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On July 22, in order to strengthen the counter-cyclical regulation of securities lending, the China Securities Regulatory Commission approved the stock exchanges to increase the margin ratio of securities lending from no less than 80% to 100%, and the margin ratio of private equity investment funds participating in securities lending from no less than 100% to 120%. The securities lending policy will be officially implemented from today. In addition, the existing securities lending contracts can be extended, but must be settled no later than September 30. This move has a great impact on quantitative stock long-short strategies, and the market supply of securities will be greatly reduced in the future. Even if some securities firms have the ability to build their own securities sources off-site, the cost of private equity institutions participating in the securities lending business will increase significantly, and the market advantage of long-short strategies will decline significantly. According to private equity insiders, some investors have recently redeemed their investments in quantitative long-short products, and many FOF institutions with heavy long-short strategies are also considering adjusting their positions. (China Securities Taurus)

(Source: Tonghuashun, the above information is automatically generated by Nandu Wancaishe AI ​​big data)