On the evening of the 11th, the Shanghai Stock Exchange issued the "Notice on Doing a Good Job in Technical Preparation for the Adjustment of the Market Order of the Science and Technology Board" (referred to as the "Notice").
The notice mentioned that in order to make the securities company more convenient to do the front-end control of the market price of the science and technology board, and to better control the trading risk when investors use the market price order, the Shanghai Stock Exchange intends to optimize the market order declaration mode of the science and technology board. Adjustment.
Specifically, on the basis of soliciting market opinions, the Shanghai Stock Exchange intends to use price protection measures (referred to as “protection limit priceâ€) in the market price declaration form of the science and technology board. Seemingly technical adjustment, in fact, revealed a key message, that is, in order to control the risk of trading, the front-end control of the market price of the market order, the exchange stipulates that when dealing with the market price declaration, the transaction price of the purchase declaration and the price of the limit price are not high. At the protection limit price, the price of the sold transaction price and the limit price is not lower than the protection limit price.
The Shanghai Stock Exchange requires that all parties involved in the market (all securities companies, fund managers and related units) prepare for the relevant technology before April 22, 2019. The Shanghai Stock Exchange and China Clearing Shanghai Branch will organize round-the-clock testing and test notices will be released separately. For the relevant business guidelines, the Shanghai Stock Exchange will be released separately, and the final implementation of the business will be subject to the published rules.
As soon as the notice came out, various kinds of cognition followed. Why is it only introduced on the market price model of the science and technology board? How does the protection limit price protect?
According to the Securities Times and brokerage Chinese reporters from the authorities, the notice revealed three key messages:
First, according to the "Notice on the Relevant Technical Preparations for Adjusting the Market Order of the Science and Technology Market," the Shanghai Stock Exchange is currently conducting a docking test with the brokerage business interface;
Second, the protection limit price is only for the market price declaration, and does not apply to the limit price declaration. It is an optimization of the existing trading mechanism;
Third, the protection of price limit measures can be understood as a price protection tool for investors to control costs, and is an optimization of the trading mechanism.
A notice from the Shanghai Stock Exchange for three types of subjects
The recipients of this notice are the securities companies, fund managers and related units.
The Shanghai Stock Exchange said that in order to make it easier for securities companies to do a good job of controlling the front end of the market price of the science and technology board, and to better control the trading risk when investors use the market price order, the Shanghai Stock Exchange intends to optimize the adjustment of the market order declaration mode of the science and technology board.
Specifically, on the basis of soliciting market opinions, the Shanghai Stock Exchange intends to use price protection measures (referred to as “protection limit priceâ€) in the market price declaration form of the science and technology board. When the Shanghai Stock Exchange trading system handles the market price declaration, the price of the transaction price and the limit price of the purchase declaration shall not be higher than the protection limit price, and the price of the sold transaction price and the limit price shall not be lower than the protection limit price. Therefore, the rules for filling in the price field of the market price declaration interface of the bidding platform are adjusted, and the protection limit price information is supported.
According to the regulations, the market price order for the science and technology products (order type is the best five-speed real-time transaction, the remaining market price order, the best five-speed real-time turnover, the remaining market price order, the best market price order, the counterparty Market price order), this field is the protection limit price, the value must be greater than 0 and less than 10,000 yuan, indicating the highest bid price or the lowest bid price that the investor can accept, that is, the transaction price and the limit price of the purchase report. The price is not higher than the protection limit price, and the price of the sold transaction price and the limit price is not lower than the protection limit price.
The Shanghai Stock Exchange requires all parties involved in the market to prepare for the relevant technology before April 22, 2019. The Shanghai Stock Exchange and China Clearing Shanghai Branch will organize round-the-clock testing and test notices will be released separately. For the relevant business guidelines, the Shanghai Stock Exchange will be released separately, and the final implementation of the business will be subject to the published rules.
