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The 2008 Annual Market Performance Report has been released periodically by the Shenzhen Stock Exchange. The report comprehensively reveals the operating efficiency and quality of stock market in details in terms of liquidity, fluctuation, effectiveness, the quality of order execution and so forth, and the report also provides the important basis for improvement in the operating efficiency of the market and pushing forward the healthy development of the market.
Generally speaking, the performance of Shenzhen stock market in 2008 remained to be in relatively high level with positive signs such as the good fluctuation, the reasonable cost of invisible transactions, fluctuation failing within the reasonable range, the good quality of order execution.
The efficiency of order execution in 2008 had reached the high level, and the average execution time was respectively 326 seconds for stop limit order, 767 seconds for non-market stop limit order, 40 seconds for market stop limit order. In 2008, China’s securities market faced the severe challenge from the global financial crisis, and the market also suffered the rapid slide in certain short time and brought out the new changes in the structure of investors. At this point, the periodical releasing of market performance report will not only give a clear reference to decision making on how to improve the liquidity and the market efficiency under the circumstance of financial crisis, but also provide a basis for improvements in the trading and information disclosure system, market transparency and investor structure.
