The Registration System Has Produced An Invisible Fear Of The Market.

The fuse mechanism of A shares can be described as "life at a time".

There are only four trading days since 2016, because the CSI 300 index decreased by 5% and 7% respectively, and four times triggered fuses, and two trading days closed ahead. The trading hours on Thursday were only 15 minutes, creating a new record in the A share market.

Although the CSRC staff answered the reporters' questions in January 5th, "the fusing mechanism has played a certain role in cooling off period, which has positive significance for protecting the legitimate rights and interests of investors". However, it is obvious that it is more necessary to "continuously improve relevant mechanisms according to the actual operation of the fusing mechanism", and the fact also illustrates this point.

Whether in January 4th or 7, after the first time triggered by the CSI 300 index, it resumed trading again and the whole market became more panic.

After the resumption of trading in January 4th, the Shanghai and Shenzhen 300 fell to 7% for 7 minutes, while in January 7th it took only 2 minutes to show more.

Running away in a frenzy, and its strength is much larger.

The underlying index of the fusing mechanism is the Shanghai and Shenzhen 300 index, but the disadvantages of the Shanghai and Shenzhen 300 index have already been in sight.

During the stock market crash last year, the index of the Shanghai and Shenzhen 300 index fell frequently, and there was suspicion of being manipulated.

Although the regulatory authorities claimed that the CSI 300 index is not easy to be manipulated, the best answer has already been given. The proportion of margin and paction costs raised by CICC has been confirmed by "self Palace".

Therefore, it is not reasonable to use CSI 300 index as the index of fusing mechanism.

Moreover, the Shanghai and Shenzhen 300 index stocks are only 300 listed companies, even though their total market value, scale, industry and so on all have certain representativeness, but after all, there are only 300.

It is unfair for the 300 listed companies to decide whether or not the remaining more than 2000 listed companies will continue trading, or not, in fact, they can not represent other listed companies by deciding whether the market will be "fusing" by the ups and downs of the 300 listed companies.

Moreover, there are

That's fair.

We can introduce the Shanghai and Shenzhen composite index.

Take all listed companies in Shanghai and Shenzhen two cities as the constituent stocks, and calculate the index with the circulation shares as the weight. Among them, the new shares are listed on the second trading days and are included in the index. The restricted stock is lifted and the second trading days are counted as index.

Such an index can reflect the fluctuation of the market more accurately, and it is more reasonable to use it as the index of the fusion mechanism.

Once it comes into force, it will be put into use. On the one hand, it will be related to the negative factors in the recent market.

If the ban on the sale of major shareholders and senior executives is about to expire, there will be more than trillions of restricted shares in the market.

That is to say, the sell-off of major shareholders and executives will start.

On the other hand, the impact of registration system on the market can not be ignored.

After the split share structure reform of the listed companies, the registration system of IPO is undoubtedly a major institutional change in the capital market.

With the media disclosure of the registration system specific implementation plan will be settled in the news, just like the same year's share reform, the market will produce an invisible fear.

In addition, it is particularly noteworthy that the stock market crash, which began in mid June last year, did not completely heal the psychological trauma of investors.

One of the characteristics of the market during the stock market crash is to take the road and run away.

See who can run fast and run slowly, waiting for you is only lower.

The resumption of trading after the fusing again this week shows this characteristic.

This not only reflects the fragility of the market, but also reflects a panic mentality of the market.

The fusing mechanism in overseas markets can play its due role, while the fusing mechanism in the A share market shows the characteristics of helping to fall. This is obviously not the original intention of our introduction of the mechanism, and there are also different voices on the market.

Personally, it is not wrong to introduce the fusing mechanism in a speculative A share market. It is important that the design of the index and fuse threshold should be reasonable.