港交所啓用波動調節機制
Hong Kong’s stock market has moved into line with global peers, with the exchange operator’s launch yesterday of a circuit breaker to prevent extreme volatility.
香港股市昨日啓用市場波動調節機制以防止極端波動，此舉使其與全球市場接軌。
The stock-specific approach differs from an attempt by China this year to tame extreme price moves, which regulators had to scrap after only four days when it resulted in the shutdown of the entire stock market within the first half hour of trading on January 7.
這種針對個股的機制與中國內地今年初旨在抑制極端價格變動的嘗試不同；中國的熔斷機制在1月7日導致整個股市在開盤半小時後就停擺，監管機構在僅4天后不得不放棄這一機制。
The volatility control mechanism has been introduced in an effort to prevent “extreme price volatility arising from major trading errors and other unusual incidents”, Hong Kong Exchanges & Clearing said.
香港交易及結算所有限公司（Hong Kong Exchanges and Clearing，簡稱：港交所）表示，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 was rolled out yesterday morning and “the market has been operating smoothly”, the bourse operator said.
這家股市運營商表示，市場波動調節機制在昨日上午推出，市場運轉順暢。
The Hang Seng closed 0.3 per cent higher.
恆生指數(Hang Seng index)收盤漲0.3%。
The VCM applies to specific stocks rather than the market as a whole. It will cover the 50 members of the Hang Seng benchmark and H shares — the 81 constituents of the HSCEI — as well as related index futures contracts.
市場波動調節機制針對特定的個股，而不是整體市場。它將適用於81只恆生指數及恆生國企指數(HSCEI)的成分股——以及相關的指數期貨合約。
The launch of the circuit breaker brings Hong Kong into line with other big markets around the world, and in the region including Japan, South Korea and Singapore, which all have similar mechanisms in place.
此次推出的斷路器機制使香港與世界各地，包括亞洲的其他大型股市（如日本、韓國和新加坡）接軌，它們都已實施了類似機制。
It follows Hong Kong’s reintroduction, this month, of a closing auction — standard for other big global bour-ses as a way of smoothing end-of-day volatility and as a tool for fund managers who must execute at closing prices.
在此之前，香港在本月重啓收市競價機制，這是全球其他大型股市的標準做法，目的是平抑尾市波動，並作爲必須以收市價執行交易的基金管理公司的工具。
Since scrapping a previous incarnation in 2009 that instead caused large price swings in stocks including HSBC, Hong Kong had been the world’s only developed market without a closing auction.
舊版收市競價機制因爲在2009年加大了匯豐(HSBC)等股票的波動而被取消。之後香港一直是世界上唯一沒有收市競價機制的發達市場。
The VCM is not expected to be triggered often, nor is it the sort of market-wide circuit breaker that shut down China’s share market in January.
預計市場波動調節機制不會經常被觸發，而且它不是那種在今年1月導致中國內地股市提早關閉的針對整個市場的熔斷機制。
Roger Lee, head of markets at HKEx, said: “Given that the VCM is designed to safeguard the market from extreme price volatility arising from major trading incidents, market participants should not expect it to take effect very often and should continue to exercise due care . . . in their trading.”
港交所市場主管李國強(Roger Lee)表示：“市調機制主要是爲了避免市場因爲重大交易事故而出現極端價格波動，市場參與者無需擔心市調機制會頻繁觸發；我們提醒市場參與者應繼續注意投資風險，謹慎投資。”
Steven Sun, head of China equity strategy at HSBC, said China’s failed experiment in January had left such a “bad memory . . . [that] Hong Kong doesn’t want the VCM to be viewed as a trading suspension that’s like the circuit breaker in China”.
匯豐中國股票策略主管孫瑜(Steven Sun)表示，中國在1月份失敗的實驗留下了如此“糟糕的記憶……香港不希望市場波動調節機制被視爲中國的熔斷機制那樣的交易暫停”。
A Hong Kong-listed stock affected by the VCM will enter a five-minute cooling-off period if its price is more than 10 per cent away from its last traded price five minutes ago. Rather than being halted, the stock will be restricted to trading within a 10 per cent band either side of a reference price during the cooling-off period.
市場波動調節機制覆蓋的一隻香港上市股票，如果股價相比5分鐘之前的最後一次交易價有超過10%的差異，那麼它將進入5分鐘的冷靜期。該股的交易將不被禁止，而是在冷靜期被限定在一個參考價上下10%的區間內買賣。
HKEx has backtested the VCM using historical data for the past nine years and said there was “no trigger for most years” — even in 2015, when China’s market surged in May and the Hong Kong market experienced record turnover, and in January of this year when global markets were gripped by levels of volatility last experienced during the financial crisis.
港交所使用過去9年的歷史數據對市場波動調節機制進行了回溯測試，表示“多數年份沒有觸發事件”，即使在2015年也不例外，當時中國內地股市在5月份行情大漲，香港股市出現創紀錄的成交額，而在今年1月全球股市出現金融危機過後未見的波動水平時也是如此。
There would have been no triggers in the derivatives market over the nine-year period, the HKEx said.
港交所表示，衍生品市場在整個9年期間未曾發生觸發事件。
