Wild speculation warrants to strengthen the regulation put cooling episodes.

<P>: Http:// News, June 20 in Shanghai and Shenzhen stock markets put warrants collective five diving, which in the Shenzhen Stock Exchange's "K JTP1" the largest decrease of 58.78%. .Securities analysts said the full value of the gamble out of speculation, although sometimes attack, but was difficult to last long. .In their view, to play to warrant such derivatives hedging, and encourage value investing style, the Shanghai and Shenzhen security market mechanisms still need to enrich the variety and perfection. .</ P> <P> spent playing drums Biography Fools </ P> <P> since May 30 stamp duty was raised, because of warrants do not charge stamp duty on the day of buy and sell without restriction, it is seriously short-term speculative .favorable financing, trading volume steadily enlarge, "K JTP1" put warrant only a short two-day surge in over 376%. .Last week five put warrants turnover amounted to 342.65 billion yuan of the giant, warrants the price increase was 103.9% on average a week. .Some even put warrant the price was more than the exercise price, which has brokerage analysts said speculation in the market who have been completely ignored common sense, the warrants are deemed to gambling, playing a silly game drum Flower Expo pass, fantasy people .Finally picked up a stick. .</ P> <P> in accordance with the conditions of issue, "K JTP1" only put warrant will expire on June 22, the exercise price of 15.1 yuan, while the June 20 closing stock price has been positive Salt Lake Potash .47.2 million, a huge gap between the two, Salt Lake Potash plunged more than 68% at least, the put warrants have exercise possible, the possibility of such a miracle now appears very low. .To this end, as the warrant issuer's Board of Salt Lake Potash Company, already announced in a very clear words to remind investors that put warrants K intrinsic value is zero now, should not intervene; many brokers are also customers of the stock market display and .trading system on alert, put warrants K has become a serious "price of foreign securities." .</ P> <P> Department of the Shenzhen Stock Exchange corporate governance experts said that in the case of warrants under the intrinsic value of zero, the closer to the exercise of investment-money warrants the greater the risk. .Vanke put warrants as the end of August last year, the last trading day in the side fell 95%, and some investors lost more than 100 million. .K put warrants on June 20 closing price of 1.36 yuan has not bottomed out, the last two days will be close to zero. .</ P> <P> strengthen monitoring inhibition of wild speculation </ P> <P> order to guard against market risks, protect the legitimate rights and interests of investors, the Shenzhen Stock Exchange since June 11 from the "K JTP1" implementation of a new risk control .measures, and to focus on monitoring. .</ P> <P> Shanghai Stock Exchange has recently encouraged the creation of broker warrants share, increase supply, stabilize the put warrant excessive speculation in the market. .June 20 only 15 brokerage firms have created the 1,227 million put warrants were listed China Merchants Bank, China Merchants Bank put option to 1 day down 44.87%. .</ P> <P> Shanghai and Shenzhen five put warrants turnover in recent days began to shrink, the Shanghai and Shenzhen Stock Exchange shows the effectiveness of risk control measures. .Shanghai Stock Exchange on June 21 and 14 million copies will be put warrants listed China Southern Airlines, put warrants are expected to cool speculation in the wind. .</ P> <P> market mechanisms still need to improve </ P> <P> securities analysts here that warrants this type of financial derivatives is designed originally to reduce the risk of market participants to expand the market breadth and .depth, but the warrants market in Shanghai and Shenzhen stock markets since the end of August 2005 and re-listed Baoshan Iron and Steel warrants its inception, and the crazy wind of speculation and sometimes attack, an indication the species and the mechanism needs to enrich and perfect. .</ P> <P> that some brokers research institutions, equity warrants market is only the first form of warrants, securities firms and other financial institutions by the covered warrants issued by the mainstream is the development of the market. .They suggested that launched in Shanghai and Shenzhen stock markets covered warrants, the warrants provide investors with more varieties to choose. .SSE also said the person in charge will consider the introduction of large capitalization stocks covered warrants product. .</ P> <P> Shenzhen Stock Exchange Research Institute experts have proposed to introduce LOF ETF warrants and other warrants and stock index derivative warrants, warrants to ease speculation the wind. .They believe, ETF, and LOF warrants are relatively low risk of derivative warrants in the product, ideal for the status of the stock market is a realistic option. .Because the index has a better market than typical stocks, market focus and market acceptance, the index price is difficult to manipulate. .In the global market index derivatives are far more than stock derivatives. .</ P>.