In order to prevent the risk of market fluctuation, further improve the trading mechanism of China's securities market, maintain market order, protect investors' rights and interests, and promote the long-term, stable and healthy development of the securities market, with the consent of China Securities Regulatory Commission, Shanghai Stock Exchange, Shenzhen Stock Exchange (hereinafter referred to as "SSE") and China Financial Futures Exchange (hereinafter referred to as "CICC") intend to introduce the index fuse mechanism on the premise of retaining the existing stock price fluctuation system. \ x0d \ x0d \ The overall arrangement of the index fuse mechanism is: when the intraday fluctuation of the Shanghai and Shenzhen 300 Index reaches a certain threshold, all stock-related varieties listed on the Shanghai and Shenzhen Stock Exchanges, such as stocks, convertible bonds, separable bonds, stock options, etc., are suspended, and all stock index futures contracts of CICC are suspended, and the trading will be resumed or closed directly after the suspension. The key points and main considerations of the exponential fuse mechanism are as follows: \ x0d \ x0d \ 1. Take the Shanghai and Shenzhen 300 Index as the benchmark index of index fuse. Main considerations: First, the cross-market index is better than the single market index. Cross-market index is more representative and can fully reflect the overall fluctuation of A-share market, while single-market index mainly reflects the operation of specific markets. Second, the Shanghai and Shenzhen 300 Index is the first choice among cross-market indexes. At present, the cross-market indexes that investors in the A-share market are familiar with are the Shanghai-Shenzhen 300 Index (which is dominated by large and medium-sized stocks) and the CSI 500 Index (which is dominated by small and medium-sized stocks). The market value coverage of Shanghai and Shenzhen 300 Index and the number and scale of tracking index products are both greater than those of CSI 500 Index. \x0d\\x0d\ 2。 Set the exponential fuse thresholds of 5% and 7%, and fuse both up and down, and each fuse will only trigger 1 time at most in one day. Main considerations: First, 5% as the first threshold can meet the dual needs of setting a cooling-off period and maintaining normal trading; Although it is rare to trigger 7%, it is a major abnormal situation that needs to be guarded against and should be considered together. Second, two-way fuse is more conducive to curbing excessive trading and controlling market volatility. The domestic market is in the emerging and transitional stage, and the investor structure is mainly small and medium-sized retail investors, and the price fluctuates greatly in both directions. There have been panic drops and excessive rises, including short-term sharp rises caused by accidents. Therefore, when the market is "skyrocketing", it is also necessary to have a fuse mechanism to stabilize the excitement of the market, prevent investors from overreacting to the market rise, and give investors more time to further confirm whether the current price is reasonable. \x0d\\x0d\ III。 Gradually determine the exponential fuse time. When the 5% fuse threshold is triggered, the transaction will be suspended for 30 minutes, and the call auction will be conducted after the fuse is completed, and the transaction will continue on the same day. If the 5% fuse threshold is triggered on or after 14:30, and the 7% fuse threshold is triggered at any time on that day, the transaction will be suspended until the market closes. /kloc-if trading is not resumed at 0: 00/5: 00, the closing price of the relevant securities is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the securities on that day, and the closing price of the option contract is still implemented according to relevant rules. \ x0d \ x0d \ IV。 Arrangements for special time periods. First, no fuse is implemented at the opening call auction stage; If the opening index point has triggered the threshold of 5%, the fuse will be implemented at 9:30 and the transaction will be suspended for 30 minutes; If the opening index point triggers the threshold of 7%, it will be blown at 9:30 and the trading will be suspended until the market closes. Second, if the fuse duration is insufficient in the morning, it will be replenished after the market opens in the afternoon, and the closing time at noon will not be included in the fuse duration, which is convenient for investors to adjust their declarations. Third, the fuse mechanism is effective all day. Considering that the domestic A-share market is prone to irrational large fluctuations in the late session, A-shares are still blown in the late session. Fourth, the stock index futures are only blown in the morning on the delivery date. No matter the suspension caused by 5% or 7%, trading will resume in the afternoon, so that the stock index futures can be delivered at the settlement price and delivered smoothly. \ x0d \ x0d \ v. Exponential fuse range and current linkage. When the fuse is triggered, the Shanghai and Shenzhen Stock Exchanges suspend the whole market trading of stocks, funds, convertible bonds, separable bonds, stock options and other stock-related varieties. The specific fuse securities shall be subject to the announcement. All products of stock index futures are suspended at the same time (including CSI 300, CSI 500 and SSE 50 stock index futures), but treasury bonds futures are traded normally. \ x0d \ x0d \ VI。 Indicates the connection arrangement between fuse and suspension. If a listed company needs to resume trading after applying for stock suspension, and the listing of new shares is temporarily suspended during the session, if the planned resumption time coincides with the index fuse, it needs to continue until the end of the index fuse. If the index fuse ends and the relevant stocks have not been suspended for full time, they need to continue to be suspended.