□ Our reporter Ye Zhan
In the first half of this year, the trading volume of the mainland warrant market surpassed the Hong Kong market and became the second largest in the world. For the Shanghai and Shenzhen markets, which only have 27 listed warrants, the sheer volume means an extremely high turnover rate. The data disclosed by Shanghai Stock Exchange Information Network Co., Ltd. shows that 80% of the huge trading volume in the warrant market comes from T+0 trading.
The report shows that in May and June this year, 47% of the accounts involved in warrant trading conducted T+0 transactions. That is to say, about half of investors will use T+0 when trading warrants. In two months, the accounts with T+0 transactions carried out an average of 54.79 warrant transactions. Based on 39 trading days during the period, each account carried out an average of 1.4 transactions per day.
Among them, the number of accounts that trade warrants more than 10 times a week is about 60000 to 70000, accounting for about 20% of all participating warrant accounts. More than 10 transactions a week means at least 2 transactions a day on average, but their weekly transaction amount is more than 1 million yuan. Obviously, these accounts are enthusiasts of T+0 trading.
During the four weeks from June 5 to June 30, accounts that traded warrants more than 10 times a week contributed a total of RMB 337.3 billion in trading volume, accounting for about 80% of all trading volume.
Another set of data also shows that accounts with high transaction frequency and ultra-high transaction frequency occupy the main position in the warrant market. In June, the trading volume of these two types of accounts accounted for more than 60% of the total market volume. High transaction frequency refers to accounts whose ratio of monthly total transaction volume to monthly average asset size exceeds 500% but is less than 2000%, while the ratio of accounts with ultra-high transaction frequency is more than 2000%.
