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| Notice of the Shanghai Stock Exchange on Revising the Trading Rules of the Shanghai Stock Exchange | | 上海证券交易所关于修订《上海证券交易所交易规则》的通知 |
| (No. 59 [2018] of the Shanghai Stock Exchange) | | （上证发〔2018〕59号） |
| All market participants: | | 各市场参与人： |
| For the purposes of further optimizing the at-the-close trading mechanism, maintaining the market trading order and protecting investors' rights and interests, with the approval of the China Securities Regulatory Commission (“CSRC”), the Shanghai Stock Exchange (“SSE”) has revised the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Trading Rules”), which are hereby issued, and you are hereby notified of the following matters. | | 为进一步优化收盘交易机制，维护市场交易秩序，保护投资者权益，经中国证监会批准，上海证券交易所（以下简称本所）对《上海证券交易所交易规则》（以下简称《交易规则》）进行了修订，现予发布，并就有关事项通知如下。 |
| I. Specific contents of this revision | | 一、本次修订的具体内容 |
| This revision mainly involves the relevant clauses on the method for the generation of the closing price. The closing call auction is implemented for trading of stocks, and the methods for the generation of the closing prices of funds, bonds and bond repos are not adjusted temporarily. | | 本次修订主要涉及收盘价产生方式的相关条款，对股票交易实施收盘集合竞价，基金、债券及债券回购的收盘价产生方式暂不调整。 |
| (1) Specifying the trading hours during the closing call auction session | | （一）明确收盘集合竞价阶段的交易时间 |
| Article 2.4.2 is amended to read: “In the case of auction trading, unless otherwise prescribed in these Rules, the opening call auction runs from 9:15 to 9:25 on each trading day, the continuous auction runs from 9:30 to11:30 and from 13:00 to 14:57, and the closing call auction runs from 14:57 to 15:00. | | 第2.4.2条修改为：“采用竞价交易方式的，除本规则另有规定外，每个交易日的9：15至9：25为开盘集合竞价时间，9：30至11：30、13：00至14：57为连续竞价时间，14：57至15：00为收盘集合竞价时间。 |
| For trading of funds, bonds, and bond repos, the opening call auction runs from 9:15 to 9:25 on each trading day, and the continuous auction runs from 9:30 to11:30 and from 13:00 to 15:00, | | 基金、债券、债券回购交易，每个交易日的9：15至9：25为开盘集合竞价时间，9：30至11：30、13：00至15：00为连续竞价时间。 |
| except for securities with their trading suspended and resumed during trading hours. | | 开市期间停牌并复牌的证券除外。 |
| With the approval of the CSRC, the SSE may adjust the aforesaid trading hours as needed for market development.” | | 根据市场发展需要，经证监会批准，本所可以调整交易时间。” |
| (2) Increasing provisions on the arrangements for orders during the closing call auction session | | （二）增加收盘集合竞价阶段申报安排的规定 |
| Article 3.4.1 is amended to read: “The SSE accepts auction orders routed by trading participants from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on each trading day. | | 第3.4.1条修改为：“本所接受交易参与人竞价交易申报的时间为每个交易日9：15至 9：25、9：30至11：30 、13：00至15：00。 |
| The SSE's trading mainframe will not accept cancellation of any order during the opening call auction session from 9:20 to 9:25 and the closing call auction from 14:57 to 15:00 on each trading day. During other trading time, unexecuted orders may be canceled. An instruction for cancellation is effective upon confirmation by the SSE's trading mainframe. | | 每个交易日9：20至9：25的开盘集合竞价阶段、14：57至15：00的收盘集合竞价阶段，本所交易主机不接受撤单申报；其他接受交易申报的时间内，未成交申报可以撤销。撤销指令经本所交易主机确认方为有效。 |
| The SSE may, as it deems necessary, adjust the time for accepting orders routed by members.” | | 本所认为必要时，可以调整接受申报时间。” |
| (3) Adjusting the methods for generation of closing price, and specifically prescribing funds, bonds and bond repos | | （三）调整收盘价产生方式，对基金、债券及债券回购做专门规定 |
