日本交易所股票价格稳定机制镜鉴

Study on the Stabilization Mechanism of Stock Price on Japanese Stock Exchange

日本交易所股票价格稳定机制是一项多层次稳定机制设计,包括每日价格限制(DPL)、特别报价参数(SQ)及连续交易报价参数(STQ)三项制度。本文探讨了其制度设计思路及具体制度安排,并对比分析了美国、新加坡、香港地区的市场股票价格稳定机制。研究发现,日本交易所的价格稳定机制是一种更为精细化的稳定机制,其触发条件更精细、阈值分档设置合理、熔断时长灵活,既可以精准、动态管理市场波动,又能兼顾交易连续性与公平性,对于抑制市场波动、保持流动性和维护市场秩序具有积极作用,为我国证券交易所的稳定机制设计提供了参考和借鉴。

The stock price stabilization mechanism of Japan Exchange Group(JPX)is a multi-layered stabilization mechanism which includes daily price limit(DPL),special quotation parameter(SQ)and sequential trading quotation(STQ).This article discusses its design ideas,analyzes specific institutional arrangements,and compares and analyzes the mechanism of the US,Singapore,and Hong Kong markets.Results indicate that the Japanese stabilization mechanism is more refined,which can accurately and dynamically manage market volatility while balancing transaction continuity and fairness.It plays a positive role in restraining market volatility,maintaining liquidity,and maintaining market order.This paper can provide reference for the improvement of the price stabilization mechanism in China's stock market.