Countdown to the opening of the Beijing Stock Exchange! The basic rules have been put in place, and the transaction focuses on eight issues.

Late at night on November 2, the Beijing Stock Exchange (hereinafter referred to as the Beijing Stock Exchange) officially issued 2 basic business rules and 31 detailed rules guidelines for the Trading rules of the Beijing Stock Exchange (trial) and the member Management rules of the Beijing Stock Exchange (trial).

The measures for the Administration of Investor suitability of the Beijing Stock Exchange (for trial implementation) and its supporting business guidelines were first issued on September 17, as well as four basic business rules and six supporting rules and guidelines for listing and examination issued on October 30, plus two basic business rules for trading and member management issued on November 2. So far, all seven basic business rules of the Beijing Stock Exchange have been issued.

Judging from the effective time of the rules issued on October 30 and November 2, the Beijing Stock Exchange is likely to open on November 15 and has now entered the countdown stage of opening.

The Beijing Stock Exchange said that in the next step, under the leadership of the China Securities Regulatory Commission, the Beijing Stock Exchange will also gradually issue relevant business rules relating to QFII and RQFII securities trading and the applicable requirements of the issuance and listing examination standards, continue to do a good job in the construction of the market system, and at the same time actively carry out preparations for the implementation of the rules, such as enterprise training, investor education, and member acceptance. To lay the foundation for the smooth opening and smooth operation of the Beijing Stock Exchange.

The reporter of the Financial Associated Press focused on combing the "trading rules of the Beijing Stock Exchange (for trial implementation)" that the majority of investors are most concerned about, and the main points are in the following eight questions and answers.

Question 1: is there any major change in the trading system of the Beijing Stock Exchange?

A: no. The trading rules of the Beijing Stock Exchange as a whole continue the selective trading system and the trading system with continuous bidding as the core, without changing investors' trading habits and increasing the market burden, reflecting the stock trading characteristics of small and medium-sized enterprises. it also ensures the stability and continuity of market trading.

In terms of trading methods, the shares of the Beijing Stock Exchange adopt the following trading methods: bidding trading; block trading; after-market fixed price trading; and other trading methods approved by the China Securities Regulatory Commission.

In terms of trading time, in the case of competitive trading, the opening assembly bidding time is from 9:15 to 9:25 on each trading day, the continuous bidding time is from 9:30 to 11:30 and from 13:00 to 14:57, and the closing collective bidding time is from 14:57 to 15:00.

In the way of declaration, the Beijing Stock Exchange accepts the price limit declaration and market price declaration of the transaction participants.

On the whole, the trading rules of the Beijing Stock Exchange have generally continued the effective institutional arrangements of the selected layer of the national stock transfer system, and have been adjusted and optimized in accordance with the pilot registration system, the supervision of listed companies and the upper law related to the responsibilities of the exchange.

Second question: how to regulate the limits on the rise and fall of stocks on the Beijing Stock Exchange?

A: the limit for the rise and fall of stocks on the Beijing Stock Exchange is 30%.

The formula for calculating the price limit of rise and fall is as follows: the price of price limit = the previous closing price × (1 ±the ratio of price limit).

If a company listed in the selected layer of the national small and medium-sized enterprise share transfer system (hereinafter referred to as the selected layer) is translated into a company listed on the Northern Stock Exchange, its stock trading shall be subject to a 30% limit on the day of the translation, and the closing price on the last trading day of the selected layer shall be taken as its previous closing price.

It is worth noting that on the first day of listing and the first day of delisting, there is no price limit for stock trading on the North Stock Exchange. Among them, the shares publicly issued to unspecified qualified investors do not set price limits on the first day of trading and do not include additional shares issued by listed companies.

Question 3: how to make a valid declaration?

A: although there is no price limit on the first day of listing and delisting on the Beijing Stock Exchange, and the 30% rise and fall is relatively broad, this does not mean that investors can declare at will.

According to the trading rules, the price limit declaration of stocks with and without price rise and fall limits in the continuous bidding stage shall meet the following requirements, otherwise the declaration shall be invalid:

(1) the declared purchase price shall not be higher than 105% of the purchase benchmark price or 10 minimum units of price change above the purchase benchmark price, whichever is higher;

(2) the declared selling price shall not be less than 95% of the selling benchmark price or the 10 minimum price changes below the selling benchmark price, whichever is the lower.

In other words, the declaration can only be made at + 5% or-5% of the benchmark price, or at 10 minimum price change units, and cannot be declared at will. The minimum price change unit is 0.01 yuan.

How to determine the benchmark price? In the trading rules, it is pointed out that the buy (sell) benchmark price is the lowest sell (maximum buy) declared price revealed immediately; where there is no immediate disclosure of the lowest selling (maximum buy) declared price, the declared price is the highest buy (minimum sell) declared price that is immediately revealed; if there is no immediate disclosure of the highest buy (minimum sell) declared price, it shall be the recent transaction price; if there is no transaction on the day, it shall be the previous closing price.

In the transaction rules, the market price declaration is designed to take price protection measures, that is, the declared transaction price of the purchase and the declared price of the transfer limit price shall not be higher than the purchase protection limit price, the declared transaction price of the sale declaration and the declared price of the transfer limit price shall not be lower than the sale protection limit price.

