剖析：沪港通将处于慢热状态(国外英语资料).doc

分析：沪港通将处于慢热状态(国外英语资料) Analysis: Shanghai and Hong Kong will be in slow state In Shanghai and Hong Kong through around today launched the ( Hong Kong-Shanghai Stock Connect) all kinds of exaggerated words, a clear feeling is China is eager to manage peoples expectations, to prevent people from reading too much -- though it no doubt is the biggest progress in the opening process China capital market for many years in the explosive may the. The reason why the Chinese government does so is that the operation of this interconnection mechanism is extremely complex - especially for the very short clearing cycle known as the T+0 mechanism. This mechanism means that anyone who wants to sell a certain securities today must transfer the securities from the escrow account to the brokerages account the day before, in order to prepare for the transaction. The only other markets in the world where operations are comparable are Saudi Arabias Tadawul exchanges. The reason for the exchanges use of the T+0 mechanism is that interest on the funds on the account is generated for T+2 or longer periods of settlement, while Islamic finance law prohibits the interest earned on the funds on the account. Second problems must be solved by investors is more terrible for settlement: buying and selling (i.e. sell securities and recovery of funds) the window only in extremely short 30 to 90 minutes on the final liquidation. By contrast, most T+2 clearing windows take up to 24 hours. Compared with China and Hong Kong through the clearing window identified by the regulatory authorities, this window can be described as extremely long. No wonder Hong Kong Exchanges and Clearing Ltd (Hong Kong Exchanges Clearing, referred to as HKEx) President Li Xiaojia (Charles Li) last weekend will regularly blog in efforts to lower peoples expectations. Referring to the connection between Hongkong and Shanghais No. 1117 train, Li Xiaojia said: no matter whether the days business is hot or cold, we should look at