When answering a reporter's question in the evening, the head of the CSRC said that the CSRC would study and formulate an index fuse mechanism.
The person in charge of the CSRC said that the stock market has its own operating rules. Under normal circumstances, the government does not interfere. However, when the stock market fluctuates violently and abnormally, which may lead to systemic risks, the government will never sit idly by and take timely and decisive measures to stabilize the stock market.
2065438+On September 7th, 2005, Shanghai Stock Exchange, Shenzhen Stock Exchange and China Financial Futures Exchange issued a consultation notice, intending to introduce the index fuse mechanism on the premise of retaining the existing stock price fluctuation system.
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. 2016 65438+1October 4th, A shares were "blown" for the first time in history. In early trading, the two markets both opened lower, and then the Shanghai Composite Index plummeted, falling below 3,500 points and 3,400 points, and all major sectors fell in succession. In the afternoon, the Shanghai and Shenzhen 300 index continued to fall after the opening, and 13 broke through 5%, causing a fuse. Three exchanges were suspended 15 minutes. After the resumption of trading, the Shanghai and Shenzhen 300 Index continued to fall, hitting the 7% mark at 13: 34, and the three exchanges were suspended to close.
20 16 17, at 9: 42 am, the Shanghai and Shenzhen 300 Index fell to 5%, triggering a fuse again, and the two markets will resume trading at 9: 57. Only 3 minutes after the opening, the Shanghai and Shenzhen 300 Index quickly bottomed out again, with the largest drop of 7.2 1%, and the second fuse hit the threshold. This is the second early closing since 20 16, and it also set the fastest closing record. 1On the evening of October 7th, the 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 from1October 65438+8 to maintain the stable operation of the market.
Gordon, spokesman of the China Securities Regulatory Commission, said that the main purpose of introducing the index fuse mechanism is to provide a "cooling-off period" for the market, avoid or reduce hasty decisions under large fluctuations, and protect the legitimate rights and interests of investors, especially Chinese and African investors; The effect of suppressing programmed trading to help rise and fall; Provide emergency response time to deal with technical or operational risks.
Gordon said that the fuse mechanism is not the main reason for the market crash, but judging from the actual situation of the past two fuses, it has not achieved the expected effect. The fuse mechanism has a certain "magnetic attraction effect", that is, some investors trade in advance when they are close to the fuse threshold, which leads to the stock index accelerating to touch the fuse threshold, which has contributed to the decline. Weighing the pros and cons, the negative effect is greater than the positive effect. Therefore, in order to maintain market stability, the CSRC decided to suspend the fuse mechanism.