| Article 4.1.3 is amended to read: “Unless otherwise prescribed in these Rules, the opening price of a security is generated by call auction. Where the opening price cannot be generated by closing call auction or closing call auction is not conducted, the closing price is the trading volume-weighted average price of all the trades of the security during the one minute before the last trade (including the last trade) on the current day. | | 第4.1.3条修改为：“除本规则另有规定外，证券的收盘价通过集合竞价的方式产生。收盘集合竞价不能产生收盘价或未进行收盘集合竞价的，以当日该证券最后一笔交易前一分钟所有交易的成交量加权平均价（含最后一笔交易）为收盘价。 |
| The closing price of funds, bonds and buyout repos on a trading day is the trading volume-weighted average price of all the trades of the security during the one minute before the last trade (including the last trade) on the day. | | 基金、债券、债券买断式回购的收盘价为当日该证券最后一笔交易前一分钟所有交易的成交量加权平均价（含最后一笔交易）。 |
| The closing price of bond collateral repos on a trading day is the trading volume-weighted average price of all the trades of the security during the one hour before the last trade (including the last trade) on the day. | | 债券质押式回购的收盘价为当日该证券最后一笔交易前一小时所有交易的成交量加权平均价（含最后一笔交易）。 |
| If there is no execution of any order for the security on the day, the last closing price shall be the closing price of the security on the day.” | | 当日无成交的，以前收盘价为当日收盘价。” |
| (4) Prescribing the real-time quotations for closing call auction | | （四）规定收盘集合竞价的即时行情揭示内容 |
| Article 5.2.1 is amended to read: “The real-time quotations during the opening call auction from 9:15 to 9:25 and the closing call auction from 14:57 to 15:00 of each trading day shall include securities codes, securities abbreviations, last closing prices, virtual reference prices for call auction, virtual matched volumes, and virtual unmatched volumes.” | | 第5.2.1条修改为：“每个交易日9：15至9：25开盘集合竞价期间、14：57至15：00收盘集合竞价期间，即时行情内容包括：证券代码、证券简称、前收盘价格、集合竞价虚拟参考价格、虚拟匹配量和虚拟未匹配量。” |
| (5) Specifying the relevant arrangements for unexecuted orders during trading hours | | （五）明确开市期间未成交买卖申报的相关安排 |
| Article 3.5.2 is amended to read: “The buy and sell orders not executed during the auction session automatically enter the subsequent auction.” | | 第3.5.2条修改为：“当前竞价交易阶段未成交的买卖申报，自动进入当日后续竞价交易阶段。” |
| (6) Adjusting the price control method for securities not subject to price limits | | （六）调整无价格涨跌幅限制证券的价格控制方式 |
| (a) Article 3.4.15 is amended to read: “Unless otherwise prescribed by the SSE, in the trading in securities not subject to price limits, a valid order during the call auction session shall satisfy the following requirements: | | 1.第3.4.15条修改为：“除本所另有规定外，买卖无价格涨跌幅限制的证券，集合竞价阶段的有效申报价格应符合下列规定： |
| (i) The price in an order for stocks during the opening call auction session shall not be higher than 900% and not be lower than 50% of the last closing price. | | （一）股票开盘集合竞价阶段的交易申报价格不高于前收盘价格的900%，并且不低于前收盘价格的50%； |
| (ii)( The price in an order for funds and bonds during the opening call auction session shall not be higher than 150% at maximum and not be lower than 70% of the last closing price. | | （二）基金、债券开盘集合竞价阶段的交易申报价格最高不高于前收盘价格的150%，并且不低于前收盘价格的70%； |
| (iii)( The price in an order for stocks during the closing call auction session shall not be higher than 110% of the last executed price and not be lower than 90% of the last executed price. | | （三）股票收盘集合竞价阶段的交易申报价格不高于最新成交价格的110%且不低于最新成交价格的90%。 |
| If no trade has been executed on the current day, the last closing price is deemed the last executed price. | | 当日无交易的，前收盘价格视为最新成交价格。 |
| The price in an order for bond repos is not subject to price limits during the opening call auction session.” | | 开盘集合竞价阶段的债券回购交易申报无价格限制。” |
| (b) Article 3.4.16 is amended to read: “Unless otherwise prescribed by the SSE, in the trading in securities not subject to price limits, a valid order during the continuous auction session and at suspension stage during trading hours shall satisfy the following requirements: | | 2.第3.4.16条修改为：“除本所另有规定外，买卖无价格涨跌幅限制的证券，连续竞价阶段、开市期间停牌阶段的有效申报价格应符合下列规定： |
