How much is the possibility of more than 300 fund managers in violation of the regulations to participate in the options of off -site options on the off -site options?

Cover Journalist Zhu Ning

On the evening of August 8th, a rumor that a number of suspected public fund managers began to be circulated on the Internet and continued to ferment by the police for investigation by the police for illegal participation in off -site options.

According to reports from the Internet, this incident involved more than 300 fund managers. As of press time, the reporter contacted a number of fund companies including Anxin Fund Management Co., Ltd. and other fund companies to verify the matter. Relevant personnel said they did not hear the matter. At the same time, there are no fund companies and fund managers publicly responding to the matter.

Outdoor options trading or private behavior

"The biggest scandal in the history of the public fund industry." "Many fund managers have been investigated outside the market, involving more than 300 fund managers and locking more than 30." Yesterday evening, there were two consecutive funds of Weibo users. The news that the manager was checked immediately searched the "fund manager".

For many ordinary investors, extraterrestrial options are difficult to get in touch with. Outside options (OTC Options, also known as "store market options") usually refers to trading of non -standardized financial option contracts conducted in non -concentrated trading venues. The underlying assets can be commodities, stocks, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, interest rates, and interest rates, and interest rates, interest rates, interest rates, and interest rates. Exchange rates, etc., customized non -standardized contracts, as long as there is an opponent disk, can almost bet on the scope of the underlying asset.

Although the options involve many targets, according to regulations, public funds cannot participate in off -site options. At present, information on the Internet pointed more to the private behavior of the fund manager.

Regarding this rumor, the reporter contacted a period of power industry, saying: "First of all, it is unlikely that it is 300 people, and maybe there are three or five secretly doing it, but there are not so many."

上述受访者解释，首先国内能够做场外期权的人就不多，哪怕在基金经理这个圈子中，也没有多少做场外期权的，虽然都是金融，但领域还是不一样的；其次， If the public offering industry is very profitable, the scale can help fund managers get higher benefits, and now the supervision is stricter. Not many people are willing to take the risk to take the "evil road".

The above -mentioned interviewees said: "If it is an off -site options, unless it is the fund manager who is not very prominent and the scale cannot start for a long time, you can get some mouse warehouse while the job is because of his position, because The leverage of options is very powerful, and the probability of making a lot of money will make a lot of money. "

Fund managers "cut leeks" through off -site options?

Theoretically may be possible but the probability of illegal operation is not high

Although there is no conclusion on the facts, the off -site options business has attracted the attention of the public. Can the fund manager profit through the options on the off -site? Will the OTC optional market cause the interests of ordinary traders in the market? This is undoubtedly the focus of the attention of ordinary investors.

The reporter noticed that due to the restrictions on the trading rules, domestic and external options can only be involved in institutions and corporate customers, and individuals cannot conduct off -site option transactions at the securities firms. In addition, according to industry insiders, public fund products cannot participate in off -site options, so the specific operation method may be that public fund managers participate in illegal off -site options transactions in their personal names.

According to the relevant options, if the fund manager wants to make a profit through the off -site options, before the establishment of the fund, generally use the affiliated account to buy the options in the securities firm through the OTC passage passage, and then build the position in the management of the funds you managed. If a stock increases by 20%, the number of off -site options may exceed 200%, and the income is extremely high. In other words, theoretically, public fund managers are likely to make profits through off -site options.

Because of this, ordinary investors have questioned that the fund manager will "cut chives" in this way in this way, which will have a negative impact on the stock market. In this regard, a time -consuming researcher told reporters: "This possibility is not high, and the illegal operation is only a great fund manager, which will not cause a large area of ​​chain effect; second, whether it is short or more, the directly relationship is options. Instead of stocks, the scale of extraterritical options is not enough to shake the stock market. "

Data show that as of the end of January this year, the nominal principal of the out -of -the -on -day period was only 1091.717 billion yuan, and the number of transactions was 22,324. Among the types of duration trading business, the principal principal principal of the OTC options of the stock index category was 614.9 billion yuan, accounting for more than half; the proportion of out -of -stock options for individual stock markets was only 10.19%. From the perspective of the proportion, the off -site options business is currently based on off -site options of stock indexes, and the scale of extrateriole transactions of individual stock markets is not large.

Derivatives trading supervision is strictly becoming a trend

"In fact, the supervision of derivatives is getting stricter and stricter, and the punishment of illegal and illegal acts is also heavy. As an institution, it attaches great importance to business compliance." The above futures researcher told reporters.

The reporter noticed that in 2013, domestic options began to launch off -site options, allowing institutions that comply with relevant qualifications to participate in off -site options transactions. Domestic commercial banks and qualified large -scale fund companies became the first batch of off -site options trading. The establishment of a variety of third -party trading channels in 2017, the off -site options business increased rapidly. Individuals can participate in transactions outside the site through various channels. There are two modes: asset management channels and private equity fund channels.

In 2018, the new rules of asset management have been frequently introduced, which limits the feasibility of new asset management plans to the option transactions outside the market. Each securities firm and private equity institutions are guided by the window of the regulatory authorities, marking the standardized development of the OTC option market.Since 2020, the regulatory system and regulations have been basically formed, and the off -site options business has entered a stage of high -speed development. In the process of business development, the improvement of regulatory supervision has also been at the front end of business development.

- END -