Chapter 949 Umbrella Trust

   "About the current stock market, do you express your views?"

At the economic work conference, facing a room full of people, the leader sitting in the middle said calmly, "In the past two months, I believe everyone has a better understanding of the performance of our stock market. Today, please Everyone came here just to hear your opinions on the stock market and related countermeasures."

  The performance of the stock market, which has risen as much as 30% in the past two months, has attracted the attention of the highest level. So not long after the new year, the leaders convened a meeting dedicated to the stock market.

  The people who attended the meeting included the central bank, the capital market supervision department, the banking supervision department, the main person in charge of the exchange, and relevant experts. It can be said that all departments in China that have an impact on the stock market attended this meeting.

   Everyone looked at each other in blank dismay, silent.

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

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

  President Jin is sixty-one years old this year. Although he is a bit older, he is still very energetic. Seeing that the leader named his name, he touched his bald forehead and said with a grin: "Since this is the case, then I will say a few words, and it is right to throw bricks and attract jade."

  Everyone chuckled suddenly.

   "I personally think that the current stock market is in a state of unreasonable mania."

Although it is not clear what the leader's true intentions are, President Kim decided to express his true feelings, "How far is the fanaticism? Let me give you an example. We have a nanny who is already working at my house." For about ten years, she has been diligent, well-behaved, and a complete honest person. But in the past few months, I found that she was often absent-minded, and she just took her mobile phone to watch when she had nothing to do."

"So I asked her what happened, and she told me that she was watching the market, and it turned out that she was trading in stocks. Of course, I don't mean to say that this lady can't trade in stocks. What I want to say is that the frenzy of the stock market It’s not our intention to drive the stock market up that it’s infected ordinary people and they’re distracted from their jobs.”

"The country promotes the rise of the stock market, hoping to transfer funds to enterprises through the stock market, so that they can expand production, transform as soon as possible, etc. But the current stock market is obviously not like this. Everyone is making quick money and thinking about it. Just grab one and leave. In this way, the entire stock market will evolve into a game of beating drums and spreading flowers, and become a big casino, which loses our original intention. I think if it evolves to that kind of situation, everyone here is not willing to watch it. Arrived."

   "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."

   After talking eloquently about the big deal, when President Jin talked about the most important hurdle, he changed the subject and lightly dumped the burden on the securities market supervision department.

   Naturally, his words are not unreasonable, after all, departments have to perform their duties. If President Jin hastily expressed his opinion, it is likely to fall under the suspicion of "stretching hands indiscriminately".

  Listening to his words, many people felt the same way, and even the leader presiding over the meeting nodded frequently. Indeed, judging from their investigation, the problem President Jin mentioned does exist, and it has gradually become a big hidden danger.

   Everyone's eyes immediately fell on Chairman Xiang.

  President Xiang, 48 years old this year, is the chairman of the Securities Market Regulatory Commission. Young and vigorous, he just took office last year. With the heavy responsibility of reform, he quickly made several reform measures that excited the market, which made his popular popularity soar.

   Facing the question thrown by President Jin, Chairman Xiang secretly groaned in his heart, but he didn't dare to show it. Immediately, he showed a contemplative look on his face, and began to think about how to answer it in his heart.

  On the one hand, he has to shoulder the heavy responsibility of transferring funds from the stock market, and on the other hand, he has to do a good job in the management and control of the stock market, so that the stock market cannot be overheated or in danger of collapsing. The contradiction between the two is basically irreconcilable, and Chairman Xiang sitting in the crater feels in a dilemma.

   "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 for adjustment."

After thinking hard for a long time, Chairman Xiang said, "The enthusiasm of stockholders is very high. We can't suppress this enthusiasm fundamentally. After all, they are the foundation of the stock market. But we can't turn a blind eye to risks. In a big way, it is related to the country's reform plan, and in a small way, it is related to the happy life of shareholders."

  “Currently, funds are pouring into the market continuously, and I think we can solve the problems existing in the stock market 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 you must be cautious when entering the market. Although the public now has There is also a need for investment and financial management of money, but what we encourage is long-term value investment, not this kind of disorderly speculation. But it is impossible for us to prohibit this kind of transaction, which is too depressing to the enthusiasm of shareholders. So 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 said to hit the nail on the head and hit the point.

   "High-risk funds and access?"