| (i) The price in an order for stocks during the continuous auction session and at suspension stage during trading hours shall not be higher than 110% of the last executed price and not be lower than 90% of the last executed price. | | （一）股票连续竞价阶段、开市期间停牌阶段的交易申报价格不高于最新成交价格的110%且不低于最新成交价格的90%； |
| (ii)( The price in an order for funds, bonds and bond repos during the continuous auction session shall not be higher than 110% of the real-time lowest offer price displayed and not be lower than 90% of the real-time highest bid price displayed; and shall not be higher than 130% and not be lower than 70% of the average of the aforesaid highest and lowest price in an order; if no bid price is displayed in real time, the real-time lowest offer price displayed or the last executed price, whichever is lower, shall be deemed the aforesaid highest bid price; and if no offer price is displayed in real time, the real-time highest bid price displayed or the last executed price, whichever is higher, shall be deemed the aforesaid lowest offer price. | | （二）基金、债券、债券回购连续竞价阶段的交易申报价格不高于即时揭示的最低卖出价格的110%且不低于即时揭示的最高买入价格的90%；同时不高于上述最高申报价与最低申报价平均数的130%且不低于该平均数的70%；即时揭示中无买入申报价格的，即时揭示的最低卖出价格、最新成交价格中较低者视为前项最高买入价格；即时揭示中无卖出申报价格的，即时揭示的最高买入价格、最新成交价格中较高者视为前项最低卖出价格。 |
| If no trade has been executed on the current day, the last closing price is deemed the last executed price. | | 当日无交易的，前收盘价格视为最新成交价格。 |
| The SSE may adjust limitations on price in an order as needed by the market.” | | 根据市场需要，本所可以调整申报价格限制的规定。” |
| (7) Adjusting the provisions on suspension of trading of securities during the trading hours | | （七）调整证券开市期间停牌的规定 |
| Article 4.2.5 is amended to read: “If the trading in a security is suspended during trading hours, orders routed before the suspension shall participate in the trading in the security after trading resumes; during suspension, orders may be routed or canceled; when the trading is resumed, a call auction will be conducted for all the accepted orders, and the virtual reference prices for call auction, virtual matched volume, and virtual unmatched volume will not be disclosed during the suspension and call auction session. | | 第4.2.5条修改为：“证券开市期间停牌的，停牌前的申报参加当日该证券复牌后的交易；停牌期间，可以继续申报，也可以撤销申报；复牌时对已接受的申报实行集合竞价，停牌及集合竞价期间不揭示集合竞价虚拟参考价格、虚拟匹配量、虚拟未匹配量。 |
| If the intraday suspension period of a security covers 14:57 and the trading must be resumed on the day, trading shall be resumed at 14:57 and then enter the subsequent trading session.” | | 证券停牌时间跨越14：57且须于当日复牌的，于14：57复牌，此后进入后续交易阶段。” |
| (8) Adjusting the relevant expressions and definitions of virtual “volume” and “price” | | （八）调整虚拟“量”“价”的相关表述及定义 |
| Subparagraphs (7) to (9) of Article 11.4 are amended to read: “(7) Virtual reference prices for call auction” means the virtual execution price generated under call auction rules from all the valid orders at a specific point of time and disclosed in real-time. | | 第11.4条第（七）款至第（九）款修改为：“（七）集合竞价虚拟参考价格：指截至揭示时所有有效申报按照集合竞价规则虚拟成交并予以即时揭示的价格。 |
| (9) “Virtual matched volume” means the volume disclosed in real-time of the orders that are virtually executed at the virtual reference prices for call auction as of the disclosure. | | （八）虚拟匹配量：指截至揭示时按照集合竞价虚拟参考价格虚拟成交并予以即时揭示的申报数量。 |
| (10) “Virtual unmatched volume” means the volume disclosed in real-time of all the remaining buy or sell orders that cannot be virtually executed at the virtual reference prices for call auction as of the disclosure.” | | （九）虚拟未匹配量：指截至揭示时不能按照集合竞价虚拟参考价格虚拟成交并予以即时揭示的买方或卖方剩余申报数量。” |
