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国债327事件事件始末真相

来源: 南方日报网络版     时间: 2019年05月22日 10:05:31
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同乐城娱乐|首页平台直属招商最高㊖100返9♔诚招代理【微信QQ同步】860925559 腾讯分分彩,腾讯5分彩,腾讯10分彩,时时彩龙虎和,U米彩票代理,U米官网,U米平台注册,U米乐官网,U米娱乐官方网站。国债327事件事件始末真相
上海美领馆深夜遭轿车冲撞 哨兵受伤一度昏迷 广西梧州致1死8伤案嫌犯跳江自杀 警方寻获尸体 内蒙古根河一车间大火致6死 火灾原因查明(图) 俄一架战机坠毁 致两名飞行员死亡 IMF问诊埃及经济(图) 伊朗举行集会庆祝伊斯兰革命胜利36周年 知情人:快的和滴滴正谈合并 未来几天或宣布 “坚果返航”肇事者赵显娥被判刑1年 落马县委书记:只要我一张口 下面没有敢说话的 山西吕梁一官员坠亡 官方未解释原因 中国摄影记者获荷赛大奖 梅西凝视大力神杯神伤 东部太太团:詹皇人生赢家 霍福德娇妻世界小姐 芭提雅赛郑赛赛不敌汉娃 段莹莹德比战获退赛礼 35城市住宅库存11个月来首降 多地楼市“脱险” 市面上现“中国儿童银行”假钞(图) (  【国)(债)(327事)(件)(】“那)(时)(候)(整)(个)(市)(场)(就)(投)(机)(过)(度)(,天)(天)(涨)(停)(板)(又)(天)(天)(跌)(停)(板)(都)(很)(正)(常)(,波)(动)(太)(大)(,不)(停)(地)(心)(惊)(肉)(跳)(,心)(脏)(不)(好)(都)(做)(不)(了)(期)(货)(。”327事)(件)(亲)(历)(者)(上)(海)(睿)(福)(投)(资)(管)(理)(公)(司)(创)(始)(人)(付)(爱)(民)(如)(是)(说)(。作)(为)(一)(个)(国)(债)(期)(货)(合)(约)(的)(代)(号)(,“327”对)(应)(1992年)(发)(行)(、1995年)(6月)(到)(期)(兑)(付)(的)(3年)(期)(国)(库)(券)(,发)(行)(总)(量)(240亿)(元)(。
  327回)(溯)(血)(色)(8分)(钟)(
  1992年)(12月)(,上)(海)(证)(券)(交)(易)(所)(设)(计)(并)(推)(出)(12个)(品)(种)(的)(期)(货)(合)(约)(。次)(年)(,财)(政)(部)(决)(定)(参)(照)(央)(行)(公)(布)(的)(保)(值)(贴)(补)(率)(,给)(予)(一)(些)(国)(债)(品)(种)(保)(值)(补)(贴)(。国)(债)(收)(益)(率)(炒)(作)(空)(间)(扩)(大)(,国)(债)(市)(场)(开)(始)(火)(爆)(,聚)(集)(资)(金)(量)(远)(远)(超)(过)(股)(市)(。
  当)(时)(国)(家)(提)(出)(三)(年)(内)(大)(幅)(降)(低)(通)(货)(膨)(胀)(率)(,到)(1994年)(底)(、1995年)(初)(,通)(胀)(率)(已)(经)(被)(控)(下)(调)(了)(2.5%左)(右)(。国)(内)(最)(大)(券)(商)(万)(国)(证)(券)(总)(经)(理)(、“证)(券)(教)(父)(”管)(金)(生)(预)(测)(,327国)(债)(的)(保)(值)(贴)(息)(率)(应)(维)(持)(在)(8%的)(水)(平)(,不)(可)(能)(上)(调)(。按)(照)(这)(一)(计)(算)(,327国)(债)(将)(以)(132元)(的)(价)(格)(兑)(付)(。当)(市)(价)(在)(147元)(至)(148元)(波)(动)(时)(,万)(国)(证)(券)(联)(合)(高)(岭)(、高)(原)(兄)(弟)(执)(掌)(的)(辽)(宁)(国)(发)(集)(团)(,开)(始)(大)(举)(做)(空)(。
  他)(们)(的)(对)(手)(,是)(隶)(属)(于)(财)(政)(部)(的)(中)(国)(经)(济)(开)(发)(信)(托)(投)(资)(公)(司)((中)(经)(开)()和)(众)(多)(市)(场)(大)(户)(。
  当)(所)(有)(空)(头)(以)(市)(场)(化)(的)(眼)(光)(断)(定)(保)(值)(贴)(补)(率)(不)(可)(能)(再)(增)(加)(时)(,财)(政)(部)(发)(布)(公)(告)(称)(,“327”国)(债)(将)(按)(148.50元)(兑)(付)(,保)(值)(贴)(补)(率)(竟)(然)(提)(高)(到)(12.98%!
