The prevalence of t+0 caused by thousands of sideways Teams with hundreds of millions of funds opera 陕西省建筑工程总公司职工大学

The prevalence of T+0 caused by thousands of sideways? A team with hundreds of millions of funds only to make frequent operation of Sina Finance Commission App: Live on-line blogger to guide your entries as you earn take can make you my source: surging October 12th Shanghai, the amplitude of the day is only 0.38%, refresh the lowest in 14 years. October 13th, the Shanghai stock market amplitude of 0.40%, continue to approach low. A shares sideways pattern in the end how long? Surging news statistics from October 1, 2002 to date 3404 trading days, according to the amplitude from small to large after the arrangement can be found, in 2016 September, the market volatility is significantly smaller. In the 3404 trading days, the top five of the smallest amplitudes were all from September 2016 and October. Looking back on the performance of Shanghai Composite Index in the past two years, we can clearly draw the trend of first rise, then drop, and then run amok. Now, the market situation of this "warm boiled frog", many investors are not accustomed to. There are private equity sources, active management of products is not easy, to obtain relative income, that is to win the index, are more difficult. In the shock City, many private equity began to use "T+0" trading strategy. In fact, last year began to have a lot of people do T+0, because at that time bought shares were locked, anyway, stock over, does not generate revenue, as well as T+0, in the quilt stock and shift it, how much money out." An insider told reporters surging news. Concussion City spawned T+0, a director of private investment in Shanghai to surging news reporters, T+0 is also called intraday rotation trading, is a trading manipulation. In accordance with the provisions of the Shanghai stock exchange and Shenzhen stock exchange trading in stocks and funds to implement T+1 transaction, T refers to the trading day, the meaning of T+1 that same day to buy stocks, the day can not sell to the next trading day to sell, but T+ 0 strategies can be simulated on the same day the effect of the sale. In this logic, if the stock price on the unilateral rise or unilateral drop, this trading method is not applicable, so often in the shock city can be realized. A shares are different from the T+0 trading system prevailing in the peripheral markets. Such as Hong Kong stock market, there are investors in a very near price range hanging more single and empty single, such as 1 yuan hanging more than single, 1.01 yuan hanging empty single, if the amount of money is large, back and forth short frequency