After the exchange was established in December 1990, it is the kind of stock trading using coupons delivery, delivery time requirement is T + 3, which is traded today, the third day you can settle.
After the establishment of the exchange, trading more active than ever, there has been reselling the stock of the "cattle" on the streets. At that time, the exchange set up a liquidation department, responsible for transfer transactions and other matters. After the close of each day, with a large number of people to do physical stock transfer transfer procedures. At first, they are still loaded with suitcases scrip, later developed into over 10,000 transactions a day, to do the transfer procedure can only be used gunny bags investors scrip, staff busy every day, after midnight, to the exchange of normal operation to bring a lot of pressure. The early opening, the Shanghai Stock Exchange only process transactions more than 20 seats (only 25 members when it opened units), completely unable to cope with the requirements of Shanghai thousands of investors, coupled with the obstruction trading system and meter name transfer system , Shanghai stock Exchange stock trading longest time to complete a half a month to use.
Wei Wenyuan recalled the situation of the year: the opening day I was hospitalized, and after I was discharged a work, following the first question to me that is difficult settlement: physical delivery transfer vouchers every day, has become a major disaster. In order to prevent fictitious We require investors must get a ticket to sell, the money to buy it. You do not give him the money can not buy, do not give him a ticket can not sell, investors fights death. Therefore, although a predetermined T + 3, actually do, T + 13 can not do. Because that kind of moved around, the stock lost, can not find a ...... variety of conditions have emerged. Fortunately, at that time only in Shanghai local transaction, if the transaction so remote as it is now how to do? It is simply unthinkable. The second problem is that when we engage in price limits, do not let the stock price rose too fast. In this way, OTC namely the black market began to form. The formation of a black market, completely break the price floor, to the rampant to the point where the venue 50, off 150. These two issues a punch, immediately reflected in the two sessions held in Shanghai in March 1991, there is criticism on behalf of the stock market speculation, disturb the market order. So at that time, we did not want to make ambitious global exchange of TOP10, trembling to think of another accident, an accident there is no market anymore. All on the kind of political considerations can not go wrong, not to say how good business development.
At that time, Wei Wenyuan live on an exchange, overtime will not go back, every day, day and night trying to figure this thing. One morning, brush your teeth there, he suddenly thought, like credit card electronic money is not it? Then do not take the cash you can trade it? Your stock can be recorded and the amount of money in it, buying and selling, okay?
The reality is that time because of problems off the black market, forcing the stock exchange to take measures to control off the black market. In the middle of this process, in order to strengthen market supervision Stock Exchange, we have taken an important measure, is no floor trading through the stock exchange, is not recognized. OTC securities market in the early stages of development, based on the stock trading process for the certificate, after the establishment of provisions no later Stock Exchange after floor trading is illegal, you are to took stock, he does not recognize. Only with the Exchange floor trading record can give you handle the transfer. As a result, stock certificates this kind of use it is absolutely necessary, unlike in the past, more importantly, there is no record of floor trading, transaction records only have to transfer you, but you can not transfer took stock of physical vouchers are useless. Wei Wenyuan thought, that this is the case, can no longer be used in the middle of trading the stock, while the use of a credit card transaction records to record and save it? Think of these, he would convene a meeting everyone to study.
Work together to discuss the results of the study is that in early 1991 to try to create a paperless trading, clearing system, and in mid-July, the official inception of the stock account system, after closing the computer to complete the automatic transfer; create 100% in-kind and Depository settlement, listed securities depositories implement the basic model of centralized registration; the implementation of settlement options and paperless stock of T + 1; stock is sold declaration must be approved by the computer to confirm brokered transactions.
Stock account is a comprehensive account from conducive to transactions, transfer and protection for investors, such as the design point of view. Stock account has the following effects: First, buy and sell all exchange-listed stocks, and each stock after the transaction has a balance can be clearly reflected in the stock account; the second is to be any Exchange member companies operating counter to a commission to buy or sell shares, changed the original account only where commission where the practice; Third, investors can easily go counter to receive dividends with stock accounts.
While the Shanghai Stock Exchange in the spring of 1991 began to recover stocks, he began the first step in paperless transactions. This step go far at the time can be quite difficult. At that time, the stock of "paperless" transactions, only foreign experts discussed the feasibility of specific embodiments in theory; and to the implementation in reality, both Chinese and foreign is unprecedented.
From May 1991, the Shanghai Stock Exchange recovered their shares to investors, paperless trading system started trial operation. This is the second very important step in the realization of computerized trading systems other than to promote technological progress made by China's securities market and the technological revolution. At that time I did not know called paperless, but said the recovery of the stock, and give you a change of electronic billing account. This is a great social engineering, but the move has set off huge waves, big mess resistance.
