The Conditions For A Share Market To Resume T+0 Pactions Are Becoming More And More Mature.

In this year's "two sessions", He Qiang, a member of the CPPCC National Committee and professor of the school of finance, Central University of Finance and Economics, once again submitted a proposal on restoring T+0 pactions in the stock market.

It is understood that this is the fifth consecutive year since 2012 that He Qiang members have submitted proposals for the resumption of T+0 pactions.

He Qiang's dedication to "restoring the stock market T+0" is admirable.

It should be said that the topic of T+0 is a very sensitive topic of the market.

In fact, whether or not the A-share market will resume T+0 pactions is also controversial in the A share market itself. A

The focus of controversy is that T+0 can activate the function of stock market trading, because A share market is full of speculative speculation, so some people are worried that T+0 will encourage speculation in the market.

Of course, this worry is not unreasonable.

Therefore, the resumption of T+0 trading in the A share market has been shelved for a long time.

Therefore, although He Qiang as a staunch supporter of "T+0 trading in the stock market" has shown enough persistence in this matter, He Qiang's appeal has never become a practical measure for A shares.

But nothing is ever the same.

With the development of the A share market, the necessity to restore T+0 pactions in the A share market is obvious.

In this regard, the "8.16" Everbright Oolong finger incident in 2013 is the best example.

On the same day, due to errors in the operation of Everbright Securities, a large number of buying stocks flocked to the market, thereby driving the stock index to rise sharply.

Some untruths.

Those who mistakenly believe that the market has any major advantages, so they also follow suit to buy.

But after the opening of the afternoon, it was confirmed that the trading in the morning was caused by Everbright Securities, and the stock index turned up to fall.

Because T+0 operations cannot be carried out, investors who buy stocks in the morning can only watch their account losses increase.

Not only that, because

Futures can be short or T+0, ETF fund can also be T+0, so that after the Everbright Oolong refers to the incident, institutional investors can hedge the loss of stock investment through stock index futures and ETF funds.

In fact, even China Everbright Securities operates in this way.

And small investors can only face the increase of investment losses because stocks can not be T+0.

It is precisely based on the occurrence of the Everbright Oolong finger incident that the market is increasingly aware of the importance of restoring T+0 in the A share market.

Because T+0 not only has the function of active stock trading, but also has the function of error correction.

For any investor, it is necessary to make error correction when the investment is wrong.

Moreover, through the Everbright Oolong incident, people realized that there was no injustice brought about by T+0 pactions to small and medium-sized investors.

Because it is also facing the Everbright Oolong finger incident, institutional investors can hedge the risk through the operation of stock index futures and ETF, but only small and medium investors must shoulder the investment losses. This institutional injustice is a naked harm to the interests of small and medium-sized investors.

This also makes it necessary to launch T+0 in the A share market.

In addition,

Opening to the outside world, such as the interconnection of A share market and Hongkong stock market, also requires the two stock markets to be able to dock as far as possible.

For example, the Hongkong stock market is trading T+0, while A shares can not be T+0, which also brings inconvenience to Hongkong investors in investing in A shares.

What is particularly important is that the market environment has obviously changed with regard to the market speculation that T+0 has contributed to the speculation. In this respect, the conditions for the introduction of T+0 in the market are becoming more and more mature.

First, after the three rounds of sharp falls in the stock market from June 2015 to January 2016, the A share market gradually returned to the track of value investment.

Speculation is no longer the mainstream of the stock market.

On the volatility of stock index, the A share market has become one of the most stable markets in the world since last February. China's wave index has repeatedly written a new low. Last week, the five market hit a new low of 10.28.

This has created favorable conditions for the launch of T+0.

Two, with the widespread use of big data in regulation, it is also unnecessary to worry about "manipulating stock prices with T+0".

Because in the face of big data, this way of manipulating stock prices is almost carried out in the sunshine, and can not escape the "eye" of regulators.

It can be said that the wide application of big data in supervision has also cleared the obstacles for the A share market to resume T+0.

It is also for this reason that when the fifth time that he Qiang proposes to resume the T+0 trading in the stock market, the A share market should consider the time to resume the T+0 paction.

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