Pi Haizhou: Can Not Slow Down The Market Because Of The T+0

Not only the CPPCC National Committee member but also the chairman of the Shanghai Stock Exchange, Gui Minjie, said that there was no technical obstacle to the introduction of the T+0 system, indicating that the conditions for introducing T+0 into the blue chips were ripe. Moreover, even the chairman of the SFC, Xiao Gang, said: "the blue chips are not trading very well now. If we want to push the T+0 system, we may choose some blue chips for trial, but these problems are still under study."

However, a year later, in this year's "two sessions", T+0 has become a hot topic.

Although He Qiang, a member of the CPPCC National Committee and professor of Finance School of Central University of Finance and Economics, once again submitted a "resumption of the stock market" on this year's "two sessions" as a staunch supporter of the "T+0" trading of the stock market.

Proposal.

But Xiao Gang, chairman of the securities and Futures Commission, said that the market liquidity and turnover rate were also good, so it did not consider the immediate resumption of T+0 trading mechanism.

Even Gui Minjie, chairman of the Shanghai stock exchange who actively promoted T+0 last year, also said that T+0 is a double-edged sword. It has a positive side to provide liquidity to the market, but there are also problems of volatility and speculation. Therefore, it is still necessary to take steps step by step.

Gui Minjie said that the T+0 of stock is still in preparation and unified understanding process, and we are still working hard to promote this matter.

T+0 from last year's "two sessions" hot topic to this year's "two sessions" of the cold topic, and even Gui Minjie from the "big blue chips launched T+0 condition is ripe" to "still step by step."

Such a huge change is obviously related to the change of market environment.

Last year's "two sessions", the Shanghai stock exchange actively promoted T+0 because the Shanghai composite index was very low at that time, when the Shanghai composite index was still struggling around 2000.

After a year, the Shanghai Composite Index has risen to 3200 points, or more than 60%.

The stock market has bid farewell to the doldrums.

As president Xiao Gang said, "market liquidity and turnover rate are also good". In this case, T+0 is not a top priority.

So the launch of T+0 is still a step by step.

This reflects the management's "headache and pain" in regulation.

Further, it also exposes the true understanding of T+0 by management.

That is, T+0 is a tool for speculation in the market.

Of course, to speak highly of is to activate the market to provide liquidity.

It is no wonder that when the stock market is in a downturn, the Shanghai Stock Exchange should vigorously advocate the introduction of T+0. It is no wonder that the SFC has been hesitant about the issue of T+0.

I believe that although management's understanding of T+0 is not entirely wrong, at least it is not comprehensive.

Because T+0 is not just a tool for speculation, T+0 is also an error correcting tool for investors. It even involves the principle of "three principles" in the market.

For example, in

In case of incorrect operation of investment activities, if investors find that they have bought the wrong stock, if they can conduct T+0 operation, investors can correct their mistakes in time. On the contrary, because there is no T+0, investors can only watch their investment losses increase and not stop on the same day.

This is obviously not conducive to protecting the interests of investors.

What is particularly important is that without T+0, this is further aggravated.

It's unfair.

For example, in the face of the "8.16" Everbright Securities Oolong incident in 2013, institutional investors and individual investors can hedge investment risk by shorting the futures index, reduce the investment losses through short selling, and even reduce the investment losses by selling the fund ETF.

But as a small and medium-sized investor, because of the limitation of financial strength, the above operation can not be carried out.

Moreover, if T+0 operation is not possible, investors can only act as a beast of prey and allow investment losses to increase.

This is obviously unfair to small and medium-sized investors.

Because of this, the introduction of T+0 should not be related to the changes in the stock market, but only to the error correction mechanism of the market and to the fairness of the market.

Therefore, the stock market can not postpone the introduction of T+0 because of the warming of the market.

And because of the downturn in the market, we must try our best to launch the T+0, and the market is improving. We should take "step by step" on the issue of T+0. This reflects the utilitarian nature of regulation, and it is also a sign that China's stock market is not mature enough.