李小加:有「减震器」和稳定市场措施限制风险
港交所(00388.HK)行政总裁李小加发表网志指,港交所过去几十年经历过多次市场动荡,积累了一些应对危机的经验,为了应对突发风险,已经建立了一套全面的业务连续性管理方案,来保障服务的连续性和稳定性。针对这次疫情,港交所已经在亚洲和英国的所有营运地点采取了一系列的预防措施,包括远程办公、每日向员工提供口罩、暂时限制出差等等措施,确保所有同事都能做好充分的防护。此外,港交所亦在力所能及的范围内帮助社区抗击疫情,其慈善基金已经拨款1,000万元,用於向当地合作机构和一些公益组织捐款支援抗疫。
另外为了减少人群聚集、确保员工和交易员的安全,旗下的伦敦金属交易所暂时关闭圈内现场交易,全部转向电子交易,这也是伦敦金属交易所成立143年以来第二次关闭圈内现场交易。
本港市场尽管没有熔断机制,并非没有「减震器」和稳定市场措施,包括期权夜市暂停机制和期货涨跌停限价交易机制在内的「减震器」就适时发挥了作用。前两周,由於美股市场的巨幅波动,恒生指数、小型恒生指数、恒生中国企业指数和小型恒生中国企业指数期权就在夜市期间多次触发交易暂停机制,指数期货夜市也一度触发涨跌停限制。为了确保风险管理到位,港交所密切监控券商保证金水准,根据市场风险适时调整了衍生产品市场的保证金要求,并增加了日内追加保证金通知,再三确认所有市场参与者都及时满足新的保证金要求。
此外,自2016年起,其主要指数成份股和主要衍生产品在白天交易时段已经陆续采用市场波动调节机制(VCM),在价格遭遇极端波动时会自动「跳闸」进入五分钟的冷静期。冷静期内,受影响的产品只可在固定价格限制内进行交易,然後才能恢复正常交易。按照既定的计划,港交所将在今年5月进一步扩大市场波动调节机制的适用范围,覆盖更多产品,亦正在准备引入股票市场的开市前竞价机制,补充现有的收市後竞价机制,进一步提升股票市场的价格发现功能和更好地管理市场风险。
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