有关国内权证交易的争议已有时日了,但至今对问题的本质似乎仍如隔雾看山,鲜见有深度的全面分析以及令人信服的综合解决办法。能否透过迷雾重嶂,确定顽疾病根,对症下药,已经影响到监管层对及时推出股指期货以及其它衍生产品的决心。这个问题不彻底解决,类似的错误就可能卷土重来,中国资本市场的长期健康发展将无法实现。 There have been controversies over the trading of domestic warrants for a long time, but so far the essence of the problem seems to be still to be seen as a foggy sight. It is rare to see a thorough and comprehensive analysis as well as a convincing and comprehensive solution. The determination of the root cause of illnesses and the right remedy through fogging has affected the regulators’ determination to launch stock index futures and other derivatives in a timely manner. If this problem is not completely solved, a similar mistake may come back and the long-term healthy development of China’s capital market will not be realized.