129756500992656250_39The afternoon of March 2, he Qiang, Professor practise the current "t-1" transaction exists of four major disadvantages: not conducive to market investors avoid investment risks in a timely manner; greatly reduces the efficiency of the use of funds in the stock market, reduced mobility and active; not conducive to active stock markets, especially in successive slowing market conditions; trading and stock indicesFutures "t-0" transactions cannot be matched.
He Qiang proposed a stock market recovery, "t-0" trading system. "First abuse", I believe that, unless the market or a company's fundamentals change dramatically, even bought on the day under normal circumstances wrong, admit out the next day, in this case "t-1" and "t-0" is not so big difference. Company is the key FoundationThis "dramatic" changes, for example, Chongqing Brewery (600,132) at high levels suddenly announced the bad news caused stock continued to drop to investors runs not out, at this time, "t-0" comes in. However, if the stock on company management reflect, what can the Chongqing Brewery's shares rose to more than 80 Yuan? Bad company is not sudden, but beforeThere has been only manipulated deliberately held back or ignore the bad, cause a false high share prices; if share prices can reflect companies ' various uncertainties, suddenly announced that bad but also on what impact of the company's share price? This should be reflected in the share price for a long time. In addition, $ Chongqing beer in more than 60 per cent of the price for more than a year, investors fled the opportunityThere are too many, even if "t-0" or risk reduction. The so-called "dier、Santiao abuses", mainly refers to the reduced market liquidity and activity. However
wot power leveling, speculative stocks is the crux of the a-share market's activity is too strong, rather than not enough. Secondary market speculation shares more than just 10% the exchange rate, over 90% of the new shares is often changed handsRates
wot power leveling, experts recommended that IPOs to implement even now "t-0", which may lead to 1000% in new shares and warrants on the first day of exchange rate; brokerage fees received 1 per thousand 1 per thousand, the stamp duty on unilateral standards, transaction fee only loss market value of 3% a day, basic fried over more than 30 days on the company's market value. Exchange rateThe higher, investors pay a transaction fee, the more the costs paid to the broker, and not into the real economy.
Such a "liquidity" and "activity" is not what the market needs, market and therefore being sucked dry pressing, briefly active as the market remained weak in the future. As for stock trading and stock index futures, "t-0" transactions cannot be matched this "fourth abuse"It can be said that any single or combination of a limited stock being long or short, they simply can't reverse transactions of stock index futures to hedge against, unless equity portfolio is a combination index, but really want to seek this carry trade, investors can be achieved by ETF funds, and stock index futures hedging transactions. And under normal circumstances, investors would like to stock and stock index futuresRealization of carry trades are hard to follow, because there is the existence of transaction costs, arbitrage opportunities are rare. In fact, prior to 1995, stock transactions is "t-0". In 1994 when the bear market, stock day trading only dozens of hands. In view of this
world of tanks power leveling, I'm afraid and market liquidity "t-0" or "t-1" trading system-independent。 And the old investors will remember that on October 7, 1993, "Bao extended storm" extension in the industry a unique market in the day star unit, 30 million shares in the extension of the scale of the first time sold 41.5704 million shares, exchange rate of 138.6%, above and below the solution near 100% on the day, late fall to $ 34.61 October 8Japanese fall 30.08%.
Unconstrained speculative fluctuations, success does not rule out the possibility that a small number of retail, but more become cannon fodder. He Qiang, Professor see "t-0" which the investors may sell, help to curb rising speculation market, it is only wishful thinking ideas. "T-0" have two sides, after investors bought upSold, but again, after investors sold out or you can buy.
Speculative market cannot be held in check, but will vary based on the dealer has set aside more sly and inscrutable, those must be retail. Although the stock market over the last century 90 's progress, but did not reach maturity, large chip hype of investors profit model there is no fundamental change. Although Mr GuoAfter the President took office is aware of the problem, and with much fanfare to shareholders recommending blue-chip stocks, with a view to changing market profit mode, but now it all with little success. Currently 0026 share plates to see themes such as touch screen unit, see ST trash, strutting in the market, while blue chips such as banks with his head, you know market is still stuck in the primitive times,Mature market "t-0" system, the a-share markets can blind copying? Related topics: 20,122 financial reports
