A reporter from China Securities News learned on April 12 from a person close to the regulator that the T + 0 trading system has relatively high requirements for investors’ suitability and perfection of supporting systems, and it will take time to conceive.
The Finance Committee of the State Council recently proposed to give full play to the pivotal role of the capital market, continue to strengthen the basic system construction, resolutely combat all kinds of counterfeiting and fraud, and relax and eliminate unfit Development requires regulation to enhance market activity. There is a view in this market that “to increase market activity, you may wish to implement T + 0”.
Xun Yugen, deputy director of Haitong Securities Research Institute and chief strategy analyst, said in an interview with China Securities Journal on April 12 that the quality of listed companies should be improved from the promotion of survival of the fittest, Guide the continuous entry of medium and long-term funds into the market, and strengthen the innovation of classified supervision to improve market activity. At the same time, Xun Yugen pointed out that increasing market activity cannot be simply understood as promoting T + 0 transactions.
“At this stage, A-shares do not yet have the conditions to fully promote T + 0 trading. The T + 0 trading system requires appropriateness for investors and complete requirements for supporting systems Both are relatively high, and it will take time to conceive. “Xun Yugen emphasized that increasing market activity cannot be simply understood as implementing T + 0 transactions.
Xun Yugen believes that increasing market activity should be reflected in the market ’s full play of resource allocation, including a smoother investment and financing system, including the issuance, delisting, and capital entry into the market. Institutional reforms and innovations are carried out in order to increase market activity and create a standardized, transparent, open, dynamic and resilient capital market.
Xun Yugen pointed out that market activity should be improved from three aspects.
First of all, from the perspective of listed companies, we should create a market environment for the survival of the fittest for listed companies, promote the survival of the fittest and improve the quality of listed companies.
Xun Yugen said that stock market investment is essentially an investment in a listed company. At present, the regulatory department has implemented a series of issuance systems, including the continuous promotion of the registration system, especially the more market-oriented issuance pricing, and the introduction of a more relaxed new refinancing policy. The reform of the delisting system is also in progress. It is expected that in addition to financial indicators, some market performance indicators will be added in the future. The reform of the issuance and delisting system will help to purify the overall market environment, ensure that the capital market will have both in and out, achieve marketization, and survive, and continue to improve the quality of listed companies.
Second, from the perspective of capital, the market activity should be reflected in guiding medium and long-term capital to enter the market continuously.
Xun Yugen analyzed that the “12 deep reforms” of the China Securities Regulatory Commission are being pushed forward one after another, guiding the continuous entry of medium- and long-term funds into the market, and relevant supporting policies have been implemented successively. It is expected that the regulatory authorities will also provide more convenient conditions for medium and long-term funds to enter the market. In the future, long-term funds such as pensions, enterprise annuities, and occupational annuities will gradually enter the capital market. Banks’ financial management subsidiaries have also made corresponding institutional arrangements for the entry of funds into the market, and the channels for the entry of funds into the market are more smooth, which has continuously attracted “living water” for direct financing.
Furthermore, from the perspective of securities business entities, we must strengthen the innovation of classified supervision.
Xun Yugen believes that the capital market investment and financing system is ultimately to be promoted by the market body of a securities institution represented by a securities company, and the securities fund industry is also the most active in financial innovation From the perspective of the classification supervision of securities companies, the regulatory authorities have made institutional innovations, including the classification and rating of securities companies, and can provide more business innovation support to companies with high ratings, including the market maker system, etc. Securities business entities have more business innovation space.
(the original title was “T + 0 trading system still needs time to conceive”)