20065438+0 65438+February B shares in Shanghai and Shenzhen stock markets were adjusted from T+0 to T+ 1. At the same time, the convertible bond trading system was adjusted from T+ 1 to T+0. Article 106 of the Securities Law also 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.

Under the trading system of "T+0", a fund can trade repeatedly, which can effectively improve the liquidity, activity and trading volume of the market without increasing the stock of funds in the market, and can produce obvious fund amplification effect. In the case of weak market conditions, the "T+0" trading system is conducive to reducing investors' investment risks and improving their profitability.

According to the Securities Times reporter, since February 20 12, the Shanghai Stock Exchange and the Shenzhen Stock Exchange have cooperated with different fund managers to make innovative attempts under two different clearing and settlement modes: T+0 and T+2.

Relevant persons of Huatai Bairui pointed out that just as telephone trading system and online trading system have brought revolutionary influence to securities companies, T+0 ETF supporting intraday high-frequency trading and instant cross-market trading is expected to change the overall pattern of existing brokerage business in the next three to five years.

Extended data:

T+0 Huatai Bairui CSI 300ETF and T+2 Jiashi CSI 300ETF are being sold by major securities firms, which has attracted much attention from the market. The tracking targets of the two products are the same-Shanghai and Shenzhen 300 Index, but the operation modes are different. Huatai Bairui CSI 300ETF adopts "T+0" subscription and redemption mechanism, that is, the subscription share and redemption securities arrive on the same day;

Harvest CSI 300ETF adopts "T+2" subscription and redemption mechanism, that is, T+2 obtains subscription share and redeems securities. It is not that the "T+0" model has settlement risk, but these two measures are only effective measures to prevent risks.

Baidu encyclopedia-stock T+0

Securities Times Network-Shanghai and Shenzhen 300ETF tried out T+0 and T+2 clearing and settlement modes.

Phoenix. Com- Shanghai and Shenzhen 300 ETFs T T+0T+2 play differently.