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1、杠桿交易風險     

融(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)券(quan)(quan)交(jiao)易具有杠桿(gan)交(jiao)易特點,投(tou)資(zi)(zi)者在(zai)從事融(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)券(quan)(quan)交(jiao)易時,如同普通交(jiao)易一(yi)(yi)樣,要面(mian)臨(lin)判斷失誤、遭(zao)受虧(kui)損(sun)(sun)的風(feng)險。由(you)于(yu)融(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)券(quan)(quan)交(jiao)易在(zai)投(tou)資(zi)(zi)者自有投(tou)資(zi)(zi)規模上提供了一(yi)(yi)定比例(li)的交(jiao)易杠桿(gan),虧(kui)損(sun)(sun)將(jiang)進一(yi)(yi)步放大(da)。此(ci)外(wai),融(rong)(rong)(rong)資(zi)(zi)融(rong)(rong)(rong)券(quan)(quan)交(jiao)易需要支(zhi)(zhi)付(fu)利息費用(yong)。投(tou)資(zi)(zi)者融(rong)(rong)(rong)資(zi)(zi)買入某只證(zheng)券(quan)(quan)后(hou),如果證(zheng)券(quan)(quan)價格(ge)下跌,則投(tou)資(zi)(zi)者不僅要承(cheng)擔投(tou)資(zi)(zi)損(sun)(sun)失,還要支(zhi)(zhi)付(fu)融(rong)(rong)(rong)資(zi)(zi)利息;投(tou)資(zi)(zi)者融(rong)(rong)(rong)券(quan)(quan)賣出(chu)某只證(zheng)券(quan)(quan)后(hou),如果證(zheng)券(quan)(quan)的價格(ge)上漲,則投(tou)資(zi)(zi)者既要承(cheng)擔證(zheng)券(quan)(quan)價格(ge)上漲而產生(sheng)的投(tou)資(zi)(zi)損(sun)(sun)失,還要支(zhi)(zhi)付(fu)融(rong)(rong)(rong)券(quan)(quan)費用(yong)。 

2、強制平倉風(feng)險 

融資(zi)融券(quan)交易(yi)中(zhong),投(tou)資(zi)者(zhe)與證券(quan)公(gong)(gong)司(si)間(jian)除了普(pu)通交易(yi)的(de)委托(tuo)買賣關系(xi)外(wai),還存在著較(jiao)為(wei)復雜(za)的(de)債(zhai)(zhai)權債(zhai)(zhai)務關系(xi),以及由于債(zhai)(zhai)權債(zhai)(zhai)務產(chan)(chan)生的(de)擔(dan)保關系(xi)。證券(quan)公(gong)(gong)司(si)為(wei)保護自身債(zhai)(zhai)權,對(dui)投(tou)資(zi)者(zhe)信用賬(zhang)戶的(de)資(zi)產(chan)(chan)負債(zhai)(zhai)情(qing)況(kuang)實時監控,在一定(ding)條件下可以對(dui)投(tou)資(zi)者(zhe)擔(dan)保資(zi)產(chan)(chan)執行強制平倉(cang)。 

投(tou)資(zi)者應特(te)別注(zhu)意可能引發強(qiang)制平(ping)倉的幾種情況(kuang):  

(一)投(tou)資者在從事(shi)融資融券交(jiao)易期間(jian),如果不能按照合(he)同約定的期限清(qing)償債(zhai)務,證券公(gong)司有權按照合(he)同約定執行強(qiang)制平倉(cang),由(you)此可能給投(tou)資者帶來(lai)損(sun)失; 

(二)投資(zi)者(zhe)(zhe)在從事融資(zi)融券交(jiao)易期間(jian),如果證(zheng)券價格波動導(dao)致維持擔保比(bi)例低于最低維持擔保比(bi)例,證(zheng)券公(gong)司(si)(si)將(jiang)以合同(tong)約定的通(tong)知與送(song)達方(fang)式(shi),向(xiang)投資(zi)者(zhe)(zhe)發送(song)追(zhui)加擔保物(wu)通(tong)知。投資(zi)者(zhe)(zhe)如果不能在約定的時間(jian)內足額追(zhui)加擔保物(wu),證(zheng)券公(gong)司(si)(si)有權對(dui)投資(zi)者(zhe)(zhe)信用賬戶內資(zi)產執行強制平倉,投資(zi)者(zhe)(zhe)可能面臨損失; 

