Tape on September 25 the two cities is very excited, closing the day are reported in Yang Xian, most brokerage stocks intraday daily limit. Sources said the market launch of margin trading, after National Day, "T +0" pilot most likely together with the launch of margin trading. Analysts believe that the introduction of the two measures do not necessarily play a warming effect of the city, although you can bring some money, but may also exacerbate market volatility, the effect may be neutral pH.
"21st Century Business Herald" reported, it is learned that on September 24 in Shanghai Shanghai Stock Exchange convened various brokerage margin and wind control departments who launched an urgent matter of negotiation, the exchange of legal department, Trading, Research, etc for per capita attendance, the margin before the final implementation plan for submission of amendments submitted after the National Day is expected to SFC. However, SSE has not been officially confirmed this news. In addition, the market also rumors "T +0" pilot most likely together with the launch of margin trading.
Difficult to effectively market stability margin
Although the market is still basking in positive stimulation of the three rescue, but a portfolio of greater intensity may be followed.
Xian-Ming Li, chief strategist at Ping An Securities, said the possibility of margin trading launch or large, and its pre-launch preparations and the conditions are ripe, but the key problem is that policy makers worry that the introduction of the impact on the external market, too, want to avoid market fluctuations. In addition, the introduction of margin trading will be the direct beneficiaries of the brokerage, is expected to first try at several large brokerage business, not a time to completely let go.
The reporter has learned, in fact, early in 2006 on the Shanghai Stock Exchange has launched a margin of related plans, preparatory work has been moving forward in an orderly manner, the requirement to report the relevant materials, means that its launch time is just around the corner, The rumors in the first trial on the list of CITIC Securities and Hai Tong Securities, are sharp price rise recently.
So, how should the market impact of margin trading? Securities Institute of Great Britain and Lida Xiao believes that the impact of neutral pH, just look at the financing of the current active market will play a positive role, providing more funds; and Margin bearish impact on the market, may encourage speculation atmosphere.
Hold similar views have Hongyuan Securities Institute process, culture, health, the margin he had reservations about the introduction of that in the current market conditions should devaluation GEM.
Financing business in certain positive impact on the market at the same time, the functions of short selling a point of contention. In this regard, China Sales Manager Liu Hong from Beijing Securities, said that although details of the implementation has not been announced, but many brokers similar to the previous practice. For example, the broker A thaw one million yuan in funds before the market opened to the customer B's account, the customer account of this 150 million worth of stock in a C, the client continues to use the funds to buy C shares all day. The trading day the stock rose, the customers before the close of the original shares equivalent to 1 million fund to sell some back to broker, the type of transaction is also in disguise "T +0".
Since the pilot launch of margin trading may take, therefore, analysis of the industry may have little effect on the market. Beijing a broker who said that although the margin in the system and institutional preparedness has been in place, but subject to the introduction of margin trading, the market may have implications for help or exacerbate market volatility. Meanwhile, the only part of the broker to carry out this business, did not advance the establishment of similar securities industry, "central bank" securities and financial companies, will also limit the size of the margin trading business, the market is difficult to play a strong stabilizing effect.
Controversial "T +0" model
Compared to the margin, "T +0" model is not promising for the industry wide.
Xianming said, "T +0" trade model may temporarily not be released, although it is hoped that an active market environment regulators, but also take into account the adverse impact of speculative capital.
"Perhaps part of the management will choose stocks with good liquidity margin to do the pilot, after all, after the release of warrants in the capital experienced a speculative stir crazy, but after the management of the full implementation of the unilateral imposition of stamp duty 'T +0' may not be reality. "Liu Qi said.
However, According to report, "T +0" pilot most likely with the introduction of margin trading. Implemented in 2006 to discuss the method for margin put "T +0" as a complementary transaction rules, then the idea is to extend this model on the SSE 180 Index SSE 50 Index and the launch of margin trading business since the start in certain level is increased market share and capital supply, "T +0" help absorb the new shares and funds.
SSE early 2007, entitled "New Generation Trading System trading mechanism under the differential," the report said, the implementation of trading days, helped turn an active market, improve business performance broker will also help improve the efficiency of market pricing, can provide investors with more flexible and convenient investment tool, it should in all securities listed on the implementation of day rotation trading varieties.
But the report also said the stock, closed-end funds, ETF, etc. Rotary trading days should be taken step by step strategy to go for the mobility, high stability of the species, such as the ETF and the index constituents, the first practice day turn transactions.
When the ratio reaches a certain level of institutional investors, investment philosophy to a certain degree of maturity, and then the poor liquidity, volatility of the implementation of a large variety rotary trading days, eventually turning all of the securities variety of day trading.
Beijing's investment in a fund director expressed the hope that margin trading and the "T +0" choose the SSE 50 and SSE 180 first trial, if the underperformance on the implementation of small cap stocks "T +0", or do more short mechanism are easily of stock manipulation, increasing volatility. In the broader market for blue-chip in gradually, then the likelihood of success much larger. (Sing Tao network)