Original title: Countdown to full registration system A shares urgently need to be released T+0
The senior management has set the tone and expects that the full implementation of the stock issuance registration system has entered the countdown stage. This column believes that after the full implementation of the stock registration system, it is urgent to liberalize T+0 trading for A shares in order to better protect the interests of investors. The most direct manifestation of the implementation of the full registration system is that the increase or decrease has become 20%. If the operation is not careful, the maximum loss in a single day may appear to be an extreme situation of 40%. If there is T+0, investors have to stop the loss. Chance.
The full registration system is coming soon. By that time, all stocks’ price limit will become 20%. If it is a “ground board”, naturally everyone will be happy, but if a “sky floor” is encountered, the investor’s loss will be More than 40%, which will make many investors unacceptable, and T+0 is the best way to solve this problem.
Why might investors lose 40%? Because after investors buy stocks at the daily limit, if the stock price opens the daily limit and starts to fall, even if the stockholders know that they have made a mistake, they cannot sell the stock because of the trading system. Stop loss. At the same time, due to poor refinancing, it is impossible for investors to perform securities lending, selling and locking positions. If you are a large investor, you can also avoid risks through over-the-counter options, but most small and medium-sized retail investors cannot meet the threshold for opening over-the-counter options. So investors can only watch the stock price fall all the way, if the stock price falls from the daily limit to the lower limit, investors will indeed lose more than 40%. If this stock is opened the next day directly with a limit-down limit, the investor’s loss will exceed 50%.
Therefore, the biggest benefit of T+0 will be to provide investors with a stop loss opportunity, that is, investors can reverse the wrong operation within the day. This is very important for retail investors. For those companies that explode, institutional investors not only have the advantage of information, but their bottom positions are also a weapon that can escape before retail investors. Every time the stock price plummets, retail investors are hurt. The most important, this is not unrelated to the T+1 trading system.
In addition, after the full registration system, the pricing of new shares is further market-oriented. On the first day of new shares issuance and listing, the amplitude is also greater. Therefore, investors who participate in the first-day trading of new shares are also facing greater investment risks. If there is a T+0 trading system, this risk can be minimized.
In fact, with the comprehensive advancement of the registration system, the number of A-share stocks is steadily increasing, and the liquidity of small and medium-cap stocks is obviously not as good as before. Among them, the problem of stock price manipulation is prone to arise. Careful investors can find that in the recent past, many small-cap stocks often have unlimited daily limit. Behind this may be the manipulation of stock prices. In the face of such stocks, once investors stray into them, they will face huge Investment loss. But if under the T+0 trading system, investors will be able to stop losses immediately and avoid greater losses.
After the full registration system, the A-share market will become more mature and more open. At this time, investors need a more reasonable trading environment as the protection of their own interests. This column believes that it should start from T+0, even if not. To achieve a comprehensive T+0, there should be at least one time, so that investors do not need to watch the stock price fall.
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