COVID-19波动期间的散户投资者交易报告 - 澳大利亚证券投资委员会（英文版）（14页）.pdf

1、Retail investor trading during COVID-19 volatility May 2020 Retail investor trading during COVID-19 volatility Australian Securities and Investments Commission May 2020 Page 2 Contents Summary . 3 A Changes in retail investor trading activity in securities markets . 4 Changes in turnover and market

2、share . 4 Trading by new and dormant accounts . 4 Trading frequency and day trading . 5 Exchange traded products . 6 Changes in order characteristics . 6 B Potential retail investor harm in securities markets . 9 Poor market timing . 9 Trading in complex and high-risk products . 10 C Contracts for d

3、ifference and market volatility . 13 Large spike in CFD trading activity . 13 Leverage and volatility magnify risk . 13 Retail client losses trading CFDs during 1622 March 2020 . 14 CFD losses may exceed initial investment amount . 14 Overnight funding costs may erode initial investment amount . 14

4、Retail investor trading during COVID-19 volatility Australian Securities and Investments Commission May 2020 Page 3 Summary This paper outlines some early observations by ASIC staff on trading in securities and contracts for difference (CFDs) during the volatility caused by the COVID-19 pandemic (CO

5、VID-19 volatility). It was produced to inform our work in managing the impact of the COVID-19 pandemic and is published to raise awareness and provide detail on recent retail investor trading activity and issues of concern. The paper highlights a range of potential retail investor harms. It is divid

6、ed into three parts: (a) Section A sets out the changes we observed in retail trading activity in securities markets; (b) Section B sets out the potential retail investor harm in securities markets; and (c) Section C discusses CFDs and market volatility. Examples in this paper are purely for illustr