‘A casino for investors’: leverage brings huge swings to world’s best-performing market - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
商业快报

‘A casino for investors’: leverage brings huge swings to world’s best-performing market

South Korean regulators fear single-stock leveraged ETFs are fuelling volatility
00:00

{"text":[[{"start":8.3,"text":"Extreme volatility in South Korea’s world-beating stock market is alarming policymakers, who fear trading is being driven more by leverage than fundamentals after a rushed launch of single-stock derivative products tied to chipmakers Samsung Electronics and SK Hynix."}],[{"start":25.45,"text":"The unusually sharp swings in the world’s two largest memory chipmakers, which together account for half of the Kospi, prompted President Lee Jae Myung this week to order swift measures to curb what he called the products’ destabilising effects."}],[{"start":40.15,"text":"“Our domestic stock market is quite unstable,” Lee said at a policy meeting with top government officials in Seoul on Wednesday. “In fact, since it experienced a historically unprecedented massive surge in such a short period, it would require time and fluctuation to stabilise.”"}],[{"start":57.849999999999994,"text":"The Kospi is on track to be the world’s best-performing major equity market for a second year, fuelled by demand for Samsung and SK Hynix’s AI chips. But doubts over the durability of AI spending have triggered a sharp correction, with the index falling 25 per cent from its June peak."}],[{"start":75.8,"text":"Leveraged exchange traded funds tied to Samsung and SK Hynix — which offer two times the stocks’ average daily return — have magnified the selling, with hedging and margin calls inflicting heavy losses on retail investors."}],[{"start":90.25,"text":"The Kospi whipsawed this week, plunging 16 per cent on Monday before rebounding more than 6 per cent on Wednesday and then falling another 6 per cent on Thursday."}],[{"start":100.05,"text":"Volatility has been so high that the stock exchange has paused trading 37 times this year, compared with just three during all of last year. More than half of the halts came after the debut of single-stock leveraged products in May."}],[{"start":113.5,"text":"“This is abnormal,” said Namuh Rhee, chair of the Korea Corporate Governance Forum. “Memory chips are a highly cyclical business with unpredictable demand. Allowing two-times leverage for retail investors in this sector is a serious policy blunder.”"}],[{"start":129.7,"text":"While similar products exist in the US and other major markets, South Korea is unusual in the scale of its retail participation and the speed at which regulators approved the single-stock derivatives."}],[{"start":141.79999999999998,"text":"Brokerages rolled out 16 leveraged and inverse ETFs in late May after regulators gave them the green light. By then, shares of Samsung and SK Hynix had more than quadrupled in value in one year."}],[{"start":154.35,"text":"“It’s hard to see why regulators approved these products after the market had already risen so much,” said Kim Hyung-kyoon, executive director at Tcha Partners. “They’ve effectively created a casino for retail investors.”"}],[{"start":167.79999999999998,"text":"Rhee said South Korea’s ETF market had become “distorted”, with brokerages and asset managers favouring higher-margin sector ETFs over broad-based products more common in the US. Single-stock products now manage about $8bn in assets, making up nearly half of all leveraged ETFs in South Korea."}],[{"start":187.04999999999998,"text":"Financial Supervisory Service governor Lee Chan-jin last month expressed regret over the single-stock products’ launch. “Looking back, I regret not doing everything I could to stop it,” he said."}],[{"start":197.95,"text":"In response to growing calls to curb volatility in its $4.1tn equity market, the government on Thursday said it would suspend new listings of single-stock leveraged ETFs."}],[{"start":210.79999999999998,"text":"It will also require retail investors to attend additional courses on risk management after rolling out training videos last year, and it will triple the minimum deposit for such products to Won30mn ($20,300) from 5 August."}],[{"start":226.14999999999998,"text":"Regulators blame the single-stock ETFs’ “short gamma” dynamics for the volatility. To maintain their target returns, fund managers and liquidity providers must aggressively buy shares as prices rise and sell quickly as they fall, exacerbating rallies and declines."}],[{"start":242.89999999999998,"text":"Goldman Sachs estimated SK Hynix’s double-digit fall on Monday forced leveraged funds to sell roughly $5bn of the stock to rebalance their portfolios, equivalent to about 18 per cent of combined trading in SK Hynix shares and futures that day."}],[{"start":257.84999999999997,"text":"The company’s $26.5bn US listing last week has raised concerns that South Korea’s leverage-driven swings could spill over into global markets. Several leveraged ETFs tracking the chipmaker’s American depositary receipts launched days after the US listing."}],[{"start":274.84999999999997,"text":"ETF-driven swings had also fuelled a wave of margin calls, said Jongmin Shim, equity strategist at CLSA. Outstanding margin loans stood at Won34.4tn on Thursday after reaching a record Won38tn last month."}],[{"start":291.09999999999997,"text":"“Retail investors must be bleeding heavily,” said Shim. “The market was already highly concentrated in two semiconductor stocks, and adding single-stock leveraged ETFs has made those swings much worse.”"}],[{"start":303.34999999999997,"text":"Kim Jin-young, a 37-year-old retail trader, is feeling the pain despite avoiding leveraged products. He invested about Won100mn in Samsung Electronics and SK Hynix in February and has seen his paper gains shrink from Won60mn last month to Won20mn."}],[{"start":321.65,"text":"“I regret not selling earlier,” he said. “It hurts because it feels like I’ve lost money I’d already made. But I’ll hold on until the end of the year because I expect the shares to recover. Even then, they’ll still generate a better return than leaving my money in the bank.”"}],[{"start":345.7,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784276717_2724.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

丰田在人形机器人竞赛中迎战特斯拉和中国

丰田正将二十年来在机器人领域的研发成果商业化,进军智能机器人市场,并与特斯拉、小鹏和现代展开竞争。

奥迪将在美国建厂,投资40亿美元以应对关税

这项举措是在特朗普于佐治亚州举行的集会上宣布的,正值这家汽车制造商及其母公司大众寻求减轻总统加征关税的压力。

摩科瑞因霍尔木兹海峡危机期间的运价争议,将“航运界道琼斯”告上法庭

此案将检验波罗的海交易所在战事期间继续发布经霍尔木兹海峡运输石油的运价估算,是否妥当。

博尔索纳罗与卢拉在巴西展开势均力敌的选战

右翼挑战者力图击败左翼总统,推动拉丁美洲最大国家与唐纳德•特朗普更加靠拢

德国亿万富翁称,2.5亿欧元的拜仁慕尼黑交易不只是钱的问题

马克西米利安•菲斯曼表示,家族投资德国最成功的足球俱乐部,既看重财务回报,也出于热爱。

我最尴尬的一次求职面试教会了我什么

求职者不应被要求披露过往薪酬,也不应只能猜测职位开出的薪资。
设置字号×
最小
较小
默认
较大
最大
分享×