Let's zoom in! Halving the stock transaction fee will boost the mixed trading system. Is Beizheng 50 off to a good start?

On June 5438+065438+1 October 18, 2022, on the first anniversary of the opening of the market, the Beijing Stock Exchange further enlarged its measures and decided to reduce the stock trading fee standard from 0.5‰ of the transaction amount to 0.25‰ of the transaction amount from February1day, with a decrease of 50%.

It is reported that the North Stock Exchange lowered the stock trading fee this time, taking into account the current market situation, market size, trading situation and operating costs and other factors to maximize the benefits to the market.

The Beijing Stock Exchange said that the next step will be to continuously track and evaluate the market operation, continuously improve market functions, optimize market ecology, improve service quality and efficiency, and create conditions for market participants to participate in the construction of the Beijing Stock Exchange more conveniently and efficiently.

According to market analysis, the North Stock Exchange 50 Index will be officially launched on June165438+1October 2 1 day, and the North Stock Exchange will enter the index era. Half of the stock transaction fee is expected to overlap the multiple benefits such as the listing of the Shanghai Stock Exchange, the landing of margin trading rules, and mixed market making, which will form a benign * * * shock effect in the market, and the market is expected to usher in the opening of the North Securities 50 Index.

Directly reduce transaction costs.

Zhu Haibin, general manager of the research center of the open source securities North Exchange, believes that the transaction cost of the North Exchange was slightly higher than that of the Shanghai and Shenzhen markets. This reduction in transaction costs can directly reduce the transaction costs of investors, or enhance market liquidity and stimulate market vitality. After this rate reduction, the transaction fee of Beijing Stock Exchange is 0.25‰, which is 0.0487‰ different from that of Shanghai and Shenzhen Stock Exchanges.

Looking back at the history, the Shanghai and Shenzhen Stock Exchanges also lowered the transaction fees step by step several times during 20 12 and 20 15, and the short-term market sentiment was also more positive after the transaction fees were lowered.

In fact, the longer-term significance of lowering the rate is to let investors' trading habits in the North Stock Exchange gradually integrate with the Shanghai and Shenzhen markets. Zhu Haibin pointed out that in the past year, with the comprehensive reform of the North Exchange, various investors, such as stock funds, hybrid funds, private equity funds, individual investors, QFII, insurance, etc., are entering the North Exchange. The fundamental reason is that the liquidity of the North Exchange has improved.

In Zhuhai's view, reducing transaction fees can guide individual investors and institutional investors to better invest in the North Exchange, especially investors with high liquidity requirements such as index funds and ETF funds, which is conducive to introducing more long-term funds. In addition, small and medium-sized customers who occupy the long tail are more sensitive to the basic rate than large customers with stronger commission bargaining power. The reduction of the rate ratio can effectively promote the long-tail customers to participate in the market of the North Stock Exchange, and further enhance the liquidity and trading activity of the North Stock Exchange.

More importantly, further improving liquidity is also the need to ensure the basic financing of the North Exchange. Concerns about liquidity are also reflected in the subscription of new shares and the turnover rate of new shares on the first day of the North Stock Exchange.

According to estimates, the enthusiasm for the subscription of new shares of the North Stock Exchange has declined. In 20021year, the average effective online subscription number of new shares of Beijing Stock Exchange was 164 10000, which rose rapidly to 4 10000 in the first quarter of 2022, and then decreased to 95 1 in August and June. Therefore, judging from the long-term liquidity demand of the North Exchange, there is still much room for effective online subscription of new shares at this stage.

Liu, the founder of the research, said in an interview with the reporter of China Times that as the first corporate exchange in China, unlike the Shanghai and Shenzhen public welfare exchanges, the North Exchange is self-financing, and the handling fees and listing fees of enterprises are its two main sources of income. Because of the epidemic, the North Exchange temporarily exempted all enterprises from annual fees. This time, the handling fee is lowered again, which is to make profits to investors. This shows that the North Exchange treats both ends of investment and financing equally, which is a manifestation of the principle of "three publics".

Liu believes that although the North Exchange is a corporate exchange, it is also performing the duties of a public welfare exchange. I believe that with the increase of the liquidity of the North Stock Exchange, the handling fee will eventually be the same as that of the Shanghai and Shenzhen stock markets.

