Trading of listed securities on SZSE is also conducted through centralized auction. All orders are placed by open auction via the mainframe computer, which will automatically match orders based on the principle of price and time priority. Orders may be submitted either on-floor or off-floor. Orders sent to the mainframe computer via SZSE members' seats on the trading floor of SZSE are on-floor orders while those transmitted through terminals at members' front-end facilities and electronic communication systems are off-floor virtual orders. At present, the infrastructure for cross-market trading has also been put in place.
Securities trading on SZSE are also conducted on an agency basis, which means that all the investors that trade securities on SZSE must first appoint a member of SZSE as an agent and sign an agreement with the agent to trade and clear securities on their behalf. No trading is allowed before the investor's trading account is registered with the member's trading seat.
The current in-house computer system of SZSE can cope with tremendous amount of trading orders typical of retailer market. The system has a capacity of 20 million deals in 2,000 securities, compared to the historical peak record of 4 million deals.
Trading on Shenzhen Stock Exchange (SZSE) is materialized and driven by orders based on price-time priority. A price limit of 10% is imposed for common stocks and 5% for stocks under special treatment. On a daily basis, around 600,000 deals, valued US$ 807 million, trade on the SZSE.
Trading Venue
SZSE provides the market place and facilities for securities trading, which comprise the trading system, trading hall, trading seats, order routing system and relevant communication system. Upon the authorization of SZSE,SZSE members may route orders to the trading system of SZSE through their traders dispatched in the trading hall.
Unless permitted by the Exchange, only the following persons are admitted to the trading hall:
- registered traders; and
- trading floor officers.
Trading Instruments
The following securities may be listed and traded on the SZSE:
- stocks;
- mutual funds;
- bonds;
- bond repo;
- warrants; and
- other instruments as approved by the CSRC.
Trading Hours
SZSE is open for trading from Monday to Friday. The market is closed on public holidays and other dates as announced by SZSE.
With respect of securities auction, opening call auction is held between 9:15-9:25 on each trading day, followed by continuous trading from 9:30-11:30 and 13:00-14:57. Closing call auction is held between 14:57-15:00.
SZSE may adjust trading hours with the approval of the CSRC. In case of trading suspension, trading hours are not extended.
Trading Process
①. Order Routing
②. Trade Confirmation
③. Stock Quotes
④. Frontline Control
⑤. Data on stock position & shareholders |
