港交所将启动市场波动调节机制

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”.

香港交易及结算所有限公司(Hong Kong Exchanges and Clearing,简称:港交所)将于8月22日实施市场波动调节机制(VCM)，旨在防止“因重大交易错误或其他异常事件而引发的极端价格波动”。

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机制适用于单个证券层面，并只适用于基准恒生指数(Hang Seng)的50只成分股，以及恒生中国企业指数(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circuit breaker that was infamously applied to China’s share market in the first week of January, only to be repealed four days after its introduction.

此举将使香港的交易制度跟全世界以及本地区的日本、韩国和新加坡等的其他主要股市更加接近。日本、韩国和新加坡都已实施了类似机制。但是，VCM预计不会经常被触发，也不同于曾在中国内地股市实施的声名狼藉的熔断机制——这一针对整个市场的机制于今年1月首周开始启用，仅仅4天之后便被取消。

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.

该机制涵盖下的股票，如果成交价高于或低于5分钟前最后一次成交价的10%，则将触发一段冷却期。在冷却期内，交易限于指定价格限制范围内继续进行。

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.

在香港市场的早市和午市中，VCM机制分别最多只能触发一次。冷却期将不适用于上午及下午持续交易时段的首15分钟、下午持续交易时段的最后15分钟。