Development enters the fast lane

In the seaside view, the reduction of transaction rates by the North Stock Exchange is another important reform after the introduction of margin financing and securities lending and the North Securities 50 Index. At present, the liquidity of the North Exchange has been obviously improved, but from the perspective of promoting financing and pricing, it needs to be improved. As the market enters the fast lane after the first anniversary of the Beijing Stock Exchange, it can be predicted that the pertinence and effectiveness of a series of policies of the Beijing Stock Exchange will be enhanced, or the market ecology of the Beijing Stock Exchange will be continuously optimized.

1 18 10 18, the North Exchange issued the Detailed Rules for Trading in the Stock Market of Beijing Stock Exchange and the Guidelines for Trading in the Stock Market of Beijing Stock Exchange for public comments. Introducing market maker trading on the basis of bidding trading in Beijing Stock Exchange will help to increase the depth of market orders, reduce the transaction cost of investors, improve the pricing function of transactions and activate market transactions.

At the same time, Sui Qiang, general manager of Beijing Stock Exchange, said at the 16th Index and Index Investment Forum that the Beizheng 50 Index will be officially launched soon, which is of symbolic significance to Beijing Stock Exchange. The subsequent entry of Beizheng 50 index products into the market will further enrich the number structure of market investors, give play to the leading role of professional institutions in investment, promote the formation of a good value investment environment, and let more investors enjoy the dividends brought by the innovation and development of SMEs.

Sui Qiang said that the next step of the North Exchange will continue to enrich the index system and promote the steady development of indexed investment. First, on the basis of constantly enriching the number structure of companies in the North Exchange, gradually build the industry, theme and strategic index system of the North Exchange; Second, based on the integrated development of the North Exchange and the New Third Board, explore the construction of an index system across the North Exchange and the New Third Board, further play the exemplary leading role of the North Exchange, and promote cross-level investment with market characteristics; Third, promote the development of cross-market index based on the interconnection of multi-level capital markets.

It is reported that CSI Index Co., Ltd. decided to include the securities of the North Exchange in the CSI cross-market index in stages. During the year, it is planned to include the securities listed on the North Stock Exchange for one year into the CSI A-share Index and CSI Circulation Index first, so as to enhance the market representation of the two cross-market indexes. Subsequently, according to the market operation, the qualified securities of the North Exchange will be included in the rest of the cross-market indexes.

The favorable superimposed market can be expected.

In an interview with China Times, Zhou Yunnan, a senior commentator of the New Third Board and Beijing Nanshan Investment, pointed out that reducing the transaction fee is first to improve the trading mechanism of the North Exchange, releasing the positive signal that the North Exchange will continue to promote reform and innovation, reflecting that the high-quality construction of the North Exchange will continue to receive policy support. At the same time, the high transaction fee is a common reflection of investors, and halving the handling fee is a positive response and practical action of the North Exchange to the unanimous voice of the market, which is conducive to stabilizing market confidence.

Zhou Yunnan further pointed out that lowering the transaction rate directly reduced the transaction cost of investors. Although the actual amount saved is a little insignificant, it can really save a lot of net profit for investors with accumulated total amount, especially those in day trading.

In addition, it can also enhance the activity of the secondary market, stimulate market vitality and improve investors' willingness to trade. Zhou Yunnan predicted that this policy is expected to be superimposed with multiple benefits such as the launch of the North Securities 50 Index, the landing of margin trading rules, and mixed market making, forming a benign * * * shock effect in the market.

165438+1October18th, the North Exchange released all the 50-component indexes of the North Exchange from April 29th to165438+1October18th (899050).

According to the calculation, from the announcement of the index scheme (September 2nd) to165438+1October 18, from 1033.94 to 1003.5438+05, with a decrease of 2.98%. The lowest point is 929.01(65438+1October 3 1), and the largest decline is 10. 15%. After September 2nd, the highest point on September 22nd was 108 1.37, with the largest increase of 4.59%. The first samples of165438+1October 4th all rose, with the highest point of1kloc-0/7.92 points, with the largest increase of 3.88%.

Zhou Yunnan believes that from the above data, the market's enthusiasm for the launch of the North Securities 50 Index is not as good as expected. 111October 2 1 north exchange 50 index will be officially launched, and the north exchange will enter the exponential era.

"Some practical benefits have been superimposed recently. Next Monday (2 1), the Beizheng 50 Index is expected to get off to a good start. " Zhou Yunnan said.

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