First of all, put an end to the fund "T+" and make the rat warehouse unprofitable. Buy and sell on the same day, or sell the "T+" transaction that is called by retail investors. As a long-term investor, if the fund speculates as short as retail investors, is this for the maximization of the income of the fund holders? I don't think so. The reason why it is emphasized to put an end to the same-day reverse trading behavior of fund operation is because this behavior is the main means for rat warehouses to make profits. Especially in some small and medium-sized stocks, reverse trading on the same day not only has interest transfer and market manipulation, but also encourages the prevalence of market speculation.

The fund buys small and medium-sized stocks on the Growth Enterprise Market, not because it is optimistic about their long-term value, but as a bargaining chip for short-term speculation, and frequently trades "T+" to obtain the price difference, which undermines the principle of fair trade. Therefore, in order to avoid rat positions, Article 21 of the revised draft stipulates: "Companies should strictly control the same-day reverse transactions between different portfolios and strictly prohibit the same-day reverse transactions that may lead to unfair transactions and benefit transfer." The regulatory authorities will, through the exchange, ask the fund company to disclose how many times this transaction has occurred and what caused you to appear, and put the fund management company under the supervision of the media and the public if it is found that the scale of reverse transaction is relatively large and the turnover reaches 5% of the turnover of this stock on that day.

Secondly, curb the "short speculation" behavior for ranking. Within fund companies, due to the struggle for performance ranking, it is often the case that several funds use the same day's reverse trading on the settlement date of some performance reports, and at the same time pull up or suppress a heavy stock. If fund companies are keen on short-term speculation, they will not only fail to stabilize the market, but also aggravate the fluctuation of the stock market. When raising funds from investors, almost all major fund companies claim that they are value investors who insist on the fundamental analysis of listed companies and advocate long-term investment. However, the capricious "short speculation" of many fund companies has exposed their quick success and instant benefit. Most fund companies assess fund managers mainly by looking at the fund performance ranking, and use this as the basis for issuing year-end awards. Therefore, under the temptation and pressure of huge interests, many fund managers have a special liking for the ranking of fund performance, which is basically quarterly, weekly or even daily. In order to compete for the ranking, reverse trading on the same day has become the "hidden weapons" frequently used by fund companies. Therefore, the revised draft stipulates that the fair trade system requires fund companies to truly adhere to the concept of value investment with scientific research methods.

Strictly controlling the reverse trading on the same day has put a "curse" on the fund industry, which has taken another important step in promoting the standardized operation of the fund industry and protecting the interests of investors.