  1995年)(2月)(23日)(一)(开)(盘)(,双)(方)(展)(开)(生)(死)(厮)(杀)(,下)(午)(辽)(国)(发)(的)(高)(氏)(兄)(弟)(看)(到)(势)(头)(不)(对)(,突)(然)(调)(转)(枪)(口)(做)(多)(,万)(国)(证)(券)(被)(逼)(进)(死)(胡)(同)(,面)(临)(60亿)(元)(巨)(亏)(。
  收)(市)(前)(8分)(钟)(,万)(国)(证)(券)(违)(规)(下)(单)(,透)(支)(卖)(出)(国)(债)(期)(货)(。最)(后)(一)(个)(卖)(单)(对)(应)(面)(值)(1460亿)(元)(,而)(327国)(债)(总)(价)(值)(仅)(仅)(300多)(亿)(元)(。如)(果)(按)(照)(收)(盘)(价)(交)(割)(,以)(中)(经)(开)(为)(代)(表)(的)(多)(头)(将)(出)(现)(约)(40亿)(元)(的)(巨)(额)(亏)(损)(,全)(部)(爆)(仓)(。
  当)(晚)(十)(点)(,上)(交)(所)(经)(过)(紧)(急)(会)(议)(后)(宣)(布)(:2月)(23日)(16时)(22分)(13秒)(之)(后)(的)(所)(有)(交)(易)(是)(异)(常)(的)(、无)(效)(的)(,当)(日)(327品)(种)(的)(收)(盘)(价)(为)(151.30元)(。市)(场)(被)(上)(交)(所)(翻)(转)(。
  在)(这)(场)(资)(本)(市)(场)(的)(空)(前)(对)(决)(中)(,当)(时)(28岁)(的)(魏)(东)(、29岁)(的)(袁)(宝)(tq[)(?4岁)(的)(周)(正)(毅)(以)(及)(30岁)(的)(刘)(汉)(,完)(成)(了)(最)(初)(的)(原)(始)(积)(累)(。
  赢)(家)(魏)(东)(纵)(身)(一)(跃)(
  327国)(债)(期)(货)(深)(刻)(改)(变)(了)(中)(国)(证)(券)(市)(场)(的)(进)(程)(。
  万)(国)(证)(券)(亏)(损)(56亿)(元)(濒)(临)(破)(产)(。万)(国)(证)(券)(被)(申)(银)(证)(券)(接)(管)(,管)(金)(生)(被)(捕)(入)(狱)(,辽)(国)(发)(高)(岭)(兄)(弟)(人)(间)(蒸)(发)(,至)(今)(踪)(迹)(皆)(无)(。
  此)(后)(,中)(国)(证)(监)(会)(鉴)(于)(当)(时)(不)(具)(备)(开)(展)(国)(债)(期)(货)(交)(易)(的)(基)(本)(条)(件)(,作)(出)(了)(暂)(停)(国)(债)(期)(货)(交)(易)(试)(点)(的)(决)(定)(。至)(此)(,中)(国)(第)(一)(个)(金)(融)(期)(货)(品)(种)(宣)(告)(夭)(折)(。整)(整)(18年)(后)(,直)(至)(2013年)(方)(才)(恢)(复)(。
  被)(市)(场)(所)(诟)(病)(的)(是)(,无)(论)(赢)(家)(还)(是)(输)(家)(都)(出)(现)(了)(严)(重)(违)(规)(。而)(中)(经)(开)(一)(方)(,因)(为)(跟)(财)(政)(部)(存)(在)(千)(丝)(万)(缕)(的)(联)(系)(,一)(直)(让)(人)(怀)(疑)(其)(涉)(嫌)(内)(幕)(交)(易)(。
  后)(来)(有)(传)(闻)(说)(,在)(327国)(债)(期)(货)(事)(件)(中)(,中)(经)(开)(高)(层)(和)(魏)(东)(通)(过)(可)(靠)(渠)(道)(,获)(知)(了)(财)(政)(部)(底)(牌)(:327国)(债)(将)(按)(148.50元)(兑)(付)(。甚)(至)(有)(传)(闻)(说)(,多)(方)(通)(过)(游)(说)(改)(变)(了)(原)(来)(的)(兑)(付)(方)(案)(。
