The so-called T+0 T refers to the date of stock trading. Any trading system that handles the clearing and delivery procedures of stocks and prices on the day of stock trading is called T+0 trading. Generally speaking, stocks bought on the same day can be sold on the same day. China once practiced T+0 trading, but because of excessive speculation, from 1995 65438+ 10/0/,in order to ensure the stability of the stock market and prevent excessive speculation, the stock market changed to "T+1" trading system, and the stocks bought that day could not be sold until the next trading day. At the same time, the funds are still "T+0", that is, the funds returned on the same day can be used immediately. The characteristics of "T+0" circular trading system: 1, increased speculation and more speculative opportunities, which is very suitable for short-term speculators. 2, because the main force can buy and sell at will, it will lead to the prevalence of knocking, and the main force will use false trading volume to lure retail investors to change their operation direction. 3. With the increase in the number of retail transactions, the transaction cost will increase substantially, which is a big plus for brokers. 4. The increase of retail transaction times and transaction costs will lead to the increase of transaction costs, which will lead to the increase of speculative risks. 5. It's easy for the boat of retail investors to turn around, and it's easy to follow up or flee in time. 6. Without the boosting effect of "T+ 1", the amplitude of both stock index and individual stock price will be intensified. 7. If the "T+0" trading method is implemented, it will directly benefit small-cap stocks. The same trading principle also applies to futures. Now it's all securities T+ 1 and funds T+0. In fact, the change of a trading mechanism in China is only a technical means of the securities market at best, and will not affect the long-term development of the securities market. Before 1994+00, the "T+0" trading mechanism also experienced shrinking transactions and difficulties in issuing new shares. After changing to "T+ 1" trading mechanism, the volume will still explode when the volume is enlarged, and the speed of new shares expansion is getting faster and faster, and the securities market is developing with each passing day. It can be seen that neither "T+0" nor "T+ 1" has stopped the progress of the securities market. Then why is it now proposed to restore the "T+0" circular trading system? Personally, the key is to see who the "T+0" transaction is beneficial to. Let's see: there are three advantages to implementing "T+0" trading. First, it is conducive to stimulating trading volume. Because "T+0" trading has no limit on the number of stock trading operations in a trading day, it is absolutely beneficial for speculators to kill up and chase down, fast-forward and fast-out. The stock price fluctuates frequently in the short term, the spread opportunity increases, and the trading volume will definitely increase. Second, it is conducive to improving the utilization rate of funds. If the "T+0" transaction is implemented, the same fund can be bought and sold repeatedly in one trading day, and the utilization efficiency of funds will be doubled. Third, it is conducive to increasing stamp duty and commission income. After the implementation of "T+0" trading, the trading frequency of investors will increase, the commission income of brokers will increase, and the stamp duty of the state will also increase, which is actually closely related to the first two points. Stimulating trading volume and improving capital utilization mentioned above is a process, while increasing stamp duty and commission income is the result. Of course, everything must be divided into two, and the "T+0" transaction has advantages and disadvantages. Disadvantages 1. Risk control. If "T+0" trading is implemented, the trading system of securities firms needs to be updated and the fund management must be strengthened. Otherwise, there is a high risk of overdraft. If a brokerage firm wants to close its position forcibly, there is no detailed support. Disadvantage 2. "T+0" trading encourages speculation. If "T+0" trading is carried out in Shanghai and Shenzhen, where speculation is already strong, it is unimaginable that short-term speculation will be more prosperous. The buying and selling frequency of various speculative funds has accelerated, and the gap between stock prices has increased. Even the extreme speculative situation of sudden daily limit and sudden daily limit is not ruled out. After a rough analysis of the above-mentioned "three advantages" and "two disadvantages", it is found that the "three advantages" are mainly conducive to the survival and development of securities firms, with large transaction volume and high capital utilization rate, which will definitely increase the income of securities firms; Among the "two evils", except for the overdraft risk faced by brokers, the remaining risks have nothing to do with brokers and are all borne by investors themselves. From this point of view, the implementation of "T+0" trading has great benefits for brokers, while the disadvantages are almost negligible. Such a good thing, of course, brokers have to do. No wonder the reports of Haitong Securities and Shenyin Wanguo Securities on restoring the "T+0" circular trading system were launched when the stock market was depressed and trading was light. They are the market participants who most hope that the stock market will implement "T+0" trading as soon as possible, and can get benefits from it. For ordinary investors, "T+0" trading is a double-edged sword. If you play "T+0", you will get more price difference; If you can't play "T+0", you may lose badly.