"For the current stock market, do you have a voice?"

At the economic work conference, in front of a full audience, the leader sitting in the middle said calmly, "In the past two months, I believe everyone has some understanding of the performance of our stock market." Pen~Fun~Pavilion www.biquge.info I invite you to come over today, just to hear your opinions on the stock market and related countermeasures. ”

The stock market's performance of rising as much as 30% over the past two months has caught the attention of the highest levels. So not long after the New Year, the leaders called a meeting dedicated to the stock market.

The attendees included the central bank, capital market regulators, banking regulators, exchange principals and relevant experts, and it can be said that the entire Huaxia sector that has an impact on the stock market attended the meeting.

Everyone looked at each other and fell silent.

"Governor Jin, why don't you talk about it first?"

Faced with such a situation, leaders can only break the silence by naming names. He looked at the governor of the central bank and motioned for him to come first to express his opinion, "I believe you have more insights than others on the relationship between the stock market and liquidity, the economy. ”

President Kim is 61 years old this year, and although he is a little older, he is still in good spirits. Seeing that the leader called his name, he touched his forehead, which was declining, and said with a grin: "Since this is the case, then I will say a few words, and the right is to throw bricks and lead jade." ”

Everyone burst into chuckles.

"Personally, I think the stock market is in an unreasonably frenzied state at the moment."

Although it is unclear what the true intentions of the leaders are, Governor Kim decided to say what he really felt in his heart, "To what extent is the fanaticism? I'll give you an example. We have a nanny who has been working in my family for about ten years, and she is a diligent and well-behaved person. But just in the past few months, I've noticed that she is often absent-minded and looks at her phone when she's fine. ”

I asked her what was wrong, and she told me that she was watching the market and that she was trading stocks. Of course, I don't mean to say that this lady can't trade stocks. It's just that I want to say that the frenzy of the stock market has infected ordinary people, so that they don't have the heart to continue their work, which is not our original intention to push the stock market up. ”

"The state pushes the stock market up in the hope that through the stock market as a channel, funds will be transmitted to enterprises, so that they can expand production, transform as soon as possible, and so on. But this is obviously not the case in the current stock market, where everyone is making quick money and thinking about making a handful of money and leaving. In this way, the entire stock market will evolve into a game of drumming and passing flowers, and it will become a big casino, which will lose our original meaning. I don't think that's what any of you want to see. ”

"As for how to control the current situation and make the stock market develop in a healthy and orderly manner, I think this issue should be left to the relevant regulatory authorities to draft measures and plans."

When President Jin talked about the most important level, he turned the corner and threw the burden to the securities market supervision department lightly.

Naturally, his words are not unreasonable, after all, departments have to perform their own duties. If Governor Jin rashly expresses his opinion, it is likely to be suspected of "stretching out his hand indiscriminately".

Listening to his words, many people had the same thoughts, and even the leader who presided over the meeting nodded frequently. Indeed, judging from their investigation, the problem that President Jin said does exist, and it has gradually become a big hidden danger.

Everyone's eyes immediately fell on President Xiang.

Chairman Xiang, 48 years old, is the chairman of the Securities Regulatory Commission. Fresh from his tenure last year, he quickly made several changes that excited the market, and his popularity quickly soared.

Faced with the question thrown by President Jin, President Xiang secretly complained in his heart, but he didn't dare to show it, so he immediately showed a deep groan on his face and began to think about how to answer in his heart.

On the one hand, he must shoulder the heavy responsibility of transporting funds in the stock market, and on the other hand, he must do a good job in the management and control of the stock market, so as not to let the stock market overheat or crash. The contradiction between the two was basically irreconcilable, and Chairman Xiang, who was sitting in the crater, felt torn.

"This problem is indeed very prominent, but so far the systemic risk has not reached the point of getting out of control, and we still have room and possibility to adjust."

After thinking for a long time, Chairman Xiang said, "The enthusiasm of shareholders is very high, and we cannot fundamentally suppress this enthusiasm, after all, they are the foundation of the stock market." But we can't turn a blind eye to the risks, at least this is related to the country's reform plan, and at a small level, it is related to the happy life of shareholders. ”

"At present, the market is constantly pouring in, and I think the problems in the stock market can be solved from this aspect."

After the opening warm-up, Chairman Xiang finally expressed his opinion, "At the beginning of the establishment of our stock market, there were two very important warnings, namely: the stock market is risky, and we must be cautious when entering the market. Although people now have money in their hands and the need to invest and manage their finances, we encourage long-term value investment, not this kind of chaotic speculation. But it is impossible for us to ban this kind of trading, which is too demoralizing for investors. Therefore, we should start with those high-risk funds and channels to reduce the risk of the stock market. ”

As an expert who has been immersed in the capital market for many years, Chairman Xiang's views can be described as hitting the nail on the head and hitting the nail on the head.

