Stock market terminology

T+0 is a securities (or futures) trading system. On the day when securities (or futures) are traded, the trading system that handles the settlement and delivery procedures of securities (or futures) and prices is called T+0 trading. Generally speaking, the securities (or futures) bought that day can be sold that day. T+0 trading was once carried out in China stock market, because it was too speculative. In order to ensure the stability of the securities market, the Shanghai Stock Exchange and Shenzhen Stock Exchange in China now adopt the trading mode of "T+ 1" for stock and fund trading. That is, what you bought on the same day will not be sold until the next trading day. At the same time, the funds are still "T+0", that is, the funds returned on the same day can be used immediately. However, Shanghai Futures Exchange implements the trading mode of "T+0" for steel futures trading. At present, China's stock market implements T+ 1 clearing system, and the futures market implements T+0.

meaning

T is the initials of English Trade, which means transaction. "Circular trading" refers to the stocks bought on the same day (T day) and can be sold in whole or in part on the next day; If it is not sold on the same day (T day), it can also be sold on T+ 1 or any trading day after that. That is to say, under the condition of "T+0" circular trading, the trading day for investors to declare selling is not limited after they declare buying stocks and confirm trading. Investors can either sell the stocks they bought on the same day or buy the stocks on the same day with the funds returned from selling the stocks on the same day. "T+0" circular trading can reduce the risk of investors' positions and enhance the liquidity of stocks. The disadvantage of "T+0" is that it cannot effectively control the trading frequency. Excessive turnover rate will lead to excessive speculation and false prosperity in the market, and it is difficult to control short selling and short selling, so there are risks.

trait

Characteristics of "T+0":

1, trading mode, two-way trading, buy up and buy down, buy now and sell now.

2, short-term speculation, stock operation 15 minutes after the liquidation.

3. Speculation is enhanced and speculative opportunities are increased, which is very suitable for the operation mode of short-term speculators.

4, because the main force can buy and sell at will.

5. With the increase of the number of retail transactions, the transaction cost will increase greatly, which is a big advantage for brokers.

6. The increase of retail transaction times and transaction costs will lead to the increase of transaction costs, which will lead to the increase of speculative risks.

7. It is easy for the boat of retail investors to turn around, and it is easy to follow up or flee in time.

8. Without the boosting effect of "T+ 1", the amplitude of both stock indexes and individual stock prices will intensify.

9. If the "T+0" trading method is implemented, it will directly benefit small-cap stocks.

China stock market

T+0 trading is a trading method introduced by Shenzhen Stock Exchange at the end of 1993, which means that investors can buy (sell) stocks (or futures) on the same day and then sell them on the same day. Starting from 1995 and 1, in order to ensure the stability of the stock market and prevent excessive speculation, the China stock market has implemented the trading system of "T+ 1", that is, the stocks bought on the same day cannot be sold on the next trading day.

At the same time, the funds are still "T+0", that is, the funds returned on the same day can be used immediately.

T+ 1 for B shares and T+3 for funds.

For users who have never used T+0 skills, it is suggested that they can use the T+0 simulation stock trading platform to experience and exercise, and accumulate the experience of T+0 simulation stock trading, which is very suitable for the operation mode of short-term speculators.

At present, the "T+0" trading system is implemented for government bonds, corporate bonds, convertible bonds and warrants in China Shanghai and Shenzhen Stock Exchanges. Both A-shares and funds implement the trading system of "T+ 1".

About the difference

Here, t stands for trading day, T+0 stands for immediate settlement and delivery, and T+ 1 stands for delivery every other day. Generally, T+0 can operate the next transaction after completing the last transaction, while T+ 1 will wait for the next transaction.

T is the first letter of English Trade.

