Category: Money tips Release Date: 2006-12-16
Shenzhen Stock Exchange, the new "trading rules," read one column
Meet the development needs of the market reserved for institutional innovation interface
In order to facilitate the majority of investors in-depth and detailed understanding of the new "trading rules" in the trading system innovative measures, the Shenzhen Stock Exchange will be closed today until week 5, sub-4 in the newspaper and the Shenzhen Stock Exchange Web site (www.szse. cn) to open up a new "trading rules," read a column in the innovation and new rules for the bright spot for the majority of investors to conduct a detailed reading.
A revised background
Since "the State Council on promoting the capital market reforms and opening up and stable development of a number of opinions" since the release of China's capital market reforms and institution-building has made important progress, especially the "Securities Law", "Company Law" two amendments to the law the promulgation of China's reform and opening up the capital market and stable development of a more effective legal protection and a very broad space for development, capital market operation mechanism and the operating environment has been greatly improved split share structure reform has made significant progress, the market is usher in a major historical development opportunities. To implement the spirit of the two laws, supporting the capital market to promote the basic system construction, further improve the securities market system, and to promote market innovation and the Shenzhen Stock Exchange in due course of the trading rules have been revised.
Second, amendments to the meaning
Trading function is the most basic function of exchange, trading system, particularly important, well-designed trading system, or, more broadly, to establish an appropriate market microstructure (Market Microstructure) the exchanges to improve market efficiency, an important measure for promoting the market development one. Therefore, this amendment Shenzhen Stock Exchange "trading rules" to further improve the trading system in Shenzhen, the Shenzhen market transactions to improve service quality, enhance its market competitiveness and attract more investors, and so is of great significance.
Third, revision of the Principles
(A) set aside institutional innovation interface. The transaction rule amendments take full advantage of the "Securities Act" gives the exchange market innovation space, for some time is not yet clear introduction of margin trading, T +0 trading system and other innovative content, using a flexible formulation reflects the forward-looking, to the leaving room for future market development.
(B) adapt to the market trend. With the gradual development of the market, market participants will become increasingly rich and increasingly diversified investor trading demand. The transaction rule amendments fully taken into account changes in market demand, in the absorption has been proven effective in the SME board of the trading system on the basis of innovative measures, and also provides transaction services market commissioned diversified approach to effectively improve the market operational efficiency and market transparency, to fully meet the market development needs.
(C) reflects the diverse forms of service. With the market growing variety of listed securities of different listed securities transactions will appear different characteristics and require different mechanisms for supporting transactions. The trading rules modified according to different transactions between the listed securities of the characteristics of diversity in the design of trading mechanism supporting implementation of the system of differentiation, or leave a system of differentiated space, fully reflects the diversity of the form of transaction services.
(D) strengthening the supervision of trading practices. With the Securities and Exchange mode and the growing diversity of investors, trading patterns, the exchange of transactions modes of regulation also requires a corresponding change. The transaction rule amendments take full advantage of the new "Securities Act" given the various exchanges and market regulation measures, and define the exchange focused on the unusual trading behavior monitoring a variety of situations and the regulatory means to enhance the exchange of the transaction behavior of regulatory functions.
4 to amend the main content
Overall, the trading rules revision mainly in the following six aspects of system innovation. One is absorbed and perfected the SME board open, closing call auction system for trading shares publicly information disclosure system and the abnormal fluctuations in the suspension system; 2 is to provide five kinds of market order to declare methods and step by step implementation of the first step is to provide "the most counterparty excellent price to declare "and" this side best price to declare "; The third is unusual transactions, the introduction of a special suspension mechanism, strengthen the supervision of unusual transactions; Fourth, the transaction price, trading hours and trading methods in terms of bulk trading system was improved; 5 is to improve the effective range of settings bidding method and, based on characteristics of the SME board of stock transactions to adjust the effective stock of the SME board bidding range, reflecting the difference of trading mechanism.
