Block trade

    大宗交易

    上交所表示，造成兴业银行、中国平安两只股票股价周三剧烈波动主要是由于中信建投基金旗下多个专户产品卖出所致，并对有关账户做出限制一个月交易的处罚。请看本报昨日的报道：

    The Shanghai Stock Exchange has imposed restrictions on some of China Fund Management Co.'s accounts after the fund house's block trades caused the Shanghai-listed shares of Ping An Insurance and Industrial Bank to briefly tumble Wednesday.

    Insufficient communications on orders between the accounts' investment adviser and the fund manager triggered the abnormal transactions, according to a Shanghai Stock Exchange statement issued Friday.

    The bourse said effective risk controls weren't taken and that trading restrictions will be imposed for a month on the accounts involved.

    报道中的block trade就是“大宗交易”，又称为大宗买卖(block order)，指证券的交易规模，包括数量和金额都非常大，远远超过市场的平均交易规模。各交易所对大宗交易都有明确界定。大宗交易通常在机构投资者之间进行，由买卖双方采用协议协商方式确定成交价，并经证券交易所确认后成交。