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

  As a serious doctor of economics, the leader is no stranger to the capital market. Chairman Xiang just started, and he can think of the general idea.

   "Yes, it is to make a fuss about the leverage ratio."

Chairman Xiang said excitedly, "According to our investigation, the over-the-counter fund allocation market is becoming more and more active, and the leverage ratio of funds is getting higher and higher. Only by taking a shot and consolidating the foundation of the stock market can the stock market continue to rise, otherwise the consequences of a collapse will be disastrous."

"My preliminary plan is to standardize the management of the two financing businesses and umbrella trusts, further reduce the leverage ratio while regulating the stock market, and maximize the release of systemic risks. I believe that after the consolidation, the capital structure of the stock market will be corrected. to a healthy, reasonable state."

   "We are all familiar with Liang Rong's business, 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 funds, bonds and other investment targets, so compared with ordinary stock accounts, trust accounts undoubtedly have more choices."

Chairman Xiang explained calmly, "It is precisely because of this advantage that securities companies, trust companies and banks have jointly developed such a structured securities investment product. To put it simply, a trust account split Create several or dozens of virtual accounts, and after the proportion of these accounts is divided, investors will subscribe for investment products.”

"During the entire investment process, the main account is only responsible for monitoring the risks of each sub-account, and the actual operation is all sub-accounts. And each sub-account can not only operate independently, but also refinance. This financing method not only It avoids the regulatory requirements of the two financings, and allows more funds to enter the market, including financing independently provided by securities companies. 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 that is intended to earn a part of the interest. It is a risk-averse fund. However, under the joint operation of banks and brokerages, this part of the fund is unnoticed. Into the stock market. In name, they are preferred investors, and the investment funds and interest are guaranteed, but in fact this part of the funds entered the stock market as funds and became part of other people’s financing.”

"According to our investigation, the leverage of this part far exceeds the financing limit provided by the market. Generally speaking, our requirement for securities companies is that the leverage of financing cannot exceed two, but for umbrella trusts, the general leverage is Three point five, and even higher can reach four or even five, as long as there are two daily limit or lower limit, this part of the fund can make double the profit or lose all of it.”

"Compared with other funds, this part of the funds is very dangerous, and the amount is huge. Once there is a risk, even the trust company will lose it. We have done a thorough investigation before this, and the entire fund allocation market is about At around 500 billion yuan, if a risk occurs, the funds involved may exceed one trillion yuan, and a considerable number of trust companies will be completely involved, and large-scale bankruptcy is not alarmist."

   "Such a 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 master account to drive several sub-accounts, and use the market Is it like this to conduct high-leverage operations through external financing?"

"good!"

Chairman Xiang nodded without thinking, and then added, "This part of funds is currently the best-selling and most dangerous funds in the market. If the stock market falls, it only needs two limit-downs, and a frenzy of selling will immediately form. The sale of hundreds of billions of shares is very likely to cause the collapse of the entire market.”

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

  No one spoke in the audience, everyone was immersed in the scene described by Chairman Xiang, and the expressions of many of them changed quietly. After a while, the leader took a long breath and asked, "It seems that the rectification of this part of the funds has reached the point of no delay. Chairman Xiang, for the rectification of this part of the funds, we must come up with feasible solutions as soon as possible." measures!"

   "This is not a matter of our department."

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

   "President Jin, President Zhou, do you have any questions?"

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

Chairman Zhou is the chairman of the Trust Regulatory Association. He is a middle-aged man in his fifties, with a shiny curly back, and his whole body exudes a strong aura of superiority. He immediately bowed his waist and replied: "No problem, we will immediately cooperate with the securities market to conduct a self-examination to ensure that those that should be closed are closed and those that should be seized."

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

  President Jin patted his chest and promised not to be outdone.

Thanks to 13036697866, everbondjack, Xiao Q2015, Lao Nafa Ta Kong, Birds and Fish, Lao Nervous, Chinese Carriageman, En???, 13971545012, Hu Dachuzi, book friends 151219233610232, Xiao Shuili and other book friends for voting Monthly ticket! Thank you book friends for your reward! I am very happy to see so many book friends voted for monthly tickets. The author is very grateful and touched. I am sorry for the lack of updates. I hope everyone can understand the difficulty of writing a book , I will continue to work hard this month, I hope this book will achieve good results, I believe there is hope for persistence~

  

  

  (end of this chapter)