China'S Stock Market Dare Not Easily Restart The "T+0" Behind.

The liberalization of the "T+0" trading system has given the Chinese stock market a huge impact.

However, because of that impact, it has also greatly delayed the reform of China's stock market trading system.

Obviously, in the face of the current market environment, we can no longer measure the drawbacks of the "T+0" trading system with old thinking.

Perhaps, under the environment of the asymmetric trading system and the gradual change of market "gameplay", it is more appropriate to liberate the "T+0" trading system or gradually pilot the "T+0" trading system, which will be more suitable for the development of China's stock market.

Nowadays, it is a critical period for China's stock market to accelerate its "deleveraging".

However, as the market "deleveraging" continues to accelerate, the market's new liquidity influx is also bound to be affected.

Obviously, in the leveraged market, it is still inseparable from the rule of "leveraging and losing leverage". If leverage capital continues to weaken in the market, it will mean that the height of the A share market will also be constrained in the short and medium term.

While speeding up the "deleveraging" in the market, it has also speeded up the speculation in the market to a certain extent, so that the market can gradually return to reason.

Obviously, in the process of market speculation, it encourages the restart of the "T+0" trading system, which does not seem to be in line with the current situation that management calls for rational investment in the market.

When it comes to "T+0", it is a familiar trading system for the old shareholders.

In fact, as early as May 1992, the Shanghai Stock Exchange began to implement the "T+0" trading system, and the Shenzhen stock exchange followed closely and gradually implemented the "T+0" trading mode.

However, for a long time, because of the excessive market speculation atmosphere, the "T+0" trading system was only implemented in the A share market for three years, and forced to suspend.

Therefore, in the subsequent period, the A share market has also been using the "T+1" trading system.

Obviously, the liberalization of the "T+0" trading system will also cause great concern among the management.

On the one hand, the A share market is basically dominated by retail investors, while the overall proportion of institutional investors is less than 25%, which has dramatically increased the speculative color of the market. The implementation of the "T+0" trading system will inevitably trigger over speculation in the market and disrupt the rhythm of the market. On the other hand, because of previous failures and lessons, the previous management is also not willing to let go of the "T+0" trading system at will.

Obviously, in China's stock market, it is almost impossible to "let go of one mess and one will die."

In a step backward, management prefers to adopt a prudent management strategy rather than to try boldly, and the responsibility behind it is quite huge.

It can be seen that although China's stock market has been developing for more than twenty years, and the suspension of the "T+0" trading system has been for nearly twenty years, however, in view of the highly speculative nature of the A share market, management still dare not reopen the "T+0" trading system easily.

In fact, compared with the market environment 20 years ago, the market environment of the A share market has undergone tremendous changes.

First, the change in the total market size.

20 years ago, the total size of the A share market was very small, and the number of participants was not large, and the average daily trading volume of the market was also very poor.

However, 20 years later, the total size of the A share market has seen explosive growth, of which the total market capitalization is close to 40 trillion and the participants are up to 100 million.

Obviously, in the face of the rapid rise of the total market size, we can no longer judge the current market development by using the original way of thinking.

Therefore, we need more flexible means to boost the market and so on.

In this regard,

In terms of liquidity and market trading, apart from the use of highly leveraged tools to stimulate the market, the "T+0" trading system is also a good stimulus.

Moreover, compared with 20 years ago, the A share market has changed dramatically.

Among them, since 2010, the A share market has not only welcomed stock index futures and margin trading, but also gradually introduced such tools as securities lending and options.

However, in the near future, with the collapse of the Chinese style fusing mechanism, it will also be profoundly changed.

"Play".

It is worth noting that because of the unreasonable design of the market trading system at that time, the paction conflicts between institutions and retail investors were exacerbated.

Among them, in the stock index futures, the asymmetry of the current trading system has also increased the difficulty of ordinary retail investors.

As for large funds and institutions with capital advantages, information advantages and technological advantages, they are no longer limited to the one-way profit model, and can be flexible in operation with hedging and other functions to avoid systemic risk of unilateral market decline.

Obviously, because of "

"Trading system exists for a long time, and in the process of unilateral irrational decline, ordinary retail investors can not get the opportunity to correct pactions.

As a result, in fact, it has further increased the risk of retail ownership and improved the overall operational difficulty.

In addition, in the forthcoming fusing mode, it will further highlight the drawbacks of the "T+1" trading system.

At this point, in the process of irrational market decline, if the market continues to use the original trading system, with the collapse of the Chinese style fusing mechanism, or will make the already strong fall kinetic energy in the market can not be released, and the short cost of the empty side will also be reduced.

As a result, in fact, it will also shorten the market bottoming time. During this period, if the retail stocks held by individual investors have experienced a sharp fall in the market, the risk of retail ownership will also increase significantly.

However, I believe that in the face of a fairly weak market environment, it is not enough to release the "T+0" trading system only moderately.

In addition, we need to further enhance the proportion of institutional investors in the A share market and improve the risk hedging of ordinary investment.

At the same time, we need to continue to substantially increase the illegal cost of the market and strengthen the supervision mode of the market.

Only in this way can we promote the healthy development of the market in essence and gradually restore the confidence of the market.