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t “bottleneck effect” of an inadequate flow of multi-use convertible notes, in this period, by virtue of their capital advantage, pulled Outright to cope with the price, so the short side of short selling continued an additional margin and into his own account, creating a “short squeeze” in the market structure, the causes of “3.14 storm”, “3.27 storm” and “3.19 storm” are that, in the cloth of “many short squeeze” market environment, the short side has to a huge sell-off contract, in order to press prices.
 
4.2.2.3 The product design is not quite rational
The basic function of financial derivatives is to transfer risk. However, so much practice shows that during the use of varieties, the risk can not be effective transferred but contrary to expand. This is due to financial derivatives, the decision of its own characteristics--“double-edged sword”, but lead us to no good but harm in the practice, application of the fuse that is not quite reasonable for product design. For example:
The Treasury bond futures. One design feature of this product is to avoid interest rate risk, but because of China's non-market-oriented interest rates, bond prices are fixed maturity, which makes the spot trading of government bonds no risks to be avoided. In this case, the introduction of futures on the national debt becomes a means of speculation, Treasury futures market changes into a major brokerage gambling establishments.
Stock warrants. Stock warrants market is the largest country's financial derivative markets. Its purpose of introduction is mainly to satisfy the split share structure reform, and to meet the non-tradable shareholders to reduce the cost of the price for their current needs, with doctrinal and administrative and welfare of color. The product does not have the market to avoid systemic risk hedging and price discovery function, since the market has been as stroke silly game tools.
 
4.2.2.4 Lack of true market equilibrium price
In China's financial markets, most financial prices is not the perfect market equilibrium price, the difference in the spread between the equilibrium price, that is, the struggle war of idle capital and speculators, which will increase the risk range, and reduce its risk-averse, price discovery function. State foreign exchange controls are stricter and free convertibility of RMB under capital account and the interest rate market had not yet been realized. In 1996 the national inter-bank lending rate CHIBOR unity has emerged, but as far as the British LIBOR rates authoritative guidance, and can not be called a true market equilibrium interest rate. In addition, the State bank deposit and lending rates, treasury bonds interest rate has also imposed controls; the real market interest rates can not be formed.
 
4.2.2.5 Information disclosure system is not perfect
Financial derivative products, prices and interest rates, exchange rates, stock prices and other basic financial derivative product prices are closely related. China is one of the financial countries which have a relatively tight price control, price of financial products market-oriented is not at a high level, so the national policy has greatly impact on price of the financial products, and with closely related to great information disclosure and publication of financial and monetary policies. In countries of more mat本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。