According to the published China version of the index fuse rule, the index of A-share fuse target is the Shanghai and Shenzhen 300 Index.
The fuse thresholds are 5% and 7%. After the index triggers a 5% fuse, the securities within the fuse range will be suspended 15 minutes. However, if 5% is triggered in the later period (14:45 to 15:00) or 7% is triggered at any time throughout the day, the trading will be suspended until the market closes.
Question 2: What does the fuse mechanism mean? Basically, it is to artificially set conditions and intervene once they are met. For example, once the artificially set index falls by more than a few percent, trading is suspended. . .
Question 3: What is the fuse mechanism of stock? The so-called "fuse" system means that when the volatility interval touches the specified number of points, the transaction will stop for a period of time, or the transaction can continue, but the price interval cannot exceed the specified number of points. Because this situation is similar to that when an excessive current passes, the fuse will blow and the electrical appliance will be protected, so it is called fuse system figuratively. For example, 1, the stock index will continue to maintain a unilateral trend during the fuse period, which will definitely cause some panic to the market. Therefore, a considerable number of pending orders will be accumulated at the fuse price, which may lead to the direct closure of the board after the fuse period, which will expand the market risk to a certain extent. 2. During the fuse period, the stock index tends to be stable, or adjusted, and the market turmoil caused by the fuse start will also tend to be calm. After the fuse is over, stock index futures will tend to calm down. 3. The pending orders during the fuse period can be used as an effective indicator of real-time market popularity, and the situation after the end should be roughly judged according to the number of pending orders and the transaction situation. For example, there are a large number of pending orders, indicating that the market is sure of the continuation of the market, so the price may continue to be unilateral under this inertia; On the contrary, if only the fuse price is touched and the pending order has no obvious positive intention, then it can be judged that there is no strong impulse in the real-time market. In foreign exchanges, there are two forms of "fuse" system, namely "fuse" and "fuse". The former refers to stopping trading for a period of time after the price touches the fuse point; The latter means that trading can continue for a period of time after the price touches the fuse point, but the quotation is limited to the fuse point. In a falling market, drastic and disorderly price changes are more destructive to futures and spot markets than to a rising market. Therefore, most of the fuse mechanisms used in foreign securities and futures markets are only used for falling markets, and do not involve rising markets. Stock index futures are financial products based on stock indexes. The fuse mechanism used in the relevant stock index futures contracts of many foreign futures exchanges also takes into account the fuse state of their stock market transactions, so as to realize the corresponding futures. According to the Measures for Risk Control and Management of China Financial Futures Exchange, the fuse mechanism adopted is "continuous fuse", which is applicable to both rising and falling markets. Specifically, after the daily market opening, the declared price of the stock index futures contract touches the fuse price (6% of the settlement price of the previous trading day) and lasts for 5 minutes, and the fuse mechanism starts immediately and lasts for 5 minutes. During this period, the transaction declaration will continue to match transactions within the fuse price range according to the principle of liquidation priority and time priority. The fuse mechanism is only started once a day, and there is no fuse mechanism within 30 minutes before the market closes, and there is no fuse mechanism on the last trading day. The price limit range is 10% of the settlement price of the previous trading day, and the price limit range of the last trading day is expanded to 20%.
Question 4: What is the function of "fuse mechanism"? Will the land price drop? The "fuse mechanism" is to set an interval limit for the price fluctuation interval in a single day or within a certain period of time. Once the transaction price touches the upper and lower limits of the range, the transaction will be automatically interrupted for a period of time.
The "fuse mechanism" is a price restriction system, which was originally implemented to prevent the stock market from crashing due to large price fluctuations.
So its concept is not limited to a word "drop".
The function of fuse mechanism is to prevent "stock market disaster", but it damages the function of market price discovery. Under the fuse mechanism, the market price can't reflect the trader's willingness to trade in time, which easily leads to price distortion and effectiveness decline.
As for the argument that land prices will fall and house prices will fall. That's true in theory. From the point of view of pricing, under the cost pricing method, the reduction of cost means that there is still room for profit at lower product prices. However, the reality is far from this. In the same lot or even the same plot, the prices of houses built by different developers are different. Many factors, such as floor area ratio, building grade positioning and supporting facilities, all affect the price.
Question 5: What is the fuse mechanism? It means fuck, financial accident seat cover.
