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keyword : Stock reform right securities firm T+0
It's deep winter again.
Today, securities dealers should not forget the "soul stirring" trip at the end of last year.
Now, although it is not time to turn the tide, the life of securities traders has greatly changed. The share reform gave birth to warrants, which is like a gift to securities companies -- high commissions and creation benefits.
It is not difficult to find that the hot warrant market this winter has become increasingly clear that it is a turning point in the wandering market trading system - from T+0 to T+1, and then gradually return to T+0. [ comment ] |
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| Wandering between 0 and 1 |
In May 1992, the Shanghai Stock Exchange implemented the T+0 trading rule after canceling the limit on the rise and fall.
In November 1993, Shenzhen Stock Exchange also cancelled T+1 and implemented T+0.
In 1995, based on the consideration of preventing stock market risks, Shanghai and Shenzhen A-shares and fund transactions changed back to the T+1 settlement system from the T+0 reversal transaction, which has been used up to now
In retrospect, T+1 has been the main trading mode in the market since 1995, and T+0 is only used in a few products in stages. [ detailed ][ comment ] |
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| Story of T+0 |
In November 1993, Shenzhen Stock Exchange cancelled "T+1" and implemented the "T+0" trading system. After a year of training, shareholders were calm about the implementation of the "T+0" system in Shenzhen, and the situation of sharp rise and fall did not appear.
However, the subsequent Baoyan disturbance created a myth since the implementation of "T+0". On October 29, 1992 alone, the amplitude of Yanzhong Industry reached 338.57%, opening at 66 yuan, the highest was 284 yuan, and closing at 64 yuan. The huge fluctuation of that day has sent away many large customers. [ detailed ][ comment ] |
| "Glorious Years" |
| Due to the large trading volume and frequent exchange of orders, it is really a honor for shareholders to make friends with several securities companies. Because that not only means that you can enjoy the special treatment of not queuing up when you fill in the form on a commission basis, but also what's more rare is that you can often get the so-called "insider information" that is passed on personally, and you can boast among friends, which is a very face saving thing. At that time, the front-line counter staff of the securities company were so smart that they didn't even have to buy lunch by themselves. There were always enthusiastic shareholders who bought it and sent it to them. Often, a limited number of staff in the counter had to face a dozen or even dozens of lunches at noon, which was spectacular. [ detailed ][ comment ] |
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| Securities dealers only recognize T+0 |
On October 26, 2004, the Securities Association of China convened 16 securities dealers for a discussion on how to increase the trading volume of the securities market and increase the income of securities dealers. It mainly discusses three schemes: first, to restore the T+0 trading system of the exchange; Second, allow securities companies to carry out margin trading; Third, establish the market maker system. However, in the end, only the first issue was unanimously approved by the securities companies, and the other two plans were left unfinished. A participating securities dealer pointed out that when the overall performance of the capital market was poor, securities dealers were unwilling to take more responsibility and increase their own risks. [ detailed ][ comment ]
Concurrent report: International way to save securities firms Difficulty in solving the deep problems of securities companies Re opening T+0 is to drink poison to quench thirst |
| The Committee called for |
During the two sessions in 2005, Wang Guangyuan, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, pointed out in the proposal of Several Suggestions on Improving China's Securities Market that we should create a better environment, encourage more large-scale and diversified long-term funds to enter the market, and provide a stable source of funds for the healthy development of the stock market. We should reform the stock trading system and introduce T+0 reverse trading in due course. [ detailed ][ comment ]
Concurrent comments: Correctly understand the Prime Minister's determination to save the market This is not the other |
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| Share reform and knife test warrants appear |
| An insider recently (from May to June) told a reporter that Shanghai and Shenzhen Stock Exchanges will jointly launch warrant management measures in the near future, which will include financing warrants, covered warrants, and a package of warrant solutions to share trading. It is expected that the first batch of pilots will be launched before August. [ detailed ][ comment ] |
| T+0 road |
On June 13 and 14, the Shanghai Stock Exchange and Shenzhen Stock Exchange respectively released the Interim Measures for the Administration of Warrant Business of the Shanghai Stock Exchange (Draft for Comments) and the Interim Measures for the Administration of Warrant Business of the Shenzhen Stock Exchange (Draft for Comments) through their websites. Market participants believed that integrating warrants into the pilot reform of non tradable shares would make the reform more efficient and cost less, This measure is another good thing to boost the stock market. [ detailed ][ comment ]
Concurrent report: T+0 operation will reappear in the market The stock market will be short now T+0 advance settlement system should be postponed |
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| Crazy warrant |
Since the listing of Baosteel's first warrant on August 22 this year, the total daily turnover of six warrants has basically remained above 6 billion yuan in less than four months. On December 7, the total turnover of six warrants reached 10.2 billion yuan.