"Protection limit price" reveals three key messages
As soon as the notice came out, there was a lot of market discussion. Some people thought that there was a limit on the price and the decline, and some pointed out that it reduced the investment risk of investors. Some market participants also asked why they were only introduced on the market price model of the science and technology board. How does the protection limit price protect?
According to the Securities Times and brokerage Chinese reporters, first, according to the "Notice on the Relevant Technical Preparations for Adjusting the Market Order of the Science and Technology Market," the Shanghai Stock Exchange is currently conducting a docking test with the brokers. Second, the protection limit The price is only for the market price declaration, not for the price limit declaration, it is the optimization of the existing trading mechanism; third, the protection limit price measure can be understood as the price protection tool for the investor to control the cost, and the optimization of the trading mechanism.
The "market order" model used in the small-scale market in the main board market is a model that sacrifices a small portion of the cost cost to pursue a fast transaction. The price limit of Science and Technology Board has been enlarged. "The first five trading days after the listing of the company's stocks do not have a price limit, and the price limit after the five trading days is limited to 20%", obviously in the new Under the trading system, the range of price fluctuations is much larger than that of the main board market. In the past, the "market order" model may have problems in that transaction costs are difficult to control. After the introduction of the protection limit price model, investors can set the price of the protection limit price according to their own ability to control the risk.
The market price declaration, also known as the market price commission, only specifies the number of transactions without giving a specific transaction price, but requires that the transaction be conducted at the best price on the market when entering the trading floor or trading matching system. The advantage of the market price entrustment is that it can guarantee that the real-time transaction market price is based on the buying or selling price that is hanged in the market, and does not limit the transaction price, so that the instant transaction can be ensured.
According to the regulations of the company, the number of single-declaration orders for market orders should be no less than 200 shares, which can be incremented by 1 unit; the maximum number of market-order orders is 50,000 shares.
Science and technology board
As of April 11, the total number of applications for science and technology board applications has increased to 65, and the total financing scale has reached 62.064 billion yuan.
At the same time, the number of companies entering the “inquired†status reached 16.
Including Xiamen Tebao Bioengineering Co., Ltd., Hangzhou Hongquan Internet of Things Technology Co., Ltd., Shenzhen Guangfeng Technology Co., Ltd., Shenzhen Weixin Biotechnology Co., Ltd., Suzhou Huaxing Yuanchuang Technology Co., Ltd., ArcSoft Technology Ltd., Shenzhen Besida Medical Co., Ltd., Anhan Technology (Wuhan) Co., Ltd., Ningbo Rongbai New Energy Technology Co., Ltd., Jingchen Semiconductor (Shanghai) Co., Ltd., Guangdong Liyuanheng Intelligent Equipment Co., Ltd. Company, Hejian Chip Manufacturing (Suzhou) Co., Ltd., Jiangsu Beiren Robot System Co., Ltd., Wuhan Keqian Biological Co., Ltd., Jiangsu Tiannai Technology Co., Ltd., Yantai Ruichuang Micro-Nano Technology Co., Ltd.
The 16 companies have received an application from the listing application until they have been inquired. The average time is 13 days, the longest time is 15 days, and the shortest time is 8 days. According to the review process, the auditing agency of the Shanghai Stock Exchange will issue an audit inquiry within 20 working days from the date of acceptance. The review period is three months. The time for the issuer and its sponsors and securities service institutions to reply to the Shanghai Stock Exchange for review and inquiry is not counted.
While preparing for the review, do technical preparations. According to the science and technology enterprise audit process, the company can be divided into five parts from the application to the listing on the board, the acceptance, the audit inquiry, the review of the listing committee, the registration of the CSRC, and the listing. Some investment bankers pointed out that the SSE's review efficiency is staggering, and it is expected that the first listed company of Kechuang Board will be released faster than expected.
It is believed that in the process of review and issuance, the regulatory measures will be adjusted according to the situation in order to maximize the market vitality and market endurance. Market fluctuations and investor protection effectiveness will be the biggest reference factors for regulatory adjustment.
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