  魏)(东)(当)(时)(28岁)(,研)(究)(生)(毕)(业)(仅)(2年)(,曾)(在)(中)(经)(开)(执)(掌)(证)(券)(部)(。在)(这)(场)(战)(役)(中)(,魏)(东)(被)(媒)(体)(描)(述)(为)(中)(经)(开)(事)(实)(上)(的)(主)(要)(操)(盘)(手)(。
  在)(327国)(债)(事)(件)(中)(,有)(消)(息)(称)(魏)(东)(个)(人)(赚)(了)(约)(2个)(亿)(,此)(后)(魏)(东)(创)(立)(自)(己)(的)(公)(司)(并)(控)(股)(九)(芝)(堂)(、千)(金)(药)(业)(和)(国)(金)(证)(券)(等)(上)(市)(公)(司)(,“涌)(金)(系)(”大)(业)(初)(成)(。
  2008年)(的)(一)(个)(夜)(晚)(,41岁)(的)(魏)(东)(在)(接)(受)(调)(查)(、被)(问)(话)(几)(天)(后)(,从)(北)(京)(一)(栋)(高)(楼)(的)(17层)(一)(跃)(而)(下)(,身)(后)(留)(下)(巨)(大)(的)(谜)(团)(。当)(年)(6月)(8日)(,涌)(金)(系)(掌)(门)(人)(魏)(东)(身)(故)(的)(第)(32天)(,原)(国)(开)(行)(副)(行)(长)(王)(益)(被)(中)(纪)(委)(“双)(规)(”,外)(界)(认)(为)(这)(是)(魏)(东)(事)(件)(的)(余)(波)(。
  时)(至)(今)(日)(,涌)(金)(系)(作)(为)(资)(本)(市)(场)(的)(一)(支)(重)(要)(力)(量)(,仍)(然)(非)(常)(活)(跃)(。公)(开)(消)(息)(显)(示)(,2008年)(6月)(,魏)(东)(之)(妻)(陈)(金)(霞)(被)(推)(上)(前)(台)(,正)(式)(接)(掌)(涌)(金)(系)(百)(亿)(元)(资)(产)(。陈)(金)(霞)(通)(过)(湖)(南)(涌)(金)(及)(九)(芝)(堂)(集)(团)(合)(计)(持)(有)(国)(金)(证)(券)(43.25%的)(股)(权)(;通)(过)(九)(芝)(堂)(集)(团)(持)(有)(九)(芝)(堂)(40.35%的)(股)(权)(。陈)(金)(霞)(本)(人)(持)(有)(上)(海)(汇)(能)(投)(资)(管)(理)(有)(限)(公)(司)(45%股)(权)(,并)(通)(过)(上)(海)(汇)(能)(持)(有)(广)(汇)(股)(份)(12.47%的)(股)(权)(,再)(加)(上)(通)(过)(湖)(南)(涌)(金)(持)(有)(千)(金)(药)(业)(17.32%的)(股)(权)(。
  资)(料)(显)(示)(,陈)(金)(霞)(此)(前)(曾)(在)(中)(国)(经)(济)(开)(发)(信)(托)(投)(资)(公)(司)(任)(职)(,而)(魏)(东)(及)(其)(涌)(金)(系)(正)(好)(是)(依)(靠)(中)(经)(开)(狙)(击)(万)(国)(证)(券)(成)(功)(而)(跃)(升)(为)(资)(本)(大)(鳄)(的)(。
  上)(海)(交)(大)(高)(金)(院)(副)(院)(长)(、金)(融)(学)(教)(授)(朱)(宁)(认)(为)(,从)(“327事)(件)(”当)(时)(的)(市)(场)(环)(境)(来)(看)(,实)(际)(上)(并)(不)(具)(备)(发)(行)(国)(债)(期)(货)(的)(条)(件)(:现)(货)(市)(场)(并)(不)(活)(跃)(,相)(应)(就)(不)(会)(有)(发)(达)(成)(熟)(的)(衍)(生)(品)(市)(场)(。
  在)(付)(爱)(民)(看)(来)(,327事)(件)(是)(肯)(定)(会)(发)(生)(的)(风)(险)(事)(件)(。当)(时)(的)(国)(债)(期)(货)(就)(像)(一)(辆)(马)(力)(全)(开)(的)(列)(车)(,没)(有)(刹)(车)(、没)(有)(限)(速)(,迟)(早)(要)(出)(事)(故)(。