Unconventional financial stop instrument
Question 6: What is the fuse mechanism of the stock market index? In order to prevent the risk of market fluctuation, further improve the trading mechanism of China's securities market, maintain market order, protect investors' rights and interests, and promote the long-term, stable and healthy development of the securities market, with the consent of China Securities Regulatory Commission, Shanghai Stock Exchange, Shenzhen Stock Exchange (hereinafter referred to as "SSE") and China Financial Futures Exchange (hereinafter referred to as "CICC") intend to introduce the index fuse mechanism on the premise of retaining the existing stock price fluctuation system.
The overall arrangement of the index fuse mechanism is that when the intraday fluctuation of the Shanghai and Shenzhen 300 Index reaches a certain threshold, all stocks, convertible bonds, separable bonds, stock options and other stock-related varieties listed on the Shanghai and Shenzhen Stock Exchanges will be suspended, and all stock index futures contracts of CICC will be suspended. After the suspension time is over, the trading will be resumed or suspended directly as appropriate. The key points and main considerations of the scheme of exponential fuse mechanism are as follows:
1. Take the Shanghai and Shenzhen 300 Index as the benchmark index of index fuse. Main considerations: First, the cross-market index is better than the single market index. Cross-market index is more representative and can fully reflect the overall fluctuation of A-share market, while single-market index mainly reflects the operation of specific markets. Second, the Shanghai and Shenzhen 300 Index is the first choice among cross-market indexes. At present, the cross-market indexes that investors in the A-share market are familiar with are the Shanghai-Shenzhen 300 Index (which is dominated by large and medium-sized stocks) and the CSI 500 Index (which is dominated by small and medium-sized stocks). The market value coverage of Shanghai and Shenzhen 300 Index and the number and scale of tracking index products are both greater than those of CSI 500 Index.
2. Set the exponential fuse thresholds of 5% and 7% to fuse both up and down, and the fuse of each file in a day will only trigger 1 time at most. Main considerations: First, 5% as the first threshold can meet the dual needs of setting a cooling-off period and maintaining normal trading; Although it is rare to trigger 7%, it is a major abnormal situation that needs to be guarded against and should be considered together. Second, two-way fuse is more conducive to curbing excessive trading and controlling market volatility. The domestic market is in the emerging and transitional stage, and the investor structure is mainly small and medium-sized retail investors, and the price fluctuates greatly in both directions. There have been panic drops and excessive rises, including short-term sharp rises caused by accidents. Therefore, when the market is "skyrocketing", it is also necessary to have a fuse mechanism to stabilize the excitement of the market, prevent investors from overreacting to the market rise, and give investors more time to further confirm whether the current price is reasonable.
Third, gradually determine the exponential fuse time. When the 5% fuse threshold is triggered, the transaction will be suspended for 30 minutes, and the * * * bidding will be conducted after the fuse is completed, and the transaction will continue on the same day. If the 5% fuse threshold is triggered on or after 14:30, and the 7% fuse threshold is triggered at any time on that day, the transaction will be suspended until the market closes. /kloc-if trading is not resumed at 0: 00/5: 00, the closing price of the relevant securities is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the securities on that day, and the closing price of the option contract is still implemented according to relevant rules.
Fourth, the arrangement of special time. First, the opening bidding stage will not fuse; If the opening index point has triggered the threshold of 5%, the fuse will be implemented at 9:30 and the transaction will be suspended for 30 minutes; If the opening index point triggers the threshold of 7%, it will be blown at 9:30 and the trading will be suspended until the market closes. Second, if the fuse duration is insufficient in the morning, it will be replenished after the market opens in the afternoon, and the closing time at noon will not be included in the fuse duration, which is convenient for investors to adjust their declarations. Third, the fuse mechanism is effective all day. Considering that the domestic A-share market is prone to irrational large fluctuations in the late session, A-shares are still blown in the late session. Fourth, the stock index futures are only blown in the morning on the delivery date. No matter the suspension caused by 5% or 7%, trading will resume in the afternoon, so that the stock index futures can be delivered at the settlement price and delivered smoothly.
Verb (abbreviation of verb) exponential fuse range and current linkage. When the fuse is triggered, the Shanghai and Shenzhen Stock Exchanges suspend the whole market trading of stocks, funds, convertible bonds, separable bonds, stock options and other stock-related varieties. The specific fuse securities shall be subject to the announcement. All products of stock index futures are suspended at the same time (including CSI 300, CSI 500 and SSE 50 stock index futures), but treasury bonds futures are traded normally.
