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Data:2009-12-12 2:34
(1) Computer to declare
B shares of Securities Dealers at the venue to the practice of the sale of B shares with A shares of the same, that are required to disclose their trading. Shanghai Stock Exchange floor declarations are declared using a computer. B shares at the venue to declare the sale of securities dealers, it should be reported under a one-time full shareholder accounts, stock code, the sale of the direction, price, quantity and clearing members of the code elements, such as rules.
Declared inside a computer is through with the transaction system connected to the host terminal achieved. When the report from the terminal keyboard input, will be sent directly to the trading system host, and then by the host for every report by the "price priority, time priority" match the principles of contract bidding.
(B) the declaration of price and quantity of the relevant provisions of
B share trading price of the smallest movements to declare unit is 0.002 U.S. dollars, to declare the number of "shares" for the unit (bought declaration must be an integer multiple of 1,000 shares), in denominations of 1 yuan per share, B share nominal value and issue price of RMB dollars, the issue price at issue, converted into U.S. dollars, after that listing, trading and settlement are conducted in U.S. dollars. B share trading decreases the price-rise limit, in addition to the securities listed on the first day no price limit, the trading price of each stock relative to the previous day's closing price of the Change rate of no more than 10%, that is, each stock Change Limit of (1 ± 10%) x the previous day's closing price.
At the same time, in order to prevent traders lose a single error or human cost caused by price volatility, the Shanghai Stock Exchange, right to declare the price range to restrict movements, specifically provides as follows:
1. Higher than the market value of any commission are free to sell to declare
2. Any bid below the market are free to declare delegate
3. Higher than the market value of the incremental rate of commission to buy a computer immediately reveal the price shall not be greater than 10% of
4. Commissioned to sell at below-market rate of not less than the decrease immediately reveal the price of the computer 10% of
Higher than the market price below the market price to sell and buy are hard to commission an opportunity to deal, so you can release without restrictions; but higher than the market value of buying and selling below the market price is almost 100% of the turnover opportunities, Therefore, its limitations can prevent human error cost and dealer operations.
(3 "declaration of zero shares
Zero stock transaction is less than one trading unit that commissioned the sale, less than 1,000 shares so that the zero commission trading of shares. At present the requirement to buy stock returns can not be zero, but you can declare a zero shares to sell to sell.
2, B shares of a continuous auction
(A) the definition of a continuous auction
Continuous auction refers to the sale of each declaration was commissioned by computer trading system according to price priority and time priority principle of order, and then the following two methods produce different transaction price, respectively.
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1. Declared value �the market to buy an immediate declaration reveals the lowest selling price, transaction price for an immediate declaration reveals the lowest selling price of
2. Ask declared value �market returns immediately reveal the highest bid price, closing price immediately reveal the highest bid price reporting
(B) the principle of continuous bid auction
The trading floor of the B shares with a two-way auction, the price priority and time priority principle of the bid. The so-called bi-bid auction means not only started bargaining with the buyer and the seller and the buyer and the buyer, the seller and the seller also carried out between the bid. If the purchaser is willing to take a maximum price (higher than the other buyer's price) commissioned to buy a certain amount of stock, he will be given priority in buying the stock right. Similarly, if the seller is willing to take the lowest price (lower than other seller's selling price) to sell their shares, he also will be given the right to sell the stock. Can be seen, the buyer and the seller can give priority to buy shares to sell their shares can give priority to a prerequisite for their respective high and low bids, which is commonly referred to as the price priority principle.
(3) consecutive bid to match the principles of
In order to prevent human costs, depress or raise the price, the price of where not inconsistent with the priority, under the premise replaced with the following two principles deal brokered by the principle of parity.
1. Such as the buying commission would like to declare, and the purchase price higher than the selling price, places purchase price match deal
2. Such as the selling commission would like to declare, and the selling price less than the purchase price, places selling price match deal
3, B shares trading on the knock on transactions and rotary
(A) The knock trading
Knock transaction is designated for the buyer and the seller designated by negotiation, to the same securities, the same price and quantity match generated by the securities dealer transactions. Of transactions are generally used for knocking on the trading of B shares of large delegate. The use of knock transactions, the bulk sale and purchase transactions can be the same price, in line with the interests of both buyers and sellers. At the same time, in order to handle the bulk of the knock on the sale transaction, you can reduce market price volatility. In addition, the knock on trade, the settlement counterparty to reduce and simplify the liquidation process, to prevent settlement risks can play a greater role.
Because of the knock transactions are negotiated rather than bid manner, thus closing price of treatment, such as poor management, there may be trading one injustice. At present the treatment of transactions where the right knock on the following provisions:
1. Knock on the number of transactions on the general control more than 5 million shares
2. Knock the price of transactions on the general control on the same day between the highest and lowest bid
3. Transactions of the knock by floor traders to fill a single declaration by the supervisors of the floor after the confirmation of the above principle be traded.
(B) Rotary Exchange
Swing trading is the implementation of T +3 for the B share settlement system set up of trading, it can reduce the risk of the investor's position and enhance the liquidity of B shares. This is located in October 1993 introduced a rotating between trading system.
