No.65438 +0, T+0 is a widely used securities (or futures) trading system in the world. 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.

2. T+0 trading is conducted in China Stock Exchange. Due to the immaturity of the stock market, the market price fluctuates abnormally. In order to ensure the stability of the stock market, China Shanghai Stock Exchange and Shenzhen Stock Exchange adopt the trading mode of "T+ 1" to trade stocks and funds.

First, the establishment of the North Exchange is an inherent need for the capital market to better support the development and growth of small and medium-sized enterprises, an inevitable requirement for implementing the national innovation-driven development strategy, and an important measure to comprehensively deepen the reform of the capital market under the new situation.

2. The CSRC indicated that it will further deepen the reform of the New Third Board, and set up the North Exchange on the basis of the selected layer of the existing New Third Board, so as to further enhance the ability of serving small and medium-sized enterprises and build the main position of service-oriented small and medium-sized enterprises. It has been 33 years since 1988 first proposed the establishment of the North Exchange, which will become the third stock exchange after the Shanghai and Shenzhen Stock Exchanges.

Third, the CSRC disclosed the main idea of building the North Exchange, that is, generally translating the basic system of the selected layer, insisting that the listed companies of the North Exchange are produced by innovative companies, maintaining the market structure of the New Third Board's basic layer, innovative layer and the North Exchange, and simultaneously piloting the securities issuance registration system, which also means that the New Third Board will retain the basic layer and innovative layer in the future, or there is no concept of the selected layer.

Fourth, "the advantage of the moon, the establishment of the North Exchange will benefit the New Third Board, and the North Exchange and the New Third Board will work together to support the development of small and medium-sized high-tech enterprises. For small and medium-sized high-tech enterprises in the midwest and the north, the' North Exchange+New Third Board' is an excellent combined platform.