6. Indicate the connection arrangement between fuse and suspension. If a listed company needs to resume trading after applying for stock suspension, and the listing of new shares is temporarily suspended during the session, if the planned resumption time coincides with the index fuse, it needs to continue until the end of the index fuse. If the index fuse ends and the relevant stocks have not been suspended for full time, they need to continue to be suspended. ...& gt& gt
Question 7: What is the fuse mechanism? Fuse mechanism refers to the mechanism that a fuse price is set for a contract before the contract reaches the price limit, so that the contract trading quotation can only be traded within this price range for a period of time.
This mechanism originated from the stock trading protection mechanism in the global financial market, that is, in the trading process, when the price fluctuation reaches a certain limited target, the trading will be suspended for a period of time, similar to blowing a fuse when an excessive current passes, so as to protect the electrical appliances from being damaged.
With the consent of relevant departments, China Stock Market officially issued the relevant regulations on index fuse on February 4th, 20 15, and it came into effect on February 4th, 20 16.
The starting conditions of the fuse mechanism are as follows:
After the daily opening, whenever the declared price of a contract touches the fuse price for one minute, the fuse mechanism of the contract will start. You can go to Cai Ying Online School today to watch related courses, which are very beneficial and cheap.
Question 8: What is the fuse mechanism of the stock market? The "fuse" mechanism is a trading system in futures trading. When the volatility range touches the specified number of points, the trading will stop for a period of time, or the trading can continue, but the price range cannot exceed the specified number of points. The purpose of setting up the "fuse" mechanism is to control the transaction risk. The fuse mechanism was officially implemented from 20 16 1, and the Shanghai and Shenzhen 300 Index rose or fell by more than 5%, and it will be suspended for 15 minutes; When the Shanghai and Shenzhen 300 rose or fell more than 7%, the trading time was suspended until the close. The fuse mechanism is one of the institutional innovations made by CICC on the basis of learning from foreign experience and the actual situation of China's capital market. There is no fuse mechanism in domestic stock trading and commodity futures trading. At the beginning of the innovation and development of financial futures, China Financial Futures Exchange took the lead in introducing the fuse system as an important risk management system, with the aim of better controlling risks. The establishment of fuse mechanism provides a shock absorber for market transactions. Its essence is to set up a transitional gate before the opening of the price limit system, to give the market a certain cooling-off period, to remind investors of risks in advance, and to win time and opportunities for relevant parties to take relevant risk control measures and measures. It will only have a short-term impact on the stock market. First of all, it will provide early warning for trading risks in the market and effectively prevent the suddenness and seriousness of risks; The second is to gain thinking time and operation time for controlling trading risks; Third, it is conducive to eliminating the decline in liquidity caused by outdated prices in the futures market; Fourth, it provides an institutional guarantee for gradually resolving transaction risks. Today, the concept of insurance will strengthen, and the embodiment of the market stability system mainly depends on insurance concept stocks. The irrational investor structure, low investment rationality and imperfect supporting system in China stock market are the fundamental reasons for the ups and downs of the stock market. The fuse mechanism has solved the emergency problem of the stock market, but it cannot solve the fundamental problem of the China stock market. When investors' expectations are poor and their confidence drops, even if the fuse mechanism is adopted, the downward trend of the stock market cannot be stopped.
Question 9: What does the stock market start the fuse mechanism? At present, the stock market fuse mechanism has not been formally implemented, which means that when the market fluctuation of A shares reaches or exceeds plus or minus 7% on that day, the market will take different suspension measures according to the time when it reaches the fuse point.
Question 10: What does the exponential fuse mechanism mean? CircuitBreaker refers to the mechanism of setting a fuse price for a contract before the contract reaches the limit of price fluctuation, so that the contract trading quotation can only be traded within this price range for a period of time. There are two forms of fuse system in foreign countries: "melting off" and "melting connection". "Melting off" means that when the price touches the melting point, it stops trading for a subsequent period of time; "Non-stop blowing" means that when the price touches the melting point, it will continue to trade for a period of time, but the quotation is limited to the melting point. In stock trading, the "fuse mechanism" refers to the mechanism that stops trading for a period of time when the fluctuation reaches a specified level. For example, the "fuse mechanism" of US stocks, the Standard & Poor's 500 index fell by 5%, suspended 15 minutes; Suspension of trading 10%, temporary suspension 1 hour; The stock market is closed 1 day when it plummets by 20%.