New stock breaking mmmm affecting sleeve protecting nerves

Source: Internet
Author: User
Keywords said that the stock break
Tags .net broken financial high index ipo it is market
Xie Lu Jin faced with surging new shares "broken mmmm", "hedging" This topic again by the industry attention. The so-called "hedging" refers to the institution in the purchase of cash to do the same time in the corresponding target of the financial derivative of the Open warehouse, in order to lock the future risk.  It is noteworthy that in order to obtain a sufficient scale of chips, institutions in the new share purchase will be more through the net placing the way, and these new shares to be "locked" 3 months to market circulation, once the market has systemic risk, then, institutional investors can only consider themselves unlucky. Some market participants believe that the adoption of a certain "hedging" means, to a certain extent, to control the risk. For example, when the IPO price is too high, and the two-tier market has a huge downside risk, institutional investors can participate in the Shanghai and Shenzhen 300 index futures, through the "short" Index to "resist" the downside risk of new shares. It should be reminded that the above means are only "deformation hedging". Because the current stock index futures are based on the Shanghai and Shenzhen 300 index as the object, not the new shares index. Even the "hedging" approach, as some institutional investors say, is a far cry from what the tool meant. The head of an agency said it might be a "arbitrage" to market systemic risk if it is worried about "break" of new shares and "shorting" stock index futures. "This kind of ' pseudo hedging ' behavior is more, may cause the market to create the bigger turbulence." He said that under the new system under the network, not every institution will get the IPO under the network and assume the "break" risk. Therefore, in the person in charge, the new shares "broken mmmm" for all types of new stock participants are a sobering.  But in any case, it is necessary to have a tool to defuse some of the risks for the big ship-turning. In the interview, there are many agencies in charge of the "first financial daily" that the new shares priced too high, institutions can not participate. "Now the gem is priced so high that participation in the Web placement may be involved in risk." "The investment director of an agency said that there was basically no risk of failure to issue a domestic IPO, so that the sponsors and the company did not have too many constraints, which made the two-tier market participants almost assumed huge risks." Under the background of marketization of IPO mechanism, it is believed that more and more participants will pay more attention to the risk of new shares and be responsible for their actions. In this sense, to fundamentally eliminate the high pricing of new shares, the key is the need for a reasonable system and the rationality of the participants.
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