(三)投(tou)資(zi)者(zhe)在從事融(rong)資(zi)融(rong)券(quan)交(jiao)易期間,如果因(yin)自身原(yuan)因(yin)導致(zhi)其資(zi)產(chan)被司(si)法機關(guan)采取(qu)財產(chan)保全(quan)或強(qiang)制(zhi)(zhi)執行(xing)措施,投(tou)資(zi)者(zhe)信用賬戶內(nei)資(zi)產(chan)可能被證券(quan)公司(si)執行(xing)強(qiang)制(zhi)(zhi)平倉、提前(qian)了(le)結融(rong)資(zi)融(rong)券(quan)債(zhai)務。 

3、監(jian)管風險(xian) 

監管部門和(he)證券(quan)公司在融(rong)(rong)資(zi)融(rong)(rong)券(quan)交(jiao)易出(chu)現(xian)異常(chang)、或市(shi)場出(chu)現(xian)系統(tong)性風險時(shi),都將對融(rong)(rong)資(zi)融(rong)(rong)券(quan)交(jiao)易采取監管措(cuo)施(shi),以(yi)維護(hu)市(shi)場平穩運行,甚至可(ke)能(neng)暫停(ting)融(rong)(rong)資(zi)融(rong)(rong)券(quan)交(jiao)易。這些(xie)監管措(cuo)施(shi)將對從事融(rong)(rong)資(zi)融(rong)(rong)券(quan)交(jiao)易的投(tou)資(zi)者(zhe)產生影響(xiang),投(tou)資(zi)者(zhe)應留意(yi)監管措(cuo)施(shi)可(ke)能(neng)造成的潛在損失,密切(qie)關注市(shi)場狀(zhuang)況、提前預防。 

(一(yi))投(tou)資(zi)者(zhe)在從事(shi)融資(zi)融券交(jiao)易期(qi)間,如果(guo)發(fa)生標的(de)(de)證券暫(zan)停交(jiao)易或終止上(shang)市等情況(kuang),投(tou)資(zi)者(zhe)將可能(neng)面臨(lin)被(bei)證券公(gong)司提前(qian)了結融資(zi)融券交(jiao)易的(de)(de)風(feng)險,由此可能(neng)會(hui)給投(tou)資(zi)者(zhe)造成(cheng)損失; 

(二)投(tou)(tou)(tou)資(zi)者(zhe)在從事融資(zi)融券交易期間,如果證券公司提(ti)高追(zhui)加(jia)擔(dan)保(bao)物和(he)強制平(ping)倉(cang)的(de)條件,造(zao)(zao)成投(tou)(tou)(tou)資(zi)者(zhe)提(ti)前進入(ru)追(zhui)加(jia)擔(dan)保(bao)物或(huo)強制平(ping)倉(cang)狀態(tai),由此可能會給投(tou)(tou)(tou)資(zi)者(zhe)造(zao)(zao)成損失; 

(三)投(tou)資者(zhe)在從事融(rong)資融(rong)券交(jiao)易(yi)期(qi)間,證券公(gong)司制(zhi)定了(le)一系(xi)列交(jiao)易(yi)限制(zhi)的(de)措(cuo)施,比(bi)如(ru)單一客戶融(rong)資規模、融(rong)券規模占(zhan)凈資本(ben)的(de)比(bi)例(li)、單一擔保證券占(zhan)該證券總市(shi)值的(de)比(bi)例(li)等指標,當這(zhe)些指標到(dao)達閾值時,投(tou)資者(zhe)的(de)交(jiao)易(yi)將(jiang)受(shou)到(dao)限制(zhi),由(you)此可能(neng)會給投(tou)資者(zhe)造成損失; 