First, the People's Bank on the pass. Because the "Interim Measures for the Administration on the issue of stock" was performed (People's Bank of China Shanghai Branch, 10th August 1984), there are regulations issued shares have physical certificates. Shanghai Stock Exchange canceled the physical stock certificates, first of all and management rules contradicted conflict. At that time, the Director of the FSC at the People's Bank Shanghai Branch Wang Huaqing (now Commission for Discipline Inspection China Banking Regulatory Commission) came with and Wei Wenyuan talk, said:. "Do not do that, this account of things to stop," Wei Wenyuan asked: "Why?" Wang Huaqing said:. "because paperless is in violation of relevant laws and regulations of the people's Bank drafted the" Interim Measures for the Administration on the issue of shares, "which give the investor the provisions of the certificate issued credentials you to close out this non-compliance.." available at that time, the stock exchanges have started to close one side while open an account, Wei Wenyuan not listening to that, still continue to do so.
This contradiction has been extended to July and August 1991, Shanghai after the "old stereotype", for the first nine stock (Industrial Property) began issuing contradictory sharpened. At that time the People's Bank still have to follow the original approach to in-kind vouchers, vouchers do have paper issued, Shanghai securities printing plant to printing stock. Wei Wenyuan an anxious, said: "I am here to reclaim stock, stock issued to you then this is doing it?" He went to the People's Bank of FSC at his successor Wang Huaqing said: "Wang Huaqing, so you can not .? get up the stock recovery, market development is obviously a good thing, the transaction can be controlled not very good, "Wang Huaqing said:." ordinance is so prescribed, something we work surface of people's Bank, you have no right to intervene "this the words choked Wei Wenyuan, Wang Huaqing said, well, no right to interfere Stock Exchange of the people's Bank work (the year China Securities Regulatory Commission has not yet established, the entire stock market separately managed by various government departments and agencies: the government's economic reform committee or office shall be responsible for auditing and management of joint-stock restructuring, the people's Bank or financial management Division is responsible for administrative review and the amount of annual corporate stocks and bonds issued by the management of the stock exchange is responsible for review and approval of corporate bonds listed on the stock after the issuance of) issuance Stock market can not pipe thing. But Wei Wenyuan before leaving put down a word:. "Wang Huaqing, you're right, the People's Bank of thing I have no right to interfere, but you remember, but I exchange traded this thing as long as the company sent out a stock. I will not let it traded! "this is saying Wei Wenyuan died here. We all know that he did come out, the results of the two sides froze.
Finally, we discuss to discuss or compromise, the People's Bank eventually compare with the Stock Exchange of promoting market reforms. Industrial real estate stock that is printed, but no one sent out, original box heap to securities safekeeping Curry Shanghai Stock Exchange.
After that issue shares only 30% of India, then later said it on a printed, description is consistent with the regulations, there is a certificate. Soon after, the World Federation of Exchanges (WFE) during the annual meeting in Hong Kong to visit the Shanghai Stock Exchange when the Shanghai Stock Exchange Industrial property taken from the warehouse stock, sent a card to each of the representatives, as a souvenir.
In the process paperless, in addition to the People's Bank of contradictions and beyond, it is more difficult to stock recovery. Investors who do not want to pay, we have emotions. Investors can not figure out: "This is our property, why give How about you?" Counterpart does not agree: "No Indian stocks, what do we eat?" Securities Company, said: "You received the stock, trading at the time, how do I know if he has the time to buy stocks, spend 10,000 to buy had nothing to see;?.?? sold, nothing incorporated into how can I do how I do this thing called "the most difficult to face or social, we do not want to pay, non-collection. At that time a check, look only to close up 30% -40% of the company's circulation. Stock Exchange to issue a notice, he does not come to you, there is no way that you can not grab it to others. How to do it? Exchange was not any other people have the right to collect the stock, they can not say that others illegal, but the government can not replace what legal release. Now, the market investors more young people, at that time the old investors are business people, mostly elderly, who want to have a physical certificate in my hand at ease.
Finally Stock Exchange in 1991 October 16 issued a notice that we engage in a paperless six months even if completed, no longer receive stocks. For not pay up, stock exchange regulations, no investor will not be permitted transaction account. At that time, engaged in a paperless process, is at the same time pay stock to open an account. You can not put the stock to me, but you do not have an account took stock of no use, it is not in the OTC transaction, the transaction is illegal. Soon after, the market prices, so we started to rush to pay. Do not pay can not sell, make money, black market to no avail. The results of all physical stock certificates have recovered 99% came into the collection. Now, we take the old stereotype of the stock as a souvenir and collectibles, is then recycled to the stock of physical coupons.
Stock Trading paperless Shanghai Stock Exchange, with less than a year in 1991 is realized.
Shenzhen Stock Market in December 28, 1991 began implementing the "stock centrally hosted implementation details" and demanded "the stock exchange clearing, registrar, the book describes the implementation of delivery system", "Escrow Shares of the cash dividend directly into shareholders' bank accounts , and the allotment of bonus shares credited directly to equity book. " Shenzhen Securities Registration Company at the end of 1991 the establishment of a single clearing system his own first edition. As the core company registration procedures system, clearing system to solve investors to open an account, transfer of shares, the brokerage fund settlement and other needs. But the first edition of the Shenzhen company registered clearing system was only briefly registered stocks, such as transfer and other sectors, still need the help of manual assistance. Is by virtue of such a simple clearing system, Shenzhen companies registered at the end of 1991 to complete the reform by the Shenzhen Stock paperless securities known as stock-hosted. As long as investors get into the hands of real stock brokerage business department registration, brokerage stocks to mind the type and quantity of data copy on disk, get registered company review, after review of the company registration stamp, stock investors will be hosted in the corresponding the business department. The Shenzhen Stock Exchange STOCK hosted model resulting. March 19, 1992, the Shenzhen-listed stocks have achieved the "no ticket transaction", paving the way for completely paperless operation. Shenzhen registered company liquidation system is also upgraded to a PC server, transfer service also automated.
