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By Xiao Yuhang
After nine years of absence, the warrants finally recovered, and Baosteel JTB1 warrant trading was a hot debut. Due to the "T+0" trading mode, investors can freely buy and sell warrants on the same day according to the trend of warrants. The author believes that since Baosteel's JTB1 warrant rate has achieved a breakthrough in trading mode, its underlying stock should also be subject to "T+0" trading. For the whole market, all varieties can be converted to T+0 trading mode. Otherwise, some varieties T+0, some varieties T+1, in the same trading market
It is unfair for investors to trade in two different ways.
Before 1996, the stock market has been using the T+0 trading system. The T+0 trading system means that stocks bought on the same day can be sold on the same day, or even traded many times a day. In the evening, the registration and clearing company will offset the difference (hedge the bid ask difference) according to the transaction and investment. The advantage of this trading system is that it will increase the trading volume of the market and provide speculation space for the market. However, the disadvantage is that excessive speculation in the market will cause excessive fluctuations in prices, which is very detrimental to stabilizing the market. Therefore, in order to prevent excessive speculation, T+0 was changed to T+1 in 1996. The current T+1 system means that investors cannot sell a stock on the same day when they buy it. That is to say, it was bought today, cleared by the securities registration and clearing company at night, and transferred and settled the next day; Transactions can only be made after the completion of transfer and settlement.
Of course, for the market, T+0 is not completely conducive to the market. Its risks and returns are also complementary, but just fair trading and active market trading. For example, in 1994, the trading system was T+0, but the market fell to 325 points. In recent years, the market has continued to decline. The bear market has made the market trading light. The T+1 trading system is an important factor, but not the main factor. The main factors are still institutional defects and lack of market confidence. The author believes that only the transaction system can reflect fair and perfect transaction supervision. At present, the T+0 transaction system should be fully restored as soon as possible.
At present, it is a good time for China's securities market to restore the T+0 trading system. On the one hand, this reflects the fair investment orientation of the market, on the other hand, it can also increase market activity, and also provides a very good trading mechanism for some short-term investors or speculators to participate.
Trading system is the basic rule of a market, which not only has a great impact on the activity and security of the market, but also has a bearing on whether the regulatory authorities can effectively supervise the trading of the market. Therefore, the modification of the trading system should not be a simple conversion, but a supporting rule scheme should be made to allow proper speculation and prevent big ups and downs.
The risks or problems such as "loan fraud risk", "fake mortgage risk", "driving up house prices and hyping sales" have little to do with the pre-sale system of houses. Even for existing house sales, these problems still exist. The risk of real estate finance mainly comes from the vicious competition of commercial banks in the housing mortgage loan market
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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