Non-tradable transactions follow the large volume of bulk trading into arbitrage "new favorite"

June 17, the Shanghai Composite Index was once again standing on the top of 2,800 points, the same day, the exchange of bulk trading market "non-tradable" transactions also appeared "volume."　　Shenzhen's big deal data showed that there were 19 major deals on June 17, and the rest of the time was fairly quiet since June, with 17 and 14 deals Shenzhen on the two trading days of June 3 and 4th, respectively. The subsequent bulk trading information from the SSE also showed that the day's big deal was 13, with the number of such deals being second only to June 12, and June 12 to Zijin Mining (601899).　　SH) executives "resell" each other through the bulk trading market, adding 11 Zijin mining deals.　　Although the number of transactions has increased, but the deal is not active, the exchange of the bulk of the trading market on the day of the transaction amount of only 180 million yuan, the same day the turnover is only 280 million yuan. In each brokerage's sales and trading department and some big brokerage department, many of the big clients are "enthusiasts" of large deals, which are huge, but are adamant that they do not buy equities from the two tier market, "all of which are focused on the bulk of the deal, and the index has risen a lot since this year, But they are determined to do only the bulk trading arbitrage.　　A sales trader at a securities firm told reporters. "We have a common customer here can eat the 200 million amount of ' size '," the market for ' non-tradable ' demand is very large, only through the bulk of the market transactions ' non-"sellers too little.　　The person said.　　Large-volume trading unspoken rules the existence of these arbitrage funds has also formed some unwritten rules in the bulk trading market. So far, the arbitrage space in the bulk trading market has been squeezed to very low.　　The big deal is now a seller's market, so buyers ' bids have led to a very low discount rate for bulk deals, but there are still people who are obsessed with it.　　Bargaining is a major focus of trading. According to the relevant rules of the exchange, the bulk transaction price must be between the day of the fall of the plate. But when it comes to real deals, the usual bargaining method for the bulk market is to make a deal in advance by agreeing to a nine discount on the day's closing price.　　If the day closed a sharp drop, the agreed price is lower than the price range stipulated by the exchange, then the same day does not deal. "This way of pricing is actually in the transaction to determine the buyer to sell the second day of potential arbitrage space, such as the closing price is 95 percent of the day, then as long as there is no big problem, buyers have 5% of the space to sell stocks."　　"A buyer who has been involved in a large deal many times said. But 95 percent is now hard to say, "The last few months have often talked about the closing price of 90 percent or 92 percent, and now 95 percent is good." Sellers are demanding more and more.　　said the person. From the June 17 Shenzhen of the day of the transaction can also be seen, the bulk of the transaction price and two-tier prices between the difference has been greatly compressed. In deepOf the 7-a-share deals traded in the bulk trading market, Suning appliances (002024). SZ) and the radio and Television Express (002152.SZ) are premium transactions (the transaction price is higher than the closing value).　　In the remaining 5 transactions, the price of the deal with the close, the most discount Guangzhou friendship, and only 096 percent. "Buying at a premium is definitely not possible, and these are not going to be our money deals." Others are hard to say, if the total cost is controlled at 97 percent, some of the more liquid varieties we would like to buy.　　said the person.　　Besides the rules of bargaining, another principle of arbitrage funds is to not judge market trends. "The amount of money that makes a big deal is only a discount to the closing price of the day, and they don't judge the market trend, they never think about selling it down through the two-tier market."　　"The sales and trading department of the Securities company told reporters.　　Arbitrage Fund flooding now, not only "the non-tradable", as long as the risk of low-risk opportunities, are arbitrage funds to compete for the goal. "If I were to use an exponential index to describe the tightness of liquidity, 100 represents a very loose state of liquidity, and 0 represents a state of extreme liquidity, in general, liquidity easing in the first half of this year is likely to be at 90 or higher levels, Most of the time last year it was below 30.　　"Gao Shanwen, chief economist at Shun Securities, described the current situation of liquidity flooding," the Securities Investment strategy held on June 16. "Now the structural sunshine Private is very hot, as long as the commitment to use their own funds to give investors about 7% of a year's earnings commitment, investors are swarming."　　A trust person told reporters.　　Structured private-equity products and buying "non-tradable" goods through the bulk market, although the different types of investment, but behind the strong demand for low-risk varieties. Excess capital, the risk of the accumulation of the two-tier market, which has become the impact of the capital market in June, the main contradictions.　　A-share market recently in 2,700 to 2,800 points between the concussion, many brokerage strategy reports have indicated that the market risk accumulation.　　While the periphery market has been the first to adjust, the U.S. stock market has plunged two consecutive days, most of the world's stock market also followed the fall of U.S. stocks, Hong Kong stocks are following a A-share or follow the Hong Kong stocks wavering. Therefore, faced with the risk of the two-tier market, a large number of nowhere to invest around the capital market competition for a small number of low risk investment opportunities.