What are the bond trading rules?
1.T+0 cycle trading, bonds bought on the same day can be sold on the same day;
2. The number of applications is 1 lot or its integral multiple (the number of bond repurchase applications in Shanghai is 100 lot or its integral multiple), and the number of applications for 1 lot is 10, each with a face value of 100 yuan. The maximum number of single declaration shall not exceed 6,543,800 lots;
3. Less than 10 sheets are sold at one time;
There is no price limit.
5. Deal according to the real-time market price and follow the principle of price priority and time priority. Trading hours are: Monday to Friday at 9: 30am-11:30am. It is closed on legal holidays.
6. The bond market is divided into on-site transactions and off-site transactions.
There are four trading methods of listed bonds: spot trading, bond repurchase trading, bond futures trading and bond option trading. At present, China's personal bond investment is mainly based on spot bond transactions, supplemented by repurchase transactions.
Spot trading. Spot trading, also known as cash spot trading, is a trading method in which bond buyers and sellers handle delivery immediately or in a short time after the transaction is completed. The delivery time is usually on the trading day (t) or the next day (T+ 1). Spot trading is the most basic trading method in the bond circulation market. In the stock exchange market, ordinary investors can participate in spot trading as long as they hold securities accounts in the Shanghai and Shenzhen stock exchanges. As long as the code, price and quantity of bonds to be bought and sold are indicated, investors can entrust securities companies to buy and sell bonds just like buying and selling stocks.
Repurchase transaction. Repurchase refers to the transaction mode in which bondholders and bondbuyers make transactions to obtain capital, and bond issuers must repurchase the original bonds from bondbuyers at an agreed price, and pay interest at an agreed interest rate at an agreed time in the future. Different from spot transactions, repurchase transactions involve two transactions between the issuer and the buyer, two transactions between the initial transaction and the repurchase transaction when the repurchase expires, and two corresponding liquidation. Repurchase transactions can be further divided into pledged buyable transactions and buyout repurchase transactions according to whether the ownership of bonds is transferred. Pledged repurchase refers to the repurchase transaction in which bonds are only used as funds and pledges without ownership transfer, also known as closed repurchase. Buy-out repurchase refers to the repurchase transaction that transfers the ownership of bonds at the end of the transaction and the expiration of the repurchase, also known as public repurchase.
The investment risk of bonds is lower than that of stocks, which is suitable for investors with low risk tolerance. Where is the bond risk introduced before? Before investing in bonds, we need to know the trading rules of bonds and how bonds are traded.