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: 香蕉视频黄色在线观看 | 国产黄色自拍 | 目韩一区二区三区系列片丶 | 精品国产系列 | 成网站在线观看人免费 | 免费被黄网站在观看 | 中文在线亚洲 | 国产午夜亚洲精品第一区 | 一色屋色费精品视频在线观看 | 久久女同互慰一区二区三区 | 国产日本欧美高清免费区 | fulidown国产精品合集 | 欧美三级做爰视频 | 欧美日韩视频一区二区三区 | 奇米四色综合久久天天爱 | 国产精品久久久久久一级毛片 | 国产美女白丝袜精品_a不卡 | 日韩欧美视频一区二区 | 久久精品视频久久 | 成年人免费视频观看 | 亚洲高清一区二区三区久久 | 欧美一级毛片免费看 | 99视频精品免费99在线 | 国内视频一区 | 中国一级做a爱片免费 | 日本免费人成黄页在线观看视频 | 精品日本亚洲一区二区三区 | 日韩一级片免费看 | 久久亚洲国产精品一区二区 | 久久久毛片免费全部播放 | 在线观看亚洲天堂 | 国产成人亚洲综合一区 | 亚洲美女高清aⅴ视频免费 亚洲美女黄色片 | 亚洲国产精品综合久久20 | 草草视频手机在线观看视频 | 国产精品国产自线在线观看 | 美国三级毛片 | 亚洲综合91社区精品福利 | 色噜噜狠狠大色综合 | 欧美一级成人一区二区三区 | 国产综合久久 |