The so-called T+0 T refers to the date of stock trading. Among them, the daily trading system in which stocks and prices are traded in a good clearing and settlement procedure is called T+0 trading. In layman's terms, it is the day when the stock can be sold. China implements T+0 trading, but due to its speculative nature, from 1995 65438+ 10/0/,in order to ensure the stability of the stock market and prevent excessive speculation in the stock market, the trading system of "T+1" is implemented, and the stocks bought on the same day are sold on the next trading day. At the same time, the money is still "T+0" and can be used immediately. trait

"T+0" circular trading system;

1, speculation is enhanced and there are more speculative opportunities, which is very suitable for the operation mode of short-term speculators.

2, because the free access of the main force will lead to the prevalence of knocking, so we mainly use false temptation to change the direction of business.

3. With the increase of retail transactions, the transaction cost of brokers will increase substantially, which is a big plus.

4. Increasing retail transactions and transaction costs will lead to increased speculative risks and transaction costs.

5, the retail ship is easy to turn around, which is convenient for timely follow-up or escape.

6. Loss of "T+ 1" or downward movement will increase the amplitude of both stocks and stock prices.

7. If the small-cap stocks traded in "T+0" have a direct positive effect.

Futures trading is the same principle. Now, in fact, capital securities are all T+ 1T+0 technology.

The trading mechanism has changed the stock market at best, but it will not affect the long-term development of the securities market. Before the implementation of the "T+0" trading mechanism, when the transaction volume of 1994 shrank in June, new problems also appeared and a difficult situation was encountered. Changing to "T+ 1" trading mechanism, the stock market is developing with each passing day when the magnification still exceeds the sky and the expansion speed of new shares is accelerated. It can be seen that "T+0" leaves and "T+ 1" are worth mentioning. The stock market has not stopped moving forward. Then why do you propose to restore the "T+0" circular trading system now? Personally, I think the key is to look at the "T+0" transaction approval.

Let me see: there are three advantages to implementing "T+0" trading. First of all, it is conducive to stimulating trading volume. Because in infinite trading days, the "T+0" stock trading business will definitely help speculators to stifle the pursuit of fast-forward and fast-out, and frequent short-term fluctuations in stock prices will definitely increase the price difference of opportunities. Secondly, it is conducive to improving the utilization rate of funds. If the "T+0" trading system is adopted, the same amount of funds can be reused in the trading day, and the efficiency of fund use will be doubled. Third, it is conducive to increasing stamp duty and commission income. After the implementation of "T+0" transaction, this kind of transaction will increase the frequency of investors, the brokerage commission income will increase the stamp duty and the country. In fact, this is closely related to the first two points. The above-mentioned increased transaction volume and stimulating the utilization rate of funds are a process, and stamp duty and commission income will increase.

Field, everything is inexplicably divided into two, the advantages and disadvantages of "T+0" transaction. Disadvantages of risk control problems. If "T+0" trading, the realization of the brokerage trading system needs to be updated, and the fund management must be strengthened. If you can't do this, it is likely to force overdraft risk brokers to close their positions, and there is no rule supported by law. Two disadvantages, "T+0" encourages speculative trading. It has a strong speculative meaning. In Shanghai and Shenzhen, if the "T+0" transaction is implemented, short-term speculation will be unimaginable. Increase the trading frequency of all kinds of speculative funds, the stock price has risen and fallen, and even sudden restrictions and sometimes extreme speculation are not ruled out. Through the above "three advantages" and "two disadvantages", we find "three advantages"

Rough analysis is mainly beneficial to the survival and development of securities firms and the volume of transactions, and the high utilization rate of funds will increase the income of securities firms; The "two shortcomings", except for the overdraft risk faced by brokerage customers, the other risks related to brokers are nothing, and all investors are responsible for themselves. From this point of view, the broker of "T+0" trading gains a lot, but the shortcomings of execution are almost negligible. Such a good thing is of course to be a brokerage firm. It is no wonder that in the report of resuming "T+0", the universal band trading system of Haitong Securities and Shenyin Bank will be depressed in the stock market, and the closing talks will begin. They like the stock market to quickly implement "T+0" transactions and earn market participants. For ordinary investors, "T+0" trading is a double-edged sword. If you play "T+0", you will get more differences; If you can't play "T+0", losing may be complicated.