Stock "T+0" t+1, T+2, capital "t+0" from 1995 65438+ 10/0/,in order to ensure the stability of the stock market and prevent excessive speculation, the stock market implements "t+/kloc". Introduction to the limit plate. At the same time, the funds are still "T+0", that is, the funds returned on the same day can be used immediately. The price limit system originated from the early foreign securities market. In order to prevent the price from soaring and plunging, curb excessive speculation and appropriately limit the price fluctuation of each stock on the same day, it is a trading system in the securities market. That is to say, the maximum fluctuation range of the trading price in a trading day is a few percent above and below the closing price of the previous trading day, and trading will stop after it exceeds. The current price limit system of China's securities market was promulgated on February 2003 1996 13, and implemented on February 26, 2006, aiming at protecting investors' interests, maintaining market stability and further promoting market norms. According to the system, except for the first day of listing, the trading price of stocks (including A and B shares) and fund securities in one trading day shall not exceed 10% compared with the closing price of the previous trading day, and the entrustment exceeding the price limit shall be invalid. The main difference between China's price limit system and foreign systems is that after the stock price reaches the price limit, it does not completely stop trading, and the trading within the price limit or the price limit can continue until the close of the day. T+0, T+ 1, T+2 Clearing System T+0 Clearing System refers to the reverse trading operation of investors buying and selling stocks on the trading day after the transaction is confirmed. That is, after the purchase entrustment transaction is confirmed, the stocks entrusted to buy on the same day can be sold again before liquidation and delivery; After the consignment transaction is confirmed, the funds sold on the same day can be used for re-consignment purchase before liquidation and delivery. T+ 1 clearing system means that after the stocks that have been bought and sold on the trading day are closed, the reverse trading operation is not allowed on the same day, and it is only allowed after the liquidation and delivery on the next day. This clearing system slows down stock trading and weakens speculation. T+2 clearing system means that investors can only make clearing and delivery in the last two days after the trading date, and then they can conduct reverse trading. Under this kind of liquidation system, the stock trading speed is slow and the authorization is weak, but once the fluctuation is large, the risks borne by investors are also large.