On February 4, 20 15, 15, under the unification of relevant departments, the CSRC officially issued relevant regulations on index fuse, which will be officially implemented on June 4, 20 1 year.
On the evening of October 7th, 2065438+2006/kloc-0, Shanghai Stock Exchange, Shenzhen Stock Exchange and China Financial Futures Exchange issued notices, and with the consent of the CSRC, the implementation of the index fuse mechanism was suspended from June 54381October 8th.
The fuse mechanism, also known as the automatic stop mechanism, refers to the measures taken by the exchange to stop trading when the stock index fluctuation reaches the specified fuse point. Specifically, it is a mechanism to set a fuse price for the 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.
Extended data:
The fuse mechanism, also known as the automatic stop mechanism, refers to the measures taken by the exchange to stop trading when the stock index fluctuation reaches the specified fuse point. Specifically, it is a mechanism to set a fuse price for the 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.
On March 9, 2020, the new york stock market plunged at the opening, and then the decline reached the upper limit of 7%, triggering the fuse mechanism. After the resumption of trading, the decline once narrowed. At the close, the three major indexes of new york stock market all fell by more than 7%.
On March 12, the three major US stock indexes plunged immediately after opening. The Dow Jones index plunged more than 65,438+0,400 points, and the S&P 500 index fell more than 6%. According to market analysis, the Standard & Poor's 500 may soon fall below the 7% fuse line again, leading to the suspension of the second 15 minute fuse of the US stock market this week.
On March 16, the three major American stock indexes plummeted, and the S&P 500 index fell by more than 7%, triggering the fuse mechanism and suspending trading for 15 minutes.
At noon on March 18, the new york stock market crash triggered the fuse mechanism again.
There are generally two forms of fuse mechanism adopted in foreign exchanges, namely, "melting off" and "melting non-stop"; The former means that when the price touches the fuse point, the transaction will be suspended for a period of time, and the latter means that after the price touches the fuse point, the transaction declaration will continue to match the transaction within the fuse price range for a period of time. The fuse mechanism of "fuse and break" is widely used in the world.
China's stock index futures will soon introduce a fuse system, which is based on the 10% price limit of individual stocks in the stock spot market, in order to curb irrational excessive fluctuations in the stock index futures market. According to the design, when the daily fluctuation range of stock index futures reaches 6%, it is the first melting point of Shanghai and Shenzhen 300 index futures trading, and it will "continuously fuse" within this range. When reaching the "melting point", you can still trade 10 minutes, but the index quotation cannot exceed 6%. After 10 minutes, the fluctuation range is enlarged to 10%, corresponding to the daily limit of individual stocks in the spot market 10%.