Category: Money tips Release Date: 2006-06-14
Shanghai Stock Exchange "trading rules", the Shenzhen Stock Exchange "trading rules" after the introduction of the parties to the T +0 market trading, margin trading and other systems leave room for innovation in terms of great concern. In fact, T +0 trading, margin trading and other institutional innovations, the need for new approaches introduced. Dao Shi was concerned about the small differences in transactions relating to the provisions of an impact will be real to the first.
On the stock market is concerned, the so-called difference-based trading mechanism would be reflected in different types of stocks, the implementation of different trading systems. In the past, we have a relatively simple mechanism for differences in transactions. For example, currently remain in force in Shanghai Stock Exchange, Shenzhen Stock Exchange "trading rules" 62nd stipulates: "The exchange of shares, fund transactions decline in the price-up restrictions, up to 10% decline in the ratio, in which the stock price ST Up to 5% decline in the proportion. "and go into effect July 1 of the" trading rules "will bring about differentiation trading mechanism than it is now much more complex.
Effective small panel stocks have a new auction rules
SME board in Shenzhen Stock Exchange listed stocks, with the Shenzhen Stock Exchange, the other listed stocks, will be differentiated to requests to be traded. Shenzhen Stock Exchange "trading rules" 3.4.3 provides: "There is a collection of Price Limits securities auction bidding during the valid range limits in line with the decline in inflation," but "the SME board shares a continuous auction bidding during the valid range for the recent transaction price上下3%。”因此，当前收盘?0元、当天集合竞价未产生开盘价后，中小企业板上市股票和非中小企业板上市股票、ST?ST股票的有效竞价范围，分别?.7?0.3 , 9 ~ 11,9.5 ~ 10.5 yuan. Stock can be a non-SME board is enclosed in a daily limit or lower limit prices of textbooks. SME board stock if we limit-or lower limit, in the middle need at least three times the required conditions of closing. To rise as an example, if the buying enthusiastically, then, after 10.3,10.61,10.93 yuan 3 pen Upon closing, the stock can be the limit-price by 11 yuan deal. Similarly, the SME board in the ST and * ST shares at least the middle of the provisions of the conditions required to achieve a sub-contract in order to limit-or lower limit.
In this case, for investors, the yuan may have to 10.3,10.61,10.93 bidding to buy the SME board stock. However, if the SME board for non-stock, also used this quote means, it is not a mechanism to differentiate the use of the.
Difference between the Shanghai and Shenzhen trading system
Different Stock Exchange listed stocks, the same differences in the case of transactions. The original "trading rules", is by the Shanghai Stock Exchange, Shenzhen Stock Exchange jointly issued. The new "trading rules" by the Shanghai Stock Exchange, Shenzhen Stock Exchange were released. Specific provisions from the Stock Exchange of view, the difference is larger. This is mainly manifested in the ---
First, the listed market price reporting types or in different ways. According to the Shenzhen Stock Exchange "trading rules" under Article 3.3.4, it accepted the market price of the following types of declarations: (1) counterparty to declare the best price; (b) The parties to declare the best price; (3) the optimal 5 file an immediate revocation of declaration of the remaining transactions; (4) Immediate revocation of declaration of the remaining transactions; (5) full transaction or revocation of declaration; (6) the other types of required. The Shanghai Stock Exchange "trading rules" under Article 3.4.4, which is acceptable to declare the market price of the following ways: (a) the optimal five-speed real-time revocation of declaration of the remaining transactions; (b) the optimal five-speed real-time transaction limit left turn declaration; (3) The specified otherwise. Shenzhen Stock Exchange, "the provisions of other types of" Shanghai Stock Exchange, "provided other means", whether to include the type or the other way, is not clear. Investors choose a different manner or type of market order, the transaction result is not the same.
Secondly, no price limit the scope of the securities is not the same as the effective bid. Hereby stock as an example. Shenzhen Stock Exchange "trading rules" Article 3.4.4 states: "a collection of stocks listed on the first day of opening auction bid range of the effective issue price of 900%, a continuous auction, call auction close range of the effective bid price for the recently traded up and down 10%. " Article 3.4.5 provides that: "No Price Limit prices of securities in the opening set did not produce during the closing auction, continuous auction begins, adjust the effective bid according to the following range: (a) within the framework of the effective bid to declare the highest bid price higher than the issue price or the previous closing price, the highest reported bid price for the base bid to adjust the effective range; (b) within the framework of an effective bid to declare the lowest selling price is lower than the issue price or the previous closing price, the lowest selling reporting price as a benchmark to adjust the scope of the effective bid. "Shanghai Stock Exchange" trading rules "in Article 3.4.15 states:" to declare stock price does not exceed 200% of previous closing price and closing price of not less than 50% of pre - . " The difference is significant.
Of the transaction requirements in terms of differentiation, but also differences between the principles embodied in the call auction, bulk trading and a dealer system and so on. Confined space, can not be 11 more. For investors to understand the specific rules, is an important precondition for investment. It's like football players must understand that the same rules of the game. Do not understand the "trading rules", although not sent off, but may be adversely affected by "fighters." This is the need to attract investor attention. As for the additional plate for different price limit and other regulations, it is the future.
