CIC Issued The First Term Trading Ticket.

Yang bought himself for sale since he was banned for two weeks.

China's Financial Futures Exchange yesterday announced that it had taken measures to limit the opening of two weeks for suspected illegal customers.

This is the first ticket issued by China gold since the stock index futures went public in April 16th.

It is reported that in the monitoring of CICC found that a Futures Company customer Yang in the paction process, a number of pactions on their own to buy and sell themselves, suspected of violating the relevant provisions of the rules.

Through the telephone reminder, sending the regulatory warning letter, and meeting with the members of the company's executives, the CICC has reminded customers repeatedly that they need to regulate the trading behavior, but the pactions are repeated.

In order to regulate market trading behavior and maintain the normal trading order of stock index futures market, CICC recently adopted measures limiting the opening of the stock market for two weeks.

Relevant officials in CICC said that in order to standardize the market order and protect the interests of investors, CICC insisted on strict supervision and management, actively implemented the front-line regulatory duties, maintained a high pressure on improper trading behavior, and further intensified monitoring efforts.

For some serious customers, more stringent regulatory measures will be adopted.

According to the twenty-second paragraph and the third paragraph of the regulations on breach of contract in CICC, if a member or a client appears to buy himself for himself, affecting the futures trading price or the volume of futures trading, he or she will be ordered to make corrections, and he can take such measures as conversation reminder, written warning, criticism, public condemnation, limited opening, forced liquidation, suspension or restriction of business, adjustment or cancellation of membership according to the seriousness of the case.

Yesterday, stock index futures traded 362 thousand hands, the highest since listing.

It is understood that, due to the crash of stock index futures, A shares fell sharply, triggering many disputes in the market, including questions about the huge volume of pactions in the current market.

There is a view that such a large volume of pactions may be made by short-term speculation. A more extreme approach is like buying a self selling product, increasing the volume of trading by buying an illegal customer. In addition, it tries to make profits through short term high-frequency trading, but excessive short-term trading will send false price signals to the market and aggravate market volatility.

However, the other side believes that the main risk of futures market is liquidity risk. If the market has enough trading volume, it will enable the hedging and price discovery function to function normally, but the premise is not to violate the paction.

On the 19 day, CIC issued the first "ticket" for the futures market, and took measures to limit the opening of the warehouse for two weeks.

According to the announcement, a Futures Company customer Yang appeared in the paction process several times to buy and sell himself as a trading object, violating the relevant business rules of CICC.

Generally speaking, the main reason for buying and selling self purchase behavior is that some intertemporal arbitrage clients do this operation for the purpose of enlarging or reducing the basis difference, so as to gain more profits.

The industry believes that the first "ticket" is still in the "growth period" of the index is of great significance.

Hu Yuyue, director of the securities and Futures Research Institute of Beijing Technology and Business University, said that the departments concerned began to monitor strictly at the beginning of the futures market and could play an important role.

In particular, after the entry of large funds such as funds and private placements, if the agency has such a "knock on" behavior, it will have a great impact on the market and may cause losses to retail investors.