Tuesday, August 10, 2010

CFD與CBBC

香港同新加坡的競爭無休止,商界朋友卻長他人志氣,佢話最近前往新加坡開設辦事處,短短兩個月時間便辦妥一切手續,開門做生意了,效率之高也要讚歎。他再舉投資移民做例子,曾介紹一位內地朋友前往星洲做投資移民,金額超過600萬坡元(逾3,400萬港元),按照規定,起碼需要6個月時間方能取得基本批准的資格,他亦早有心理準備,怎知申請才2個月,當局有關部門便通知取得基本批准的資格,認真快手,再等一個月更獲得最終批准。

之後他介紹另一位內地朋友來港,申請投資移民,入門資產才650萬元,資金調動更容易,用來買樓或股票等金融資產也相對容易。最終從申請至批准為止,竟需時一年時間之久,莫奈何。商界朋友話,投資新加坡,資金被綁年期僅5年,相反香港要7年,在時間上確有優勢。此外,新加坡落力吸人才,曾准在當地工作兩年的海外人士申請做移民,可惜申請者眾,2月已暫停該計劃,而他的公司派往當地工作的內地員工,當時因年期未滿而錯失該機會。

不過,行得快未必是好世界。新加坡有一種稱為差價合約(Contracts For Differences,CFD)的金融產品亦發展迅速。CFD其實是一種看好或看淡的投資工具,不論是股票、指數和商品都可用作炒賣,例如看好公司A的股價會升,以每股5元買1萬股,即5萬元,但只要同CFD供應商按該價買入相關CFD,兼以孖展方式支付,如孖展成數達八成,即只需出1萬元而已,若股價真的漲至5.3元便沽出,賺到3,000元,再減佣金,其他便淨袋了,按投入的資本計,帳面回報30%。需注意的是,如果看錯方向,虧損亦會是相同金額,可見入場費低,槓桿比率高,風險自然跟隨向上。

問題是,這種合約在當地並非屬機構性投資者買賣的專利,而是可供零售投資者買賣,兼且在場外市場進行,究竟規模有多大,根本難以計算。市傳兩名CFD供應商CMC和IG當地已有70%佔有率,但透明度低,實際情況難估計。

由於雷曼兄弟迷債這類衍生產品所帶來的教訓認真巨大,散戶參與這些高槓桿的投資時,是否完全懂得其中的風險,例如交易對手,以及保管客戶資金等風險,自然成為一個問號。澳洲一間提供CFD的證券公司Sonray Capital Markets,於6月因倒閉而凍結約3,000名客戶的資產,而距離資產解凍期間,投資者所持CFD究竟怎樣平倉呢?賺錢當然可以等,若市況向好時你看淡,屆時張合約應賠多少方可平倉離場?

香港又如何?這種CFD尚未准在場外市場供散戶投資者參與,但依然有合法「賭場」———港交所(388)是也!而這種CFD就是牛熊證(Callable Bull/Bear Contracts,CBBC) ,少少錢便可入場,看似有強制回收機制做保護罩,可控制注碼,但重槌出擊,一旦損手同樣壯烈,至於發行商倒閉風險看似輕微,但禤中怡依然忘不了雷曼的教訓。

(8月10日刊於《am730》)

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