust's structured products, and even providing transaction settlement data for the Hang Seng HOMS system.

So here's the question:

First, how do brokers help trusts. Especially how is this possible with HOMS?

Second, what are the benefits of brokerages doing this?

Third, under the repeated orders of the regulators, why do they continue to prohibit repeatedly?

For the first question. First of all, we must understand the umbrella trust, in fact, the umbrella trust has long been a mature product of the trust, but under the money-making effect of the bull market, the scale of the umbrella trust has swelled sharply since last year, and has reached the scale of hundreds of billions of yuan. For an umbrella trust, the core elements are priority funding, inferior funding, and a settlement transaction system.

At present, a large number of priority funds of the trust come from banks, which is usually one of the channels for bank funds to enter the market, and the inferior funds basically come from shareholders who speculate in stocks, but there is usually a certain capital threshold. The transaction settlement system usually uses Hang Seng's HOMS system.

It's self-explanatory.

Brokerages naturally have a client base of investors who are willing to give up inferior funds. In the case of low leverage ratio and insufficient funds in the financial business of brokers, investors have also asked brokerages to find more market-oriented funds. As a result, the brokerage and the bank hit it off. The funds are transferred to the trust as a third-party account, and both parties feel safe.

Of course, trusts aren't just a channel. Through the Hang Seng HOMS system, the trust can consolidate many sub-accounts into one master account, which is a virtual account and shares a master account. This not only saves millions of account fees, but also ensures the safety of account funds.

More importantly. The HOMS system can settle each sub-account by requesting transaction and settlement data from the broker. Ensure that the funds in the sub-account are accurately flattened.

For the second question, what are the benefits of brokerages helping trusts recommend customers and opening up trading and settlement data to the HOMS system?

As a matter of fact. Before the relevant regulatory aspects prohibit such behavior, in order to ensure their own interests, all business departments that recommend customers to umbrella trusts such as trusts are required to sign a business-to-business agreement with the trust company, and the business department can participate in the sharing of financing interest with the trust. Of course, the sales department can also charge a higher commission rate for such accounts by providing this service.

Driven by the interests of the business department, it is reasonable for the headquarters of major securities companies to open the transaction settlement data to the HOMS system.

For the third question. The regulator has repeatedly ordered that brokerages are still prohibited from providing convenience to the allocation account, in fact, there are many objective factors.

One is under the money-making effect of the bull market. Investors can't listen to the risk reminder at all, and often use the transfer of funds to blackmail the sales department, and under the coercion and temptation, some sales departments still take risks.

Second, the prohibition of facilitating all kinds of capital allocation behaviors proposed by the regulator has always been understood by the business department as not allowing public facilitation, so they have cooperated with the trust privately. Without signing an agreement, you can receive interest dividends. Collect and increase the commission rate, and realize their own interests in disguise. Of course, it is not excluded that some private orders between the relationship manager and the trust are not excluded.

The industry said that the relevant parties to deal with the brokerage and trust industry this kind of cooperation is also reasonable, when the market is good, naturally all happy, once a systemic risk occurs, as a party to the trust signed a cooperation agreement, the business department to bear what kind of legal obligations, it is not yet known.

In addition, the large-scale recommendation of customers by the sales department to the trust industry has also caused the leverage ratio to grow too fast, laying hidden dangers for the market to soar and plummet. More importantly, the sub-accounts under the umbrella trust are virtual accounts, and all kinds of rat warehouses and insider trading funds are easy to hide in them, which brings great difficulties to the regulator to rectify and clean up the market environment.

Hang Seng HOMS system.

The S system allows multiple sub-accounts to be split under the master account, which may provide conditions for umbrella trust allocation. At present, most trust companies use the HOMS system, and the allocation company can connect with the trust company online through the HOMS cloud platform, and realize the correspondence with multiple sub-trusts of the umbrella trust in the form of splitting sub-accounts.

Related Reports:

Umbrella Trust: The risk of high leverage in the stock market. Umbrella trust has a high leverage ratio, the current general leverage ratio is 1:2, higher can be 1:3, umbrella trust as a tool to fuel the stock market, high leverage is bound to cause a big shock in the stock market, will accumulate a lot of risk, so you need to invest carefully.

Lately, I've been hearing a word in my ears -- umbrella trusts. In mid-April, the senior management said at a briefing on the margin financing and securities lending business of securities companies: "Securities firms shall not participate in activities such as over-the-counter stock allocation and umbrella trust in any form, and shall not provide services or conveniences such as data ports for over-the-counter stock allocation and umbrella trust." ”

Although the umbrella trust has been tightened and the risk is so high, because it can bring a lot of benefits to all parties, brokers, futures companies, fund companies, and banks are doing it.

This incomprehensible word seems to have nothing to do with you, perhaps in the seemingly stable bank wealth management products you invest, the umbrella trust may be one of the investment directions.

In fact, this has been criticized by internal staff of brokerages.

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The eldest son of the Li family wants to say: The prophet enjoys wealth, and the latter shares the wealth. Those who unwittingly consume wealth.

Ladies and gentlemen, can you feel the meaning behind this?

What is the meaning of the stocks that were investigated mentioned by the Li family earlier?

If you see what you have in common, you can talk about it......

Hint: Have you noticed that from Chinalco to Shaogang, then to urban and rural, and then to Yili, you don't see any problems? (To be continued)