Source: Bloomberg
When Wuyun gathered in the last month, the hedge fund of China must not come to the vacation to avoid market turmoil.A manager's short sales instruction was suddenly rejected by securities firms.Another one is completely unable to enter the door of the stock market.Regulatory agencies appear in trading halls of multiple funds and monitor the transaction in person.
As a fund says, the chaotic transactions for three consecutive trading days are like a whole year.
Recent supervision rectification rewrite the rules of Chinese computer -driven transactions. In this context, the above scenes have appeared.In order to build a 4 trillion US dollars of stocks, the Beijing side has been sold out, and China's once prosperous quantitative fund industry has become the latest victims.
Although these measures have temporarily held the stock market at least for the time being, it has also triggered greater problems: how much the Chinese government will be willing to sacrifice some of the image of the free market as a price to achieve short -term goals.
As some international investors are becoming more and more disturbed by China, the sudden transaction restrictions give them another reason for their respect.
As of this month, the Chinese stock market has been out of funds for six consecutive months, setting a record; after unprecedented rectification (suppressing economic growth) of the technology and real estate industry, last yearThe lowest level since.China is facing the risk of surging countries such as India and Japan.
Dalma Capital Management LTD. Investment Chief Gary Dugan said these seemingly panic measures may destroy all the good actions that China has entered the global capital pool in the past 20 years.He said that after the introduction of these measures, even investors in the longest sand field may question whether China is worthy of this risk.
New restrictions are comprehensive.Quantitative funds that rely on computer algorithms to transactions will be regulated, and incremental investors implement the provisions of "first reports and post -transactions".Overseas investors investing in the domestic stock market through the stock Unicom mechanism will also be included in the scope of the quantitative trading report system in the future.
People familiar with the matter said that China's securities regulatory agencies have established a specialized team that monitor short -term funds at the same time, and the guidance agency prohibits the profit or concentrated selling through the stock index futures through the window.They added that the CSRC has restricted some major institutions to sell stocks within half an hour in the morning and afternoon closing.
The semi -private fund headquarters in Shanghai reviewed the fierce fluctuations of the market in a letter seen by Bloomberg: quantitative managers were hit by the largest black swan incident in the history of quantitativeization.