(四(si))投(tou)資(zi)者(zhe)從事(shi)融資(zi)融券(quan)交易的證券(quan)公司有(you)可能因融資(zi)融券(quan)資(zi)質出現問(wen)題,而造(zao)成投(tou)資(zi)者(zhe)無法進(jin)行融資(zi)融券(quan)交易,由此可能給投(tou)資(zi)者(zhe)帶來損失。 

4、其他風險 

(一)投資者在從(cong)事(shi)融(rong)(rong)資融(rong)(rong)券(quan)(quan)交(jiao)易期間,如果中國人民(min)銀行規定(ding)的同期金融(rong)(rong)機構(gou)貸款基(ji)準利率調高(gao),證(zheng)券(quan)(quan)公司將相應調高(gao)融(rong)(rong)資利率或(huo)融(rong)(rong)券(quan)(quan)費(fei)率,投資者將面臨(lin)融(rong)(rong)資融(rong)(rong)券(quan)(quan)成本增加的風險; 

(二)投資者(zhe)(zhe)在從事融(rong)資融(rong)券交易期間,相關(guan)信息(xi)的通(tong)(tong)知送達至關(guan)重要。《融(rong)資融(rong)券合同(tong)》中通(tong)(tong)常會(hui)約定(ding)通(tong)(tong)知送達的具體(ti)方(fang)式、內容(rong)和要求。當(dang)證券公司按照(zhao)《融(rong)資融(rong)券合同(tong)》要求履行了(le)通(tong)(tong)知義務后(hou)即視(shi)為(wei)送達,如果(guo)投資者(zhe)(zhe)未能(neng)關(guan)注到(dao)通(tong)(tong)知內容(rong)并采取相應措施,就(jiu)可能(neng)因(yin)此承擔(dan)不利(li)后(hou)果(guo)。 

(三(san))投(tou)資(zi)者(zhe)在從事融(rong)資(zi)融(rong)券(quan)交易(yi)期間,如(ru)果因信用(yong)證券(quan)賬戶(hu)卡、身份證件和(he)交易(yi)密碼(ma)等保管不善或者(zhe)將信用(yong)賬戶(hu)出(chu)借給他人(ren)使(shi)用(yong),可能遭受意外損失,因為(wei)任(ren)何通過(guo)密碼(ma)驗(yan)證后提(ti)交的(de)(de)交易(yi)申請,都(dou)將被視為(wei)投(tou)資(zi)者(zhe)自身的(de)(de)行為(wei)或投(tou)資(zi)者(zhe)合法(fa)(fa)授權(quan)的(de)(de)行為(wei),所引起的(de)(de)法(fa)(fa)律后果均由該投(tou)資(zi)者(zhe)承擔(dan)。 

(四)投(tou)(tou)資(zi)者在從(cong)(cong)事融資(zi)融券(quan)交易(yi)期間,如(ru)果其信用資(zi)質狀況降低,證(zheng)券(quan)公司(si)會相應降低對投(tou)(tou)資(zi)者的信用額度,從(cong)(cong)而造成投(tou)(tou)資(zi)者交易(yi)受(shou)到限制,投(tou)(tou)資(zi)者可能遭(zao)受(shou)損失(shi)。     

投(tou)資(zi)者在(zai)參與融(rong)資(zi)融(rong)券(quan)(quan)交易前,應認真學習融(rong)資(zi)融(rong)券(quan)(quan)相關法律(lv)法規、掌(zhang)握融(rong)資(zi)融(rong)券(quan)(quan)業務規則(ze),閱讀并理解證(zheng)券(quan)(quan)公(gong)司(si)融(rong)資(zi)融(rong)券(quan)(quan)合(he)同和風(feng)險揭示(shi)條款(kuan),充分評估自身(shen)的風(feng)險承受能力、做好(hao)財(cai)務安(an)排(pai),合(he)理規避各類風(feng)險。 


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