Break through
The capital in D D when
Wang Wei builds
MSN:Club4trader@hotmail.com
Settling professor in on April 20,2006 Chinese bond frequently in the once of newspaper visits to talk have expressed such viewpoint: The characteristic of big bull market of this ship international merchandise market is " China is short of what merchandise, what merchandise rises in price ". International fund on international merchandise market add fuel to the flames , let Chinese agricultural product and the importer group of industrial goods of raw material have paid out not little cost in past few years. The spring CBOT soybean incident of 2004 years, the spring of 2006 years country stores up department throw copper incident, and in 2004 navigation oil when option of crude oil makes empty incident is well-known.
The author of this text some of attempt and frequently total communication, want to suggest that another analyses train of thought and solving schema, and separated many years frequently teacher may make some spark of train of thought merely, it is angry to be not enough to transport , it is still expecting.
" everybody interface"
Present field broad for the viewpoint of explaining above-mentioned phenomenon of accepting is the speculative fund on international market and index fund is for China and Asia raw material demand research is thorough, for macroscopic economic period have overall consideration. These indeed is Chinese fund one that is baffled in international merchandise market big background factor. However all whether also realize , the reason on these mesas domestic personage can not untie more actually? It has obvious logic leak with the reason of this all explanations.
Basis the actual trade experience of the author in CBOT and and the alternating exploration of colleague members, put forward viewpoint: Trade channel not Yin secret and clumsy is the more major factor of above-mentioned incident actually. In current capital fund participation world derives article market, it is still to announce single way with out of date broker to march into the arena , not because the interface " person - machine" like the bond futures trading of operating domestic, knock single admission. Though profession credibility requirement broker keeps secret for customer to trade instruction, however" person - person" the essence of interface has decided this kind of single way backward and low effect, as well as the possibility of divulging the secret. Actually, along with electron melt go deep into step by step, the merchandise trade of America is also realizing the whole platform " person - machine" step by step.
Option market and securities market have one go up can not the difference of mesa, that is that option market needs sometimes" first meat"( fund contribution), securities market may not. The function of merchandise futures trading is transfer risk and price discovery, in this process, profession does not create expression wealth , but is transfer wealth. Securities market may create wealth , the past stock bull market of 1 or 2 years, do not create a lot of billionaires? The bull market of a merchandise is left empty if nobody does apparently, so fund contribution is last besides from option market consumer come to undertake. People when complaint blame the business of real estate will room price pulls the more is the more high, actually you want to have understood , the business of real estate is the processing link of lower reaches of raw material only. People undertake actually is the markets of raw material such as cement metal land last price goes to the high last cost of " meat head ".
Their advantage,
Market maintains operation, need cost, so the inborn existence of option market for" first meat" is thirsty to beg , without the new big household of experience because of shortcoming knowledge and education, can often not enter this role voluntarily to play the role of. Sometimes, market is really hungry, if capital risk is controled un-efficiently, relative mature capital big household can also enter role to play the role of. The author has stored up department with country several year ago to hold a plate of hand , have had contact, his experience is rich and is collected in low-key, for last year that risk incident, my total feeling should have the what reason that he can not say. The copper market of LME is typical banker market. There are two big ultimate clusters in western mainstream financial market: Instruction sheet drive market and price drive market. Instruction single drive market also calls concentration open auction market( as the stock market of Paris and Tokyo), price drive market also calls banker market dealer market( as Nasdaq). The stock exchange of New York is the comprehensive body of two.
We know , in financial market, credibility and is the morals rule of profession for customer conservative trade secret. But have no very tight hard punishment system to superintend this rule. The stroke of big fund turns , trading execution and the transmission of instruction if the whole words that natural person comes to to be completed , it will be the matter that can not avoid to divulge the secret. Often when remarkable risk incident quilt before media exposure, cry out openly the market of price has long spread the inside story of this kind of incident early. Amaranth on the market of New York of last year of natural gas mostly head early in initial stage quilt cover the time of living , in site, have known this matter. The broker in site they this kind of message share fast to consider as their advantage proudly. This time, you look after me, my next care you, this is just partner relation, not is? It is the relative advantage of this kind of person of vested interest just, is easy with site diplomacy person relative disadvantageous have brought up the shortcoming of open outcry markets is fair, have deviated from the original intention of 3 public principles to some extent. The one of major obstacle of this kind of advantage behind that supports strength to also only hinder American and global merchandise market overall electron to melt.
Zero second
International finance derives the Chinese fund on article market is the condition of the international prey of idle fund the propulsion that will melt along with overall electron is occuring gradual change. In the future, hide our fund tendency, trade tendency and money consciously to expose as well as select the high speed trade passageway " person - machine" of zero second execution and zero second repayment , will become Chinese fund to avoid the international monitor of idle fund , so avoid to become the only way of group prey.
Therefore, when " national futures regulation " enact afterwards big policy background take off, the author suggests the professional in field to take place manage for U.S.-Europe study and the active research of profession, on net, the cooperation of trade platform is studied. Government superintendency department inclines to protect the domestic healthy encouragement policy of profession that develops by order and has duty reinforced this respect more. Transmiting outside a plate of trade instruction " carry out person - person " interface platform transfer goes to " person - machines " on interface platform, it will be a important perspective subject of Chinese fund. The thing on textbook is out of date long ago, the development that wide band links mutual in China history just 67 years. The author offers related message another writing special analysis , the introduction futures of whole USA of top 50th manage the ranking of business, as well as the wind cloud change in past 56 years, please pay attention to.
Domestic investor the American securities trader that place does not know " profit thorough group" Interactive Brokers is in which one has quick one of competitiveness and development to directly march into the arena the platform of Direct Access. The law that market follows because of various finances stipulates , is different, so the most manage business offers a kind of trade tool service. For example, on American net, securities trader Scottrade offers the service of bond trade only, the most foreign exchanges manage business offers Forex trade runway, offer the trade runway of noble metal less partially simultaneously. In that name list, the discovery of the author only profit thorough company has the function of " 4 joins one ", a account may be at the same time traded and hold the money of bond, futures, option and foreign exchange, and since the use of whole machine interface makes the trade cost that they offer pretty low, full automatic, risk monitoring means have maintained sustainable development.
Know market,
Present domestic futures manage the high pipe of field has this kind of universal knowledge: Hope can enjoy foreign countries to manage the information service and news that business offers , know the tendency of market completely , hope to be able to be helpful more to trade exchange with market. This not know 100 that intimate wars not danger? However, only through actual outside a plate of trade talent, it is actual to discover the truth that had been hidden somewhat: You know through broker market at the same time, in not conscious self also bare in the field of vision for hand. Fund scale, trade motive, profession background and trade habit had been grasped completely by competitor. And, pass through the basic surface that broker knows actually is " sluggish news surface ", what it has really the operation that worths is those to analyse the perspective analysis report that research organization offers and has the nature of Soft Dollar. This kind of analysis report unless probation period, at the most of other times, collect fees, or broker a kind of return servant form or service content. This one is necessary to know before opening an account is clear to have this service.
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