| II. Arrangements for implementation after this revision | | 二、本次修订后的实施安排 |
| 1. Effective date | | （一）实施日期 |
| The revised Trading Rules shall be re-issued in full text, and come into force on August 20, 2018. All member entities shall make adjustments according to the relevant business and effectively make preparations for business and technology as soon as possible. | | 本次修订后的《交易规则》全文重新发布，并自2018年8月20日起实施。请各会员单位按照有关业务调整内容，尽快做好业务和技术准备。 |
| 2. Clause on suspended implementation | | （二）暂缓实施的条款 |
| In view of the technical preparations for the market and member business, the following clauses or partial contents in this revision shall be suspended to be implemented and will come into force after the completion of relevant technology development and testing. The specific time will be notified by the SSE separately. These Guidelines are specifically revised as follows: | | 考虑到市场及会员业务技术准备情况，本次修订中的以下条款或其部分内容暂缓实施，将待完成相关技术开发和测试后实施，具体时间由本所另行通知。具体内容如下： |
S/N | Clauses | Note | | 1 | 3.7.2 The SSE accepts the following block trading orders:
(1) Intent orders.
(2) Execution orders.
(3) Fixed-price orders.
(4) Other block trading orders as recognized by the SSE. | The implementation time for “placing orders at the trading volume-weighted average price on the same day” in subparagraph (3) shall be separately notified. | | 2 | 3.7.3 The SSE accepts block trading orders during the following hours on each trading day:
(1) Accepting intent orders from 9:30 to 11:30 and 13:00 to 15:30.
(2) Accepting execution orders from 9:30 to 11:30, 13:00 to 15:30, and 16:00 to 17:00.
(3) Accepting fixed-price orders from 15:00 to 15:30.
For securities which remain suspended from trading until 15:00 on a trading day, the SSE no longer accepts the block trading orders for such securities on the trading day. | The implementation time for “Accepting execution orders from 9:30 to 11:30, 13:00 to 15:00, and 16:00 to 17:00” in subparagraph (2) shall be separately notified. The SSE accepts block trading execution orders from 15:00 to 15:30 on each trading day.
The implementation time for “placing orders at the trading volume-weighted average price on the same day” in subparagraph (3) shall be separately notified. | | 3 | 3.7.4 The execution orders confirmed from 9:30 to 15:30 on each trading day shall be cleared and settled on the trading day.
The execution orders confirmed from 16:00 to 17:00 on each trading day shall be cleared and settled on the next trading day. | The time for the implementation of subparagraph 2 shall be separately notified. | | 4 | 3.7.9 In the case of fixed-price orders, the buyer and the seller may place orders at the market closing price in the auction trading on the same day or at the trading volume-weighted average price on the same day.
An instruction for a fixed-price order shall include the securities account number, securities code, buy or sell, trading type, trading volume, and other information.
During the period of acceptance of fixed-price orders, a fixed-price order may be canceled. After the end of the period, the SSE shall match the fixed-price orders under the principle of priority by time. The unexecuted part shall be canceled automatically. | The implementation time for “placing orders at the trading volume-weighted average price on the same day” in subparagraph 1 shall be separately notified. | | 5 | 3.7.10 The execution price in an order for securities subject to price limits shall be determined by the buyer and seller within the price limits on such securities on the day.
