1.1992 In May, the Shanghai Stock Exchange implemented the T+0 trading rules after canceling the price limit.
1993 1 1 Shenzhen Stock Exchange also canceled T+ 1 and implemented T+0.
Ii. 1995 based on the consideration of preventing stock market risks, the trading mode of A shares and funds in Shanghai and Shenzhen stock markets was changed from T+0 to T+ 1 settlement system, and it has been used ever since.
3.200 1 February, the B-share market in Shanghai and Shenzhen stock markets was liberalized internally, and the T+0 circular trading mode was still implemented. In this way, mainland investors will implement T+0 and T+ 1 respectively when trading A shares and B shares in Shanghai and Shenzhen stock markets. It is suggested that the two cities unify this system as soon as possible.
20065438+0 65438+February B shares in Shanghai and Shenzhen stock markets were adjusted from T+0 to T+ 1.
Fourthly, the convertible bond trading system is adjusted from T+ 1 to T+0.
5. Article 106 of the Securities Law clearly stipulates: "Securities companies are entrusted or self-operated, and the securities bought on the same day may not be sold again on the same day." This legally stipulates that the trading of China stock market adopts the T+ 1 mode.
Six, the characteristics of the "T+0" circular trading system:
1, speculation is enhanced and speculative opportunities are increased, which is very suitable for the operation mode of 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.
Based on the above aspects, China stock market will adopt T+ 1 instead of T+0 for a long time. There are two obstacles to changing to T+0 trading: amending the securities law, China stock market speculation is still the mainstream, and management does not like it.