Huang Xiangyuan: A Code Pass Is Not A Road Link.

One pass is a significant improvement for China's securities market, but for individual investors, especially for small and medium investors, it is not equal to road and traffic links. We must have a clear understanding of this.

One yard pass has greatly reduced the cost of opening accounts. At the same time, the unification of accounts has also broken the traditional restrictions on opening accounts and transferring households. On the basis of the unified account platform, investors can not only invest in more securities, but also choose better securities services. At the same time, it also means that the resources of brokers will be reintegrated in a completely new liquidity mode. Otherwise, they will no longer be able to continue to rely on the original designated trading rules to keep their customers in a tight spot, and they can no longer rely on low efficiency Commission and big war to win customers day after day. This will obviously play a certain role in promoting the innovation of brokers, the improvement of service level and the construction of a more equitable trading environment.

From the point of view of market regulation, the "one pass" will also effectively change the disadvantages of repeated construction, non-uniform standards and low market efficiency in the current back-end infrastructure, and provide more transparent and complete trading information, thereby reducing regulatory costs, reducing the blind spot of regulation, and facilitating more effective and convenient supervision of illegal activities such as manipulating stock prices, which is conducive to the healthy development of the capital market.

However, the liberalization of existing securities accounts, that is, "one person, one household" in securities sub accounts, is a gradual process. At the early stage of the unified account platform, institutional investors opened the account to cancel the restriction of "one person, one household". In choosing the right to choose different brokerages, the freedom gained by institutions and individual investors will not only have some time difference, but there will also be some differences in the degree of freedom. Not only that, however, one pass does not involve the liberalization of the original appropriateness investor restrictions in trading areas such as securities and futures trading, and even though the upcoming Shanghai Hong Kong and Hong Kong exchanges are about to open, most small and medium investors will also block the threshold of accounts which will be blocked by 500 thousand yuan. That is to say, one yard pass or just for the large and medium investors of institutional investors and individual investors is octopus and Lutong, but for most small and medium investors, it will still be blocked at least in a certain period or in certain areas.

In the name of protecting small investors, the existing so-called appropriate investor system has restricted more than 90% of investors to the door of securities and futures markets, while indulging large institutional investors to manipulate stock transactions by futures trading. Is this the protection of small and medium-sized investors, or letting small investors tie up their hands and feet passively? Shanghai and Hong Kong have introduced new overseas investors and new funds to inject new vitality into A shares. However, with the opening of transactions in Shanghai and Hong Kong, facing the international capital of many kinds of hedging trading derivatives, they have been up or down ten or eight times. Limit board Or A shares of the limit plate, it is not easy to put small investors in the hands of no hedging tools placed in a more dangerous situation?

In law, Hongkong and the mainland "one country, two systems". If the irregularities of Hongkong and Hong Kong are stealthy in the mainland, how can the strict law of the Hongkong achieve octopus? And if there is any transaction involving the mainland, how can the mainland's suspension rules or presumption of guilt come into existence in the mainland?

One pass not only covers investors' basic accounts, that is, Shanghai and Shenzhen A shares, but also includes Shanghai and Shenzhen B shares, fund accounts, stock index futures accounts, and even new three board accounts. Under the Internet conditions, investors can also turn to Shanghai and Hong Kong through no transfer. But with the opportunity of "free travel" Hong Kong Even if there are no Shanghai and Hong Kong connections, there will be plenty of people. Shanghai and Hong Kong pass threshold for "free travel", this is a virtual existence, the Internet access is more fuel. For those mainland investors who are free to run Hong Kong stocks, who is able to tell whether the war between Shanghai and Hong Kong is good or bad?

Ahead Finance For the law, it is always a "bad child" that is difficult to constrain. Let alone the purpose of a code pass, a code pass seems to want all investors to be a "good boy". Such a wish is not suitable for reality. The question is whether it wants to walk in front of the law, but often involuntarily wants to follow behind the law. Can such a road get through?