The execution price in an order for securities not subject to price limits shall be negotiated by the buyer and seller within ±30% of the last closing price or between the highest and the lowest prices in executed trades on the same day.
The orders accepted from 16:00 to 17:00 on each trading day shall be subject to the price limits accepted during other trading hours on the same trading day. | The time for the implementation of subparagraph 3 shall be separately notified. | | 6 | 4.2.5 If the trading in a security is suspended during trading hours, orders routed before the suspension shall participate in the trading in the security after trading resumes; during suspension, orders may be routed or canceled; when the trading is resumed, a call auction will be conducted for all the accepted orders, and the virtual reference prices for call auction, virtual matched volume, and virtual unmatched volume will not be disclosed during the suspension and call auction session.
If the intraday suspension period of a security covers 14:57 and the trading must be resumed on the day, trading shall be resumed at 14:57 and then enter the subsequent trading session. | The implementation time for “accepting orders at the suspension stage during the trading hours and conducting call auction at the time of resumption of trading” of the securities varieties other than stocks in subparagraph 1 shall be separately notified. |
| | 序号
| 条款内容
| 备注
| 1
| 3.7.2 本所接受下列大宗交易申报：
（一）意向申报；
（二）成交申报；
（三）固定价格申报；
（四）本所认可的其他大宗交易申报。
| 第（三）项中“以当日全天成交量加权平均价格进行申报”的实施时间另行通知。
| 2
| 3.7.3 本所每个交易日接受大宗交易申报的时间分别为：
（一）9：30至11：30、13：00至15：30接受意向申报；
（二）9：30至11：30、13：00至15：30、16：00至17：00接受成交申报；
（三）15：00至15：30接受固定价格申报。
交易日的15：00仍处于停牌状态的证券，本所当日不再接受其大宗交易的申报。
| 第（二）项中“9：30至11：30、13：00至15：00、16：00至17：00接受成交申报”的实施时间另行通知。本所接受大宗交易成交申报的时间为每个交易日的15：00至15：30。
第（三）项中“以当日全天成交量加权平均价格进行申报”的实施时间另行通知。
| 3
| 3.7.4 每个交易日9：30至15：30时段确认的成交，于当日进行清算交收。
每个交易日16：00至17：00时段确认的成交，于次一交易日进行清算交收。
| 第二款的实施时间另行通知。
| 4
| 3.7.9 提出固定价格申报的，买卖双方可按当日竞价交易市场收盘价格或者当日全天成交量加权平均价格进行申报。
固定价格申报指令应当包括证券账号、证券代码、买卖方向、交易类型、交易数量等。
在接受固定价格申报期间内，固定价格申报可以撤销；申报时间结束后，本所根据时间优先的原则对固定价格申报进行匹配成交。未成交部分自动撤销。
| 第一款中“以当日全天成交量加权平均价格进行申报”的实施时间另行通知。
| 5
| 3.7.10 有价格涨跌幅证券的成交申报价格，由买方和卖方在当日价格涨跌幅限制范围内确定。
无价格涨跌幅限制证券的成交申报价格，由买卖双方在前收盘价格的上下30%或当日已成交的最高、最低价格之间自行协商确定。
每个交易日16：00至17：00接受的申报，适用于当日其他交易时段接受的涨跌幅价格。
| 第三款的实施时间另行通知。
| 6
| 4.2.5 证券开市期间停牌的，停牌前的申报参加当日该证券复牌后的交易；停牌期间，可以继续申报，也可以撤销申报；复牌时对已接受的申报实行集合竞价，停牌及集合竞价期间不揭示集合竞价虚拟参考价格、虚拟匹配量、虚拟未匹配量。
证券停牌时间跨越14：57且须于当日复牌的，于14：57复牌，此后进入后续交易阶段。
| 第一款中，除股票外的其他证券品种在“开市期间的停牌时段接受申报并于复牌时进行集合竞价”的实施时间另行通知。
