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今年3月26日,金融界爆出了一条震惊世界的消息:经营233年的英国巴林银行在日经指数期货交易中出现灾难性亏损,因而陷入了倒闭的绝境。无独有偶,几乎同时,2月23日,上海证交所爆出了被称为“327”风波的国债期货交易丑闻．殃及20多家证券公司的生存。从新加坡到上海,两个互不关联的事件,给我国尚在襁褓中的证券市场重重敲响了警钟:衍生金融工具如果管理失当、失去控制,会造成灾难性危机。5月18日,中国证监会审时度势,果断决定暂停国债期货交易试点,这足以说明我国证券市场存在的严重问题。
On March 26 this year, the financial community broke the news of a world that was shocked: the 233-year-old British bank of Bahrain suffered a catastrophic loss in the Nikkei futures trading and thus fell into desperation. Coincidentally, at the same time, February 23, the Shanghai Stock Exchange broke the so-called “327” turmoil treasury bond futures scandal. Affect the survival of more than 20 securities companies. From Singapore to Shanghai, the two unrelated events have sounded the alarm for our still-sluggish securities market: mismanagement of derivative financial instruments and loss of control will result in a catastrophic crisis. On May 18, China Securities Regulatory Commission (CSRC) scrutinized the situation and decisively decided to suspend the trial of treasury bond futures trading, which is enough to illustrate the serious problems in China’s securities market.