It is stipulated that the normal trading hours are from 9: 30am to11:30am and1:00pm every Monday to Friday. According to the fund market, all legal public holidays will not be traded normally, which has a very important role and value in maintaining the trading order and trading environment. In the fund market, following the order of price priority and time priority is helpful to maintain the market order and ensure that the market is in a reasonable operation stage.
I. Classification of funds:
1, which can be divided into open-end funds and closed-end funds according to whether the fund units can be increased or redeemed. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.
2, according to the different investment objects, can be divided into stock funds, bond funds, money market funds, futures funds, etc.
Two, the fund trading to implement three principles:
1, the principle of "unknown price": when investors buy and sell funds, they will be priced according to the net value of the funds on the trading day. The net value of the fund is usually announced the next day, so we don't know what the net value of the fund is at the time of trading. Investors can inquire through the website of the fund company or related newspapers.
2. "First in, first out" principle: the holding period of each fund share is calculated separately at the time of redemption. The application time and details of each transaction of the fund holder are recorded in the registration system and the electronic system of the sales organization. Fund redemption is based on the principle of "first in, first out", that is, the fund bought first is redeemed first. The corresponding relationship between the holding period of fund shares and the redemption rate can be found in the prospectus of relevant funds.
3. The principle of "amount subscription and share redemption": that is, the subscription is applied according to the amount, and the redemption is applied according to the fund share.
3. There are differences in the trading of fund transactions around 3 pm:
1. Funds are different from stocks. Transactions at any time before 3 o'clock on the trading day, whether bought in the morning or afternoon, bought at the high point of the day or bought at the low point of the day, are calculated according to the net value after the close of the day.
2. The net value seen when buying a fund is the net value of the previous trading day, and the net value of the fund bought that day will not be known until the net value of the fund is updated after the close. In other words, when you buy a fund, you actually don't know at what price you bought it.
3. For purchases made before 3 o'clock on the trading day ("T"), it is calculated according to the net value of the day (generally, the net value of the day can be checked after updating the net value after 8 o'clock in the evening).
4. For purchases made after 3 o'clock on the trading day, it shall be calculated according to the net value of the next trading day (T+ 1). Specifically, the information confirmed after the fund subscription shall prevail. Therefore, the purchase or redemption of funds before 3 o'clock on the trading day is regarded as the transaction of the day, which will be confirmed on the next trading day (T+ 1), and the profit and loss will be checked on the next trading day (T+2).
5. The purchase or redemption of funds after 3 o'clock on the trading day is counted as a transaction on the next trading day (T+ 1) and will not be confirmed until the next trading day (T+2), and then the profit and loss can be inquired until the next trading day (T+3).