The adjustment of the market-oriented agreement for securities lending and borrowing from T+0 to T+1 is about to be officially implemented. Previously, the China Securities Regulatory Commission announced that it would adjust the application for market-oriented securities lending agreements from real-time availability to the next day's availability, effective from March 18th. Recently, a securities firm has received a notice from China Securities Financial Corporation that it will conduct a customs clearance test for its refinancing business on March 16th. The document issued by China Securities Financial Corporation shows that in this test, it will simulate the trading and settlement of one trading day for refinancing. The testing content covers business processing such as market-based securities lending agreement borrowing and cancellation, non agreed securities lending and cancellation, market-based securities lending and lending, non agreed declaration of securities lending and lending, extension and early settlement declaration and cancellation, market-based securities lending and borrowing declaration and cancellation, deposit and withdrawal of guaranteed securities, collateral buying and selling, market reception and display, clearing and settlement. It is reported that the focus of this business test includes market-oriented financing application/cancellation, market-oriented securities lending agreement borrowing and cancellation, non agreed borrowing and cancellation of securities lending, market-oriented securities lending, non agreed declaration of securities lending, margin trading, as well as the clearing of the above-mentioned businesses. The testing period is from 9am to 3pm on March 16th, consistent with the trading period. At the same time, China Securities Financial Corporation requires all securities firms to complete the testing feedback before 8 pm on the same day after the testing is completed. China Securities Finance reminds that after the testing is completed, securities firms need to restore their online systems and data environment to ensure the correct operation of the production system on March 18th. On January 28th of this year, the China Securities Regulatory Commission announced the further strengthening of the supervision of securities lending business and the comprehensive suspension of restricted stock lending in accordance with the concept of "steady progress and step-by-step implementation". Specifically, it includes: firstly, a comprehensive suspension of restricted stock lending; The second is to adjust the application for market-oriented securities lending agreements from real-time availability to the next day's availability, and limit the efficiency of securities lending. Due to factors such as system adjustments, the first measure will be implemented from January 29th, and the second measure will be implemented from March 18th. Industry insiders believe that optimizing the securities lending mechanism is conducive to creating a more fair market order and will effectively protect the legitimate rights and interests of investors. It is expected that more substantial measures for investor centered investment reforms will be accelerated. According to Li Peifeng, an analyst at CICC, the optimization of the application for market-oriented securities lending agreements has balanced the application of information and tools by some institutions, creating a more fair market order. At the same time, this adjustment also resolutely cracked down on illegal and irregular behaviors such as borrowing and short selling securities, bypassing holdings, and cashing out, reflecting comprehensive strengthening of supervision. CITIC Securities also stated that the mechanism for securities lending and borrowing has been changed from "T+0" to "T+1", which is conducive to constraining the advantages of institutions in information and tool utilization, giving various investors more time to digest market information, and creating a more fair market order. Ping An Securities believes that the further optimization of the securities lending system highlights the regulatory authorities' emphasis on the fairness and stability of the capital market. Against the backdrop of significant fluctuations in the capital market, the optimization measures of suspending the lending of restricted shares and restricting the efficiency of securities lending are also to some extent part of the countercyclical adjustment of the capital market, which is conducive to maintaining market stability. It is worth noting that,