北交所指数和混合交易制度有望很快落地

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively working on launching the Beijing Stock Exchange (BSE) index and a mixed trading system to address current market challenges and enhance liquidity [1][2]. Group 1: BSE Index - The introduction of the BSE index will facilitate investors in tracking market conditions and establishing performance benchmarks for investment products, thereby attracting new capital [1]. - Currently, there are 89 stocks listed on the BSE, and with an acceleration in new stock issuances in May, the market is expected to expand rapidly, meeting the quantitative requirements for index compilation [1][2]. - The BSE index will allow public funds to develop index funds based on the index, enabling investors who do not meet the 500,000 yuan threshold to trade in the BSE market through public funds, which will enhance the BSE's influence and promote stable development [1]. Group 2: Mixed Trading System - The mixed trading system aims to improve market liquidity and is considered feasible from a hardware perspective, although it requires further theoretical research and practical operational rules [2][3]. - The implementation of the mixed trading system is expected to enhance value discovery, stabilize market price fluctuations, and improve trading efficiency by allowing continuous bidding and market-making for the same stock [3]. - The experience gained from the New Third Board's market-making system, which has been in operation for over seven years, will benefit the BSE as market makers are already familiar with many of the listed companies [2][3].