Many fund managers were investigated by the options outside the operating site: What is off -site options?How do they make a profit?

On August 8th, users on the Weibo platform broke out of melon. Many fund managers reported that they were investigated because of the OTC options. There were many fund managers, and even some fund managers were taken away.

However, off -site options are a very strange field for most investors. In response, the reporter of "Daily Economic News" consulted a securities firm who engaged in options business, saying that this situation is possible, such as bypassing the compliance with off -site option contracts by setting up off -site option contracts. However, the securities firms admitted that the off -site options business is very complicated. "It can be said that it is one of the most complicated businesses in securities firms. Those who can do external options are the gold collar in the gold collar even in the securities firm." Because of its high degree of complexity, there may be some difficulties in regulatory.

The "mouse warehouse" method is more concealed through the OTC OCCE

The above -mentioned securities firms pointed out that from the rumors, if it is really the "mouse warehouse" of the fund, it involves individual stock options. According to the provisions of the Futures Law, the options business outside the stock market must have a securities firm as a dealer, and the brokerage company cannot conduct individual equity business with individuals. Therefore, if the fund in charge of the A fund manager is about to raise a certain stock and A wants to take the opportunity to make a fortune, he can find a private placement in advance, set up a private placement product, and then find several individual investors who are willing to hold him for private equity. Product subscription. After the subscription is completed, the private equity product will sign an off -site option agreement with the broker. In this way, the establishment of the OTC OCD Agreement on the surface is investors who subscribe to the private equity product, but in fact the ultimate beneficiaries and risk bearers are A.

In addition, the securities firms pointed out that due to the general leverage of off -site options, this "mouse warehouse" method is more hidden and the profit may be richer. For example 100%or even 200%.

The above -mentioned securities firms admitted that this may be related to the over -the -counter options. "In -site options, the rules are relatively simple, and the supervision is already very mature. But the off -site options are different. It is customized separately and often involves very complicated mathematical computing. Therefore . In addition, the letter is not so transparent, and there may be some difficulties in supervision. "

Because of this, he pointed out that for many years, he has been engaged in options business, and rarely has seen media reports with very professional and profound external options business, but occasionally some analysts have done in -depth research and wrote good reports. "Those who can do extra -field options are talents in talents, gold collar in the gold collar. And all of them can be done by the headquarters because they need to be a self -operated license."

At present, there are only 8 brokers in the securities industry

First -level dealers for the off -site options business

It is worth mentioning that on August 5th, the China Securities Association just released the list of out -of -the -counter options dealers in the latest period. There are 44 traders' qualification securities firms.

The eight first -level dealers are Guangfa, Guotai Junan, Huatai, Shen Wanhongyuan, China Merchants, CICC, CITIC, CITIC, and CITIC.

According to the regulations of the China Securities Association, the first -level dealers should open a special account of hedging transactions in the Shanghai -Shenzhen Stock Exchange and directly carry out hedging transactions.

The second -level dealers can only conduct hedging transactions on the venue with the first -level dealers, and shall not be able to carry out the opponent of the opponent of the opponent other than the first -level dealers to conduct a hedging transaction; and it should ensure that it is a party with the opponent and the first -level dealer. The transaction elements such as the options of individual stock option contracts, contract period, contract nominal principal, and income structure have been basically consistent.

First -level dealers should perform their duties due to their duties, monitor and evaluate the trading purpose, transaction targets, trading behavior, etc. of secondary dealers and their opponents, and determine whether they accept the concentration of the target whether to accept the second -level dealer's individual stock option hedging transactions If the discovery does not meet the regulations, relevant transactions shall not be carried out. The first -level dealers refuse to accept hedging transactions, and secondary dealers shall not reach a transaction contract with customers.

It is worth mentioning that due to the high degree of complexity of off -site options, regulators attach great importance to the risks of the business to carry out the business. When securities firms have also experienced illegal acts when conducting off -site options.

On the evening of June 2nd, the CSRC disclosed three announcements of administrative supervision measures, all involved an extra -off -option business. The three brokers who were punished are CICC, CITIC Construction Investment and Huatai.

The Securities Regulatory Commission pointed out that CICC has adopted supervision measures with a warning letter for non -professional institution investors for non -professional institution investors. CITIC Construction Investment has also adopted regulatory measures with alert letters due to the excessive scope of the target of the off -site option contract index. Huatai Securities has exceeded the current period of financing and securities and securities and securities and securities and securities and securities and securities and securities. It was ordered by the CSRC.

Reporter | Wang Yantan

Edit | Ye Feng He Xiaotao Dubo

School pair | Duan Lian

Cover picture source: Photo Network -300477349