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1美国:
熔断机制起源于美国,1982年芝加哥商品交易所对标普500指数期货合约实行过日交易价格为3%的涨跌幅限制,但不久即被废止,直到1987年股灾之后人们才真正认识到价格限制制度的重要性。1988年纽约证券交易所与芝加哥商品交易所开始实行“熔断机制”,目前的规定是在每季度开始,纽交所根据前月标普500指数平均值设定7%、13%和20%三个等级的具体熔断阈值,当7%和13%的跌幅发生时,会有为期15分钟的暂停交易时间,当跌幅触发20%时,交易将暂停直至休市。美国证券交易委员会除规定针对标普500指数下跌的触发机制外,还特针对个股设有熔断机制,当某只股票的交易价格在五分钟内涨跌幅超过10%,则需暂停交易。
2法国:
法国根据股票交易形态不同,制定有不同的涨跌幅与暂停交易时间。全日每只股票最大涨幅为前日收盘价的21.25%,最大跌幅为18.75%。如果价格波动超过前日的10%,则暂停交易15分钟。
3日本:
日本当期货价格超过标准价格的特定范围和公平价格的特定范围,期货交易将会暂停交易。暂停交易的时间为15分钟。如果暂停交易发生在上午收盘前的15分钟内,暂停交易只在上午收盘前执行。当东京股票价格指数(TOPIX)超过特定价格区间时,禁止买卖涉及套利交易的股票,直到价格恢复到特定价格区间内。2013年5月23日,日经225指数大跌,日经225指数期货就曾触发“熔断机制”而暂停交易。
4韩国:
韩国若韩国股票综合指数(KOSPI)较前一天收盘价下跌了10%或10%以上,并且这种下跌持续了一分钟,股票交易暂停十分钟,个股涨跌幅限制为15%。如果交易量最大的期货合约价格偏离前一天收盘价5%或5%以上,同时期货价格偏离其公平价格3%或3%以上,并且这种价格变动持续了一分钟,期货合约停止交易五分钟。熔断机制每天只实施一次,在下午2:20以后不再实施。如果股票市场出现暂停交易的情况,期货合约停止交易20分钟。
5新加坡:
新加坡当潜在交易价格高于参考价格(该交易至少五分钟之前的最后成交价)的10%时,则触发5分钟的“冷静期”。在该期间内,证券仅允许在±10%范围内交易,5分钟后交易恢复正常,并重新计算新的参考价格。(该规定适用于约占新交所80%交易量的证券,包括部分指数。)

责任编辑:翟明 CN040
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