  具)(体)(而)(言)(,付)(爱)(民)(认)(为)(当)(时)(国)(债)(期)(货)(交)(易)(制)(度)(设)(计)(缺)(失)(,一)(味)(追)(求)(市)(场)(规)(模)(和)(交)(易)(量)(,存)(在)(交)(易)(保)(证)(金)(过)(低)(、无)(涨)(停)(板)(设)(置)(、未)(控)(制)(持)(仓)(限)(额)(等)(问)(题)(。
  此)(外)(,盘)(中)(交)(易)(监)(管)(缺)(失)(也)(在)(327事)(件)(中)(暴)(露)(无)(遗)(,“327事)(件)(的)(黑)(色)(8分)(钟)(充)(分)(暴)(露)(了)(当)(时)(盘)(中)(监)(管)(的)(缺)(失)(,违)(规)(行)(为)(只)(有)(在)(事)(后)(才)(被)(知)(晓)(。”付)(爱)(民)(还)(回)(忆)(称)(,当)(时)(不)(只)(是)(国)(债)(期)(货)(问)(题)(多)(,其)(他)(类)(型)(期)(货)(也)(出)(现)(了)(很)(多)(漏)(洞)(。
  一)(个)(不)(可)(忽)(略)(的)(事)(实)(是)(,在)(“327事)(件)(”发)(生)(当)(日)(证)(监)(会)(才)(发)(布)(了)(《关)(于)(加)(强)(国)(债)(期)(货)(交)(易)(监)(管)(工)(作)(的)(紧)(急)(通)(知)(》,数)(月)(后)(,有)(关)(部)(门)(也)(才)(出)(台)(了)(《国)(债)(期)(货)(交)(易)(管)(理)(暂)(行)(办)(法)(》。
  朱)(宁)(也)(对)(《第)(一)(财)(经)(日)(报)(》谈)(到)(,327事)(件)(留)(给)(市)(场)(的)(教)(训)(,一)(是)(当)(时)(的)(市)(场)(机)(制)(设)(计)(存)(在)(漏)(洞)(,使)(得)(少)(数)(的)(市)(场)(参)(与)(者)(恶)(性)(地)(操)(纵)(市)(场)(竟)(然)(没)(有)(受)(到)(交)(易)(所)(和)(监)(管)(者)(的)(注)(意)(;二)(则)(是)(整)(个)(市)(场)(风)(险)(意)(识)(淡)(薄)(,都)(并)(未)(充)(分)(意)(识)(到)(衍)(生)(品)(由)(于)(采)(用)(较)(高)(的)(杠)(杆)(率)(,它)(的)(风)(险)(远)(远)(大)(于)(现)(货)(市)(场)(。
  东)(吴)(期)(货)(总)(裁)(高)(海)(明)(也)(回)(忆)(称)(:“那)(时)(候)(市)(场)(上)(就)(几)(家)(大)(的)(机)(构)(,称)(得)(上)(是)(草)(莽)(时)(期)(,市)(场)(上)(空)(有)(风)(控)(这)(个)(词)(,实)(际)(上)(机)(构)(风)(控)(意)(识)(非)(常)(淡)(薄)(,事)(前)(风)(控)(是)(根)(本)(没)(有)(的)(。”
  谨)(防)(互)(联)(网)(时)(代)(的)(“327”
  “327事)(件)(”一)(直)(被)(业)(内)(认)(为)(是)(中)(国)(证)(券)(市)(场)(特)(定)(时)(期)(的)(特)(定)(产)(物)(,它)(直)(接)(导)(致)(国)(债)(期)(货)(暂)(停)(,也)(成)(为)(中)(国)(期)(货)(市)(场)(重)(视)(风)(险)(管)(理)(的)(开)(端)(。20年)(之)(后)(,在)(中)(国)(资)(本)(市)(场)(大)(步)(向)(前)(的)(最)(近)(几)(年)(,也)(依)(然)(出)(现)(了)(“光)(大)(8·16乌)(龙)(指)(事)(件)(”,那)(么)(这)(样)(的)(资)(本)(市)(场)(大)(型)(风)(险)(事)(件)(又)(是)(否)(会)(再)(次)(发)(生)(呢)(?