|
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| 3. Rules to be repealed after this revision | | （三）本次修订后废止的规则 |
| The Notice on Issues concerning the Implementation of the Trading Rules of the Shanghai Stock Exchange (No. 9 [2006], SSE) issued by the SSE on June 29, 2006, the Notice on Adjusting the Scope of Quotation Prices for Stocks Not Subject to Price Limits (No. 3 [2007], SSE) issued by the SSE on April 24, 2007, and the Notice on Revising the Trading Rules of the Shanghai Stock Exchange and on the Relevant Matters (No. 9 [2013], SSE) issued by the SSE on October 18, 2013 shall be concurrently repealed. | | 本所于2006年6月29日发布的《关于实施＜上海证券交易所交易规则＞有关事项的通知》（上证交字〔2006〕9号）、2007年4月24日发布的《关于调整无价格涨跌幅限制股票申报价格范围的通知》（上证交字〔2007〕3号）及2013 年10月18日发布的《关于修订＜上海证券交易所交易规则＞及相关事项的通知》（上证发〔2013〕9号）同时废止。 |
| | 特此通知。 |
| Annex: Trading Rules of the Shanghai Stock Exchange (2018 Revision) | | 附件：上海证券交易所交易规则（2018年修订） |
| Shanghai Stock Exchange | | 上海证券交易所 |
| August 6, 2018 | | 二〇一八年八月六日 |
| | 附件 |
| | 上海证券交易所交易规则 |
| | （2018年修订） |
| | 第一章 总则 |
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| | 1.1 为规范证券市场交易行为，维护证券市场秩序，保护投资者合法权益，根据《中华人民共和国证券法》等法律、行政法规、部门规章及《上海证券交易所章程》，制定本规则。 |
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| | 1.2 在上海证券交易所（以下简称本所）上市的证券及其衍生品种（以下统称证券）的交易，适用本规则。本规则未作规定的，适用本所其他有关规定。 |
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| | 1.3 证券交易遵循公开、公平、公正的原则。 |
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| | 1.4 证券交易应当遵守法律、行政法规和部门规章及本所相关业务规则，遵循自愿、有偿、诚实信用原则。 |
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| | 1.5 证券交易采用无纸化的集中交易或经中国证券监督管理委员会（以下简称证监会）批准的其他方式。 |
| | 第二章 交易市场 |
| | 第一节 交易场所 |
| | 2.1.1 本所为证券交易提供交易场所及设施。交易场所及设施由交易主机、交易大厅、参与者交易业务单元、报盘系统及相关的通信系统等组成。 |
| | 2.1.2 本所设置交易大厅。本所会员（以下简称会员）可以通过其派驻交易大厅的交易员进行申报。 |
| | 除经本所特许外，仅限下列人员进入交易大厅： |
| | （一）登记在册交易员； |
| | （二）场内监管人员。 |
| | 第二节 交易参与人与交易权 |
| | 2.2.1 会员及本所认可的机构进入本所市场进行证券交易的，须向本所申请取得交易权，成为本所交易参与人。 |
| | 交易参与人应当通过在本所开设的参与者交易业务单元进行证券交易，并遵守本规则以及本所其他业务规则关于证券交易业务的相关规定。 |
| | 2.2.2 参与者交易业务单元，是指交易参与人据此可以参与本所证券交易，享有及行使相关交易权利，并接受本所相关交易业务管理的基本单位。 |
| | 2.2.3 参与者交易业务单元和交易权限等管理细则由本所另行规定，报证监会批准后生效。 |
| | 第三节 交易品种 |
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| | 2.3 下列证券可以在本所市场挂牌交易： |
| | （一）股票； |
| | （二）基金； |
| | （三）债券； |
| | （四）债券回购； |
| | （五）权证； |
| | （六）经证监会批准的其他交易品种。 |
| | 第四节 交易时间 |
| | 2.4.1 本所交易日为每周一至周五。 |
| | 国家法定假日和本所公告的休市日，本所市场休市。 |
| | 2.4.2 采用竞价交易方式的，除本规则另有规定外，每个交易日的9：15至9：25为开盘集合竞价时间，9：30至11：30、13：00至14：57为连续竞价时间，14：57至15：00为收盘集合竞价时间。 |
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