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financial associated press, october 7 (reporter yan jun)on the evening of october 6, the shanghai stock exchange issued the "notice on extending the time for accepting designated transaction declaration instructions", which caused widespread misunderstandings.

the shanghai stock exchange stated in the notice that in order to further improve the efficiency of designated trading business, the shanghai stock exchange will accept designated trading declaration instructions from 9:15 to 9:25 and 9:30 to 11:00 on each trading day starting from october 8. 30 and 13:00 to 15:00 will be adjusted to 9:15 to 11:30 and 13:00 to 15:00 on each trading day.

some views interpreted this as extending the trading hours, allowing everyone to make more money in the bull market; others interpreted this as canceling the call auction. these ridiculous interpretations are really confusing. judging from the literal meaning of the shanghai stock exchange's notice, if you understand what the shanghai stock exchange's designated transactions are, there will not be so many misunderstandings.

the reason for the adjustment in the time for accepting designated trading instructions is that there are more new accounts opened during the holidays and investors are more enthusiastic about entering the market. this change is to improve the efficiency of designated trading business and facilitate designated transactions by new accounts and other investors.

shanghai stock exchange issued "notice on extending the time for accepting designated transaction declaration instructions"

there is also a more popular and simple interpretation, "it means adding 5 minutes to the time to open a shanghai stock exchange account." whether it is a simple explanation or a complex explanation, it is ultimately about enabling new account holders to have trading accounts on the shanghai stock exchange as soon as possible.

what also has to be mentioned here is the corresponding rules of the shenzhen stock exchange. different from the designated transactions of the shanghai stock exchange, shenzhen stock accounts can be traded on the same day after registration. however, if you change securities companies and the stocks hosted by the original securities companies are to be hosted together with the new securities companies, you need to perform a "transfer custody" action, or choose to sell in layers. sell ​​the stocks and transfer cash, otherwise, the shenzhen stocks will still be in the seats of the original custody brokerage.

misunderstanding 1: the shanghai stock exchange has extended trading hours?

the first misunderstanding is to extend the trading time. many self-media accounts also used this as an excuse. contents titled "breaking news, breaking news, shanghai stock exchange extended trading hours" abounded, understanding it as a major benefit to facilitate investors' trading, and quickly interpreted it. there are further speculations: there are more accounts opened during the national day, and new customers are anxious to enter the market. now they are worried about the price limit before the market opens, so they provide trading hours before the market opens.

so, can we trade at 9:15? this is not the case.

we-media accounts misread new notifications

what is "designated trading" and why does the shanghai stock exchange emphasize designated trading?

according to the "shanghai stock exchange trading rules", "shanghai stock exchange designated trading implementation rules" and other regulations, designated trading means that investors participating in shanghai stock exchange transactions must designate a member (brokerage) in advance as their trustee for buying and selling securities. this member participates in securities trading on the shanghai stock exchange market. each securities account can only choose one securities firm for designated transactions.

the 5 minutes added by the shanghai stock exchange are to increase the time for accepting designated transaction declarations. that is, brokers can submit "designated transaction" instructions for customers to the shanghai stock exchange during the 5 minutes from 9:25 to 9:30, and the shanghai stock exchange accepts this order. in the past, no instructions were accepted during these five minutes.

misunderstanding 2: "cancel collective bidding"?

along with the extended misreading of transactions, the cancellation of call auction is another common speculation in the market.

the chat history shows a misreading of "cancel call auction"

the so-called call auction means that before the market opens on the day, investors can enter the stock price based on the previous day's closing price and the prediction of the current day's stock market, and enter all orders placed on the computer host during the call auction time, according to price priority and time priority. according to the principle of calculating the price of the maximum trading volume, this price will be the transaction price of call auction, and this process is called call auction.

generally speaking, during the call auction time, as long as the price of the entered stock is higher than the actual transaction price, the transaction can be completed. therefore, if investors want to buy stocks first during the call auction, they can usually set the price higher. is to obtain priority transaction rights.

according to the current declaration time regulations, the trading host accepts declarations for bidding transactions from 9:15 to 9:25 and from 14:57 to 15:00 on each trading day. from 9:25 to 9:30 on each trading day, the trading host only accepts orders, but does not process purchase and sale orders or cancellation orders.

in this regard, some insiders pointed out that this notice only targets designated transactions and does not involve any collective bidding content. this misunderstanding may be caused by the overlap of the call auction time period from 9:25 to 9:30, so canceling the call auction is a complete misunderstanding.