Stock Market Operation Foundation " Three Public " Principle

Information disclosure in securities market is related to the "three principles" as the basis for the operation of the stock market. It is also a basic work to protect the interests of investors, and its importance is self-evident.

Over the past few years, the information disclosure in the domestic securities market has been greatly improved, and the achievements are obvious to all.

The regulatory authorities regularly and regularly report on the latest developments in the market construction, which greatly changed the asymmetric information in the past, for stability.

Confidence is expected to play a positive role.

However, there are still some shortcomings in objective assessment of current information disclosure in terms of timeliness and integrity.

Just last week, overseas media reported that regulators had abandoned the requirement that securities companies should not have clearances on stock pactions every day.

Because this request was put forward in July this year, it is an important measure to rescue the market at that time. Now it is very important to quit.

The news was not confirmed until the end of last week.

Obviously, there is a timeliness problem here.

Objectively, because the news was neither confirmed nor falsified, it undoubtedly brought a certain degree of confusion to the market.

In other words, very few initiatives from the past.

It is an advance and should be affirmed to be able to disclose information regularly.

However, the phenomenon of "export to domestic sales" in information disclosure, and the fact that it has to be replenish after the initial disclosure is incomplete, is also hard to please.

If we can not effectively solve this problem, we can not say that the interests of investors have been truly protected, and confidence in the securities market can not really be established.

Another example of integrity may be more revealing.

It was also last week that the authorities announced that they stopped the financing of the securities companies. The move was quite sudden. Because most investors do not know much about income swaps, they are prone to ambiguity in their understanding, which naturally leads to great unrest, which has led to the end of last week.

An important factor in the fall.

And after a few days, the relevant departments explained again: now the only thing to stop is increments, which does not require the stock to be pushed out of time, and the total scale of the stock is about 70000000000 yuan. The impact on the market should be very small.

In fact, when announces to stop the securities company's financing income exchange business, it is not a difficult thing to publish the information together, so that the incident will not cause the market to panic.

In addition, last week, several brokerages were placed on file for investigation. At that time, they did not announce what was the reason for this. Investors were very sensitive to this. The result was that the rumors such as "colluding overseas hostility to China" continued to cause serious interference to the operation of the stock market.

But later, several of the securities dealers announced that the investigation was due to the problem of opening up the account in the margin trading.

It can not be said that it is trivial to be investigated because of illegal accounts, but this will not have a big impact on the securities companies.

By the time things were cleared up, the stock market had really stabilized.

But many people think of panic selling at the end of last week, and they will complain about incomplete and timely disclosure.

If information disclosure was made at that time, not only would the stock market avoid a pointless slump, investors would also suffer less losses.