Has the scale of on exchange pledges on the Shanghai Stock Exchange decreased?

According to the information released by the Shanghai Stock Exchange, judging from the current situation of the Shanghai Stock Exchange's ** pledge, the scale of the pledge on the floor is stable and decreasing, and the overall risk is basically controllable. Up to now, there has not been an abnormal transfer of control of listed companies due to the liquidation and selling of positions in the secondary market. According to the comprehensive judgment of the Shanghai Stock Exchange, the short-term impact of pledge risk on the market is limited.

Statistics show that up to now, the average performance guarantee ratio of ** pledge in Shanghai is 181%, and the total market value of ** pledge accounts for 3% of the total market value of Shanghai Stock Exchange; Among them, the market value of the pledge below the liquidation line accounts for less than the total market value of the Shanghai Stock Exchange. The Shanghai Stock Exchange judged that from the perspective of the positioning of the pledge transaction, the risk prevention mechanism and the actual situation, the impact of default disposal on the secondary market is very limited; From the perspective of business positioning, the pledge transaction is positioned to serve the real economy and solve the problem of financing difficulties for shareholders of small and medium-sized and entrepreneurial listed companies.

According to the Shanghai Stock Exchange, for the transaction that does need to be disposed of in the end, the company will not simply "settle it" through the secondary market, and is more inclined to find an entity that intends to undertake the equity as a whole and reach a transaction through agreement transfer. Up to now, there has not been an abnormal transfer of control of listed companies due to the liquidation and selling of positions in the secondary market. On the whole, the short-term impact of staking risk on the market is limited.

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The pledge is registered in Zhongdeng Company, and the on-site pledge of A-shares listed on the Shanghai Stock Exchange needs to be declared by the Shanghai Stock Exchange, and the list of qualified investors must be sent to the Shanghai Stock Exchange before doing so.

First, the repurchase period of ** pledge repurchase shall not exceed 3 years; Second, the subject matter of the pledge repurchase is the A-shares listed and traded on the Shanghai Stock Exchange or other approved by the Shanghai Stock Exchange and ChinaClear. Third, if the pledge or disposal of the subject matter needs to be approved or filed by the relevant national authorities, the integrated party shall comply with the provisions of relevant laws and regulations, go through the corresponding procedures in advance, and be verified and confirmed by the company. Fourth, the trading time of ** pledge repurchase is from 9:30 to 11:30 and from 13 to 15 on each trading day.

At the same time, the Shanghai Stock Exchange issued the Notice on Relevant Matters Concerning Exchange Trading** as the Subject of Margin Trading**, which stipulates that exchange transactions** that meet the following two conditions can be used as the subject of margin trading after 5 trading days**, (1) the average daily asset size shall not be less than RMB 2 billion; Second, the number of households held is not less than 4,000.

There are two types of requirements for the effective application for the repurchase of pledged bonds on the Shanghai Stock Exchange: continuous bidding stage

1.The buyer (i.e., the repurchaser) applies for a bid of no more than 110% of the minimum sell price immediately revealed, and the seller (i.e. the buyer) does not exceed 110% of the minimum sell

The reverse repurchase party) is not less than 90% of the highest **** revealed immediately (that is, there is an upper limit and no lower limit for the repurchase party, that is, the lower limit is the minimum reporting unit:; There is a lower limit for the reverse repurchase party, and there is no upper limit).

2.If there is no ** claim in the immediate disclosure and there is a sell ** grid, the lowest sell ** in the immediate disclosure shall be regarded as the highest **** in the preceding item.

3.If there is no sell claim in the instant disclosure, the highest ** in the immediate disclosure shall be regarded as the lowest sell in the preceding item.

4.If there is neither a ** bid nor a sell ** price in the instant disclosure, the latest transaction price immediately revealed shall be regarded as the highest **** and the lowest sell ** in the preceding item at the same time; Call Auction Stage: There is no ** restriction on the declaration of bond repurchase transactions in the call auction stage of the SSE.

Well, the Shanghai Stock Exchange's pledged agreement repurchase and redemption of exchange bonds means that Yaya's pledged agreement repurchase.

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The repurchase of the collateralized agreement is of special significance and useful to users.

Does the SSE pledge agreement repurchase mean anything to the retainer? Of course, they all work with each other.

The significance of the Shanghai Stock Exchange pledged treasury bond repo rate is that it can show the supply and demand of market liquidity to a certain extent, but it is not representative, the representative significance is the Shanghai interbank offered rate, which is a wind vane indicator that affects the short-term interest rate of the entire financial market, for investment groups investing in fixed income assets (including bonds), there are many large investors in these groups, and these large investors will often participate in the interbank bond market, and will also participate in Shanghai and Shenzhen The bond market of the exchange, that is, cross-market investment, many times will use bond pledge for financing, and reinvest the funds obtained from financing, in the Shanghai interbank market, the main thing to lend money out is those large state-owned banks, when the market funds are tight, those large state-owned banks may be able to put into the Shanghai interbank market The funds will be reduced, which will lead to those large accounts will be through cross-market transactions, in the Shanghai interbank market can not borrow money, will flock to Shanghai, Shenzhen** When the market funds are loose, the repurchase rate of pledged treasury bonds on the Shanghai and Shenzhen exchanges will generally be affected, and the interest rate will generally not be very high.

1. There is no restriction on the declaration of the call auction stage.

2. Continuous bidding stage: not higher than 110% of the lowest sell** of the instant reveal and not less than 90% of the highest **** of the instant reveal; At the same time, it shall not be higher than 130% of the average of the highest and lowest applications** and not less than 70% of the average of the above-mentioned highest and lowest applications**;