The fuse mechanism can be traced back to 1987 10/0/0/0/9, when the global stock market plummeted. Black Monday? . The Dow Jones Industrial Average fell 508.32 points, or 22. 1%, in a single day, making it one of the biggest crashes in the history of new york stock market. Without fuse mechanism and ups and downs, many millionaires became poor overnight. Implemented in the United States? Fuse mechanism? Since then, there has never been a large-scale stock market crash. It can be seen that in the mature overseas capital market, the fuse mechanism? It can indeed reduce excessive market volatility to a great extent. The goal of the capital market is to complete the transaction early in the trading day. ? Fuse mechanism? It is to provide protection for small and medium investors. In the long run, this system still has positive significance.

China's capital market has its unique market form and structure. The top-level design of fuse system may need more local optimization and adjustment, but the final analysis still needs market test. After decades of development, the United States has explored a set that can be slowly integrated with the local capital market. Fuse? In China, with the financial reform and innovation? Fuse? It is likely to become an important tool to protect investors in the future, but this move will not happen overnight, and there are many problems to be considered. The design of threshold and temporary stop rules still needs to be optimized, and this is just the beginning. ? Fuse mechanism? It only increases liquidity, and its only disadvantage is that it restricts the market and distorts the normal demand of the market.

The biggest problem facing China A-share market is insider trading and leverage. These problems cannot be solved immediately by fusing mechanism. They need a long process. China Securities Regulatory Commission talks about leverage every day, but they can't grasp the source and operation of leveraged funds. At present, the punishment for insider trading is too light. Once deleveraging is completed, the protective role of the fuse mechanism will be emphasized.

After years of development, the A-share market has formed a speculative atmosphere. If even the maid in the square and the small fresh meat after 1995 enter the market to make money easily, the People's Bank of China will provide unlimited liquidity support to the securities company to save the market, but this is not a good medicine. The only way is to make the investment return to rationality. As long as the stock market is in this fickle mood, you can't expect the fuse mechanism to provide much protection. In order to develop China's capital market, it is necessary to move closer to the international market and remove the restrictions of fluctuation and T+ 1. Xuanjia thinks this is the only way. Fuse mechanism? Only in this way can it become an effective means to truly protect the interests of small and medium-sized investors and maintain market stability.