trading profit is also quite rich. Frequent low buying and high selling makes people think of programmed trading, but private equity people point out that T+0 trading practices are quite different from programmed trading. "Program is not omnipotent, and this is the need for a high sense of disk, many times think the list is wrong, the direct cut off the original price, or loss of 1 cents cut off." And another private partner is introduced, the program based investment in the day is not small, not to say to do. Some people frequently T+0 in order to earn commissions in the hold up intraday profit, the only reason is clearly not the industry of the T+0 transaction, Penghu theory

T+0盛行致千股横盘?有团队用数亿资金频繁操作只为赚佣金 新浪财经App:直播上线 博主一对一指导 你参赛你赚你拿 总能让你过把瘾   来源:澎湃   10月12日,沪市当日振幅仅0.38%,刷新14年以来新低。10月13日,沪市振幅0.40%,继续逼近低位。A股横盘的格局到底还要多久?   澎湃新闻统计了从2002年10月1日至今的3404个交易日,按振幅从小到大排列后可以发现,2016年9月份开始大盘波动幅度明显变小。而在这3404个交易日中,振幅最小的前五名竟然全部出自2016年9月和10月。   回头看过去两年的上证综指表现,可以清晰地勾绘出先大涨、再大跌,然后震荡横行的走势。而如今这种“温水煮青蛙”的市场局势,让很多投资者都不习惯了。   有私募人士透露,主动管理型产品的日子并不好过,要想获得相对收益,即跑赢指数,都比较困难。在震荡市下,有不少私募开始运用“T+0”的交易策略。   “其实去年就开始有很多人做T+0了,因为当时买了股票被套牢了,反正股票死在那边,也不会产生收益,还不如在被套的股票上做T+0,倒腾一下,多少有点钱出来。”一位业内人士这样对澎湃新闻记者解释。   震荡市催生T+0   一位上海的私募投资总监向澎湃新闻记者介绍,T+0也叫日内回转交易,是一种交易操作手法。按照规定,目前上海证券交易所和深圳证券交易所对股票和基金交易实行“T+1”的交易方式,T指的是交易日,T+1的意思即,当日买进的股票,当日不可以卖出,要到下一个交易日才能卖出,但T+0策略可以模拟出同日买卖的效果。   在这种逻辑下,如果股价在单边上涨或单边下跌,这种交易手法就并不适用,因此往往要在震荡市中才能实现。   A股这样的交易规定,与外围市场通行的T+0交易制度不同。如港股市场中,就存在投资者在很近的价位区间内挂多单和空单,比如1元挂多单,1.01元挂空单,如果资金量大,来回短频交易的获利也相当丰厚。   频繁的低买高卖,让人想到程序化交易,但私募人士指出,T+0交易手法与程序化交易还是截然不同的。   “程序化也不是万能的,而这是需要高度盘感的,很多时候觉得单子不对,直接原价砍掉,或者亏1分钱砍掉。”而另一位私募合伙人则介绍,日内的程序化基础投资不小,并不是能够说做就做的。   有人频繁T+0是为了赚佣金   在套牢盘中获利,显然不是业内进行T+0交易的唯一原因,澎湃新闻了解到,有团队这样操作是为了赚取佣金。   有知情人士向澎湃新闻记者确认,业内确实有团队用数亿元资金进行频繁的T+0操作。“可能给自己在证券公司挂一个证券经纪人,自己给自己提佣金。由于自己是自己的客户,自己打的成交量给自己提,这在业内很常见。”   证券公司可以通过公司员工或者委托公司以外的人员从事客户招揽和客户服务等活动。所谓证券经纪人,是指接受证券公司的委托,代理其从事客户招揽和客户服务等活动的证券公司以外的自然人,职责上有点类似于营业部的客户经理。但一般来说,券商经纪人没有底薪,佣金的提成高于客户经理。   T+0交易造成千股横盘?   尽管私募圈确实存在T+0交易手法,但据澎湃新闻记者了解,对于有媒体报道的“随着‘T+0’交易团队盛行,追逐热点与题材的主动式交易理念运作空间被大量压缩,是今年A股呈现低波动率的重要原因”这样的说法,业内人士普遍并不认同。   国金证券首席策略分析师李立峰指出,这样的逻辑是有问题的。   他表示,最近低波动率的情况主要在于市场认为宏观和货币政策都没有拐点出来,向下又没有风险,所以投资者会更加理性,就造成了低波动率。对于低波动率可能会维持的时间,李立峰认为,至少四季度会存在,明年一年也有可能是低波动率,除非宏观的环境发生变化。   对于个股来说,波动率低与日内回转交易确实不无关系。   “有人不断做高抛低吸,个股弹性就没了,跌下去有人买,涨起来有人卖。”有业内人士这样对澎湃新闻记者说道。但他强调,这样的交易手法并不会对大盘产生太大影响,更不可能因为T+0交易策略的盛行,就导致“千股横盘”的情况。   国金证券财富管理中心分析师戴德俊也认为,近期A股市场的低波动率和T+0并无直接关系。   在戴德俊看来,近期A股市场的低波动率或和预期有关,“预期跌的投资者不愿意买;此外,临近六中全会,市场需要维稳。”   另一方面,戴德俊指出,由于外围差、人民币贬值等因素导致投资者不敢轻易买,而国庆节前机构仓位也已经处于低位,没有筹码抛,市场就“僵局”了。   上海银河证券某营业部内部人员对澎湃新闻记者说,过去T+0也曾在营业部出现过,是借被套住的筹码和客户进行约定,给与其一定的回报以进行T+0交易。但他同样对于T+0交易策略导致A股低波动率的说法不能苟同。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: