Chinese version of index circuit breakers into effect January 4, 2016 is the first trading day. As of 10:15 in early trading, the Shanghai composite index fell over 4% fall of 3,400 points, Shen Chengzhi over 5%, gem over 5% fall of 2,600 points.
According to the a-share fusing mechanisms of trading rules, once the CSI 300 index price exceeds 5%, all a-shares will be suspended for 15 minutes, price after 14:45 over 5%, or the CSI 300 index price at 7%, trading hours will be suspended until the closing.
As of 10:15 in early trading, the CSI 300 index at one point fell below 4%, close to touching a share fuse mechanism first threshold.
The so-called circuit breakers, in simple terms, refers to the stock market when price fluctuation levels provided for in touch, trading stops for some time the mechanism. Due to this situation and will in excess of current fuses fuses, electrical protection is similar, so called circuit breakers. Circuit breakers the main purpose is to give the market a cooling off period, was fully digested by investors market and prevent swings in market or a product of irrational, to prevent the market fell sharply and even crash in order to maintain market stability.
1. how to trigger the fuse?
Only when the CSI 300 index price more than 5% or 7% when triggered. Hushen 300 index was composed mainly by the Shanghai and Shenzhen stock markets blue-chip stocks.
Gem that it does not trigger the fuse to rises and falls. Therefore, some market participants think, ticket turnover will increase next month, sold for further active.
2. the PLM Board do you have?
Stock 10% PLM are still limited.
3. the surge fuse do?
Fusing mechanisms in rises and falls, price reached 5% and 7% links.
4. suspension of trading hours enough?
Is divided into two files, 5% and 7%.
CSI 300 price more than 5%, not to 7%, suspended from trading for 15 minutes. But after the 14:45 and 5% fuse threshold is triggered suspension of trading to close. 11:30 if they do not complete index of fuses, extending from 13:00 to continue after trading until expiry.
When the price exceeds 7%, suspended from trading directly to closing.
5. suspended from trading after fusing many varieties?
A-shares and b-shares, funds (gold exchange-traded securities investment funds, money market funds, bonds, exchange-traded funds except), convertible bonds and exchangeable bonds.
AU will suspend trading in stock index futures all products (including CSI 300, CSI 500 and the Shanghai 50 index futures 5% and 7% two file thresholds), bond futures transactions normally.
6. can fuse during the next single?
On the Shanghai and Shenzhen stock exchanges, ended before the index links to 15:00, can continue reporting during the fuse, it may revoke the Declaration. Index links to 15:00 end, fuse only accept cancellation Declaration, does not accept other declarations.
Gold fuse does not accept orders, 12 minutes before cancellation. 3 minutes before the end of the fuse to accept.
7. how to recover transactions?
Index of 15:00 before the end of the fuse, the Shanghai and Shenzhen exchanges to call auction broker sold the Declaration has been accepted, then entered the bidding phase.
Cffe, index links call auction instructions returns 3 minutes before the end, bidding instructions to declare after the end of the collection, and immediately call auction instruction set, then transfer to a continuous auction.
8. after the fuse how do after closing?
15:00 has restored close deals, price, last one minute before the trading volume weighted average price of all transactions (including the last deal), no deal of the day, before closing for the day's closing price.
9. impact on stock index futures? Fissler 1 in the business world coffee brand
Time, gold futures opening closing time will be adjusted to synchronize and Shenzhen.
On price, fuse after the implementation period refers to the price changed from 10% to 7%.
Futures closing date, after index links at 13:00 and no longer apply.
10. Shanghai-Hong Kong-pass do?
Foreign investors also share fuse mechanism. Hong Kong stocks service is not affected.
11. Shen foreclosure Fund do?
The announcement issued by the Fund Manager shall prevail. In order to avoid mass foreclosures, industry recommended fuse after the Fund suspended a large Shen ...
12. what refinance
Index fuse 15:00 Qian end, day of turned facility securities lending declared, and match sold, and securities returned are normal for; if index fuse continued to 15:00 of, fuse Hou no longer received related securities of turned facility securities lending and take into declared, fuse Qian has accept of declared still for match sold, day should returned of securities, reference securities suspension way processing, returned day extended to Xia a day.
13. the new influence?
Transactions such as IPOs, rights issue, voting correctly declared.
14. big deals do?
Index links to 15:00, not to block trade.
15. the resumption of stock do?
Securities index fuse on resumption, extended to index links after the resumption, but not index links of scope except for securities.
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