01: Late Night Ghost Order, Is Your Stock Okay?
The stock market is changing, and retail investors are like a boat in a stormy sea, capsizing at the bottom of the sea if they are not careful. Recently, the "ghost order" incident on the Shanghai Stock Exchange once again exposed the risks of stock market trading to the sun. The irrevocable stock order was placed in the middle of the night, but it was strangely traded in the middle of the night, who is manipulating all this? This is not just a technical glitch, but a wake-up call for investor protection. Is your stock account secure? Is your investment income guaranteed?
02: The exchange is "down", who will pay for the loss?
On September 27, the Shanghai Stock Exchange suddenly traded abnormally, and the Shanghai stock market could not cancel orders and failed to trade, and investors were like ants on a hot pot, anxious. The Shanghai Stock Exchange issued two announcements on the same day, first saying that it was "investigating the cause", and in the evening it issued an apology announcement, admitting that "there was an abnormal situation of slow transaction confirmation in stock auction trading". And that's just the tip of the iceberg. Some investors reported that there were still orders filled after the market closed even late at night, which undoubtedly exacerbated the panic in the market. Although industry insiders explained that this was due to the feedback lag caused by the delay in the system, such an explanation could not completely dispel investors' doubts. Think about it, if investors miss the best trading opportunity due to system delays, or even cause significant losses, who will be responsible for this? Is it enough to say "system latency"? For example, if an investor plans to sell a stock at the high point of the day, but is unable to cancel the order due to a system failure, and finally trades at a lower price, how can the loss be compensated? Similar cases are not unique, which makes people question whether the exchange's system stability and risk prevention and control mechanisms are really in place.
03: Slow trading? Can't trade? How should investors deal with themselves?
In the face of the "downtime" of the exchange, how should investors protect their rights and interests? Some economists believe that "slow trading" is a technical glitch and investors do not need to defend their rights. But are "slow trading" and "not being able to trade" really two completely different concepts? If "slow trading" lasts for hours or even longer, wouldn't it have much impact on investors? More importantly, do the exchange's rules clearly define the criteria for "slow trading" and "untrading"? The lawyer pointed out that if there is gross fault in the exchange, there is a liability for compensation. What is the definition of "gross fault"? How should the burden of proof be distributed? These issues need to be further clarified.
04: Global exchanges "down" are frequent, and the alarm bell is ringing
Exchange "downtime" is not unique. The New York Stock Exchange, the Tokyo Stock Exchange, the Singapore Stock Exchange and others have all been forced to suspend trading due to technical failures or cyberattacks. Unlike other exchanges, which treat trading orders during the "downtime" period as invalid, in this case, the orders that were delayed were deemed valid. The difference is intriguing. Are there so many differences in trading rules in different countries? Or is there something else going on?
05: Institutional guarantee is the biggest reassurance for investors
The trading rules of the Shanghai Stock Exchange stipulate that the exchange shall not be liable for losses caused by abnormal trading conditions, unless there is gross negligence. This rule may seem reasonable, but it actually puts the burden of proof on the investor. For ordinary investors, how to prove that there is "material fault" in the exchange? This is undoubtedly an insurmountable chasm. This incident once again highlights the importance of improving the investor protection mechanism. In addition to technical improvements, it is also necessary to strengthen supervision at the institutional level, clarify responsibilities, and protect the legitimate rights and interests of investors.
06: It's not too late to make amends
While the SSE has apologized for the incident and said it would improve the system, it was far from enough. How can I prevent similar incidents from happening again? How to establish a more transparent and fair trading mechanism? How to truly protect the rights and interests of investors? These problems need to be seriously considered and solved. It's not too late to make amends. It is hoped that the Shanghai Stock Exchange can learn from this, strengthen risk prevention and control, improve service levels, and restore investor confidence.
07: Who will guard our "money bags"?
From "ghost orders" to system "downtime", every event touches the hearts of countless investors. The stock market is the barometer of the country's economy and the "money bag" of hundreds of millions of people. How to ensure the healthy and stable operation of the stock market and how to protect the legitimate rights and interests of investors is not only the responsibility of the regulatory authorities, but also the focus of the whole society.
So in the end, I would like to ask: if your stock suffers a loss due to the failure of the exchange system, will you choose to bear it silently or actively defend your rights? What do you think about this?
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