In turn transactions, the investors can sell the stock can be divided into two parts: one part of the settlement it had fulfilled its obligations to the stock, and the other part is that it has purchased but not yet settled shares. But no matter when to buy or sell the stock, he can deal the third business day after the order to apply for settlement of these transactions, and, the day's buying and selling can not be offset by the. Swing trading should be noted that to do the following:
1. If people do not invest in treasury stock balance, he can only buy after the selling
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2. If investors have the stock balance of unfinished transactions to be settled, he can sell the parts shown with the stock without having to re-sell the settlement is completed
3. Investors sold the stock once the total is equal to its share of settlement has been completed the balance of the stock plus the balance of unfinished transactions to be settled
4. Investors bought and sold different stocks trading day were only able to liquidation, can not be offset against
5. Different trading day to complete the transaction the third respectively in the following business day clearing and settlement
4, B shares trade ex-dividend and the ex-dividend
(A) the ex-dividend trading
As the B shares are implementing a T +3 settlement system, so it is different from the ex-dividend trading How A shares under the T +1 system, the operation method. Should first understand the three dates and their meanings, they are "the last trading day", "ex-dividend trading day" and "equity registration day."
Three dates must be sure that the ex-dividend trading day. Determine the ex-dividend trading day in order to indicate before that date to buy or hold the stock for the interest-bearing shares. Second is the "Last Trading Day", and figure out the last trading day in order to determine if the day is the last day of trading with interest, and to determine the "equity Registration Day" a specific date. Finally, "Equity Registration Day", according to T +3 settlement system, it should be the last trading day of the third business day, because only in this day, the investor's stake in the registration before it was finished. If a stock trading ex-dividend day is September 1, the last trading day was August 31, its shareholders of record on September 3 that is (The above dates are calculated as a business day).
It is worth mentioning is that different from the natural business day, China's business day not mean the United States business days. This is because the Shanghai B share is based on U.S. dollars to settle, while U.S. dollars in cash payments and receipts handled by the New York branch of Citibank. As between the two countries have different holidays, so the calculation of business days between the two countries must be excluded holidays, T +3 settlement, more precisely, remove the two holidays, after closing the third business day settlement. Based on the above examples, such as September 3 for the U.S. holiday, then the share register and Japan should retreat September 4, despite the Shanghai Stock Exchange, September 3 is still open for business, is business days.
In order to ensure the new and old investors enjoy the same before and after the ex-dividend trading interest, the maintenance of price continuity and fairness require the ex-dividend day stock price on the ex-dividend treatment, after the stock goes ex-dividend treatment known as the "ex-dividend quotation." Ex-dividend quotation formula is:
Ex-dividend pricing = the last trading day's closing price - cash dividends per share
If the self-ex-dividend in the future, the stock price higher than the ex-dividend quotation, then known as fill rates; On the contrary, they are called discount.
(B) ex Transactions
And the ex-dividend transaction, transaction also need to understand the three ex date of the last trading day, ex trading day, stock day for registration. As the date of the calculation of these three methods and principles of dealing with the ex-dividend the same as not repeated here. However, the method of calculating ex quotation vary with the ex-dividend trading here highlighted the method of calculating ex-dividend quotation. Major Holders quote = ex-rights closing price of the last trading day / (1 + Major Holders ratio) allotment Ex Price = (the last trading day's closing price + allotment price * allotment ratio) / (1 + allotment ratio)
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Major Holders simultaneously with the allotment of the ex-dividend quotation = (the last trading day's closing price + allotment price * allotment ratio) / (1 + percentage + Major Holders allotment ratio)
Ex-dividend and the share placements, Major Holders simultaneous ex = ex-dividend quotation (the last trading day's closing price - cash dividends + share price * allotment allotment ratio) / (1 + percentage + Major Holders allotment ratio)
Processed by the Ex-called ex-dividend price quote. Ex in the future, such as stock quotes over ex is called Tian Quan; the other hand, is called the right paste.
5, B shares with stock trading
As the investment in B shares to overseas investors, mainly targeted, and the B shares typically are directed to raise private manner, while the allotment of securities laws in many countries was defined as the public to raise capital, so investors in many countries in B shares of listed companies during placements, are unable to participate in placements. If not set up with equity trading, foreign investors will have to suffer dilution of the priority of profit and prices of a double loss. Therefore, the open-allotment option trading is to protect investors from overseas B share the legitimate rights and interests of important measures.
With equity transaction should note the following points:
1. Since the shares registered in the future, in the ex-dividend day stock purchased or held by the investor's equity account the rate of increase in the proportion of allotment of new shares with an equal stake in
2. With equity only in agreement with the period before being traded equity trading, with shares trading period is usually 5-10 business days
3. With equity investors who hold only in the specified payment period, pay the corresponding price in order to have a corresponding allotment of new shares
4. New shares under the IPO only in the days before, may be transferred
With the theory of stock price = the last trading day's closing price - ex-dividend quotation
Investors need to allotment, then diluted the stock by investors from the payee bank to open a stock account, the registered company address sent to stay informed, the customer filled in to the designated clearing members and the final payment in the account before be ready within the allotment of funds by the agents in the last day for payment, the payee bank to pay the allotment paragraph.
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