Jin Yanshi, an independent economist, and Li Daxiao, director of the Securities Research Institute of Ying Da University, are representatives of the supporters. The main basis of their support is that T+0 trading will enhance the liquidity of A shares, especially the liquidity of blue chips.
Jin Yanshi believes that in the "T+0" short-term trading, traders on the same day, driven by profit-seeking motives, seize fleeting wealth opportunities in stock price fluctuations and improve market efficiency. At the same time, the combination of "T+0" and margin trading will stimulate high-frequency trading in the stock market. If there are stock options, the market trading volume will inevitably increase exponentially.
Li Daxiao, on the other hand, said that T+0 can be implemented on the Shanghai and Shenzhen 300 Stock Exchanges first, which can increase the premium of blue-chip stocks with excellent performance and will not encourage excessive speculation in the market. This is a measure of "rewarding the superior and punishing the inferior", which is conducive to the healthy development of the market.
Xiao, executive director of Big Blue Chip Assets, pointed out, "It is possible for the management to launch the T+0 transaction of Big Blue Chip, which will help guide the market funds to move closer to the blue chip, bring liquidity premium to the blue chip, and enhance the valuation of the blue chip to a certain extent. Of course, if T+0 is implemented, it is more likely that it is best to implement the underlying stocks of Shanghai and Shenzhen 300, so as to correspond to stock index futures. "
There are many "masters" like Wu Xiaoqiu and Dong Dengxin among the deniers.
Wu Xiaoqiu, a famous economist, said that T+0 can't save the market, and T+ 1 is not the crux of the downturn in China stock market. For China securities market, adopting T+0 is undoubtedly to quench thirst by drinking poison, because it will only increase transaction costs, which is beneficial to securities companies and unfavorable to the market itself.
Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, pointed out that if A shares resume T+0, it will increase market liquidity and enliven market popularity in the short term, but under the arrangement of T+0 trading system, retail investors may be in a weak position.
Dong Dengxin said that the T+0 trading system is not good for small and medium investors. Because institutions have the advantages of capital, technology and information, T+0 system is more conducive to institutions to manipulate the market. If the limit of price limit is relaxed, the weakness of retail investors will be more obvious. In the long run, it is necessary to guide and cultivate investors' mature investment ideas.
The Beijing News quoted financial commentator Yang as saying that for many small and medium-sized investors, restarting the T+0 trading system in the A-share market can achieve formal fairness compared with large funds, so that small and medium-sized investors can not only chase profits through frequent intraday gyrations when the market rises, but also quickly close their positions and stop losses through the T+0 trading system when the market reverses. However, formal fairness does not mean substantive fairness. Subsequently, restarting T+0 not only means a sharp increase in transaction costs, but also means opportunities and risks. Compared with large capital and institutional investors, small and medium investors are more likely to misjudge and increase losses.