Whether The A Share Market Should Be Liberalized "T+0" Has Attracted Much Attention.

For the A share market, it is essential to have the status quo of "putting everything in a mess, killing one pipe".

After the vigorous and vigorous process of "deleveraging", the market is gradually emerging from the shadow of early panic, and the recovery of market confidence is still not long.

In this regard, although the future liberalization of "T+0" will be a major trend, but in the short term, the possibility of opening up "T+0" is not large.

In fact, the topic of "T+0" has been discussed for a long time.

Since the 1995 Shanghai and Shenzhen two cities A shares and fund pactions changed to "T+1" trading mode, it has been used up to now, and has lasted for 20 years.

In fact, for the mainstream stock market in the world, the "T+0" trading system is basically adopted, but the specific way of settlement is different.

However, for the A share market, with the listing of many innovative trading varieties in recent years, the trading system of the market has changed greatly, and a differentiated trading system has been implemented among different markets.

Among them, for the A share market, the "T+1" trading system is in fact, while the futures market has a "T+0" trading system.

Among them, "interconnection" is the most talked about topic in the last two years.

It is not surprising that in 2016, Shenzhen and Hong Kong is expected to gradually launch and further strengthen the market between the two markets.

"Mode.

However, under the background of "interconnection and interconnection" between the two markets, the market trading system is also in urgent need of in-depth reform.

Otherwise, under the circumstances of obvious differentiation between the two market trading systems, it is also not conducive to the two-way flow of funds between the two markets.

Moreover, the introduction of the fusing mechanism will also be a prediction.

However, under the fusing mode, if the market suffers irrational falls, it will also hurt the interests of ordinary retail investors.

At this point, when the fusing mechanism falls to the ground, it is necessary to fill in the loopholes of paction errors of ordinary retail investors and give them some opportunities to correct pactions, so as to reduce the risk of their trading losses.

In addition, the most important thing is that under the current market paction mode, the stock market implements the "T+1" trading system, while the futures market implements the "T+0" trading system, which easily leads to the asymmetry of the current trading system in the market, thus exacerbating the contradiction between the large capital institutions and ordinary retail investors.

At the same time, the resumption of the "T+0" trading system can also enhance the liquidity demand of the market and activate the stock market funds.

To stimulate investment enthusiasm in the market.

Nevertheless, we still need to consider a fatal factor, that is, the special market environment of the A share market.

It is undeniable that in the A share market, retail investors are the dominant factor.

At the same time, institutional investors have not been fully promoted, which is also regarded as a true portrayal of A shares' speculative excess, which also aggravates the volatility risk of the market.

However, in practice, although Chinese retail investors are more speculative and frequent, they are far less speculative than some domestic institutions.

Obviously, for these institutions, they have natural advantages, and it is easy to exacerbate their speculative behavior combined with the overall violation cost of the market.

At this point, as some people have said, in the A share market, institutional stocks are like retail investors.

At this point, if the market rules and order and the cost of violation can not be modified in essence, it can not fundamentally stabilize the hearts of the market.

There will be no healthy and lasting development.

At this stage, after a series of "deleveraging" processes in the previous market, the potential risks of the market have been well released.

At the same time, through the early severe attack, some highly speculative behaviors of the market have been basically suppressed, and the market has gradually realized rational regression.

In this regard, shortly after the outbreak of the stock market turmoil, management has been deeply aware of the highly speculative A shares, and at this time, the liberalization of the "T+0" trading system seems to be inconsistent with the current management of the real demand for the market.

At the same time, in view of the profound impact of the previous stock market turmoil, managers in the near future dare not arbitrarily release the "T+0" trading system, because no one is willing to take too much risk of accountability.