The disguised T+0 of Kechuang Board attracts attention to the introduction or initiation of three risks at the present stage.

 The disguised T+0 of Kechuang Board attracts attention to the introduction or initiation of three risks at the present stage.

T + 0 strategy is very common in A shares, mainly for high volatility varieties, retail investors gathered varieties, Kechuanban is the best exercise ground for these institutions. But in theory, this strategy will boost inflation, boost decline and amplify fluctuations.

In fact, the Shanghai Stock Exchange has responded to the T + 0 of the company, which is highly concerned by all parties in the market. The Shanghai Stock Exchange has said that it has strengthened its research and demonstration on the trading mechanism, including T+0, based on the consideration of establishing a more market-oriented trading mechanism for the Science and Creative Stock Exchange. In order to ensure the smooth operation of the initial stage of the board and avoid the long-term investment habits of traders to change dramatically in a short period of time, the T+0 trading mechanism was not included in the draft of relevant rules in accordance with the principle of steady start and gradual progress. At this stage, Chinas capital market is still immature, the proportion of small and medium retail investors in the investor structure is relatively large, the characteristics of unilateral markets have not changed fundamentally, and the means of market monitoring and monitoring are still inadequate. The introduction of the T+0 system at this stage may lead to the following risks: First, intensifying market volatility u3002 Second, it is not conducive to the protection of investorsinterests. Third, it provides space for market manipulation. Therefore, Kechuangban has not introduced the T + 0 trading system to maintain the stable operation of the market and protect the interests of small and medium-sized investors.

As a new sector, the relevant trading system of KIB needs to be observed, and the market also needs to adapt to the new sector. We may wish to give Kechuang more time. If it is really necessary to introduce T+0 after a period of operation, we believe that the regulatory authorities will absorb and consider the suggestions of all parties in the market to improve the relevant system. From a positive point of view, the intra-day turnaround trading mechanism is an internationally prevalent trading system, which can increase market supply and improve the market self-balancing mechanism, and provide small and medium-sized investors with intra-day error correction means, which has a certain positive significance. Especially the single T + 0 trading mechanism can moderately increase the market supply, but will not increase the market demand, thus playing a role in curbing speculation. The research on T+0 is still the task that all parties in the market should continue to do.

Source: Liable Editor of Securities Daily: Yang Qian_NF4425