In recent years, cross-border illegal financial activities based on the Internet have become more active. Some of them are platforms and institutions that illegally proxy foreign futures , and there are also many investors who have suffered losses for this.
Recently, Sun Tianqi, chief accountant of the State Administration of Foreign Exchange, said at the 4th Global Financial Technology Summit that in recent years, including overseas institutions providing cross-border stock trading, futures and precious metals services to domestic residents in my country, foreign exchange margin trading, overseas banks provide cross-border account opening services to individuals in my country, cross-border financial management services, cross-border Bitcoin, ICO transactions, digital platforms and cross-border gambling, etc., cross-border cross-border illegal financial activities based on the Internet have become active.
It is understood that at present, the openness of financial services in my country's cross-border delivery model is limited. Only when joining the WTO, some insurance services, securities services, financial information data, etc. have been limited, and most of them have not yet been opened.
However, with the further expansion of my country's opening up to the outside world and the improvement of financial awareness among ordinary people, the demand for cross-border investment among domestic residents has continued to increase. With the legal and limited compliance channels of cross-border investment, some illegal domestic and foreign institutions have arbitrarily recruited investors for cross-border investment, which has attracted countless investors who are ignorant of the inside story and ended up losing heavy losses. In recent years, there have been many investors falling under the blood pool of illegal "foreign futures".
So, in the face of various online trading platforms engaged in foreign futures agency business, how should domestic investors choose? How can you avoid various traps and scams if you have the need to trade foreign futures? When will the door to futures trading in my country be opened? Let me listen to the editor one by one.
Regular foreign trading is not scary. It is the most terrible to mistakenly enter illegal platforms and "traps"
Speaking of foreign futures (also known as "overseas futures"), it refers to futures trading conducted on exchanges in foreign countries and regions outside China. It mainly uses futures contracts in international mature markets such as the United States and the United Kingdom as the trading target, covering multiple varieties such as crude oil, foreign exchange, precious metals, and stock indexes.
For a long time, foreign futures are very attractive to domestic investors in my country, but due to the lack of foreign exchange control and financial openness, the "hole" of foreign futures trading has not been relaxed at home.
In the context of strict supervision, facing the huge and diverse cross-border investment needs of domestic residents, there are many bold illegal institutions wandering in the "gray zone" to attract investors to trade foreign trading. Domestic investors without professional investment and identification will easily get involved. In recent years, there have been countless examples of domestic investors who have been deceived by investing in so-called "foreign futures".
Recently, according to relevant media reports, illegal institutions under the banner of "an agency connecting with Yuanda International Futures" have deceived many domestic investors since last year. It is understood that Ms. Dai from Jiangsu has invested a total of more than 700,000 yuan. At first, she lost money and made money, but later she almost lost money. In the end, when he was selling short positions with heavy positions and then wanted to close the positions, Ms. Dai found that the trading software could not be logged in, which caused the original profitable order to continue to lose money until all the money in the account was lost. Finally, all the deposits and withdrawals were calculated and the loss was about 250,000 yuan. When Ms. Dai reacted and reported the situation to the "agent agency" and "customer service" and asked for compensation, the platform shirked each other, but in the end there was no result, and the "customer service" even blocked her.
Similarly, Mr. Wang met a salesperson of Shenyang Hongye Investment Management Co., Ltd. (hereinafter referred to as Hongye Investment) who claims to be "Yuanda International Futures Agency" online last year. The salesperson also recommended to use Yuanda International Futures to make foreign futures. Mr. Wang invested about 150,000 yuan in advance and afterwards. During this period, the trading software "Xin Manager" had chucks and could not close positions, resulting in serious losses.
After investigation, neither of the above companies has legal qualifications to operate futures business.
"Now, the risk of domestic investors participating in foreign futures trading is mainly the risk of illegal platforms or agencies."Chen Lijun, general manager of Kingsoft Finance, said in an interview with Futures Daily that if it is a formal and legal investment institution or service institution, in addition to the investment profit and loss risks, investors will face risks in exchange for funds, and funds are not free to come and go; if investors choose an illegal institution to do foreign futures, they may face the risk of betting on with the other party's risk and loss of principal.
, general manager of Shanghai Futures Information Technology Gu Mingzhe, told reporters that illegal platforms that hold the sign of trading overseas futures contracts will inevitably have false market conditions, backend settlement and trading mechanisms can be tampered with at will. The margin transferred by investors will not only not be protected, but also may lose all their money in a short period of time.
