20 15, 15, Shanghai Stock Exchange, Shenzhen Stock Exchange and CICC officially issued the relevant regulations on index fuse. The benchmark fuse index is the Shanghai and Shenzhen 300 Index, which has two thresholds of 5% and 7%. 1October 20 16 1 day officially implemented,1October 20 16 1 day suspended.
2065438+200618 October, 65438+ With the approval of China Securities Regulatory Commission, Shanghai Stock Exchange decided to suspend the implementation of the "index fuse" mechanism stipulated in Section 5 of Chapter 4 of the Trading Rules of Shanghai Stock Exchange in order to maintain the stable operation of the market.
Extended data:
Function:
1. It provides an early warning function for the trading risks in the stock index futures market, effectively preventing the sudden and serious risks.
According to the design of the fuse mechanism of stock index futures in China, before the market fluctuation reaches the limit of 10%, the fuse point of 6% is introduced, that is, the index point of stock index futures rises and falls by 6%, that is, in the subsequent 10 minute trading, the index quotation cannot exceed the fuse point, which not only warns the traders of stock index futures, but also warns the risk management at all levels of futures trading.
2. Win thinking time and operation time for controlling trading risks.
When the market fluctuation reaches 6% of the fuse point, there will be a trading time of 10 minute in the fuse point, which is enough for traders to have enough time to consider the risk management method after the transaction is resumed, and the exchange will allow the computer host to match the transaction under the trading instructions that reflect their own willingness to operate.
3. It is conducive to eliminating the liquidity decline caused by outdated prices in the futures market.
In the unilateral market with abnormal fluctuation of stock index futures, the normal display of the market will be delayed due to the obstruction of a large number of buying (or selling), resulting in outdated prices. At this time, the price people see is actually the last moment price, at which the transaction must not be closed;
A large number of non-trading orders continue to enter the trading system, which will cause more serious transaction congestion and make the data display more backward. The fuse cycle is 10 minute, which can eliminate the instruction blocking phenomenon of the trading system, eliminate outdated prices and ensure smooth trading.
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