Online fund managers were investigated for OTC options. Do you know what punishment this behavior will face?

Any professional manager in the financial industry has an impulse to use the resources in his hand to make money for himself. There is only the difference between dare and willingness. Whether it is a fund, brokerage, insurance investment or trust, the money in hand is not your own, but your own customers. The duty of professional managers is to create value for customers in principle, and then get their own salary and bonus by creating value for customers. Here comes the problem. Looking at the account I manage, people will naturally think: If only this money were my own.

Especially when I earn money, I can't help thinking: if only all the money I earn were mine. To make this idea not illegal, we must take the form of "carrot+stick". Some financial institutions have provided sufficient incentive mechanisms, such as earning 6.5438+million yuan for the company and distributing 2 million yuan to employees. If you use the customer's funds for your own profit, send it directly.

However, in the field of Public Offering of Fund, many people think that carrots are not enough, and bonus distribution companies have the final say, not just based on their own performance. Some people can't stand it, so they go to private equity. Some people can't stand it, so they have to use their brains. This is what many people have heard. In the past, the rat warehouse was crude. For example, if you are a fund manager and know which stock to buy, let your friends or relatives buy it in advance, so your fund is equivalent to ambushing the stock in advance to "lift the sedan chair".

But there are two problems.

First of all, at present, the means of detecting rat warehouses are very advanced. Many technical talents and industry veterans have been included in the regulatory agencies, and many latest big data technologies have been applied to the regulatory system, which can capture the traces of rat warehouses very sensitively.

Secondly, the way of buying stocks is regarded as a rat warehouse, which is inefficient and even loses money. There is also the game of OTC options.

OTC options have several characteristics:

1, you can leverage.

Interested friends can look at the calculation of leverage ratio of options. In short, the conclusion is that the stock price has gone up by 1 times, and options can go up many times according to time, exercise price, risk-free interest rate and other factors. This is obviously more efficient than using positive shares as a rat warehouse.

2. It is relatively difficult to track.

Unlike options that ordinary people can trade on software, OTC options are financial derivatives made by brokers according to the special requirements of buyers and sellers. Although this commodity is also within the scope of supervision, it is relatively difficult to find a flaw because the terms vary widely.

How to make money specifically?

For example, one day, a customer went to a brokerage firm and said that we needed a special option, corresponding to the combination of five stocks. Now the average share price of these five stocks is 40 yuan. I need you to make me an option with 50 yuan and exercise it in two years. Please give me an offer. For this customer, if the average price of five stocks has been within 50 yuan for two years, it is worthless to buy this option. After all, you can buy it directly in the market if you want. If the average price of five stocks reaches 60 in two years, the value of exercising this call option is there. What many people don't know is that brokers have various personalized services every day, such as making products that don't exist in the market.

As long as there is demand, money and it is not illegal, you can do it. All the broker has to do is take this list and find someone who is willing to sell this option. One way is to find some people who are willing to gamble with such customers. For example, some people just think that the average price of five stocks will not exceed 50, so brokers can be intermediaries. Or brokers can also assemble an option by themselves, dynamically hedge with positive shares and sell it to customers. Then in other distant places, some fund managers began to pull up these five stocks.

On the bright side, you can't find out in advance whether anyone is rushing to buy stocks, but after the increase, the huge return on investment will flow somewhere. As for the punishment, no matter how clever the design of this mouse warehouse is, it still uses the customer's funds to make illegal profits for itself. I think there will be two effects. In the short term, if the evidence is conclusive, then the fund manager should not be punished. This is definitely a severe punishment, refer to previous experience. This time, if we really want to talk about a wide range, it is even more impossible to keep things quiet, and it must be connected with the pot.

Of course, the joint situation is the positive stock related to the call option. If it is the kind that rises too much and the valuation can't be explained, it will also be clicked. Investors will find that it is not the fundamentals, but the rat warehouse. In the long run, this is an upgraded version of the cat-and-mouse game, and the loopholes will definitely be plugged. However, driven by huge interests, some people will ponder new ways of playing. Fund managers buy call options-open positions to raise stock prices-call options soar-brokers passively buy stocks to hedge and help raise stock prices-call options continue to soar.

Then, a large number of stocks are concentrated in the hands of funds and brokers. Of course, the stock market rose peacefully. If it falls, a huge amount of equity will be concentrated in institutions and brokers, which will inevitably lead to stampede. When the net value of the fund falls, the fund manager will still charge management fees, and the losses will be borne by the basic people and the investors who take over the offer. To tell the truth, the current punishment for financial crimes is too trifling. Not only is the fine too low (at least it should be raised to 1000 times the current upper limit), but there is almost no criminal responsibility. For serious financial criminals, the sentence should be life imprisonment. The harm of financial crimes to society, both in breadth and depth, far exceeds isolated homicide cases.

I have always had a prejudice that the so-called "asset managers" are a group of people with the greatest moral hazard. On the one hand, these people have received the best education and mastered the most information. Compared with ordinary people, they are people with great information advantages. On the other hand, these people are closest to money, and they are so close to huge amounts of money that they can be described as people who have experienced the greatest temptation; Finally, this group of people is in the elite world. Although they have high incomes, they are also the people closest to vanity fair. All kinds of "upward" desires are easily aroused, but they are too far away from the suffering of ordinary people. Tens of thousands and hundreds of thousands, these things that are very important to ordinary people are far less than those in their transactions, talking and laughing. These factors are easy to cause moral hazard events.

The so-called "asset managers" who want to deceive the public and achieve themselves have not been mentioned above. These people are pure liars. Their starting point is to cheat you of your money. Therefore, we must be cautious when choosing the role of "asset manager". After all, they want to "manage" your wealth. If you are not careful, they will give you a heavy blow to your property and even your life.