In addition, according to Zhang Qing, senior international futures researcher and trading manager, the US CFTC and NFA currently provide legal protection for investors in the US to invest in the US futures market. If investors outside the US have their rights and interests damaged when trading US futures through illegal channels or channels, neither US legal nor regulatory authorities will be able to protect the rights and interests of the investor.
Therefore, the editor hereby reminds investors that domestic investors currently have a high risk of trading foreign futures through some online platforms, and they need to choose and invest carefully.
1 You must first recognize the criminals who are wearing the coat of "futures exchange". Any varieties that are not listed in China, such as tea, stamps, coins, art, cultural and creative products or some ownership, often use Fictional or unstable futures trading software attracts investors through T+0, two-way trading, continuous trading, etc., and wait for an opportunity to let investors lose their positions.
2. You must recognize the criminals who are wearing the "overseas trading" jacket. Based on the recent popular options, many criminals attract customers in the form of the Internet, conduct over-the-counter options, binary options or other over-the-counter trading under the name of "financial derivatives". The essence is to bet with customers, and eventually lose money or run away with margin.
3. You must recognize the criminals who pretend to "help you". These types of people are often active in various social software, indicating that they can help you allocate funds, analyze the market, and even provide you with insider information. These pyramid schemes that seem to be able to make money better with them, are Illegal and unqualified are considered fraudulent money with false news.
4: I must recognize criminals who are wearing the jacket of "regular futures companies". Such criminals often attract investors to trade under the name of evading account opening conditions, including the fact that stock index futures does not require 50w, and the conditions for opening options are super low. Through systematic operations, most investors' funds do not enter the market.
Under the current policy framework, under the current policy framework, it is impossible to directly participate in foreign futures trading in China
According to the current relevant regulations of my country, overseas investment institutions and individuals are not allowed to operate overseas futures business in my country without approval, and domestic units or individuals are not allowed to engage in overseas futures trading in violation of regulations. It is also not allowed for overseas institutions to provide futures services to residents in my country.
"Now overseas futures institutions are not allowed to develop business in my country, so no overseas futures institutions can carry out foreign futures business in my country." Zhang Qing said.
Therefore, for investment institutions that claim to be China's general agent of overseas futures exchanges that can represent customers to open overseas accounts and conduct futures contracts such as gold, foreign exchange, crude oil, etc., usually there is no actual business place in the country. Investors should learn to resist temptation, be highly vigilant, and prevent being deceived.
For investors who have the need to invest in foreign futures, there are also formal and legal investment channels in my country. It is understood that for individual investors, they can participate in overseas futures trading through the qualified domestic institutional investors system. According to the "Trial Measures for the Management of Overseas Securities Investment in Qualified Domestic Institutional Investors" issued by the China Securities Regulatory Commission, the investment scope of QDII funds is relatively wide, mainly including stock funds, bond funds and alternative investment funds. Among them, alternative investments include energy (oil, natural gas), commodities, precious metals, etc.
"At present, domestic residents want to directly invest in foreign futures, they can only find overseas financial institutions to open an account and transfer foreign exchange into overseas futures broker accounts for margin trading. The basic path is roughly like this." Gu Mingzhe said that in addition, many futures companies in my country have opened branches in Hong Kong and obtained relevant business licenses from the Hong Kong Securities Regulatory Commission. These institutions are not only regulated by the China Securities Regulatory Commission but also regulated by the Hong Kong Securities Regulatory Commission, but they cannot directly develop their businesses in China.
It is reported that since the regulatory authorities allowed qualified mainland futures companies to set up branches in Hong Kong in 2006, dozens of futures companies including Nanhua Futures, Green Dahua, Yongan Futures, GF Futures, China International, Jinrui Futures, etc. have successively set up branches in Hong Kong. As of the end of 2017, 20 futures companies in the mainland have established branches in Hong Kong. my country's domestic futures companies are also accelerating their "going overseas" to expand their services to overseas markets, and preparing for future international business.
Only with supervision can we be safe. There is still a long way to go for the liberalization of overseas futures trading
From the perspective of the supervision of the entire industry, Sun Tianqi said that there are four reasons why the "cross-border delivery" model of financial services are not open at present: First, the rule of law is not yet sound; second, the market is not yet mature; third, the regulatory capacity is relatively weak and the coordination mechanism is not yet sound; fourth, investors and consumers have limited investment experience and weak ability to identify risks.
Sun Tianqi also said that my country's "cross-border delivery" model of financial services also need to be further opened. In the short term, foreign institutions can be required to provide financial services by establishing a "commercial existence". In the medium and long term, the opening of cross-border delivery model should adopt a positive list and finally a negative list management, so as to continuously expand the degree of openness.
