香草期权

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20倍杠杆诱惑:跑路的深商中汇,背后的场外期权“灰产”
Hu Xiu· 2025-08-26 10:03
"老板们跑了。" 近期,号称"场外期权通道业务规模最大"的深圳深商中汇控股有限公司(下称:深商中汇)突然暴雷,揭开了场外期权通道业务的冰山一角。 在深商中汇位于福田的办公室门口,一位刚入职该公司不久的员工向智通财经记者透露,"老板们不见踪影,我们很多人也下单买了期权,现在看来,不管 到期有没有机会行权,这笔钱算是打水漂了。"智通财经了解到,到期无法行权的资金规模或已达千万元级别。 一位物业人员向智通财经记者反馈,"员工8月6日就都撤了,大概有几百人。老板提前跑路了,员工都不知道,如果你也有投资损失,建议尽快前往福田派 出所报案。" 在现场,深商中汇的大门玻璃上被贴了三份物业通知,两份与公司欠费相关,一份为告知公司已失联的证明。 伴随着深商中汇事件的暴露,场外期权通道对外接单,以及代办场外期权通道公司的灰色产业链也随之浮出水面。 "在深圳,你只要花几万块,就有专门的团队帮你做一家具有'532'资质的公司,跟券商签好授权后,你就可以拥有一家属于自己的可以下单场外期权的通道 公司。"有业内人士透露,"深圳场外期权通道公司或已有一两千家,涉及资金上万亿元。" 场外期权——这种设有严格准入门槛的投资类型,正在被批量成立 ...
场外衍生品成实体企业精准化应对利器
Qi Huo Ri Bao Wang· 2025-05-13 16:08
Core Insights - The article discusses the significant growth of the off-exchange derivatives trading business by risk management subsidiaries of futures companies in China, which has increased by 8.8% since the beginning of 2025, driven by the need for customized risk management solutions for real enterprises facing external shocks and market volatility [1][2]. Group 1: Market Trends - As of April 18, 2025, the nominal principal of commodity off-exchange derivatives held by risk management subsidiaries reached 228.03 billion yuan, reflecting an increase of 18.53 billion yuan since January 20, 2025, when Trump took office, marking an approximate growth of 8.8% [2]. - The demand for hedging has surged due to intensified market fluctuations caused by trade policies, with some companies reporting a 40% increase in their off-exchange derivatives positions in April 2025 [2][5]. Group 2: Client Demographics - The primary clientele for these off-exchange derivatives are real enterprises, with over 95% being private small and medium-sized enterprises (SMEs), which often struggle with the standardized nature of traditional futures contracts [2][3]. - Customized derivatives can address the specific needs of SMEs, providing tailored solutions for price fluctuations and exchange rate risks [2][4]. Group 3: Risk Management Solutions - Off-exchange derivatives have proven effective for SMEs, allowing them to manage risks without the high capital requirements and expertise typically needed for direct participation in futures markets [4][6]. - Examples include a petrochemical company using vanilla options to secure higher selling prices and a private steel mill locking in future prices to avoid rising procurement costs [3][5]. Group 4: Future Outlook - The market for off-exchange derivatives is expected to continue expanding, driven by the increasing complexity of the macroeconomic environment and the need for effective risk management strategies among enterprises [6]. - The unique advantages of off-exchange derivatives, such as preemptive risk control, position them as essential tools for enterprises aiming to enhance their competitiveness and navigate global market uncertainties [6].