Wanke E: winner Xiaofan Tian losers cry without tears.

<P> Wanke E woke up "on the price of the game" </ P> <P> () Message: August 28, following a warrant later Baosteel warrants, but also warrants market in Shanghai and Shenzhen stock markets reopened after the first .Put Warrants - Vanke put warrants (referred to as China Vanke HRP1) finally bid farewell to the market. .</ P> <P> Resources issued 9 months duration Vanke HRP1, dividend payout adjusted exercise price of 3.638 yuan. .In the Aug. 25 closing, G Wanke price of 6.40 yuan. .The value of Vanke HRP1 have been destined to zero. .</ P> <P> In fact, in a few weeks or even longer before this fate have been doomed. .If the warrant exercise price of Baosteel in the last days and G Baosteel is little difference between the price of shares, and some suspense, so that investors would more than cover a few days, while China Vanke HRP1 should have become the holder to sell the same varieties .. .However, it has in the last few trading days to 30% of frequent intraday volatility of 40% or even speculative atmosphere is evident. .I think carefully, leaving the market warrants a lot of Vanke alert. .</ P> <P> T +0 This should give warrants market </ P> <P> either put warrants or warrants, has a leverage effect. .Put the underlying shares to buy put warrants, so the decline in can make money. .On the contrary, is optimistic about the stock purchase warrants, you can obtain more substantial gains. .However, it warrants in the domestic market is completely distorted. .</ P> <P> Why? .Because the warrant itself is far more than the premium to the theoretical value of its own. .Such as Vanke put warrants and a lot of waste paper, but its market price is still maintained at a higher level. .Under such circumstances, bearish market buy put warrants are not hedge, but a blog silly. .</ P> <P> why the prevalence of high-premium warrants it? .In fact, this warrants "T +0" trade patterns are closely related. .Last year, warrants just came out, Guotai Junan some professionals to remind the author, "warrants in addition to its own and the subject of the underlying stock price difference, but also contains a time value. Of course, in the current market, the T +0 trading .mode makes it a high value of the transaction. " .Now think about it, this judge is entirely correct, because the market there's a lot of speculative money is in any case will not give up the band quickly earned a good battlefield difference. .</ P> <P> "T +0" means money out of the high efficiency, means that the difference in a relatively short period of time profits recurring. .Even if a warrant has no value, but as a mass of flowers drumming game, there is great temptation, which determined that the warrants not rational. .But after all this is market behavior, benefits or reduce the funding is only hidden risks of this game is great. .</ P> <P> then extended Maybe it can be seen once the "T +0" re-opened, the market may face another huge regulatory problems? .</ P> <P> Fortunately, the broker did not allow the creation of </ P> <P> 21.4 亿 Vanke HRP1 listing more than the highest market value reached 2.226 billion yuan, and now the market has been destroyed. .However, the turn of a thought, and Baosteel, like warrants, but fortunately did not allow brokers to create these warrants. .Otherwise, the last day to the close of the market value of evaporation is not such a far, but brokers have reaped the profits doubled. .</ P> <P> Wuhan Iron Butterfly from the beginning to allow brokers create warrants, the broker is no doubt a huge cake locked. .Warrants under high premium, the higher the premium, the broker create greater profits. .Take a look at Wuhan Iron and Steel and Wuhan Steel warrants put the price now, look at the price of Wuhan Iron and Steel G, in the top 1 per lot of these warrants the creation of innovative securities firms earn much. .Moreover, with the arrival of the final exercise date, Wuhan Iron and Steel butterfly warrants a little bit of water will be squeezed, even as there will be one of the paper the situation warrants. .As has been the creation and selling high is really earn brokerage warrants "Laugh not move"..