This time, Li Fuzhao, Li Guobao and others acted very quickly. At 3:00 pm on June 17, Claude, director of the Xiangjiang Securities Management Office, specially invited the chairman of the three major exchanges, as well as the general manager of the large and medium-sized banks in Xiangjiang and the general manager of the securities company (president).
) attended the securities and finance meeting and mainly discussed whether to introduce a bull and bear certificate system.
As the president of Xiangjiang's top financial holding group, Li Jianhui also attended the meeting on time with Peng Kezhi, president of Xinjian Bank, in the afternoon.
John Grayden, chairman of the Hong Kong Stock Exchange, knew what the situation was like when he heard this. Isn’t this a disguised futures trading?
Currently, only their joint exchanges in Xiangjiang have futures trading. Whether it is the Far East Exchange, which ranks first in the total market value of listed companies or the Sun Hung Exchange, which ranks at the end, they can only engage in direct trading of listed companies' outstanding shares, and they do not
Futures trading involving gold, silver spot futures and other products.
It is precisely because of this advantage that the United Exchange can leave Far East Exchange far behind in terms of trading volume.
Unexpectedly, the Far East Exchange was unwilling to not obtain the qualification for futures trading, and now it has played a strait again, attracting popularity for the exchange and making profits for the securities companies on its premises.
How could Graden want to see this situation appear? As soon as Claude finished speaking, he said: "The Cow Bear Certificate is guaranteed by securities companies as a third party, which is not conducive to the exchange and the securities management office.
Supervision, and there is no experience for reference in this regard, I don’t think it is suitable for implementation.
However, there are still some desirable views here. We can completely include the three major indexes of Hang Seng, East Asia and Sun Hung in the futures trading. At the same time, we survey the leading companies of our three major exchanges and include suitable ones in our futures sector. There is no need to do it.
What kind of bull and bear certificate?"
Grayden's words were not only opposed by the East Asian Association, Sun Hung Association, Xin Asia Association, and Xianghua Association, but also by the representatives of the Nanjiang Association, foreign banks and securities companies.
None of these people who have been playing finance for a long time are fuel-efficient. Bull and Bear Certificates have great benefits for these securities companies or banks and securities departments. Good development can help them achieve a few more steps. Grayden's words can
It was said that it caused public anger.
Li Fuzhao said: "Although our bull and bear certificates have no experience in learning from it, they are not fully expanded at once. First of all, it is completely feasible in the index. In addition, some leading companies, such as Huihong Group, have a market value of up to HK$164 billion.
, can be used as a sample for issuing bull and bear certificates.
Of course, we cannot just use one company as a sample. Our Far East Exchange has prepared the first ten listed companies, including Huihong, Lane Crawford, Hutchison Real Estate, Huangpu Shipping, Bank of East Asia, Jiayi Film and Television, Jinhong
Jewelry, Datong Electric Appliances, Hongyu Clothing, and Taoda, they are leading enterprises in various industries and are very representative.
Moreover, in terms of the issuance of Bull and Bear Certificates, our exchange has also made strict requirements, with equal strength and reputation, and issuing our Far East Exchange listed company Bull and Bear Certificates. At present, we only plan to approve ten financial institutions.
The securities departments of the eight banks, including Xinjian Bank, Bank of East Asia, Doheng Bank, Fuji Bank, HSBC, Standard Chartered Bank, Bank of China, and Defeng Bank, are also Sun Hung Kai and Merrill Lynch.
The six-year period is the experimental period. If the development goes smoothly, we will increase based on the strength of listed companies and will also approve more financial institutions to participate."
Li Fuzhao's statement obviously cannot satisfy the heads of banks and securities companies. They do not want to enter this and require approval from the exchange.
Black, president of Citibank Greater China, said: "We Citibank is very supportive of the bull and bear certificate system, but I don't think it's reasonable to enter this aspect and approve it from the exchange.
In this regard, the Securities Administration Office should be responsible for issuing relevant entry standards. As long as the relevant qualifications are met, they should not be restricted."
As the director of the Securities Administration, Claude also hopes to take this right into the hands of the Management Administration. Black's words can be said to be just right.
After he finished speaking, he immediately spoke out: "It seems that most of the issuance of bull and bear certificates is supported. So in the next few days, our Securities Management Office will communicate with the three major exchanges to which listings are available in detail in the next few days.
The company can issue a bull and bear certificate.
If nothing unexpected happens, it will be officially implemented on the 1st of next month. I also hope that everyone will promote more in this regard so that investors can understand the system in this regard.
In addition, our management office strives to complete the formulation of financial institution access qualifications within this week to ensure the interests of shareholders and the stability of Xiangjiang economy.
Once it is confirmed, our three major exchanges must leave a sector to show shareholders that financial institutions are qualified to issue bull and bear certificates on their behalf to avoid shareholders being deceived.”
Although Li Fuzhao was a little unwilling to accept this right, the Securities Administration Office was just that his arm could not be twisted, and he did not want the bull and bear certificate plan to be ruined, so he also made a statement that the Far East Exchange agreed to Claude's opinion.
The Far East Exchange did not object, and the Sun Hung Exchange naturally would not object. Although the United Exchange was a little unwilling, it was just that Grayden knew that it was useless to oppose it, so he did not choose to speak out.
Seeing that the matter was settled, Claude said happily: "Thank you very much for your support. I believe that with everyone's efforts, Xiangjiang's financial development will become more prosperous. We, Xiangjiang, will surely become another world-class financial center after London and New York.
City.
Here I also hope that everyone can provide more opinions that are conducive to the development of Xiangjiang's financial products in the future, so that our industries and Xiangjiang's development can achieve mutual benefit and win-win results."
Li Jianhui is not here to be a spectator today. Since he has proposed a bull and bear certificate, he naturally hopes to develop well.
At the end of the meeting, he spoke out: "Our major financial institutions are third parties to issue bull and bear certificates. We hope that all parties should stand a neutral position and not personally affect the rise and fall of the stock price of listed companies, so as to maintain the bullish situation.
The healthy development of the bear certificate market.
At the same time, we also hope that the Securities Administration Office will make strict regulations. If such an incident occurs, not only will it be disqualified, but it will also pursue its responsibilities."
Originally, some financial institutions were still having a small plan in their hearts, but now Li Jianhui mentioned that they knew that some things could not be done on the surface.
And it cannot be too much. Once discovered by the outside world, it will not only cause huge losses to yourself, but may also lose the Xiangjiang market.
Claude immediately agreed to Li Jianhui's proposal, and he did not want problems in the Xiangjiang Financial stock market.
He made it clear that when formulating access qualifications, this aspect will be strictly engraved in the rules. If a financial institution violates this rule, it will be subject to strict penalties by the Securities Administration and Xiangjiang laws. In serious cases, it will be subject to serious punishment.
Criminal liability for financial institutions is pursued.