日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Markets

HK debuts price volatility control

By OSWALD CHAN in Hong Kong (China Daily) Updated: 2016-08-23 07:51

HK debuts price volatility control

A stockbroker works in front of a screen displaying share prices at a securities brokerage in Hong Kong. [Photo/Agencies]

HK debuts price volatility control New mechanism triggered if stock down or up 10% from last traded price five minutes ago

Bourse operator Hong Kong Exchanges and Clearing Ltd (HKEx) on Monday rolled out a stock price volatility control system similar to Singapore and Japan to prevent extreme price swing arising from major trading errors and other unusual incidents.

The volatility control mechanism currently only applies to 81 constituent securities of the Hang Seng Index and Hang Seng China Enterprise Index.

This new trading mechanism is scheduled to be implemented in HKEx's derivative market in the fourth quarter of this year, targeting a total of eight index futures contracts.

The new mechanism will be triggered if a stock climbs or drops 10 percent from the last traded price five minutes ago. That would be followed by a five-minute cooling-off period during which the assets can trade only within a prescribed band. Normal trading will resume afterward for the rest of the session without further intervention.

For index futures contracts, the same mechanism will be triggered if contract prices are up or down 5 percent from the last traded price five minutes ago.

The mechanism stipulates a maximum of one trigger per stock in each of the morning and evening trading session within a day.

"The VCM is not intended to limit the ups and downs of stock prices due to fundamentals, and it should not be mistakenly seen as a trading halt mechanism or confused with the daily price limits that some markets use to keep a stock's trading within a specific price range," said Roger Lee Kwok-keung, head of markets at HKEx.

"If it restricts the wild things, then it is great," said Andrew Sullivan, managing director for sales trading at Haitong International Securities Group in Hong Kong. "As long as it does not become intrusive, then it' is not a bad thing, because it does give that moment for the market to readjust."

HKEx does not expect the VCM will take effect very often as market statistics reveal triggers would have been very infrequent.

The change comes about a month after the bourse started a closing auction session (on July 25) for the first time in seven years after completing a market consultation last year. The new measure is to meet market demand for trade execution at securities' closing prices.

The volatility control may help minimize sudden swings in stock prices, but will not stop trading in a stock or derivative for the day. BYD Co, a mainland electric-car manufacturer, fell as much as 12 percent on Jan 7 in Hong Kong trading and closed 10 percent lower from the previous day after it was downgraded by Morgan Stanley.

June 24 was the most volatile trading session for the Hang Seng Index, Hong Kong's equity benchmark, in a year. The index fell as much as 5.8 percent and rose as much as 0.8 percent in the aftermath of the UK's vote to leave the European Union.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 黄色大片一级 | 中文国语毛片高清视频 | 色视频在线播放 | 欧美黄色录像 | 三上悠亚作品在线观看 | 免费欧美视频 | 国产欧美大片 | 欧美性猛交xxxxx少妇 | 99色网站| 麻豆av在线播放 | 亚洲国产成人在线视频 | 一直高潮(巨肉高h) 亚洲色图在线视频 | 一区二区三区国产视频 | 免费看的黄色 | 日韩欧美黄色 | 黄色大片久久 | 国产成人在线精品 | 黄色aaa视频 | 欧美激情爱爱 | 亚洲激情黄色 | 日韩欧美91 | 五月婷婷一区 | 911精品| 黄色肉肉视频 | 超碰在线日韩 | 一区二区欧美日韩 | 蜜桃91麻豆精品一二三区 | 国产一区二区三区在线视频 | 欧美网站在线 | 综合婷婷 | 日本黄色免费网址 | 男人的天堂a在线 | 精品在线免费观看 | 麻豆视频在线观看免费网站黄 | av网站在线免费观看 | 精品成人一区 | 亚洲一本之道 | 欧美 日韩 国产 精品 | 久久av导航 | 都市激情男人天堂 | 肉感丰满的av演员 |