A more open financial market requires more effective financial supervision. Financial services under the cross-border delivery model must have effective access supervision standards, prudent supervision system, behavior supervision system and international supervision cooperation mechanism.
"Strict supervision, widespread demand, and chaos arise." Against this background, my country's overseas futures trading has a long way to go.
But at the same time, we must also see that the cross-border investment demand of domestic investors is becoming increasingly strong. In Cheng Lijun's view, foreign futures investment is a powerful supplement to domestic futures investment. Foreign futures trading has a variety of varieties and can cover more industries, more regions and more markets. Overall, from breadth to depth, domestic investors' demand for foreign futures will become increasingly greater.
Gu Mingzhe believes that for domestic investors, only with supervision can there be safety. Faced with the huge demand for cross-border investment in my country at present, if domestic investors can open up a legal and compliant investment channel, I believe there will be less chaos in the market such as illegal foreign trading. "In opening the foreign futures trading channel, we can learn from the operating model and regulatory mechanism of the domestic futures market, and it must also be combined with relevant overseas national laws and regulations and exchange systems." Gu Mingzhe said.
Zhang Qing also suggested that in order to match the cross-border investment needs of domestic investors, we can provide a legal way and channel for domestic investors to directly invest in overseas futures and derivatives markets, or domestic exchanges deepen cooperation and try to list and trade overseas futures products on domestic exchanges.
Overall, overseas futures brokerage service providers are mixed, and there are also many fake foreign market and gambling agency companies on the Internet. Investors who have foreign futures investment needs should not only wipe their faces and invest through legal and compliant channels to prevent mistakes and scams, but also have to put in a lot of effort to be familiar with foreign market varieties, international trading methods, overseas legal systems, etc., and make various preparations before investment.
Beware of illegal overseas futures trading services and prevent investment risks
Some overseas securities operating institutions cooperate with domestic Internet companies to provide trading channels and services for domestic investors to invest in overseas securities markets through the platform websites or mobile clients of domestic Internet companies.For example, some websites and mobile clients claim to provide trading services for overseas securities such as US stocks and Hong Kong stocks. In this case, can investors participate?
my country's Securities Law stipulates that no unit or individual may operate securities business without the approval of of the securities regulatory authority of the State Council. my country's "Regulations on Supervision and Administration of Securities Companies" stipulates that overseas securities business institutions shall operate securities business in China, and shall be approved by the securities supervision and administration agency of the State Council. At present, except for the qualified domestic institutional investors (QDII) and the "Shanghai-Hong Kong Stock Connect" mechanism, the China Securities Regulatory Commission has not approved any domestic and foreign institutions to carry out services for domestic investors to participate in overseas securities trading.
reminds investors to note: Domestic investors participate in overseas securities market transactions through the platform website or mobile client of domestic Internet companies. Since there is no corresponding legal guarantee and the securities investment accounts and funds are overseas, once a dispute arises, investors' rights and interests will not be effectively protected. Do not participate in such investments to avoid losses. According to current laws and regulations, domestic residents can invest in overseas securities markets through legal channels such as purchasing qualified domestic institutional investors (QDII) fund product shares and participating in "Shanghai-Hong Kong Stock Connect" transactions. Please participate in overseas securities market investment through legal channels to avoid being deceived.
In addition, there are investment companies in the market claiming to be China's general agents on overseas futures exchanges, which can represent customers in opening overseas accounts and conduct futures contract transactions such as gold, foreign exchange, and crude oil. Can investors believe this situation?
According to the "Regulations on Futures Trading Management", no unit or individual may establish or set up a futures company in disguise to engage in futures business (including overseas futures brokerage business) without the approval of the China Securities Regulatory Commission. The measures for domestic units or individuals to engage in overseas futures trading shall be formulated by the China Securities Regulatory Commission in conjunction with relevant departments of the State Council. The China Securities Regulatory Commission has not issued overseas futures brokerage business licenses to any institution, and has not yet issued measures for domestic units or individuals to engage in overseas futures trading.
reminds investors to note: the institutions and personnel of overseas futures agency usually do not have actual operating institutions in China, and the losses caused by investors' participation in such transactions are generally difficult to recover. Since the investment company that opened an account is not a futures company, according to the "Notice on Further Clarifying the Division of Responsibilities in Investigation and Punishment of Illegal Futures Trading" of the China Securities Regulatory Commission and the State Administration for Industry and Commerce, any cases of illegally engaging in overseas futures trading will be investigated and dealt with by the industrial and commercial department. Investors should respond directly to the industrial and commercial administrative department where the investment company is located. If the amount involved in the case is large, you can also report the case to the public security organs and the public security organs can handle it.
This article is from Futures Daily
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