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"Investor Protection, Ming Rules, Risks" Case - Futures Trading Heavy Qualifications Illegal Platforms Are Fascinated

(Summary description)In recent years, illegal futures activities have been in a state of multiple occurrences, especially in the case of illegal futures trading activities in the name of commodity stocks, which have repeatedly banned, seriously infringed on the legitimate rights and interests of investors,

"Investor Protection, Ming Rules, Risks" Case - Futures Trading Heavy Qualifications Illegal Platforms Are Fascinated

(Summary description)In recent years, illegal futures activities have been in a state of multiple occurrences, especially in the case of illegal futures trading activities in the name of commodity stocks, which have repeatedly banned, seriously infringed on the legitimate rights and interests of investors,

Information

In recent years, illegal futures activities have been in a state of multiple occurrences, especially in the case of illegal futures trading activities in the name of commodity stocks, which have repeatedly banned, seriously infringed on the legitimate rights and interests of investors, damaged the reputation of the futures market, and caused adverse effects in society. In the first half of 2017, the inter-ministerial joint meeting of various types of trading venues was held to hold the third meeting and the “Looking Back” work exchange meeting, and the relevant policies and measures regulating local trading places were deployed. At the same time, some district courts have successively made judgments on illegal futures trading activities in accordance with the law, providing a realistic reference for investors to identify illegal futures trading activities, and have a strong warning role.

Take an electronic trading platform as an example. As a trading place reserved after the rectification, the platform relies on the spot, and adopts the standardized contract bidding electronic matching, T+0, daily debt-free settlement, leverage, margin, forced liquidation and other trading methods to collect the fee as profit. mode. However, the general manager of the platform, Xie Mou, deputy general manager Zheng Moumou and Chen Moumou, and other related personnel have developed the so-called “market makers”, and the platform of xylitol, liquid alkali, glycerin, hydrogen peroxide, formaldehyde and oxalic acid. And other parts of the transaction and business outsourcing. These market makers continue to develop agents down. They jointly openly market through the Internet, WeChat, telephone, etc., and use the back-end data provided by the platform to provide “correct intelligence” to induce customers to increase investment with small profits. After the provision of false market information, the way of reverse manipulation of prices, resulting in substantial losses for investors. The market maker and the platform divide the investor's loss funds according to the ratio of 85% and 15%, and the 85% of the customer losses that the market maker will obtain are divided between the dealer and the agent. According to statistics, Xie Mou, Zheng Moumou, Chen Moumou and others jointly obtained illegal benefits totaling RMB 79,723,200. In November 2015, the three people were sentenced to life imprisonment, 13 years in prison and seven years in prison for fraud. They were also fined accordingly.

In cases that have occurred or been decided, criminals often use commodity spot trading as a cover to induce investors to participate in illegal futures trading activities, resulting in loss of investor property. Investors should be highly vigilant in this regard, and pay special attention to the following two points: First, the spot transaction of commodities usually adopts a “one-on-one” negotiation between buyers and sellers to determine the contract terms such as the variety, price, quantity, and delivery date, but cannot take The centralized trading methods such as collective bidding, continuous bidding, electronic matching, anonymous trading, and market makers prohibited by Guofa [2011] No. 38 and Guobofa [2012] No. 37 documents; secondly, physical spot transactions usually occur in commodity spot transactions. Instead of closing the transaction by clearing the bid-ask spread. If someone is persuading you to participate in the "commodity spot transaction" that does not conform to the above characteristics, please be careful to be involved in illegal futures trading activities and report to the local public security organs.

Article 6 of the Regulations on the Administration of Futures Trading clearly stipulates that no unit or individual may establish a futures trading place or organize futures trading and related activities in any form without the approval of the State Council or the approval of the futures regulatory authority of the State Council. However, in practice, futures trading is often used by criminals because of its special trading system, and the establishment of various spot trading platforms or centers, which is suspected of illegal business. In fact, to identify illegal futures activities, we only need to consider the following four perspectives: First, identify the subject qualifications. According to the above provisions, the futures business needs to be approved by the China Securities Regulatory Commission and obtain the corresponding business qualifications. Otherwise, it will be an illegal institution. Investors can log on to the website of the China Securities Regulatory Commission, the China Futures Association website to check the information of legal futures operators and their employees, or verify the information of relevant institutions and personnel with the local securities regulatory bureau. The second is to identify marketing methods. Some lawless elements like to use "teachers" and "deity" to live on their own, often issuing as long as they follow him, they can make big money and so on, only emphasize the benefits of not paying attention to the risk of sharp rhetoric. Investors need to know that any investment in financial products, including futures, follows the basic principle of “high returns must accompany high risks” and there is no good product that “falls in the sky”. Legitimate futures operating agencies are guided by the appropriateness system and pay attention to “selling the right products to suitable investors”. Such false propaganda is not allowed. Investors encounter such exaggerated propaganda techniques, please be sure to pay attention to vigilance. The third is to identify the Internet website. The websites of illegal futures websites are often composed of letters and numbers with no special meaning, or counterfeit methods are used to change or add letters and numbers on the basis of the websites of legitimate futures operators. Investors can check the website of the legal futures operating agency through the website of the China Securities Regulatory Commission or the China Futures Association website to identify illegal futures websites. Investors should not log in to the illegal futures website, so as not to get into the trap and be deceived. The fourth is to identify the payment account. A legal futures operating agency can only conduct business in the name of a company, and can only open a bank account in the name of the company, and illegal institutions often open a collection account in the name of an individual. If someone asks an investor to put money into an account opened in the name of an individual, the investor can decisively refuse.

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