How Are The Potential Systemic Risks Of The Stock Market Broken?

After the irrational stock market volatility in the second half of 2015, coupled with the impact of the early 16 years' fusing mechanism, the bubble risk of the A share market has been squeezed rapidly, and the potential systemic risk of the stock market has also been alleviated to a certain extent.

Careful investors can find that the volatility of China's stock market suddenly dropped after February 2016.

Among them, the core fluctuation interval of the stock market in 2016 showed a sharp decline compared with the 15 years, and the main fluctuation range of the stock market further declined after 17 years.

Up to now, taking Shanghai stock market as an example, the annual stock market fluctuation interval is less than 300 points, and the stock market volatility is very low.

It is worth mentioning that since entering the 2017, China's stock market seems to gradually enter the era of institutionalization, and during this period, the obvious differentiation of market index and the formation of local money making effect have increased the difficulty of making money for retail investors.

This may also be a process of accelerating the process of "going retail".

Since July 1, 2017, the securities and futures investors' appropriateness management measures have been put into effect, which is also regarded as "the most stringent investor protection measures in history".

In this regard, with the implementation of the most stringent investor protection measures in history, ordinary investors will also enjoy special protection in information disclosure, risk warnings and appropriateness matching. The landing of this measure has further strengthened the protection of investors in the A share market.

Investor protection is a hot topic that has been talked about for many years.

However, under the actual circumstances, ordinary investors seem to be more and more difficult to enjoy the charm of stock appreciation in the market. With the increase of stock market capacity, the stock market driven by stock capital is hardly likely to rise and fall.

At the same time, in the context of the increasing frequency of compulsory delisting and the low efficiency of investors' claims, the effect of investor protection has been greatly reduced. With the approaching of the institutional age, investors can not protect themselves, instead, they develop into a process of accelerating the process of "de retail".

It is undeniable that along with

Gradually coming out of the international stage, coupled with the gradual improvement of the degree of institutionalization of the stock market, the rhythm of "going retail" will also become more and more fast.

However, under the background of "going retail", the survival space of ordinary investors in the stock market will also become increasingly narrow. In addition, the A share market itself has many problems. In the environment of asymmetric information, asymmetric cost of ownership and asymmetric trading pattern, the possibility of ordinary investors to compete equally with large capital and large institutions will drop suddenly.

During this period, even if investors' protection efforts were strengthened, the fundamental problems of the stock market could not be solved, and in fact, they could not bring substantial protection to ordinary investors.

This shows that although there is "the most strict" in history.

The implementation of the "method", but for ordinary investors lacking information superiority, cost advantage and capital advantage, it can not be entirely dependent on the change of policies and rules. In the era of institutionalization, the most stringent investor protection measures in history still can not change the pace of "going retail", and ordinary investors need to protect themselves better, fully understand the market trading rules and fully grasp the market.

To safeguard their vital interests to the greatest extent.

Perhaps, in the current market environment, IPO will maintain a distribution schedule for a batch on Monday. It may still be a trend, and this IPO issuing rhythm and the number of issuance may also be similar to the registration mode.

As a result, it is difficult to trigger a profitable market with stock capital as the dominant stock market, and the difficulty that investors rely on in the past to earn assets to increase and increase their assets will also be significantly improved.

However, for the original shareholders and large capital institutions with the advantage of shareholding costs, they still occupy certain trading advantages, and the long-term existence of this problem also aggravates the re allocation process of the wealth capital in the stock market.

From a certain point of view, at this stage, investors need more substantial measures to protect themselves, such as reducing the process of irrational allocation of wealth funds, reducing the various asymmetrical risks, and gradually establishing the three trading environment of the stock market.

At the same time, it is still necessary to speed up the efficiency of investor claims in the context of the gradual withdrawal of the stock market delisting rate, so that no delisting shares, especially the delisting losses of compulsory delisting shares, will enable investors to shoulder more responsibilities and risks.

However, for ordinary investors, under the circumstance of increasing the speed of "going retail", we should not rely too much on the policy of investor protection. Instead, we need to be vigilant and protect ourselves in the market. This may be the way to survive in the future market paction environment.

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