"fuse mechanism"
2016 65438+1October 4th, A shares were "blown" for the first time in history. In early trading, the two markets both opened lower, and then the Shanghai Composite Index plummeted, falling below 3,500 points and 3,400 points, and all major sectors fell in succession. In the afternoon, the Shanghai and Shenzhen 300 index continued to fall after the opening, and 13 broke through 5%, causing a fuse. Three exchanges were suspended 15 minutes. After the resumption of trading, the Shanghai and Shenzhen 300 Index continued to fall, hitting the 7% mark at 13: 34, and the three exchanges were suspended to close.
20 16 17, at 9: 42 am, the Shanghai and Shenzhen 300 Index fell to 5%, triggering a fuse again, and the two markets will resume trading at 9: 57. Only 3 minutes after the opening, the Shanghai and Shenzhen 300 Index quickly bottomed out again, with the largest drop of 7.2 1%, and the second fuse hit the threshold. This is the second early closing since 20 16, and it has also set the fastest closing record.
On the evening of October 7th, 2065438+2006/kloc-0, Shanghai Stock Exchange, Shenzhen Stock Exchange and China Financial Futures Exchange issued notices, and with the consent of the CSRC, the implementation of the index fuse mechanism was suspended from June 54381October 8th.
Fuse requirements:
1. Within ten consecutive minutes after the fuse mechanism is started, the declared contract price shall not exceed the fuse price, and the transaction shall continue. Ten minutes later, the limit of fuse fluctuation is cancelled, and the limit of 10% takes effect.
2, when there is a fuse price declaration, enter the inspection period. The inspection time is one minute. During the inspection, the declared price is not allowed to exceed the fuse price, and the declaration exceeding the fuse price will be prompted.
3. If the fuse inspection period is not completed and enters the non-trading state, the fuse inspection period will automatically end, and when it enters the tradable state again, the fuse inspection period will be recalculated.
4. Less than 10 minutes after the fuse mechanism is started, the market enters a non-trading state. After the transaction is restarted, the limit on the price increase and decrease of the fuse will be cancelled, and the limit on the price increase and decrease of 10% will take effect.
5. The fuse mechanism will not be started within 30 minutes before the market closes every day, but if there is an already started fuse period, it will continue to be executed until the end of the fuse period.
6. The fuse mechanism is only started once every trading day, and there is no fuse mechanism on the last trading day.
Remarks: When futures contracts are declared at the fuse price or the price of the price limit, the principle of closing positions first and time first shall be implemented in the transaction matching.