Big Brokerages Are Also Spreading Big Events. How Can This Be Done?

First of all, the Chinese securities industry does not have a qualified birth certificate. Secondly, because there are laws and regulations in the market, many things are done. Finally, the supervisors and the supervisors are part time jobs, creating conditions for profiteering.

This weekend, the SFC news conference explicitly mentioned that it is necessary to "further standardize the operation of issuing audit power", and "supervise whether the members of the issuance examination committee comply with the challenge system, whether or not to use member status to carry out commercial activities, whether voting rights are abused or whether the reasons for voting are justified". The so-called "business activities" are obviously aimed at those members who work part-time in listed commercial companies, brokerages, funds and other commercial units.

That being the case, why not make such restrictions on the SFC and the relevant persons in charge of the exchanges?

The CSRC was filed by CITIC Securities and Guoxin Securities, the largest securities company in the country. It was directly inspected by the Inspection Corps. Plus 3 days ago, Yan Feng, chairman of Guotai Junan subsidiary Guotai Junan international board chairman, "lost contact", and at the same time, 3 domestic market capitalization and the largest AA level benchmark brokers were investigated together.

In the market, between the securities dealers and who is safe, on Friday, the brokerage sector almost reached the limit, and dragged down the Shanghai Composite Index and Shenzhen stock index by 5.48% and 6.31% respectively.

Looking back on history, China's securities firms are either not in trouble.

In 1995, the "3. 27" Treasury bond futures event, when China's largest brokerage company, was bankrupt, and was merged into Shenyang Securities by Shenyin Securities.

Since then, in the "3 / 27" incident, the same violation has been made full of money in the middle economic opening (directly under the Ministry of finance, also a large brokerage firm) because of the silver Guangxia incident, it also declared bankruptcy.

Next, Junan Securities are also the biggest brokerage firms in Shenzhen.

In January 2, 2004, the Southern Securities, which had misappropriated billions of dollars in customers' deposits and was mad in the market, was declared to be bankrupt after being taken over by the government. The three chief executives were arrested.

Southern Securities was also the largest brokerage company in China at that time.

Now it's time for CITIC, Guoxin and monarchs.

Why is it always a big broker?

First of all, the Chinese voucher industry does not have a qualified "birth certificate".

The Shanghai and Shenzhen stock markets did not have any laws and regulations when they were born. It was not until April 1993 that the Provisional Regulations on stock issuance and paction management were issued by the State Council until April 1993.

It can be said that China's stock market is brutal growth in the case of "lawlessness".

Who is the most courageous, the most energetic and the most fantastic, who can become the leader of the industry. The first three brokerages in Shanghai, namely, the world, Shenyin and Haitong, are driven by one or two fierce people.

In those days, Nanfang Securities could continue to blatantly embezzle billions of dollars after the securities law expressly stipulated "no appropriation of deposits". Today, Haitong, Huatai and other four major companies are being used.

It can also be stated in the securities law that the "real name system for securities accounts" is expressly stipulated, "failing to examine and understand the client's identity in accordance with the regulations".

China's voucher industry is innate in the absence of legal concepts, or no accidents. Accidents are great events, and always lead the big brother to take the lead in trouble.

Second, because there are laws and regulations in the market, many things are done.

Plus securities in modern times.

The four pillars (banks, insurance, trust, securities) have been in a weak position for a long time. In the rush to "grow bigger" mentality, the so-called innovation is often synonymous with "rush to rush ahead" and "do it again".

20 years ago, the "3. 27" Treasury bond futures event came out hastily in the absence of the basic conditions for the development of treasury bond futures.

Similarly, 20 years later, the "return swap virtual increase trillion" in the main character of CITIC Securities, its development "

"What are the" differential leverage investment needs "with leverage ratio of up to 5 times, and" equity financing, leverage trading, strategic investment, market value management and product creation services "are all under the banner of" innovation ".

Third, Zhang Yujun, assistant to the chairman of the SFC, has served as general manager of the Shanghai and Shenzhen Stock Exchange. Chen Hongqiao, general manager of Guoxin Securities, who has been hanged himself, has served as vice general manager of the Shenzhen stock exchange for a long time. Yao Gang, vice chairman of the Securities and Futures Commission, has served as chairman of Guotai Junan and so on.

Is it a black whistle to be a referee and an athlete? How to maintain market justice?