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: 国产jk福利视频在线观看 | 亚洲高清成人欧美动作片 | 高清在线亚洲精品国产二区 | 久久看精品 | 亚洲精品日韩一区二区 | 国产首页精品 | 亚洲精品自产拍在线观看 | 一个人看的www日本视频 | 欧美国产在线看 | 国产一区二区三区毛片 | 精品视频免费在线观看 | 免费一级肉体全黄毛片高清 | 免费aa在线观看 男人的天堂 | 97国内免费久久久久久久久久 | 波多野结衣在线看片 | 人妖欧美一区二区三区四区 | 纯欧美一级毛片免费 | 成年女人色毛片免费 | 亚洲看片网 | 91香蕉国产线观看免 | 欧美日韩一级黄色片 | 国产亚洲精品久久久久久久网站 | 亚洲国产99在线精品一区二区 | 91人人视频国产香蕉 | 性生活视频网站 | 另类视频在线观看 | 草草草在线视频 | 91av视频| 欧美最大成人毛片视频网站 | 亚洲天天在线 | 日韩一级特黄毛片在线看 | 欧美亚洲国产视频 | 亚洲精品一区二区三区www | 久久色视频在线观看 | 久久综合久久精品 | 亚洲综合一区二区精品久久 | 国产免费人成在线看视频 | 成人在线网址 | 国产制服 国产制服一区二区 | 日本视频在线免费看 | 性生活视频网站 |