Statistics show that the daily trading volume of the six warrants in the Shanghai and Shenzhen markets is on average more than 6 billion yuan, while in the Hong Kong market, the world's largest warrant market, there are thousands of warrant varieties, and the average daily trading volume of warrants is only less than 4 billion Hong Kong dollars, while the total trading volume of warrants in other markets outside Hong Kong is less than half of the Hong Kong market. [ detailed ][ comment ]
Relevant planning: Baosteel warrant thrilling seven day tour Crazy warrant |
| Brokers open their faces |
The popularity of warrant trading has led to a sharp rise in brokerage commission income. The latest data shows that the total two-way trading volume of warrants of more than 140 securities companies in November reached 138 billion yuan, bringing about more than 100 million yuan of additional commission income for securities companies.
According to relevant regulations, the commission and fees for warrant trading shall be subject to the standards for funds listed and traded on the Exchange. At present, the warrant trading commission prevailing in the market is 1 ‰ of the trading amount. Because the warrant transaction is a two-way charge, according to this ratio, in November alone, the warrant transaction brought about 138 million yuan of additional commission income for the securities companies. [ detailed ][ comment ]
Concurrent report: The popularity of warrants leads to speculation that the interests of securities companies secretly push the T+0 trading system |
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| Catfish effect |
Although T+0 is on the way, it has much to do with the performance of warrants. "It is known from the CSRC that there is a great chance to implement the T+0 system, but the specific sector is still unknown. The crazy performance of warrants today is really worrying about whether the implementation of the T+0 system will be the same in the future. However, T+0 will eventually be introduced, which is a necessary means to increase transaction activity and enhance market liquidity, but its side effects of speculation have to be taken seriously. " [ detailed ][ comment ]
As the trading system of T+0 gives Baosteel warrants a very active trend and greatly inspires some sensitive funds, the market assumes that closed-end funds may implement T+0. Some insiders believe that part of the funds of Baosteel warrants may be transferred to closed-end funds after the withdrawal, which may also be the origin of the so-called T+0 trading system innovation. [ detailed ][ comment ] |
| Alarming management |
Although the new securities law no longer prohibits T+0 trading, the management will not simply restore the T+0 system that was prohibited 10 years ago. On the one hand, the recent trend of warrants and the disputes caused by them will make the management more cautious when considering the introduction of T+0 system. On the other hand, with the progress of share reform, the G-share sector will gradually cover the whole market, and the large-scale implementation of T+0 will definitely put forward higher requirements for market statistics and supervision.
