T+ is a securities (or futures) trading system. A trading system in which the securities (or futures) and the price settlement and delivery procedures are handled well on the day when the securities (or futures) are traded is called T+ trading. Generally speaking, the securities (or futures) bought that day can be sold that day. T+ trading was once carried out in China securities market, because it was too speculative. In order to ensure the stability of the securities market, the Shanghai Stock Exchange and Shenzhen Stock Exchange of our country now carry out "T+1" trading mode for stock and fund trading. That is, those bought on the same day will not be sold until the next trading day. At the same time, the funds are still "T+", that is, the funds returned on the same day can be used immediately. However, the Shanghai Futures Exchange implements the trading mode of "T+" for steel futures trading. At present, China's stock market implements T+1 clearing system, while the futures market implements T+.

T is the initials of English Trade, which means transaction. "Revolving transaction" means that the shares bought on the same day (T day) can be sold in whole or in part on the day after the transaction; If it is not sold on that day (T day), it can also be sold on T+1 day or any trading day after that. That is to say, under the condition of "T+" revolving transaction, after declaring to buy shares and confirming the transaction, there is no restriction on the trading day on which investors declare to sell. Investors can either sell the shares they bought on the same day or buy shares on the same day with the funds returned from selling shares on the same day. "T+" revolving transaction can reduce the risk of investors' positions and enhance the liquidity of stocks. The disadvantage of "T+" is that it can't effectively control the trading frequency. Too high turnover rate will lead to excessive speculation and false prosperity of the market, and it is difficult to control short selling and short selling, so it is risky.