Shanghai bourse tops global trading
Print Edition
CHINA’S stock trading fever has made the Shanghai Stock Exchange the world’s biggest by turnover, surpassing the New York Stock Exchange, but the explosion in volumes has exceeded the ability of the exchange’s software to report it.
The exchange’s trading turnover exceeded 1 trillion yuan (US$161 billion) for the first time yesterday, but the data could not be properly displayed because its software was not designed to report numbers that high. Its trading turnover amounted to a highest-ever 1.15 trillion yuan yesterday.
“This is a software configuration issue, not a technical glitch,” the Shanghai exchange said in a statement, adding that trading and price quotes for individual stocks were not affected.
The exchange said it would need to replace its current software files that handle volume reporting to resolve the issue.
The Chinese mainland’s stock market has nearly doubled over the past six months on hopes of monetary easing, with the world-beating performance luring retail investors who have been opening accounts at a record pace.
Trading turnover on the Shanghai and Shenzhen stock exchanges totaled US$1.85 trillion and US$1.56 trillion respectively in March, making the two bourses the world’s biggest that month, the World Federation of Exchanges said.
The New York exchange had a turnover of US$1.53 trillion in March, and the Nasdaq a total turnover of US$1.1 trillion.
The Shanghai Stock Exchange said the current software package, called SHOW2003, can only support trading turnover below 1 trillion yuan, and was being gradually replaced by new software.
The Shanghai Composite Index dropped 1.64 percent to 4,217.08 points yesterday after the China Securities Regulatory Commission said it would clamp down on the use of leverage in margin trading. This includes banning brokerages from using so-called umbrella trusts and shadow financing, or unregulated accounts, for stock purchases.
Soochow Securities fell 9.45 percent to 26.27 yuan, China Merchants Securities lost 6.77 percent to 34.31 yuan, and Everbright Securities shed 6.19 percent to 31.23 yuan.
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