129765814577714165_84Optimization of Shanghai Stock Exchange on March 13 of the request for letter of commodities traded mechanism measures, specific optimizations include: extension of the block trade time, reduces block trade thresholds
tera power leveling, relaxation of price limits, increasing block trade to declare types in four areas. Four optimization mechanisms, relaxation of price limits, due to the introduction of lock regularThe concept, the most interesting.
It is useful to reflect investors ' true wishes to express to meet investor demand, inhibit short fries, leads value investment, while also maintaining the stability in the secondary market and the interests of investors. Current block trading mechanisms, require big deals of the purchase price is closing price before price within the limits, that is, for most stocks, and commoditiesBefore the transaction price is between closing-90%. At the same time, the day after big deals, selling transferee to be the stock the next day. Optimization mechanism in the Shanghai Stock Exchange, initially considering the price limit is set for the two cases, and because of the range of relaxing, introducing lock concept on a regular basis, different premium folding big deals, set a different length of timeLock period. Price limit for the previous closing price of 70% per cent, lock period for at least 6 months; price limits for the previous closing price of 50% per cent, lock period is at least 1 year. Lock period, investors buying shares shall not be transferable. Relaxation of price limits, attached to the lock period, is of great significance.First
tera gold, the relaxation of price limits, has the potential for an objective demand. According to statistics, since 2009, there were 11,454 big deals, of which 1181 big deals is a premium transaction, share 10.3%; 10,056 big deals were discount deal, than 87.8%. Attention premium folding a large proportion of transactionsFound at or near daily limit daily limit price price (by 9% the above statistics, ST stocks by more than 4.5% statistics) traded a total of 75, premium transaction number 6.4%; to drop prices or close to drop prices (by 9% the above statistics, ST stocks by more than 4.5% statistics) traded a total of 4,637, than 46.1%. It can be seen that, forDiscount deal of big deals, with nearly 50% transactions are in accordance with the drop of prices or near-drop transaction; for premium transactions of big deals, there is a percentage of the transaction is at or near daily limit daily limit price price invoiced.
Therefore, price limits the scope to relax, has a large potential market demand. Second, the relaxation of price limits, helps to fully reflect the bulkBoth sides willing to deal in real prices. Pack of premium level, and stock market view of the bargaining power of the parties to the transaction, the two sides, and transactions related to market conditions and other factors. Transfer to underweight and are difficult to find when the intentions of the parties, transaction prices will tend to deep levels of discount. If a drop ceiling, impedesTransaction value both to the true will of the price level. When the transferee has acquired when the intention to transfer party, traded to daily limit by CAP is far too limited.
Big deals are important supplementary form of centralized bidding transactions, should encourage parties to the transaction in the transactions reflected in the levels of real prices, relaxation of price limits, is the institutional embodiment of the progress. A third, mixedPiece of relaxation of restrictions, you need to tie in with the locking mechanisms on a regular basis. SSE's locking mechanisms on a regular basis, you can avoid sharp fluctuations in the market after the announcement block trade information. Discount deal for large bulk transaction, if you do not set the lockout period, ordinary investors to block trade shares of the transferee in the next short sale will have strong expectations for profit, and this is expected toFactors that can affect the share price of standard dominates, thus prone to sharp plunge in shares in the secondary market.
For a substantial premium close big deals, if you do not set the lockout period, ordinary investors will expect the rise in share price in the short term, resulting follow will further accelerate the marked rise in the share price of buying behavior. Lock is missing on a regular basis,Direct distorts the secondary market price of the stock, market efficiency reducing. Soaring plunge in stock prices, can easily cause investors chasing rising stocks killed falling further, sharp market fluctuations will not be conducive to the protection of investor interests. In addition, the relaxation of big deals discount premium range, may induce the interests of transport phenomena. Cannot get big deals beyond the notice of the public tasks associated with trading information, There may be potential transfer of interests between, that would impede the fairness of transactions. Set for a substantial discount premium close big deals locked, restricting the receiving party within a period of half a year, a year of transfer of securities, secondary market prices of securities in favour of stability, inhibition of the stock short-term speculation, avoid centralized bidding transactions, in blocking transmission of interest vulnerability, securityOrdinary investors, while maintaining market order, enabling the underlying stock price to reflect the true value of listed companies
tera gold, to guide investors to make rational investment and value investing. You can look forward to, after the relaxation of the large trading price limits the scope of, the market will remain steady running, bring in more investors to participate at the same time, block trade into the more prosperous times�� Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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