What does the China version of fuse mechanism look like?
The fuse mechanism means that when the price fluctuation reaches a certain target, the transaction is suspended for a period of time, or the transaction can be continued, but the quotation is limited to a certain range. Because this situation is similar to that the fuse will blow when the current is too large, and the electrical appliance will be protected, it is called the fuse mechanism.
1. What if I repeatedly touch the fuse point? The same fuse only triggers 1 time.
2. What about the price limit system? After the implementation of the fuse mechanism, the price limit system of individual stocks still exists.
3. Can orders be placed and withdrawn during the fuse? If the fuse is completed before 15:00, the Shanghai and Shenzhen Stock Exchanges can place orders and withdraw orders. If it lasts until 15:00, the Shanghai Stock Exchange only accepts the withdrawal of the order, and the Shenzhen Stock Exchange can withdraw the order. CICC can't place an order or withdraw an order within 12 minutes after the fuse is blown, but it can place an order or withdraw an order from 13 minutes, but it enters call auction. During the period of index fuse, if the relevant securities resume trading, it shall be postponed to the end of index fuse.
4. How to resume trading after the fuse: If the fuse is completed before 15:00, the Shanghai and Shenzhen Stock Exchanges will conduct call auction matchmaking on the accepted declaration, and then continue bidding. Call auction shall be reported within 12 minutes after the CICC fuse is started, and the match will be made within 13 minutes to 15 minutes, and the bidding will continue after the fuse is completed.
5. How to form the closing price: If trading fails to resume at 15:00, 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. If there is no transaction on that day, the previous closing price is the closing price of that day.
6. How to deal with Shanghai-Hong Kong Stock Connect: Shanghai-Hong Kong Stock Connect is implemented in accordance with the provisions of the Shanghai Stock Exchange in point 3 above, and Hong Kong Stock Connect is normal.
7. Stock index futures: After the implementation of the fuse mechanism, the trading time of stock index futures is synchronized with A shares. If it is not the delivery date, it will be blown synchronously, and after deducting the time of blowing, call auction's order declaration and suspension of trading, the settlement price of the corresponding time period will be filled forward. But no matter what the delivery date is, it will not be blown after 13: 00. After the fuse was implemented, the futures index rose and fell, from 10% to 7%.
8. How to handle fund redemption: subject to the relevant announcements of each fund company.
9. How to deal with new shares, share allotment and online voting: normally.
10. What about the block trade? If it is blown before 14:45, the bulk transaction will proceed normally. If the fuse continues until 15:00, large transactions cannot be made on the same day.
1 1. What about convertible bonds and exchangeable bonds? Synchronous fuse.
12. What about refinancing securities: If the fuse is terminated before 15:00, the lending, matching and return will proceed normally. If the fuse continues until 15:00, the SSE will no longer accept new loan declarations, and those that have been accepted will continue to make a deal, and those that should be returned will be postponed to the next trading day; The Shenzhen Stock Exchange stops lending and the return will be postponed to the next trading day.