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on october 6, a notice issued by the shanghai stock exchange ("sse") sparked heated discussion among investors. many people misunderstood the purpose of the new 5-minute time period and thought it extended the trading time or call auction time. however, this is not the case. this 5-minute change is actually to optimize the declaration process of "designated transactions".

what is a "designated transaction"?

"designated trading" is a unique rule of the shanghai stock exchange, which requires investors to designate a brokerage member as their agent for securities trading before participating in shanghai market transactions. specifically, when an investor opens a shanghai stock account at a certain securities firm, he must designate a certain business department of the securities firm for trading, and he can only designate one. the original intention of establishing this rule is to standardize transaction order and improve settlement efficiency.

designated trading vs. custody transfer: the differences between shanghai and shenzhen stock markets

unlike the shanghai stock exchange, the shenzhen stock exchange (referred to as the "shenzhen stock exchange") does not implement a "designated trading" system. at the shenzhen stock exchange, investors can trade on the same day after completing their securities account registration. this difference has led many investors to mistakenly believe that only one account can be opened in shanghai, while multiple accounts can be opened in shenzhen. in fact, the account opening policies of the two places are the same, but the trading rules are different.