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• After three months of bullish bond market, yields began to rise in March 2024, signaling a potential pause in the bull run amid increasing trading enthusiasm and emerging risks.
• Record low yields were observed for 10-year and 30-year government bonds by early March 2024, but yields rebounded within a week, reflecting market volatility and divided future outlooks among investors.
• The surge in bond investments is driven by demand for asset allocation amidst a backdrop of monetary easing. However, concerns arise over the sustainability of this trend due to speculative trading behaviors and the potential for rapid adjustments if market conditions change.

• The China Securities Regulatory Commission (CSRC) announced enhanced supervision and system improvements for over-the-counter derivative businesses like DMA (Direct Market Access) following a concentrated stampede by quantitative private funds in micro-cap stocks, which significantly utilized DMA for leverage, leading to market instability.
• DMA, widely adopted by quantitative private equity firms, allows trading in securities companies' proprietary derivative accounts with up to 4 times leverage. This practice has been under scrutiny due to its role in amplifying market volatility, especially after a significant downturn in micro-cap stocks that many quantitative funds were heavily invested in.
• Following regulatory interventions to limit new DMA business and enforce stricter leverage controls, the scale of DMA business has been steadily decreasing. This regulatory tightening aims at stabilizing the market and reducing risks associated with high-frequency and leveraged trading strategies employed by quantitative private funds.

在A股交易制度限制下，量化私募本应具备的技术与策略演化为与机构合作的衍生品业务，DMA收益互换成为重要入场路径，但始终走不出冲规模、加杠杆、因子同质化的怪圈

【本文系数据通用户提前专享】在A股交易制度限制下，量化私募本应具备的技术与策略演化为与机构合作的衍生品业务，DMA收益互换成为重要入场路径，但始终走不出冲规模、加杠杆、因子同质化的怪圈

在未申报实际控制关系期间，上海维万及其实控人采用高频交易方式，在股指期货多个品种上超交易限额交易，违规盈利893.48万元

龙年春节在热络的数据中结束。在这两周的时间中，Sora横空出世，以相较Pika、Runway跃进级的效果震撼世界。欧美日股指也在人们对AI未来的无限热情下，纷纷创下新高；A股也在换帅之后迎来八连阳，沪指重新站上3000点；长端LPR迎来超预期最大降幅。但另一方面，国家金融监管总局的数据显示出商业银行净息差首次萎缩至1.7%以内，国家统计局公布的最新70城房价，也依旧延续着全线下探的态势

“对于正常的市场交易不干预，依法保障投资者公平自由交易的权利，对于扰乱市场交易秩序等违法违规行为，坚决依法依规予以打击”

可降低产业企业等交易者参与期货市场成本

2023年12月18日—12月24日全球大事预报

上班族在东京地铁上刷手机是很常见的景象，但他们并非都在玩宝可梦——许多人都在使用交易应用程序(APP)，积极买卖日元，以从短期波动中获利

推荐：工银理财、中邮理财合计收千万元罚单 涉底层资产、估值等问题；现金分红规则修订 强化披露要求引导合理分红；茅台前三季营收已破千亿元 同比增长18.48%；消费类公募REITs推出在即 证监会修订业务指引

公布了货币经纪公司可提供数据服务的机构名单，包括9家金融基础设施、33家境内信息服务商和32家境外信息服务商，超出市场预期；宁波森浦信息技术有限公司亦列入金融信息商名单

资本市场一朝一夕的活跃不能完全满足经济发展需要、投资者殷切期盼和监管初心，更重要的是完善基础制度，坚持市场化改革，久久为功，促进资本市场长久繁荣

深证100股指期货的合约规模与现有已上市股指期货产品合约规模相当，其他主要条款与现有已上市股指期货产品基本保持一致

坚持科学合理保持IPO、再融资常态化，调整证券交易印花税请向主管部门了解

复盘7次印花税税率下调可以发现，税率下调在短期内对市场有一定提振效应，但中长期影响或有限

推荐：“离婚绕道减持”被盯上 不得规避减持限制；证监会召集头部券商开会 就活跃资本市场及提振投资者信心征求意见；合肥：为避免公摊面积比例过大 要积极探索商品房销售按套内面积计价

两地监管部门将共同研究推出离岸国债期货