Industrial Securities Mouse Warehouse opened the rules of securities industry

April 12, 2010 8:42 A.M., a network report letter provoked thousands of waves, not only the planned listing of industrial securities in the spotlight, but also the entire securities industry ripped open a person to see the hole. This report letter, directed at the original Societe Generale Securities Information Technology department deputy general manager Sho Junguang Use the Post special permissions, inquiries tracking company's own account for stock trading.　　The report material exposes the Sho Junguang September 2007 period part of the securities trading behavior, its operation and Societe Generale Securities proprietary account highly consistent, and the transaction interval time is extremely short, the shortest interval only one minute, the transaction amount from 20,400 yuan to 1.354 million yuan range.　　Recently, the "rat storehouse" incident has been repeatedly exposed, from the second half of last year, the supervision of the securities practitioners of the scope has been extended from the fund managers to brokers, fund investment researchers, and even some commercial banks, trusts, insurance companies in the asset trustee are in check.　　But for many "special" securities practitioners, because the hands have "privileged key", so that those who appear to "Menson" confidential information, become readily available, to breed "mouse storehouse" provides a hotbed.　　Wait for the securities brokerage "self-account" stocks April 12, a sudden "rat storehouse" exposure incident, let is ready to go on the market sprint of the industrial securities some unprepared.　　On the same day, a self-proclaimed industrial securities internal staff reported online, Societe Generale Securities Information Technology Department of deputy general manager Sho Junguang use their power to track the company's own account trading, and provide Sho Junguang relatives of trading accounts and Societe Generale Securities proprietary Account "control delivery list." Some of the transaction records provided by the whistleblower show that Sho Junguang borrowed his spouse Qiu Sunflower's securities account, in the 5 trading days from September 13, 2007 to 28th, successively corresponding to the trading of industrial securities proprietary accounts Three friends of Chemical (7.85,-0.33,-4.03%), Hubei Yi-17.52,-0.66,- 3.63% and so on 7 stocks, the individual and Societe Generale securities trading direction of the account is exactly the same, the transaction amount of tens of thousands of to more than 100,000 yuan.　　Thus, the informer believes that Sho Junguang exists to borrow other people (their lover) in the name of buying and selling stocks, and using special permissions to track the use of proprietary accounts for stock trading operations. The IPO materials for Societe Generale Securities were reported to the SFC last December. is currently in the sprint stage of the listing, will undoubtedly be affected by the "rat warehouse" incident. Societe Generale April 13 issued a public statement, said Sho Junguang violated the provisions of the relevant regulations, the name of their families to open a stock account for the stock Exchange is true, and immediately withdrew its administrative duties, suspended its work.　　In the statement, Societe Generale did not use the sensitive "mouse warehouse", but said it is a personal violation of the stock trading behavior, to clear the relationship with the company. Once the report material exposure, immediately in the market caused a stir. How Sho Junguang in the "unknown" situation, tracking Societe Generale Securities proprietary account to build "mouse warehouse" for trading, become the focus of the market attention. As one of the main business, comprehensive securities companies can use their own funds in the first class or two-tier market for stock trading, for this general securities dealers will set up a proprietary account for stock trading. However, under the securities law, a comprehensive securities company is required to establish a proprietary business, and it is necessary to report to the SFC on a regular basis the self-management and proprietary planning.　　And in accordance with the relevant provisions, securities brokerage account information in the securities trading system in the "Top Secret" state. Deception "Privileged Key" breakthrough technology firewall a Shanghai brokerage company told reporters, according to the regulations of the private sector and other business departments are highly isolated. "According to the Securities Company's proprietary business guideline", proprietary business and brokerage, asset management, investment banking and other business in personnel, information, accounts, funds, accounting must be strictly separated. "But a large brokerage in Beijing, the information technology staff told reporters, in fact," the operation of the department can see the above information, because this department is responsible for the entire trading system operation and maintenance, and the company all trading business in the transaction system to complete. "But the delivery list provided in the report letter showed that Sho Junguang, the deputy general manager of the Societe Generale Securities Information Technology department, almost did the tracking of the self account.　　Compared to two accounts of the transaction time, the shortest interval of only one minute, you can see Sho Junguang is a real-time look at the operation of the self-employed account operating orders.　　It is understood that, in addition to the Ministry of Information Technology, there are certain groups of people who have access to the trading information of proprietary accounts. "Although the research, investment portfolio formulation and decision-making of proprietary business investment and the execution of trading orders should be separated from each other and be held accountable by different personnel, there are still a lot of specific people who can see the whole secret." For example, brokerage department of Wind control. "A broker in Shanghai told reporters," according to the Securities Company's proprietary business guidelines, in order to establish real-time monitoring system to monitor the risk of the full range of proprietary business, securities brokerage departments should be able to access the former, middle and back-end business operation information and data.　　This also means that brokerage wind control department is also proprietary trading information a privileged crowd.　　In addition, the Board of directors and investment decision-making bodies that regularly receive risk monitoring reports from the wind control sector are also considered to be privileged persons. Since the proprietary account information can be "privileged" easy to conquer the firewall, then get ordinary customer transaction information is "a piece of cake."　　