第九章清算与交收（The ninth chapter is liquidation and settlement）.docVIP

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第九章清算与交收（The ninth chapter is liquidation and settlement）.doc

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第九章清算与交收（The ninth chapter is liquidation and settlement）

第九章清算与交收（The ninth chapter is liquidation and settlement） Ninth chapters Knowledge point 901 (P259-262): settlement and settlement. The liquidation of securities transactions is the process of calculating the transaction data of each clearing participant during each business day. The settlement of securities trading is based on the result of the liquidation, and the essence of the transaction is to achieve the payment of the securities and the price according to the liquidation results, thus ending the transaction process. The two processes of settlement and settlement are collectively referred to as settlement. Settlement is the foundation and guarantee of delivery, delivery and subsequent liquidation is completed; the difference between the two: the liquidation calculation, the actual transfer of property does not occur, the settlement according to the clearing results for the price of securities and payment, the actual transfer of property. - arrangement from the settlement can be divided into time. 1, rolling delivery. The closing date of each transaction is paid at the same business day interval. (T+1 refers to the trading day 1 days after delivery). 2, the date of accounting. That is, all transactions over a period of time are concentrated at a particular date for delivery. (such as the 3 day of each month). Rolling connection has been widely adopted in various countries. The United States adopts T+3, Hongkong takes T+2. - Chinas T+1 for A shares, funds, bonds, repurchase transactions; T+3 for B. The principle of clearing and settlement: 1. Net settlement principle. Also known as the difference settlement, means that in a liquidation period, the settlement of each participant, the price and the liquidation of securities only accounts receivable, payable after netting. Divided into bilateral netting (a settlement participant and another settlement partner, Fang Jinhang) and a multilateral net settlement (a settlement participant and all settlement recipients,