The bet365 cricket odds system is an important part of my country’s stock market trading system，Responsible for reducing market volatility、Missions such as improving information transmission efficiency and enhancing transaction fairness。In recent years，The China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges have made unremitting efforts to improve the stock bet365 cricket odds system。With the improvement of policies and strengthening of supervision，The suspension and resumption of trading of listed companies has been further regulated，At the same time, it promoted the internationalization process of China’s A-shares joining the MSCI Emerging Markets Index。

　　The bet365 cricket odds type is constantly adjusted

Generally believed，The stock bet365 cricket odds system originated from the American “stock market crash” in 1987。October 19th of that year，The New York stock market suddenly plummeted without warning，Investors sell quickly as they panic，And further intensified the plunge and panic。To the close of the day，The Dow Jones Index fell by 22.6%，Even surpassed the daily stock market crash record during the Great Crisis of 1929。To this，The U.S. government’s investigation report the following year，Proposed to consider establishing a stock bet365 cricket odds system、Suggestions on a series of restrictive trading systems including price limit and market circuit breaker mechanism。These systems are collectively referred to as market circuit breakers，i.e. temporary interruption through transactions，In order to alleviate sudden market panic，Thus promoting information transmission，And ultimately achieve the purpose of stabilizing the market。

my country’s stock market in the late 1990s，Began to introduce bet365 cricket odds system。In early operational practice，China basically refers to the "temporary interruption，In order to alleviate panic，The idea of ​​​​promoting information transmission"，The specific types of trading suspensions set include routine suspensions for listed companies holding shareholders’ meetings and suspensions for abnormal stock price fluctuations, etc.。Among them，The main purpose of the former suspension，It is to give investors sufficient time to digest the important information brought by the shareholders’ meeting；The latter type of suspension focuses on large and abnormal fluctuations when market transactions are unbalanced。An important feature of these two suspensions is，Both are suspensions triggered automatically by predetermined trading rules，No need for human subjective judgment，And the suspension time shall not exceed one trading day。

After，With the development of Internet and other technologies in financial information，Long-term trading suspensions caused by frequent routine suspensions at shareholders’ meetings，The suspension system has gradually lost its original value，Scholars also found that suspension of abnormal fluctuations did not achieve the expected effect。Therefore，Since 2004，The Shanghai and Shenzhen Stock Exchanges have gradually canceled the above two categories of automatic trading suspensions。At the same time，Especially after entering 2010，Suspension of trading on major matters has gradually become the main type of suspension in the market。This type of suspension usually occurs when listed companies are planning various major events，Insider trading due to fear of information leakage，bet365 cricket odds caused by actively applying to the exchange for suspension of trading，The suspension time is often more than one trading day。While the bet365 cricket odds continues，Listed companies need to issue a continued bet365 cricket odds announcement every 5 trading days，To disclose the progress of major matters。When the company believes that there are basically no major uncertainties in the planned matters，You can apply to the exchange for stock resumption。

　　Enhancing the effectiveness of the bet365 cricket odds system

Effectiveness of bet365 cricket odds system，refers to the system’s ability to achieve the goal of improving the efficiency of stock market transactions。But，Since the establishment of the stock bet365 cricket odds system，The controversy over whether this system is effective has never ceased。

First，Theoretical views on the effectiveness of the bet365 cricket odds system are controversial。On the one hand，The theory supporting the bet365 cricket odds system is mainly based on the market cooling hypothesis，Believe that when there is sudden severe turmoil in the market or major news is about to be released，Investors should be given a certain cooling-off period through bet365 cricket odds，To calm nervous emotions，Receive new messages，Digesting the impact of market events。On the other hand，The theory opposing the bet365 cricket odds system focuses more on market-oriented continuous trading，Believe that the trading interruption caused by the bet365 cricket odds will lead to the loss of stock price and trading volume signals，And intensify the information asymmetry of the market，Thus hindering the automatic adjustment of the market mechanism。

