港交所將啓動市場波動調節機制

Hong Kong Exchanges and Clearing will put into place on August 22 its volatility control mechanism (VCM) in an effort to prevent “extreme price volatility arising from major trading errors and other unusual incidents”.

香港交易及結算所有限公司(Hong Kong Exchanges and Clearing,簡稱:港交所)將於8月22日實施市場波動調節機制(VCM)，旨在防止“因重大交易錯誤或其他異常事件而引發的極端價格波動”。

The VCM applies at the individual security level, and only to the 50 members of the Hang Seng benchmark and the 81 constituents of the Hang Seng China Enterprises index.

VCM機制適用於單個證券層面，並只適用於基準恆生指數(Hang Seng)的50只成分股，以及恆生中國企業指數(Hang Seng China Enterprises Index)的81只成分股。

The move will bring Hong Kong more closely in line with other major markets around the world and the region, such as Japan, Korea and Singapore, which all have similar mechanisms in place. But it is not expected to be triggered often, nor is it the sort of market-wide circuit breaker that was infamously applied to China’s share market in the first week of January, only to be repealed four days after its introduction.

此舉將使香港的交易制度跟全世界以及本地區的日本、韓國和新加坡等的其他主要股市更加接近。日本、韓國和新加坡都已實施了類似機制。但是，VCM預計不會經常被觸發，也不同於曾在中國內地股市實施的聲名狼藉的熔斷機制——這一針對整個市場的機制於今年1月首周開始啓用，僅僅4天之後便被取消。

A stock covered by the VCM will enter a cooling-off period if its share price is more than 10 per cent away from its last traded price five minutes earlier. The stock will trade within a band during that cooling-off period.

該機制涵蓋下的股票，如果成交價高於或低於5分鐘前最後一次成交價的10%，則將觸發一段冷卻期。在冷卻期內，交易限於指定價格限制範圍內繼續進行。

There is a maximum of one trigger in each of the morning and afternoon trading sessions in Hong Kong. The cooling-off period will not apply in the opening and closing auctions, or within the first and last 15 minutes of both the morning and afternoon sessions.

在香港市場的早市和午市中，VCM機制分別最多隻能觸發一次。冷卻期將不適用於上午及下午持續交易時段的首15分鐘、下午持續交易時段的最後15分鐘。