T+0:

The so-called T+0 T refers to the date of stock trading. Any trading system that handles the clearing and delivery procedures of stocks and prices on the day of stock trading is called T+0 trading. Generally speaking, stocks bought on the same day can be sold on the same day. China once practiced T+0 trading, but because of excessive speculation, from 1995 65438+ 10/0/,in order to ensure the stability of the stock market and prevent excessive speculation, the stock market changed to "T+1" trading system, and the stocks bought that day could not be sold until the next trading day.

"T+0" transaction fee: transaction fee = commission+transfer fees+stamp duty.

Commission: 0. 15% of the transaction amount. 5 yuan is not enough, according to 5 yuan, charged at the time of the transaction.

Transfer fees: Only Shanghai stocks are accepted, and the price is 1 yuan at the time of trading.

Stamp duty: collected in one direction (at the time of sale), and the tax rate is 0.65438+ 0% of the transaction amount.

Closing principle: the buying consignment price ≥ the selling consignment price ≤ the latest transaction price.

Characteristics of "T+0" circular trading system;

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

2, because the main force can buy and sell at will, it will lead to the prevalence of knocking, and the main force will use false trading volume to lure retail investors to change their operation direction.

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

4. The increase of retail transaction times and transaction costs will lead to the increase of transaction costs, which will lead to the increase of speculative risks.

5. It's easy for the boat of retail investors to turn around, and it's easy to follow up or flee in time.

6. Without the boosting effect of "T+ 1", the amplitude of both stock index and individual stock price will be intensified.

7. If the "T+0" trading method is implemented, it will directly benefit small-cap stocks.

T+ 1:

According to the regulations of Shanghai and Shenzhen Stock Exchanges, the stocks bought on the same day can only be sold the next day. After the stocks sold on the same day are confirmed to be closed, the returned funds can buy stocks on the same day.

develop

1992 in may, the Shanghai stock exchange implemented the T+0 trading rule after canceling the price limit.

1993 1 1 Shenzhen Stock Exchange also canceled T+ 1 and implemented T+0.

1995 based on the consideration of preventing stock market risks, the trading mode of A-shares and funds in Shanghai and Shenzhen stock markets was changed from T+0 to T+ 1 settlement system, which has been in use ever since.

In February of 20001year, the B-share market in Shanghai and Shenzhen stock markets was liberalized internally, and the T+0 circular trading mode was still implemented. In this way, mainland investors will implement T+0 and T+ 1 respectively when trading A shares and B shares in Shanghai and Shenzhen stock markets. It is suggested that the two cities unify this system as soon as possible.

20065438+0 65438+February B shares in Shanghai and Shenzhen stock markets were adjusted from T+0 to T+ 1. At the same time, the convertible bond trading system was adjusted from T+ 1 to T+0. Article 106 of the Securities Law also clearly stipulates: "Securities companies are entrusted or self-operated, and the securities bought on the same day may not be sold again on the same day." From the legal point of view, it is stipulated that the trading form of China stock market is T+ 1.

affect

Trading system has an important influence on the activity of the market. Under the trading system of "T+0", a fund can trade repeatedly, which can effectively improve the liquidity, activity and trading volume of the market without increasing the stock of funds in the market, and can produce obvious fund amplification effect. In the case of weak market conditions, the "T+0" trading system helps to reduce investors' investment risks on the one hand, and provides investors with more short-term trading opportunities on the other hand, which helps investors improve their profitability. At present, the management has implemented the "floating commission system for securities trading", which reduces the transaction cost of investors, which also provides the necessary technical preparation for the implementation of "T+0" revolving trading. The implementation of "T+0" circular trading can also bring more stamp duty income to the country, more short-term opportunities to the market, and more commission income to brokers, which is conducive to forming a "win-win" situation and stimulating the weak market structure with light transactions to some extent.

But changing "T+ 1" to "T+0" is only a technical reform measure in the trading system. Although it has a certain positive effect on the active market, it cannot fundamentally change the fundamental characteristics of bull market or bear market. The fundamental improvement of the market trend still depends on the improvement of the performance of listed companies and the overall macroeconomic situation.