The "gift package" of the Beijing Stock Exchange re-send policy: the stock market trading business was officially launched on February 20
2023-02-20
Following the launch of margin trading business on February 13, the Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") once again sent a policy "gift package" - today officially launched the stock market trading business. According to the introduction of the Beijing Stock Exchange, since the issuance and implementation of the Beijing Stock Exchange Stock Market Making Business Rules and the Beijing Stock Exchange Stock Market Making Business Guidelines on January 19, 2023, the Beijing Stock Exchange has actively prepared for the stock market making business, carried out comprehensive mobilization and special training for qualified securities companies, and organized the first batch of securities companies to participate in the market making of the Beijing Stock Exchange to complete the opening of trading authority Stock preparation of market making targets and other work, guide market institutions to transform market-making business-related systems, and complete two rounds of full-network testing and customs clearance testing. As of February 17, 2023, a total of 15 market makers have been approved by the China Securities Regulatory Commission to obtain the qualification for market making of listed securities. Among them, 13 securities firms, including Guojin Securities, CITIC Securities, Anxin Securities, Soochow Securities, Galaxy Securities, Guotai Jun'an, Industrial Securities, CITIC Construction Investment, Shenwanhongyuan, Guoxin Securities, Caitong Securities, Huatai Securities, China Merchants Securities, will participate in the market making of shares in the Beijing Stock Exchange, A total of 36 stocks were involved in market making. The other two market makers who have obtained the qualification of market making trading are currently promoting various preparations and plan to carry out the market making business of the Beijing Stock Exchange in the later stage. The relevant person in charge of the Beijing Stock Exchange said that in order to promote the continuous positive effect of the market making system, the Beijing Stock Exchange will improve the market making trading mode from two aspects after the business is launched: first, actively promote the expansion of the qualifications of the market makers of the Beijing Stock Exchange. Considering that the listed companies of the Beijing Stock Exchange are all from the New Third Board market, in order to improve the implementation effect of the market making business of the Beijing Stock Exchange, and promote the benign interaction between the New Third Board and the market making business of the Beijing Stock Exchange, Under the premise of ensuring controllable risks, the Beijing Stock Exchange will actively promote the expansion of the scope of market makers of the Beijing Stock Exchange, and try to include more market makers with certain market making experience, market making performance and good risk control level on the New Third Board; The second is to improve the market making system by borrowing securities and allow market makers to carry out market making business by borrowing securities from the shareholders of listed companies, which will help reduce the risk of market makers' inventory management, enrich market makers' market making trading strategies, and further enhance the enthusiasm of market makers to participate in the market and further give play to the system effect. Zhu Haibin, general manager of the Research Center of the Beijing Stock Exchange of Kaiyuan Securities, believes that, on the whole, the market making system of the Beijing Stock Exchange is basically the same as the market making system of the Science and Technology Innovation Board, and the overall framework and rules of the Trading Rules are also basically the same. The minimum price difference of the quotation obligations of the market makers of the Beijing Stock Exchange has been reduced compared with the Science and Technology Innovation Board, which is also to better conform to the current liquidity and its own characteristics of the Beijing Stock Exchange. After the introduction of the market maker system in the Science and Technology Innovation Board, the market liquidity has increased, which helps to improve the efficiency of stock pricing. The average turnover rate of 42 securities on the same day has increased by 1.48%. In addition, the requirement on the quotation duration of market makers helps to solve the problems of liquidity differentiation and uneven trading hours of the Beijing Stock Exchange. Mixed market making transactions have different impacts on the marginal improvement of liquidity of different securities, but even if liquidity differentiation still exists, it still helps to realize price discovery. Zhang Jianxia, head of market making at the Beijing Stock Exchange of CITIC Securities Equity Investment Department, said that the introduction of market makers would help improve the market of the Beijing Stock Exchange
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：people.cn
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