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Shanghai Stock Exchange: It is in the process of promoting the supervision of abnormal trading of science and technology board

May 15, 2019 21:11
source: China Securities Network

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Summary
[SSE: It is in the process of launching the rules for the abnormal trading supervision of the science and technology board] On May 15, the party committee member and deputy general manager of the Shanghai Stock Exchange, Li Bo, revealed at the launching ceremony of the “5·15 National Investor Protection Publicity Day”. The Shanghai Stock Exchange fully grasps the requirements of the protection of investors in the board. At this stage, the rules for the supervision of abnormal trading of science and technology boards are being promoted intensively. (China Securities Network)

On May 15, the party committee member and deputy general manager of the Shanghai Stock Exchange, Li Bo, revealed at the launching ceremony of the “5·15 National Investor Protection Publicity Day” that the Shanghai Stock Exchange fully grasped the requirements for the protection of investors in the board. Among them, in accordance with the direction of market-oriented rule of law reform, the principles of investor rights protection and related arrangements in the system innovations such as issuance, listing, trading, information disclosure and delisting have been further clarified. At this stage, the rules for the supervision of abnormal trading of science and technology boards are being promoted intensively.

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  Can you quote freely without any price limit? Kechuang board test revealed some trading rules

If a certain stock is listed on the stock market, the latest transaction price is displayed as 10 yuan, then the investor's entrustment report is a valid quote?

I don't think there is any ups and downs, and I can't take it for granted. After reading this article, you can get the correct posture of the Kodak board.

  Effective quote range:

  Base price fluctuates 2%

Recently, the Shanghai Stock Exchange issued the "Notice on Launching a Special Round of Special Business Testing for the New Round of Science and Technology Business Cards" (hereinafter referred to as "Notice") to various securities companies. The notice shows that this time, the two items will be tested specifically. One is the effective price declaration range, and the other is the temporary suspension of trading. The test period is from April 22 to May 8, for a total of 10 working days.

The test first conveyed an important signal - the effective price declaration range, that is, in the continuous bidding stage, the investor's declared price range is limited. The effective price declaration range does not apply to the limit bidding period in the collective bidding stage and the temporary suspension period during the opening period.

The limit order is the most used way for A-share investors to place orders when placing orders. Investors need to specify a commission price when placing orders. Therefore, this rule will determine whether the investor's order on the science board is valid.

The notice requires that the investor must meet the purchase declaration price of 102% of the purchase base price when the limit price is entrusted, and the sale declaration price shall not be less than 98% of the sale base price, otherwise it will be invalid.

So how is the benchmark price determined?

The benchmark price of the purchase is the minimum selling price declared in real time; if the minimum selling price is not disclosed immediately, the highest bidding price is revealed immediately; if the highest bidding price is not disclosed immediately, the latest transaction price is the latest transaction price. If there is no transaction on the day, it is the previous closing price.

Selling the benchmark price is the highest bidding price that is revealed immediately. If there is no immediate disclosure of the highest bid price, it is the minimum selling price that is disclosed immediately; if there is no real-time disclosure of the minimum selling price, it is the latest transaction price; If there is no transaction price on the day, it is the previous closing price.

can not read it? Xiao Bian actually can't understand, so Xiaobian specially asked the industry experts to explain the above terminology.

  Buying the benchmark price: the minimum selling price declared in real time corresponds to the selling price in the fifth market;

  Selling the benchmark price: The highest bidding price that is revealed in real time corresponds to the buying price in the fifth-order market;

  The latest transaction price is the current price.

as the picture shows:

Back to the original question in this article, suppose the current price of a certain board stock is 10 yuan, buy one price is 9.9 yuan, sell one price is 10.1 yuan, then the purchase declaration can not be higher than 10.3 yuan (10.1 yuan * 102%), sell The declaration must not be less than 9.7 yuan (9.9 yuan * 98%).

Since the science and technology board enterprises do not set a price limit in the first five trading days after the listing, in the previous test, investors can arbitrarily quote between 0 yuan and 9999 yuan, so the stock price jump in the simulation test. Larger. The industry believes that according to this test plan, it can effectively limit the large fluctuations in the instantaneous price, and can also prevent the occurrence of the "Oolong Finger".

"From the test point of view, investors can deliberately consider 102%, 98% of the effective price declaration range, and place orders at the price of selling one or buying one, and basically can also be sold." Industry insiders said.

  30%, 60% two-stop mechanism

The test notice also shows that in the implementation of the temporary suspension of trading in the stock trading stage of the science and technology stocks, there are three aspects:

1. The intraday trading price of the stock without the price limit is higher or lower than the opening price of the day by 30% or more;

2. The intraday trading price of the stock with no price fluctuation limit is up or down by 60% for the first time since the opening price of the day;

3. Other circumstances that the China Securities Regulatory Commission or the Shanghai Stock Exchange determined to be abnormal fluctuations in the stocks of the Science and Technology Board.

For the standard of temporary suspension execution in the session, the notification shows that the duration of the temporary suspension in a single session is 10 minutes. However, if the suspension time spans 14:57, it will resume trading at 14:57 on the same day.

During the temporary suspension of trading, the applicant may continue to declare, or cancel the declaration. When the resumption of trading, the collection of bids will be applied to the accepted declarations.

It is not difficult to see that in the first five trading days of the company's listing, it is assumed that the opening price of a stock is 10 yuan. When the stock price rises to 13 yuan and 16 yuan respectively, it will trigger a temporary suspension of trading. 10 minutes. However, if the temporary suspension of the trigger is at 14:55, the suspension may not exceed 10 minutes, and the transaction will resume at 14:57.

Seeing this, everyone should have mastered the scope of the effective quotation and the operating mechanism of the temporary suspension.

It can't be quoted without margins, and it won't go up in one breath.

  Plan or uncertainty

However, the above rules are only test plans, and the business parameters in the rule description are also for testing purposes only, not finalized.

"This special test is already the third round of testing. In theory, generally speaking, the third round of testing, the test environment and the real trading environment should not be different." A responsible person of a medium-sized brokerage operation department said.

He also admitted that there are many uncertainties in the test plan, especially the parameters involved in the rules, and ultimately the system will not be implemented as such, and the policy will be further clarified.

"From the results of our two days of testing, if the final rule is implemented according to this test plan, there will be a large number of scrap orders." A senior IT official of a Shanghai-based brokerage firm who did not want to be named said.

However, people in the industry generally believe that according to the spirit of the notice, in the real trading environment of Science and Technology Board, the temporary suspension mechanism of the intraday trading should be implemented, and the scope of application for effective prices will also be limited.

According to the provisions of Article 19 of the “Special Provisions on Stock Exchange Trading of the Stock Exchange of Shanghai Stock Exchange”, the Shanghai Stock Exchange may separately stipulate the effective price range of the shares of the company and the temporary suspension of trading in the intraday trading, and according to market conditions. Adjustment.

  Open the board now >>

(Article source: China Securities Network)

                (Editor: DF142)

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