As we all know, in the traditional stock market trading, stock delivery process has been a real problem, when stock trading trans-regional, cross-border carried out, if the stock is still traded for delivery in kind, it is very difficult. Shanghai Stock Exchange in the absence of ready-made model can learn from the situation, boldly explore, to share centralized storage and the computer automatically records the transfer as a means of implementing stock accounts, cancel the shareholders' name card, the computer automatically implement the transfer, and then again in July 1992 In early launch card accounts. The account has a card with three functions, one present their card to the Securities and Exchange commission counter for trading; the second is to rely on a single card and the transaction after closing any one bank to handle networked automatic delivery of liquidation, but also free access funds; Third, credit cards with similar functions, can be used for consumption, but can not be overdrawn. This put the stock in kind transformed into "accounting stock", "e-stock" to solve the problem of physical delivery stock trading fundamentally, the smooth realization of paperless transactions.
Paperless trading the shares of listed companies are no longer printed, traditional stock-kind has been replaced by modern electronic information recording and greatly reduce the cost of issuing and transaction costs, simplify the procedures and improve efficiency. The number of shares recorded in the shareholder database of investors in the host computer, and the establishment of two sets of backup placed in different locations to ensure data security, since all listed stocks stored centrally and computer records in order to prevail, investors sell the stock computer the host will automatically inquiries, put an end to black market trading and short selling in listed stocks, strengthen supervision, to help maintain order in the stock market.
However, despite one of the most advanced in the world trading and settlement systems in a dispute sound I was born, but at the time, Shanghai Stock Exchange's founders are very proud over, but who do not know it's called paperless transaction settlement system.
1992 Spring Festival, Wei Wenyuan visit to the United States. Upon his return, Zhang Ling (Shanghai Stock Exchange to participate in the preparation of the first employees, was responsible for the reception, and now Shanghai Stock Exchange Membership Department) talk to him one thing. Said there is a bunch of students to visit, read it again, after listening to reports, very puzzled and asked: "Where did your boss is not studying abroad to come back??" Zhang Ling said:. "No, ah," the man said: "you get is G30 (group 30 international, English as international group of Thirty: G30, established in 1978, it is a non-profit advisory panel of 30 international financial authority composed of the group in 1989 made nine recommendations for securities clearing and settlement, also known as G30 report) speaks of paperless trading, as the stock market's future development prospects of the recommended target. "this is the first time I heard Wei Wenyuan G30 to what we do called "paperless." What is paperless transactions, meaning that there is no sheet of paper, called paperless. At that time, the Shanghai stock exchange founders of talking to get a long time before we know this is called paperless, who is internationally respected, but have not achieved something.
Britain in the mid-1990s, has launched a paperless, but the current is not entirely paperless operation; Taiwan a few years ago but has not yet implemented the paperless fully implemented. Hong Kong until September 21, 2010 only by the SFC, HKEx and the Federation of Share Registrars jointly issued a paperless securities market in Hong Kong consultation conclusions, and is expected by the end of 2013 to expand paperless measures for the first time trial operation, while the paperless system will be gradually implemented in phases.
In 1993, a return from the United States, a senior investment adviser to the Shanghai Stock Exchange access, very surprised asked: "Shanghai Stock Exchange took the lead completely paperless trading, stock exchanges around the world is to achieve the dream of hundreds of years. "the thing is, Zhang Ling year wrote a special essay writing activities in Shanghai Securities News, the title is called" beautiful stage ", which talked about this matter.
Illustration 1:
October 1991, Shanghai citizens to apply for registration of the stock account, the Shanghai Stock Exchange in front of waiting in a long queue.
Illustration 2:
Shanghai Stock Exchange shareholders card account No.
Illustration 3:
July 8, 1991, the Shanghai Stock Exchange that the implementation of paperless trading account to handle messages stock exchange line card of Huang Jinlin arrived at 6 am. 7:30 later, the bid team to handle by hand to introduce a special counter at the top of the Shanghai Stock Exchange, Mr. Huang became number one shareholder account card holders.
Illustration 4:
August 19, 1991, the ninth stocks outside of Shanghai "old stereotype", Shanghai Industrial Real Estate Co., Ltd. issued shares, investors will Wanguo Securities Sales Department Huangpu provisional release "Requisition" surrounded Yunnan Road Primary School two days and nights, during Canton Road, Yunnan Road packed, bus line can only shrink a U-turn.
Illustration 5:
Industrial real estate stocks
Original: https://wenku.baidu.com/view/aa9320efb8f67c1cfad6b87a.html