"High-risk funds and channels?"

The leader was silent for a moment and said, "You mean to make a fuss about reducing leverage, is that true?" ”

As a serious doctor of economics, leaders are no strangers to the capital market. President Xiang just made a start, and he could think of it.

"That's right, it's about leverage."

Chairman Xiang said excitedly, "According to our survey, the over-the-counter capital allocation market is becoming more and more active, and the leverage ratio of capital use is getting higher and higher. ”

"My initial plan is to standardize the management of the two financial businesses and umbrella trusts, further reduce leverage while regulating the stock market, and maximize the release of systemic risks. It is believed that after the consolidation, the capital structure of the stock market will return to a healthy and reasonable state. ”

"We are all familiar with the business of the two financial institutions, but what is an umbrella trust?"

The leader was a little confused, and couldn't help asking, "Also, how much capital capacity does the so-called umbrella trust have, and how much impact can it have on the market?" ”

"Because of the particularity of the trust account, it can invest in securities, closed-end funds, bonds and other investment targets, so compared with ordinary stock accounts, trust accounts undoubtedly have more choices."

Chairman Xiang explained unhurriedly, "It is precisely because of this advantage that securities companies, trust companies and banks have joined forces to develop such a structured securities investment product. To put it simply, a trust account is split into several or dozens of virtual accounts, and then investors subscribe to investment products after the proportion is divided according to these accounts. ”

"In the whole investment process, the master account is only responsible for supervising the risk of each sub-account, and the actual operation is the sub-account. And each sub-account can not only operate independently, but also refinance. This financing method not only avoids the regulatory requirements of the two financial institutions, but also allows more funds to enter the market, including but not limited to the financing provided independently by brokers. In this way, it is basically equivalent to involving other funds in the stock market. ”

"For example, there is now an investment and wealth management product, which is intended to earn a part of the interest, which is a risk-averse type of fund. However, under the joint operation of banks and brokers, this part of the funds entered the stock market without knowing it. Nominally, they are preferred investors, and the funds and interest on the investment are guaranteed, but in fact, this part of the funds enters the stock market as funds and becomes part of the financing of others. ”

"According to our survey, the leverage in this part far exceeds the financing available in the market. Generally speaking, our requirement for brokerages is that the leverage of financing cannot exceed two, but for umbrella trusts, the general leverage is three .five, and it can be higher to reach four or even five. ”

"Compared to other funds, this part of the money is very dangerous and the amount of money is huge. If there is a risk, even the trust company will have to pay for it. Prior to this, we did a thorough investigation, the entire market is about 500 billion yuan, once the risk can be involved in the funds may exceed one trillion, and a considerable part of the trust company will be completely involved, large-scale bankruptcy is not alarmist. ”

"So much risk?"

Rao is well-informed, but after hearing the relevant figures, the leader couldn't help but gasp, "According to what you said, the so-called umbrella trust is to use a parent account to drive several sub-accounts, and use over-the-counter financing to carry out high-leverage operations, right?" ”

"Not bad!"

Chairman Xiang nodded without hesitation, and then added, "This part of the funds is currently the best-selling and most dangerous funds in the market. If the stock market falls, it only takes two falling limits, and the selling frenzy will immediately form, when hundreds of billions of shares will be sold, which is likely to cause the collapse of the entire market. ”

"Is there any problem with the current rectification of this part of the fund?"

No one in the audience spoke, and everyone was immersed in the scene described by Chairman Xiang, and many of them's faces quietly changed. After a long time, the leader took a leisurely breath and asked, "Now it seems that the rectification of this part of the fund has reached the point where it cannot be delayed." President Xiang, for the rectification of this part of the funds, we must come up with feasible measures as soon as possible! ”

"It's not our department's business."

Chairman Xiang spread his hands, but his eyes involuntarily glanced at the other two colleagues, "In addition to the securities department, there are also the banking department and the trust department. If you want to completely clean up, you need the cooperation of all three departments! ”

"President Jin and President Zhou, do you have any problems there?"

The leader's gaze became sharp, and after glancing at the other two heads of relevant departments, he said lightly, "I really didn't expect that the matter would be so serious." ”

President Zhou is the president of the Trust Supervision Association, a middle-aged man in his fifties, with a big shiny back hair, and a strong atmosphere of a superior all over his body, but after hearing the leader's sigh, he immediately bowed and replied: "There is no problem, we will immediately cooperate with the securities market to conduct a self-inspection to ensure the closure of the closure and the seizure of the seizure." ”

"There is no problem on our side, and the banking industry will fully cooperate with the securities regulatory authorities to carry out the inspection of umbrella trusts, and strive to restore market funds to a healthy level in the shortest possible time!"

Not to be outdone, Governor Kim patted his chest and reassured. (To be continued.) )