Shanghai, a medium-sized brokerage Customer Manager told reporters, in addition to the general manager of the sales Department, sales department compliance Commissioner can also see all the customer transaction information, in addition to the Financial advisory Department and the computer Department staff. Shenzhen, a large brokerage account manager told reporters, his hands have a large client's colleagues, the big customer's every move is very clear, even when to buy which stocks, when the sale of the amount of money are at their fingertips.　　Some media reports said securities workers disclosed that ordinary investors ' accounts, as long as the official staff, can be consulted. These "privileged Keys", whichConfidential information, which appears to be "Menson" in the outside world, becomes readily available.　　Subterfuge High-tech means "evil-aiding" reporter in the interview mentioned Sho Junguang "rat storehouse" incident, many employees in private attitude, is "This guy really unlucky" argument, the "Rat barn" is already very flattering. Although securities law stipulates that securities practitioners shall not hold, buy or sell shares directly or by name or by other persons, nor accept shares donated by others.　　No securities practitioners in the interview denied their stocks, but moved out the relevant regulations, "we can not fry."　　Beijing, a brokerage director of a seminar in a Web site privately with reporters that no matter whether the company's office network can carry out stock trading, the company employees who will not be silly to use the office network to Fry, lest leave the operation traces Handhold. The broker also disclosed to reporters some High-tech "no trace" Operation tips, "such as the current 3G High-tech products, you can evade the audit to a certain extent." The above people told reporters, 3G network IP address for dynamic distribution, and now 3G network does not rigidly require real name registration, "even if the real name registration can also borrow someone else's identity card."　　"In addition, the current mobile phone stock software, stock machine, etc., because no real name registration, for the mouse storehouse provides countless scientific and technological convenience."　　In this way, the relevant departments to check the time and manpower costs will suddenly increase: to find out exactly why the transaction IP use, its related links are numerous and complex, very laborious.　　In addition, some brokers said that even in the company's computer, Office mobile phone on the list, its IP and WAP address can also be a certain technical means to disguise and modify, "These are only small technical problems, as long as there is no big loophole, the regulatory department is generally difficult to detect."　　At this time, High-tech became a double-edged sword, not only to help the relevant departments to check the mouse storehouse, but also for the mouse warehouse to provide "subterfuge" convenience. The disclosure of risk control loopholes in the securities companies after the announcement of the "mouse warehouse" statement, April 15, the informer again questioned: "Even as a company executive, even if the securities Company's information technology deputy general Manager, Sho Junguang should not have the right to view the proprietary account, then, Why is he able to keep track of proprietary accounts for long periods of time and convenience? As long as the most basic stock of common sense will understand that there is no real-time view of proprietary trading system authority, how can it be so consistent?　　Dongdengwen, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, said that the company's proprietary disk was long and timely tracking, not only that the internal "firewall" mechanism is not in the same state, but also explained its internal governance structure of the disorder.　　In fact, when the reporter looked up the public information of Xingye Securities online, he found that Sho Junguang, a deputy general manager of the Industrial Securities Information Technology Department, had participated in the comprehensive Analysis system project of Societe Generale Securities customers, and the project won the second prize of the 2009 Securities and Futures Industry science and Technology award. The fund industry's "Rat Barn"Straight is the focus of supervision of relevant departments, since the investment Morgan Fund was reported to have "rat storehouse" and was verified, the relevant departments of "rat storehouse" the crackdown gradually increased, February 28, 2009, the amendment of the Criminal Law (vii), the final serious "rat storehouse" behavior identified as a criminal offence. However, in the supervision of the "rat storehouse" of the securities companies, it has been poorly supervised for the reasons of covert operation, difficult to define, and difficult to obtain evidence. Societe Generale Securities has not been the only case. 2007 Shanghai Securities because of the loopholes in the wind control system was punished by the regulatory level, 2008 Haitong Securities (13.43,0.52,4.03%) Gold analysts suspected of valet financing, 2009, a brokerage in Nanjing, the self-employed staff due to Gaochun ceramics (29.75,-1.09,-3.53%)　　Insider trading was investigated.　　Since last November, the SFC's crackdown on "mouse positions" has expanded to the brokerage level, in view of the recent spate of incidents in rat silos. In this regard, Dongdengwen that the mouse Cang in foreign countries also exist, but generally through the use of foreign heavy severe punishment, as long as the law has sufficient deterrent, coupled with strict supervision, strict law enforcement, the problem can be solved. But it will increase regulatory costs to some extent. "Industry self-discipline is also a very important link, the use of lifelong prohibition as the industry self-discipline is the highest punishment is enough strength." Song Yixin, a securities activist lawyer, also said it was possible to "implement a report reward system" to govern mouse positions. He believes that in the securities industry, the use of Non-public information transactions has actually become "industry unspoken rules", but such cases of inspection, supervision, punishment and the evidence of sanctions is difficult. Therefore, the regulatory authorities and the judicial authorities should encourage the reporting, and implement the report reward system, and even can recover the amount of illegal income by proportional Commission, economic means to fight against economic crimes, to report against insider trading and the use of non-public information trading behavior.