Part of the problem was that margin trading was not limited to institutional investors. Lightly regulated “fund matching” companies, for example, would distribute margin loans to virtually anyone, resulting in about CN‎¥2.3 trillion in online private fund matching and CN¥1 trillion in offline private fund matching, with a leverage ratio of up to 5:1 for the latter.
问题的一部分在于保证金交易并不只限于机构投资者。比如，监管薄弱的“配资”公司可以让几乎所有人都获得保证金贷款，这带来了2.3万亿元人民的在线私募配资和1万亿人民币的线下私募配资，后者的杠杆率高达5:1。