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 T+1——中国股市的最非理性因素 |
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T+1——中国股市的最非理性因素 -- Anonymous - (1288 Byte) 2007-6-05 周二, 下午2:26 (731 reads) |
还乡团副
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作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
本文陈述的事实有误
－－－－－引文开始－－－－－
国内媒体宣传T+1回转交易制度的时候习惯混淆视听，说欧美香港等海外成熟市场实行的是T+3甚至T+5 ，中国的交易管制不算严重。实际上这里的T+3或T+5指的不是回转交易，是指股票交易在72小时内或120小时内交割过户有效合法。
－－－－－引文完－－－－－
美国的户头分为margin account和cash account。两种户头都有day trading限制。
由于交易交割需要72小时，cash account里资金的周转为Ｔ＋３。
Experiencing account restrictions from pattern day-trading
Definitions:
Day Trade: A purchase and sale, or the short sale and purchase, of the same security on the same day (before the market close).
Pattern Day Trader: As defined by NASD 2520 (f) ( (B) (ii) a Pattern Day Trader is any client who executes four day trades within five business days. In addition, accounts with trading activity that resemble active or pattern day trading (just under the threshold as described above over an extended period of time) can be flagged as pattern day traders as well.
Margin Maintenance Excess: The amount of margin eligible equity in excess of the minimum margin maintenance requirement including any settled cash balances.
When you are identified as a "pattern day-trader," you are exposed to both day and intraday risks and are subject to a specific set of requirements and restrictions including:
All Accounts
★ You are required to have a minimum account equity of $25,000.
Margin Accounts
★ Your account's day trade buying power on margin is based on your margin maintenance excess available at the close of business the previous business day, equal to four times the margin maintenance excess in the account. If your account is restricted to cash up front for any reason, your day-trading ability is reduced to twice margin maintenance excess.
★ You will have a 90-day restriction placed on your account and a special margin maintenance requirement imposed if you exceed the day trade buying power limit.
★ Margin day-trade violations require funds to be deposited in the amount of the violation with no deadline on covering the amount of the violation.
Cash Accounts
★ If you are trading on a cash basis, per the free-ride provisions of the Federal Reserve Board's Regulation T, a 90-day restriction will be placed on your account if you day trade without available (settled) funds to cover each opening transaction.
★ If your account has a 90-day restriction, you are required to have settled cash up front to place any trades.
★ Day-trade violations in a cash account require funds deposited by settlement date in the amount of the violation.
If you sell an existing position (fully paid) held from the previous day and you repurchase that position later the same day, you are not considered a "pattern day-trader" and your account will not be restricted.
作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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