Suspension of the fuse mechanism from now on, the CSRC said it will sum up lessons learned

The A-shares were blown four times in four days. The Securities and Futures Commission said that the fuse mechanism was not the main cause of the market crash; brokers said they were busy working overtime to "interpret" with customers.
In the first trading day of the A-share in January, there were four blows. On the evening of January 7, the three major exchanges issued a notice to suspend the implementation of the index fuse from January 8. The CSRC also responded to this overnight. The fuse mechanism is not the main cause of the market crash. However, the trade-offs are both positive and negative. The current negative impact is greater than the positive effect, so it decided to suspend the fuse mechanism.

SFC: will summarize lessons learned
Yesterday evening, the Securities and Futures Commission spokesman Deng Wei said that the fuse mechanism is not the main cause of the market crash, but from the two actual actual melting conditions, the expected effect has not been achieved, and the fuse mechanism has a certain "magnetic effect." Therefore, in order to maintain market stability, the CSRC decided to suspend the fuse mechanism.
On January 4th and January 7th, the Shanghai and Shenzhen 300 Index successively fell below the threshold of 5% and 7%, triggering the fuse to lead to early closing. In this regard, the market generally believes that the fuse mechanism has accelerated the collapse of the stock index. The China Securities Regulatory Commission said that the introduction of the fuse mechanism was initiated after the unusual fluctuations in the stock market in 2015, and the relevant plans were initiated. The relevant programs have been carefully demonstrated and publicly solicited opinions. The fuse mechanism is a brand-new system. There is no experience in China. There is also a process for market adaptation. It is necessary to gradually explore, accumulate experience and dynamically adjust. "In the next step, the CSRC will conscientiously sum up lessons and lessons, further organize relevant research and improvement programs, extensively solicit opinions from various parties, and continuously improve relevant mechanisms." Deng said.

Get off work in advance? Broker: "Nothing"
A shares broke four times in the four trading days of the first week of January. On January 7, A-shares closed only 28 minutes after opening. "The work of brokerages is good, the bull market makes more money, and the fuses get off work early" is once again exploding the circle of friends. However, many brokers yesterday told the Beijing News reporter: "This is nothing."
"Just kidding. We can't get off work in advance, I am still in a meeting." Yesterday, Zhang Haibo, vice president of Huatai Securities, told the Beijing News that the employees of the securities company are working normally. At 4 pm, the company will hold a daily meeting.
Shao Yu, chief economist of Orient Securities, said that it is impossible to get off work early, why should he still do it, but the time spent watching it is reduced.
A senior broker who did not want to be named told the Beijing News reporter that if he could do something and do it, the account manager would comfort the client and the brokerage management meeting would discuss and study the countermeasures.
The brokerage account manager who rushed to the front line said that he not only did not get off work in advance, but also was busy explaining to customers. A customer manager of CITIC Securities Zizhuqiao Sales Department told the Beijing News that we did not get off work in advance. The index fuse mechanism was officially implemented in January 2016. Four fuses were triggered in four transactions, and the two trading days closed in advance, causing many customers not to understand. At the moment, we have to work overtime to give customers some explanations.

â–  Supervising the CSRC's major shareholder reduction within three months may not exceed 1% of the total shares
In response to the “Reduce the Flood Peak” on January 8, the Securities and Futures Commission issued the “Regulations on the Major Shareholders of the Listed Companies and the Supervisors of the Directors of the Board of Directors” on January 7th, saying that the major shareholders passed the securities trading within three months. The total number of shares held by the centralized bidding transaction shall not exceed one percent of the total number of shares of the company. This regulation will take effect on January 9, 2016.
On July 8, 2015, the CSRC issued the "No. 18 Document" stipulates that within 6 months from now, the controlling shareholder of a listed company and shareholders holding more than 5% of shares and directors, supervisors and senior management personnel shall not pass the secondary market. Holding shares of the company. The CSRC will separately stipulate the specific measures for the above-mentioned personnel to reduce their shares in the company after 6 months.
The China Securities Regulatory Commission said that the current "No. 18 Document" is nearing its due date. In order to avoid the peak of the reduction of the "No. 18 Document" after the expiration, stabilize the market expectation, and take into account the balance of supply and demand in the medium and long term, and meet the needs of the moderate shareholder's moderate and reasonable flow of shares, the "Reduce Regulations" focus on the major shareholders through the "concentration" The bidding transaction is a specific way to reduce the shareholding requirements, and the restricted scope does not include the shares purchased through the secondary market. Dong Jiangao reduced its shareholding and strictly implemented it in accordance with the provisions of the Company Law.
At the same time, the CSRC stressed that it follows the regulatory concept of “focusing on information disclosure” and sets up a pre-disclosure system for major shareholders to reduce their holdings. The "Reduce Regulations" require that the major shareholder of a listed company must reduce its shareholding through the stock exchange's centralized bidding transaction, and the reduction plan must be disclosed 15 days in advance.
The CSRC also pointed out that the introduction of the "Reduce Regulations" does not mean that the "national team" such as China Securities and Finance Corporation is about to withdraw, and its function of stabilizing the market will not change.
Previously, there were rumors in the market that after the expiration of the major shareholder's shareholding policy on January 8, more than 1 trillion shares would be reduced. In this regard, on January 5, the Securities and Futures Commission spokesman Deng Wei said that this is not realistic. Deng Wei said that although the market capitalization of major shareholder shares is not small, it does not have the actual demand for reduction. From the actual situation in recent years, the majority shareholder's reduction of 60% was carried out through block trades and agreement transfers, effectively alleviating the pressure on the market. The shareholding ratio of major shareholder through centralized bidding transactions accounted for only 0.7% of the total market capitalization. .
There were also rumors yesterday that the SFC had an emergency meeting in the morning to discuss the fuse mechanism. However, as of press time, the SFC did not make an official response.

■ Calculated “two days” per capita loss of nearly 160,000
The two trading days triggered a blow, causing the A stock market value to decrease. According to data from the Shanghai and Shenzhen Stock Exchanges, on January 7, the total market value of the Shanghai stock market was 25.98 trillion yuan, and the total market value of Shenzhen Stock Exchange was 20 trillion yuan, a decrease of 2.09 trillion yuan and 1.88 trillion yuan respectively from the previous trading day. Therefore, the total market value of A shares on January 7 evaporated by 3.97 trillion yuan. On January 4, the Shanghai index evaporated nearly 4.2 trillion yuan. According to this calculation, the cumulative total of A shares in the two days exceeded 8 trillion yuan.
Among them, on January 7, A shares were closed from 9:30 to 9:58, and the closing threshold was 7%, which was closed early, only 28 minutes. Excluding 9:42, the first time the 5% threshold was triggered to suspend the transaction, the actual trading time of A shares on January 7 was only 13 minutes. After discounting, the evaporation of the A stock market value yesterday can be described as "speed of light", with an average of 305.3 billion yuan in one minute.
According to the latest data from China Securities Depository and Clearing Co., Ltd., there were 50,226,800 investors holding A shares in the past week. According to this calculation, on January 7, the per capita loss was about 79,500 yuan. If January 4 is counted, the two trading days will cause A-share investors to lose nearly 160,000 yuan per person.

■ The view “does not give the market a 'cool' timing”
For the two trading days of plunge, many analysts told the Beijing News reporter that it was mainly caused by two reasons. First of all, on January 7th, the "major shareholder promised not to reduce holdings" the expiration date, the market worried that there will be a panic-stricken set-up. Second, it was also affected by the sharp fall in the RMB exchange rate, the Fed’s interest rate hike expectations and the global economic situation.
Yang Delong, a familiar strategist at Southern Funds, believes that the January 7 plunge was not caused by substantial negatives, mainly due to the irrational decline caused by panic, and many stocks fell below the actual value. Therefore, the persistence is not strong. It is expected that the market will bottom out. However, we must wait for changes in policies and markets now, and we must overcome the panic and curb the decline.
In the view of Shao Yu, chief economist of Orient Securities, although the A-share slump was not caused by the fuse mechanism, the opening of the A-share market was less than half an hour, and there was no timing for the market to “cool”. I believe that the fuse mechanism will have room for optimization. .

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