In terms of quantity, if stocks are bought or sold through competitive trading, the number of shares in a single declaration shall not be less than 100 shares. When selling shares, the portion with a balance of less than 100 shares shall be declared and sold at one time. In addition, the maximum number of shares declared for a single bidding transaction shall not exceed 1 million shares.

Question 4: how does the opening price come into being?

Answer: the opening price of securities is produced through the opening set bidding. If it cannot be generated through the opening collective bidding, the opening price shall be the first transaction price of the day.

By the same token, unless otherwise stipulated by the Beijing Stock Exchange, the closing price of securities is produced through closing and collective bidding. If the closing price cannot be produced by the closing price or the closing price is not carried out, the closing price shall be the last transaction price on that trading day. If there is no transaction on that day, the previous closing price shall be the closing price of the day.

In collective bidding, the principles for determining the transaction price are as follows: (1) the maximum transaction volume can be achieved; (2) all transactions are declared for purchases higher than the price and for sales lower than the price; and (3) at least one party of the buyer or seller with the same price closes the transaction.

Question 5: can block trading break the price limit?

A: no. According to the trading rules, for stocks with price limits, the transaction prices for bulk transactions are determined by both buyers and sellers within the price limits of the day. For stocks with no price rise or fall limit, the transaction price of bulk trading shall not be higher than 130% of the previous closing price or the higher of the highest price of the day, and not lower than 70% of the previous closing price or the lower of the lowest price of the day.

The threshold for bulk trading is that the number of shares declared for a single stock transaction is not less than 100000 shares, or the trading amount is not less than 1 million yuan.

For bulk trading, the reporting time is from 9:15 to 11:30 and from 13:00 to 15 30 on each trading day, while the closing confirmation time is from 15:00 to 15:30 on each trading day.

This means that all-day trading time can be declared, but the transaction is confirmed within the fixed trading time after trading.

It should be reminded that cancellation of orders is not accepted at the following times, namely, the opening assembly bidding stage from 9:20 to 9:25 and the closing assembly bidding stage from 14:57 to 15:00 on each trading day. Within other times when accepting the declaration, the uncompleted declaration can be cancelled.

Question 6: under what circumstances will trading be suspended?

A: the temporary suspension of trading has been implemented when it reaches 30% and 60% of the rise and fall.

Specifically, if any of the following circumstances occurs in the bidding trading of stocks with no price limit, the trading shall be temporarily suspended in intraday trading:

(1) where the intraday trading price rises or falls by 30% or more than the opening price of the day for the first time;

(2) where the intraday trading price rises or falls by 60% or more than the opening price of the day for the first time.

The duration of a single temporary suspension is 10 minutes, and if the suspension time for stocks exceeds 14:57, trading shall be resumed at 14:57 and the accepted declaration shall be resumed for collective bidding, and then closed for collective bidding.

In addition, the Beijing Stock Exchange may suspend the trading of securities with abnormal trading conditions and make a public announcement. The specific time of suspension and resumption of trading shall be subject to the relevant announcement.

Question 7: what circumstances will lead to the Dragon and Tiger list?

A: for stocks with price limits, one of the following situations occurs in competitive trading. The Beijing Stock Exchange respectively announced the names of the securities business departments or trading units of the five member securities with the largest amount of buying and selling of the relevant stocks on the same day, as well as their respective buying and selling amounts:

(1) each of the top five stocks whose closing prices rose or decreased by ±20% on the day;

(2) the top five stocks whose daily price amplitude reaches 30%;

(3) the top five stocks with a turnover rate of 20% on the same day.

If the closing price rises or falls, the price amplitude or the turnover rate are the same, they shall be selected according to the transaction volume and volume in turn.

Question 8: how much of the deviation between rise and fall is an abnormal fluctuation?

Answer: if one of the following circumstances occurs in the stock bidding transaction, it shall be an abnormal fluctuation. The Beijing Stock Exchange announces the cumulative rise and fall, trading volume and transaction amount of the stock during the period of abnormal fluctuation, and the names of the securities business departments or trading units of the five member countries with the largest amount of buying and selling during the period of abnormal fluctuation, as well as their respective buying and selling amounts:

(1) the cumulative deviation of the closing price within the last three trading days has reached ±40%;

(2) other circumstances determined by the CSRC or the bourse to be abnormal fluctuations.

Finally, it is clear in the trading rules of Beijiao that it will focus on monitoring the following trading behaviors: illegal and illegal acts such as suspected insider trading and market manipulation, abnormal trading behaviors that may affect securities trading prices or securities trading volume; where the securities trading price or securities trading volume is obviously abnormal; The scope, time, quantity and method of buying and selling securities are restricted by laws and regulations, departmental rules and the business rules of the exchange; other matters that the Beijing Stock Exchange deems necessary to focus on monitoring.

The Beijing Stock Exchange may take self-regulatory measures or disciplinary actions according to the seriousness of the circumstances for abnormal trading acts and other relevant subjects that violate the provisions of these rules.