www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Circuit breaker set to start in 2016

By Li Xiang (China Daily) Updated: 2015-12-05 09:08

Circuit breaker set to start in 2016

Investors at a brokerage in Fuyang, Anhui province. On Dec 4, the benchmark Shanghai Composite Index declined by 1.67 percent to close at 3,524.99 points. [Wang Biao/For China Daily]

Draft rules revised to shorten share suspension time

China will implement the circuit-breaker mechanism in its bourses from next year as part of its efforts to check abnormal price swings in the capital market.

According to the rules announced by the Chinese bourses on Friday, trading of stocks, index futures and options will be suspended for 15 minutes when the stock index CSI 300, which tracks some of the largest-cap stocks in Shanghai and Shenzhen, fluctuates by 5 percent.

Trading will be halted for the remainder of the day when the index moves by 5 percent after 2:45 pm or 7 percent at any time during the trading session, according to the rules.

The market rout between June and August that wiped out $5 trillion of market value has prompted the capital market regulator to consider the circuit-breaker mechanism, which is designed to temporarily halt trading so as to avoid market panic after the stock index has fluctuated a certain percentage.

The latest announcement revised the draft rules, which were circulated for public opinion in September, by shortening the trading suspension time to 15 minutes from the proposed 30 minutes.

Investors had earlier expressed concerns that a 30-minute trading suspension would cause liquidity problems as individual stocks are already subject to the 10 percent daily trading limit.

"Shortening the suspension time will reduce the mechanism's impact on market liquidity," the Shanghai Stock Exchange said in a statement.

Deng Ge, a spokesman for the China Securities Regulatory Commission, told a news conference that the regulator will continue to improve the trading mechanism based on future market responses after the introduction of the new mechanism.

"Based on international experience, the introduction of the circuit-breaker mechanism is not a 'once for all' decision ... and requires constant adjustment. The present rules are based on the unique characteristics and trading habits in the Chinese market," he said.

The United States introduced the market-wide circuit-breaker mechanism after the stock crash in 1987. The country also installed trading suspension mechanism for individual stocks after the infamous "flash crash" in 2010.

Zhang Jie, a professor at the capital research center of the China University of Political Science and Law, said that the introduction of the circuit-breaker mechanism is a positive development for the Chinese capital market as it will help avoid panic trading and maintain fair play.

"When the stock market experiences substantial volatilities, the mechanism could protect the interest of small investors who are at a disadvantage due to lack of information," he said.

Zhang said that the mechanism could also help curb risks of trading stock index futures as the trading suspension offers investors the opportunity to deposit additional money to avoid forced liquidation when they face margin calls from their brokers.

On Friday, the benchmark Shanghai Composite Index declined by 1.67 percent to close at 3,524.99 points.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 成人a毛片久久免费播放 | 福利社在线视频 | 一级欧美毛片成人 | 成人免费视频在线看 | 久草日韩 | 色www永久免费网站国产 | 韩国一级毛片视频 | 亚洲天堂.com| 久久久9视频在线观看 | 男人天堂欧美 | 亚洲欧美高清 | 免费观看欧美一级毛片 | 一本三道a无线码一区v小说 | 夜夜操夜夜爽 | 国产福利不卡一区二区三区 | 成人18网站 | 亚洲欧美日本国产综合在线 | 国产激情一区二区三区成人91 | 一级毛片免费观看 | 国产精品免费久久久免费 | 久久久久久久99视频 | 欧美jizzhd精品欧美高清 | 万全影院亚洲影院理论片 | 亚洲免费网址 | 日本精品一在线观看视频 | 欧美一区二区在线观看免费网站 | 亚洲人成高清毛片 | 日本美女性爱 | 欧美成人一级视频 | 色播亚洲精品网站 亚洲第一 | 国产福利一区二区三区 | 久久免费播放视频 | 国产看午夜精品理论片 | 欧美视频综合 | 台湾精品视频在线播放 | 久色精品| 中文字幕亚洲高清综合 | 国语自产拍天天在线 | 免费视频精品一区二区三区 | 日韩在线一区二区 | 国产成人精品在线 |