备兑权证

通过设计合适的运作模式和工程参数，备兑权证可以成为解决非流通股全流通问题的有效手段。

By adjusting parameters , covered warrant can be a effective tool to implement the circulation of non-circulation share .

推出备兑权证，必须研究市场和投资者面临的一系列风险，以及与之匹配的对风险进行控制和管理法律制度。

However , the market and investors must face many kinds of risks when we bring in the covered warrant , and we need to research the match legal systems to control the risks .

备兑权证市场的收益风险分析

Analysis of Yield Risks in Covered Warrants Market

因此，权证市场期待备兑权证的推出。

Therefore , the warrants market is looking forward to the introduction of covered warrants .

作者认为应当分别构建股本权证和备兑权证法律制度体系，并且是在有价证券法律制度的框架下进行构建。

The author considered that we should distinguish to structure subscription warrant legal framework and covered warrant legal framework .

所以，推出备兑权证对我国权证市场是机遇同时也是挑战。

Therefore , the introduction of covered warrants in China is an opportunity and a challenge at the same time .

发行人在发行备兑权证之后，通常需要以各种各样的对冲策略对风险进行规避。

After the covered warrants were issued , the issuer had to use various strategies to hedge the risk exposed .

第二章备兑权证交易的风险及监管模式，主要分析了备兑权证交易过程中可能存在的风险。

The second chapter is Covered warrants trading risk and regulatory approach , which analyzed the course of dealing in covered warrants possible risks .

监管层尤其是证券交易所能够对所推出的备兑权证做出理想的调整与监控，首先应该对备兑权证具体制度安排做好充分的工作。

If stock exchanges or other supervisors can do an ideal adjustment and supervision fully with releasing Covered warrant , they should firstly do full work for a concrete system arrangement of Covered warrant .

推出备兑权证对我国权证市场来说是一个难得的机遇，又是一个挑战，毕竟备兑权证是一种风险较高的证券衍生品种。

Releasing to Covered warrant is a rare opportunity to our country warrant market , is a challenge , too . After all , Covered warrant is a kind of warrant with higher risk .

目前市场上的权证都不是严格意义上的备兑权证，引入严格意义上的备兑权证已成为市场关注的热点。

Warrants on the market today are not in the strict sense of the covered warrants , the introduction of the strict sense of the covered warrants market has become a hot spot of concern .

在发行人资格的确定、标的资产的选择、备兑权证产品的创新、履约担保方式的改善、上市程序和做市商制度的完善等若干问题上提出了相应的补充和修改性建议。

We put forward correspond suggestion about the following problems : publisher qualifications , the choice of object property , innovation of Covered warrant product , improving the guarantee way of fulfilling contract , procedure of entering market system etc.

在境外发达地区权证市场中，备兑权证一经上市即被证券市场和投资者所接受，成为市场中的主流金融交易产品。

In overseas advanced warrants markets , when covered warrant was put into the market , it was not only quickly accepted by stock markets and investors , but also to be the main kind of the financial products .

花旗集团的沃克表示：“中国内地不像香港、新加坡或全球其它市场，它没有那种传统的银行发行的备兑权证市场，但中国内地市场对这类金融产品的兴趣非常浓厚。”

Mr Walker of Citigroup says : " there is not a traditional bank-issued covered warrants market in China like we see in Hong Kong , Singapore or the rest of the world but there is a huge appetite in that market for this type of product . "

当前，权证市场发行的权证已经陆续到期行权，但是还没有推出新的权证，权证市场将面临断层，同时备兑权证已成为国际权证市场的主流。

At present , the warrants market has been ready for renewal , warrants issued in the right line , but no introduction of new warrants , warrants market will face a gap in the same time , covered warrants market has become the mainstream of the international warrants .

推出备兑认股权证是金融市场发展的需要。

Hence to introduce covered warrants is the need of the development of financial market .

认股权证和备兑认股权证都属于资本市场上的金融衍生产品。

Stock purchase warrant and covered warrants belong to the derived products of capital market .