If implemented rashly, it may bring risks. The stability of the market is above everything, and it is impossible to simply implement T+0 without forming a benign expectation in the market. [ detailed ][ comment ] |
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| four Debate between advantages and disadvantages |
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| Bullet |
It is too simple to simply understand the active stock market as a modification of the settlement system. [ detailed ][ comment ]
Although the flower of T+0 is beautiful and eye-catching at present, its fruit is as poisonous as the poppy, which is detrimental to the healthy development of the stock market. [ detailed ][ comment ]
Under the powerful magnetic field effect of warrants, hot money have moved to the battlefield. How to avoid a downward turn in the stock market with "excessive blood loss" is a problem that cannot be ignored. [ detailed ][ comment ]
"The 30000 shares I bought three years ago are now worth only a few thousand yuan. How can I cut the meat after losing so much? I can't sell after buying. I've been T+1000 for more than three years!"[ detailed ][ comment ]
While the market welcomed T+0 by being long, some funds and analysts expressed their concern about T+0. [ detailed ][ comment ] |
| Like |
T+1 cannot effectively avoid investment risks. The positioning of stock prices of listed companies is closely related to the fundamental aspects of the company, and there is no inevitable causal relationship with whether the trading system itself can eliminate speculation and prevent risks. Activating the market, improving market activity and changing the capital delivery system are the first considerations in a market with increasing capacity. [ detailed ][ comment ]
more: Speculators: have tasted the benefits of T+0 Securities dealers believe that the time for T+0 transaction is ripe, and the Securities Industry Association has a positive attitude |
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| Point will T+0 |
Zhang Yujun, general manager of Shenzhen Stock Exchange, said recently that Shenzhen Stock Exchange may launch T+0 trading in one or two fields, and warrant products will also launch institutional arrangements.
At the media exchange meeting of the Institute, Zhang Yujun pointed out that the amendment of the "two laws" provided space for the introduction of T+0, which is being studied by Shenzhen Stock Exchange. The Institute will decide which type of T+0 trade to do according to market demand. There may be one or two fields involving T+0, which mainly depends on which sectors have weak liquidity. Zhang Yujun stressed that T+0 will not be fully launched at least at present. [ detailed ][ comment ] |
| There are many discussions |
Recently, there is a rumor that the G share index will be launched soon, and it will be supplemented by relevant supporting measures, such as the implementation of the T+0 system in the trading of the G share plate, with no limit on the rise or fall[ detailed ][ comment ]
Can the market, while retaining the T+0 trading mode, restrain the adverse effects such as excessive speculation caused by the T+0 trading mode? The author believes that limiting the number of T+0 transactions should be a good way. [ detailed ][ comment ]
I think we should first change the closed-end fund to T+0. Activating closed-end funds will also have a positive impact on open-end funds. By then, the issuance and raising of various funds will not be as difficult as it is now[ detailed ][ comment ] |
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| T+0 step by step |
An authoritative person close to the CSRC said that with the change of market environment, the T+0 trading system has become a general trend. The key is to grasp the strategy and rhythm of "first pilot and then gradually promote" under the condition of effective risk control, and strive to maximize the positive impact of T+0 trading system on the securities market. [ detailed ][ comment ]
SZSE requires member units to make relevant technical preparations. This means that the listing of Shenzhen 100ETF may be officially launched soon. Compared with SSE 50ETF, its highlight is the "T+0" transaction. [ detailed ][ comment ] |
| "No schedule" |
According to a person close to the CSRC, the CSRC has recently approved the selection of a small number of pilots, but the key is to give the market a good expectation, not to encourage speculation, but to promote investment and make valuable stocks active.
On December 13, when receiving confirmation from reporters, the relevant personnel of the CSRC said, "With regard to the reform of the trading system, the CSRC and the Exchange are studying and negotiating, and there is no timetable for the implementation of T+0 trading."
Previously, the call for the reform of A-share trading rules has been very high. The Deputy Director of the Legal Department of the CSRC also said on a forum that a few varieties should be selected to implement T+0 trading. [ detailed ][ comment ]
Related reports: Transmit G shares ahead of T+0 and expand the range of gains and losses Agricultural products deny T+0 rumors The hot warrants are a dilemma for regulators |
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The editor noted that during the T+0 "water testing" period, various comments continued. In detail, there are different voices of securities companies, exchanges, funds, registration and clearing companies, and small and medium-sized investors. Therefore, although there is no legal barrier to fully recover T+0, the management is still very cautious.
In the share reform, the management had hoped that the market would focus on stability, but it was less than four months after the return of T+0 "backdoor" warrants, the stock market would break the "world record", and anyone who saw it would be worried. just as Some securities traders pointed out that , "A fairer trading system requires more transparent information disclosure; if there is no effective supervision, market manipulation will only increase after T+0." [ comment ] |
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Media cooperation: 010-82628888-5174 Submission mailbox: finance2@staff.sina.com.cn Planning and production: hucyoi of Sina Finance |
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