Fusing mechanism CSI 300 Index as the main benchmark index blown consider

The first day attitudinal fuse mechanism, the next day it released Requests for Comments, showing the recent attitude of the management of the firm to stabilize the market.

According to the draft, the overall arrangement index fuse mechanism is: When the CSI 300 Index rose intraday decline reaches a certain threshold, the Shanghai and Shenzhen stock exchanges all shares, convertible bonds, bonds with detachable warrants, stock options and other equity-related varieties pause trading, stock index futures contracts all the gold in the trading halt, pause after the end of trading hours, as the case may resume trading or immediate closing.

Fusing mechanism CSI 300 Index as the main benchmark index blown consider, first of all cross-market index is better than the market index, cross-market index more representative, more fully reflect the overall A-share market fluctuations. Second, the CSI 300 index in the preferred cross-market index.


As for the setting of 5%, 7% two tranches index fuse threshold, ups and downs are blown, most days of the stall fuse triggered only once. The main considerations are: First, as the first tranche of 5% threshold can be set both calm and hold dual needs of a normal transaction; although the situation triggered a 7% less Tera Gold, but significant exceptions are in need of prevention, should be taken into account. Second, two-way fuse is more conducive to curb excessive trading, control market volatility, investors have more time to further confirm whether the current price is reasonable.

For determining index tranches fusing time. When the trigger threshold of 5% of the fuse, suspended trading for 30 minutes to auction at the end of the fuse, and then continue day trading. 5% of the fuse triggering threshold and after 14:30, and any time throughout the day triggered fuse 7% threshold, the suspension of trading to close at. Fuse is not restored to the previous 15 transactions, the closing price for the day on which the relevant securities securities transaction one minute before the final volume-weighted average of all transactions.

Special time arrangements. First, the opening auction phase does not implement the fuse; if the opening index point has been triggered 5 percent threshold will commence 9:30 blown, suspended trading 30 minutes; if the opening index point Trigger 7% threshold will be 9:30 started blown, suspension of trading to close at. Second, the lack of long am blown afternoon after the market opened complement midday closed when time is not included in the long fuse. Third day effective fusing mechanism. Considering the A-share market volatility, Yao City stage prone to irrational, so the A shares in Yao City stage still be blown. Fourth, stock index futures delivery day morning only to implement the fuse, both hit 5% or 7% triggered a trading halt, resumed trading in the afternoon were so smooth delivery.