Next，The empirical results of the effectiveness of the bet365 cricket odds system are controversial。Existing empirical evidence mainly comes from European and American developed capital markets，Because investor sentiment is difficult to observe directly，Scholars have focused on the impact of bet365 cricket odds on market information transmission、The impact of stock price fluctuations and normal transactions。Empirical results based on large sample data analysis of multiple markets，The bet365 cricket odds system does have positive value in promoting the transmission of market information。But at the same time，The bet365 cricket odds system will also produce overflow phenomenon of stock price fluctuations，Increase stock price risk after resumption，And will hinder investors’ normal liquidity transactions，On the contrary, it reduces the efficiency of market transactions。

Therefore，How to promote the positive effect of the bet365 cricket odds system，It becomes particularly important to mitigate negative impacts。Generally speaking，The effectiveness of the bet365 cricket odds system is affected by the frequency of trading suspensions、bet365 cricket odds duration、The combined effect of many factors such as the reasons for suspension of trading。In terms of frequency of trading suspensions，Too frequent trading suspensions will aggravate the discontinuity of the trading process，It is difficult to promote the effective formation of transaction price signals。In terms of length of bet365 cricket odds，An excessively long bet365 cricket odds will not only make it difficult to meet the normal trading needs of investors in the long term，The delay in resumption of trading may even trigger investors’ anxiety。In terms of reasons for suspension，When the reason for suspension is good information，The management of listed companies does not deliberately delay the resumption of trading and conceal information，It is easier to promote investors to make favorable investment decisions；Vice versa，When the bet365 cricket odds is negative information，Information disclosure during the bet365 cricket odds process is prone to ambiguity，Not conducive to the effective transmission of market information。

　　Effectively protect bet365 cricket odds

Since the effectiveness of the bet365 cricket odds system is affected by many factors，To further improve my country’s stock bet365 cricket odds system，Improve market transaction efficiency，Relevant regulatory authorities have issued a series of policy reform documents on the stock bet365 cricket odds system since 2014。Until December 28, 2018，In order to implement the "Guiding Opinions of the Securities Regulatory Commission on Improving the Stock Suspension and Resumption System of Listed Companies"，The Shanghai and Shenzhen Stock Exchanges have respectively issued the "Shanghai Stock Exchange Listed Companies' Guidelines for Planning the Suspension and Resumption of Trading on Major Matters" and the "Shenzhen Stock Exchange Listed Companies' Information Disclosure Guidelines No. 2 - Suspension and Resumption of Trading" (here the two are combined Known as the "Guidelines for Suspension and Resumption of Trading")。The "Guidelines for bet365 cricket odds and Resumption" of the two major exchanges have once again improved the original bet365 cricket odds system documents，Further clarified the major event standards for bet365 cricket odds and specific requirements for information disclosure，Reduced the frequency of trading suspensions of listed companies，Shortened the bet365 cricket odds period。At the same time，Regulatory authorities also pay more attention to the efficiency and fairness of information disclosure under the background of bet365 cricket odds system，To effectively protect investors。

First，Improvement of bet365 cricket odds standards，Meaning the enhancement of the standardization of bet365 cricket odds。Follow the principle of prudent bet365 cricket odds，The "Guidelines on Suspension and Resumption of Trading" cancel the non-public issuance of stocks、Foreign investment、Signing a major contract、Suspension for equity incentives and other reasons，Added a new suspension for the issuance of directional convertible bonds to purchase assets。This will significantly reduce the number of suspensions，Gradually integrate with the bet365 cricket odds system of developed capital markets。

Next，Enhancement of bet365 cricket odds disclosure，Promotes the effective transmission of bet365 cricket odds among investors。More general and summary bet365 cricket odds disclosure than in the past，New regulations clarify the bet365 cricket odds disclosure responsibilities of listed companies。Especially in major asset restructuring，Require detailed notification of the transaction object、Transaction method、Counterparty and other bet365 cricket odds。

Finally，Significant compression of suspension period and reduction of frequency，Effectively solve the problem of uncertain resumption time。Comply with the principle of phased information disclosure，The efficiency of information transmission has been improved，Investors can conduct more continuous transactions。Especially in major asset restructuring，Suspension on the grounds of issuing shares to purchase assets，The suspension period has been reduced from the previous 6 months to the current 10 bet365 cricket odds days。This major breakthrough in policy has injected liquidity into the market。

　(Author’s affiliation: School of Economics and Management, Northwest University；School of Finance, bet365 cricket odds University of Finance and Economics)