In response to yesterday's market shock, the spokesperson of the regulatory press responded to the DMA issue that everyone was concerned about, that is, the market-neutral strategy trading carried out by private equity ** and ** company, when the private equity long chooses a package**, and at the same time uses the stock index ** hedging to obtain the hedged stock selection income.
From the data of the CSI inter-agency ** system shares, the scale of DMA business has declined steadily since the beginning of the Spring Festival, and the average daily trading volume accounts for about 3% of the total market turnover, which means that the private **DMA business contributes very little to the market, according to the scale of the past daily turnover of trillions of yuan, then the DMA turnover is 3 billion yuan.
I'm thinking that if the DMA of private placement ** is only a small billion, then yesterday's sudden 1Where does the 3 trillion yuan transaction come from?
There is no clear conclusion on this matter now, from various rumors in the market, it seems that the private placement quantitative has been restricted before, and the restrictions were partially relaxed yesterday, so there has been a huge sell-off, if you look at the daily turnover of 1 trillion yuan in the past A shares, 136 trillion can be said to be more than 300 billion yuan more than usual, so this money is not clear from the first day anyway, it is rumored that it is a private quantitative trading sell-off, and from the data given by the regulator, this has been denied, so this has become a mystery.
For now, I don't think to dwell on this, after all, A shares have been beaten down, the main thing is that we have to look forward to the future, here we make an assumption, if it is really DMA's sell-off has an impact on the market, and the total size of DMA should be at most 500 billion yuan, if yesterday's 1More than 300 billion of the 36 trillion is caused by the sale of DMA, so it means that most of this scale has been cleared, and the remaining scale is very small, which means that the selling pressure on the market is in the process of gradually reducing.
Although such an assumption may not have a scientific basis, sometimes it can only be passively speculated, after all, according to the official selling data and the actual market data is 10 times different, the only way at this time is to adopt the mode of speculation.
What we need to pay attention to today and tomorrow is to see how the CSI 2000 Index, which had a more obvious impact on the market yesterday, to see if the volatility will be reduced, and whether the sell-off to the entire market will be significantly reduced, which is the only way to measure whether quantitative trading is cleared.
In terms of the current market environment, I think the current situation is only a short-term impact, and there is a high probability that it will not form the previous stage from the ** up and then back to **, this wave of market rescue funds is still quite powerful, almost no market that is hard to save and is beaten down, so from this point of view, although yesterday's market ** is more obvious, but still have full confidence in the market, I think if the market again has extraordinary fluctuations, do not rule out the rescue funds will also shoot, After all, the past few days are more important meetings, and a stable capital market is needed at this time.
Disclaimer: The content in the article is for reference only and does not constitute any operational advice or tips.