  付)(爱)(民)(认)(为)(,让)(“327事)(件)(”发)(芽)(的)(土)(壤)(已)(经)(不)(复)(存)(在)(,且)(“光)(大)(8·16”事)(件)(与)(“327事)(件)(”有)(本)(质)(区)(别)(,前)(者)(更)(多)(的)(是)(技)(术)(失)(误)(,后)(者)(则)(更)(多)(与)(市)(场)(环)(境)(相)(关)(。再)(如)(今)(证)(券)(市)(场)(监)(管)(体)(系)(、机)(构)(合)(规)(水)(平)(以)(及)(投)(资)(者)(结)(构)(都)(在)(逐)(渐)(走)(向)(成)(熟)(的)(时)(候)(,诸)(如)(“327事)(件)(”这)(样)(巨)(大)(破)(坏)(力)(的)(风)(险)(事)(件)(已)(经)(不)(会)(再)(发)(生)(了)(,更)(多)(的)(是)(要)(防)(范)(一)(些)(操)(纵)(市)(场)(的)(内)(幕)(交)(易)(,谨)(防)(“黑)(天)(鹅)(事)(件)(”事)(件)(。
  不)(过)(,正)(是)(因)(为)(国)(内)(衍)(生)(品)(越)(来)(越)(多)(,创)(新)(业)(务)(层)(出)(不)(穷)(,使)(得)(传)(统)(的)(风)(控)(体)(系)(面)(临)(新)(的)(挑)(战)(;而)(“魔)(高)(一)(尺)(道)(高)(一)(丈)(”,部)(分)(参)(与)(者)(总)(是)(希)(望)(找)(到)(市)(场)(漏)(洞)(,得)(以)(绕)(过)(监)(管)(层)(的)(要)(求)(而)(达)(到)(自)(己)(追)(逐)(利)(益)(的)(目)(的)(,由)(此)(造)(成)(的)(“黑)(天)(鹅)(”事)(件)(不)(断)(。“所)(以)(我)(们)(可)(以)(看)(到)(,类)(似)(8·16这)(样)(的)(错)(误)(下)(单)(情)(况)(导)(致)(市)(场)(大)(规)(模)(地)(波)(动)(甚)(至)(很)(多)(其)(他)(奇)(怪)(的)(现)(象)(也)(可)(能)(发)(生)(,这)(在)(发)(达)(市)(场)(也)(不)(可)(避)(免)(。”朱)(宁)(称)(。
  而)(要)(想)(谨)(防)(互)(联)(网)(时)(代)(的)(大)(型)(风)(险)(事)(件)(,高)(海)(明)(认)(为)(更)(多)(要)(靠)(市)(场)(中)(的)(当)(局)(者)(主)(观)(上)(小)(心)(谨)(慎)(,去)(把)(控)(风)(险)(,再)(从)(技)(术)(上)(予)(以)(保)(障)(,以)(及)(加)(上)(监)(管)(机)(构)(的)(监)(管)(,才)(能)(有)(效)(控)(制)(高)(压)(风)(险)(。
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