Chapter 396: New rules for exchanges

Shanghai Shanghai Environmental Protection Energy and Materials Exchange is a new open futures and derivatives trading market of China. It is independent of the three major China Futures Exchanges of Shanghai Futures Exchange, Zhengzhou Commodity Exchange and Dalian Commodity Exchange. The stock exchange is not linked to the Shenzhen Stock Exchange and is a completely independent trading market.
But it is also the completely independent new creation of the Shanghai Environmental Protection Energy and Materials Exchange that attracts more attention, especially its trading products are mainly environmental protection energy and materials, and the first financial product announced, It is futures carbon ink.
This makes people in the industry very sensitive to realize that the spearhead of Shanghai Environmental Energy and Materials Exchange is directly similar to the Chicago Futures Exchange, the world ’s largest agricultural futures trading market, and the London Metal Exchange, the world ’s largest non-ferrous metal trading market. These world's most core futures trading markets are even commodity trading markets.
Although Huaxia has three major futures exchanges, all of them are just following the world's largest futures exchanges. It is impossible to push these three exchanges together. As for adding environmental protection energy and environmental protection materials to The original futures market is easily restricted by the existing rules, because the listing of the Shanghai Environmental Protection Energy and Materials Exchange is to win the top spot in the world and to facilitate the formulation of new rules.
The big guarantee for Huaxia to do this is naturally because in the field of environmentally friendly energy and environmentally friendly materials, the only company in the world that is ahead is Huaxia.
In the new rules of Shanghai Environmental Protection Energy and Materials Exchange, there are three huge changes.
The first is the trading time. The Shanghai Environmental Energy and Materials Exchange will adopt a 23-hour trading system. The trading hours of the three major futures markets in China have been criticized for a long time. Many people even think that the futures market in China is not important. The reason is because it takes the same trading time as stocks.
Everyone in the global market has a 23-hour or 24-hour system. You only spend so many hours a day. This is bound to be a phenomenon that often occurs in the Huaxia futures market. Gap and jump, especially when the Federal Reserve announced whether to cut interest rates. When announcing big and small non-agricultural data, investors can only pray in the face of such gaps and jumps. As soon as they are unlucky, they open up positions without any operability.
The trading characteristics of the futures market are mostly restricted by the time constraints of the Huaxia futures market. Who would dare to play in the Huaxia futures market? Although the investment futures are speculative, they are still somewhat technical. Passive changes are more like gambling behavior. Already.
Therefore, in order to make the Shanghai Environmental Protection Energy and Materials Exchange a global exchange, it is necessary to change the time. The introduction of this new rule has been well received by investors and is destined to attract a large number of futures players.
The second change is leverage. The minimum margin of Shanghai Environmental Protection Energy and Materials Exchange has been increased to 50%. The promulgation of this new rule is mixed, because for speculators who like to raise margin and reduce leverage, they need more principal, which adds to their investment pressure and loses a lot of excitement and fun.
But for those who understand the financial market better, they actually support this change, because the earliest emergence of leverage was not for retail investors or bankers. Although high leverage has improved capital utilization, it can be at the same time. It has also increased the risk of funds, because the higher the leverage, the less you can make big gains, but when the loss is also the small loss, you still face the risk of liquidation.
Why people who understand finance more support this change because they know that one of the three main weapons of the financial market is leverage. It is because with leverage, retail customers can die faster and dealers can earn more easily. It is because of leverage that the financial markets are always fraught with crash risks.
One of the most important reasons for the last round of China's stock market plunge was the excessive release of external leverage. As a result, after the first wave of liquidation, it plummeted and could not be closed. When everyone reacted and started deleveraging, it was too late.
In the two years after the stock market plummeted, the spot cash collection has absorbed much of the people's blood. Why the spot can quickly make an investor bankrupt within a few days, but also because he has leverage on fees and capital leverage. Of course, there is also a bookmaker. Participation, or the important factor of current price trading, but if there is no leverage, the dealer can't play if he wants to play.
Therefore, leverage is an absolute double-edged sword. For those who can better use leverage or like speculation and excitement, they pursue leverage, but for those who pursue market stability and pursue benign investment, leverage is in their eyes. demon.
Therefore, this rule of the Shanghai New Energy and Materials Exchange has caused a lot of controversy, and the third change of the exchange has also ushered in a lot of discussions.
That is to let go of the daily limit.
After all, in the opinion of everyone, the reduction of the leverage of the exchange is to stabilize the market, but the release of the daily limit is a matter that is not conducive to market stability at least on the surface ~ EbookFREE.me ~ But many people have put forward their own views. The Huaxia limit system is not conducive to the normal trend of the market, but it has increased the panic of the market. The stock market has risen and fallen the limit because of the immatureness of the Huaxia stock market, and because the Huaxia stock market can only buy up and not buy However, the futures market is not the same. He can buy up and down. The two-way market will be closer to marketization, and the restriction of the daily limit will need to be lifted.
However, another voice believes that this is a brand new market with too much instability. If the limits of the daily limit are released, it will be difficult to crash in minutes.
Anyway, the three major changes in the exchange, especially the latter two changes, make the discussions one after another.
And Liu Fan of Mulong Technology is tangled about whether to call Master, Liu Wei walked more than two months ago, saying that Master was sick, Liu Fan was going to visit Master but Liu Wei refused to say which The hospital, Liu Fan did not answer the phone later.
In Liu Fan's view, this is because Liu Wei didn't want to delay his time and didn't think about it, but there was no news over time, which always made Liu Fan feel inexplicable anxiety. Last month, Liu Fan directly hit his master. After the phone call, the other party said that he still needed to be hospitalized for a while, and Liu Fan gave a few words of sympathy and didn't bother.
One month passed again in an instant, and Liu Fan's inexplicable anxiety grew stronger and stronger, and I always felt that something was not right. This is like Liu Wei's style, but not like Liu Wei's style. Liu Fan watched the back view of Liu Wei hurriedly leaving the company more than two months ago through the company's video surveillance, and he felt that something was wrong.
Still confusing or not to call Master, He Lin knocked on the door and came in. "Boss, Director Qian is here."
"Oh okay." Liu Fan put down his cell phone, and the call was still not made ...