The underlying asset are Huatai PinBridge CSI300 ETF (Shanghai stock market) and Harvest CSI300 ETF (Shenzhen stock market)
(II)Different trading orders
There are five order sending methods in Shanghai stock market (general limit order, market order with surplus to limit, market order with surplus cancellation, full amount of real-time limit order, full amount of real-time market order); there are seven order sending methods in Shenzhen stock market (general limit order, limit order with full amount of filling or cancellation, market order with counterparty's best price, market order with own side best price, market order with optimal five levels of filling and surplus cancellation, market order with real-time filling and surplus cancellation, market order with full filling or cancellation) there are two more kinds in Shenzhen stock market.
(III) Different fund scale and liquidity
As of last Friday, Huatai PinBridge CSI300 ETF had a fund scale of 8.429 billion shares, an average daily turnover of about 3.5%, an average monthly turnover of 27.3 billion yuan, Harvest CSI300 ETF had a fund scale of 5.849 billion shares, an average daily turnover of about 2%, and an average monthly turnover of 5.56 billion yuan. The fund scale and trading volume of the Shanghai stock market were larger than that of the Shenzhen stock market. Huatai PinBridg CSI300 ETF had better market capacity and liquidity.
(IV) Different number of single declaration
The maximum size of one limit order is 30 lots and the maximum size of one market order is 10 lots in Shanghai Stock market.The number is 50 and 10, respectively, in Shenzhen stock market. For investors with large trading volume, it is more convenient to place orders in Shenzhen stock market.
(V) Different methods of opening, locking or unlocking with reserved positions,
When opening with reserved positions in Shanghai stock market, it is necessary to lock the securities first and then open the position. When closing a position, it is necessary to unlock and then close the position. Opening and closing a position need to be operated in two steps. When opening and closing positions in Shenzhen stock market, the securities are automatically locked and unlocked in one step. It is easier to open and close positions with reserved positions in Shenzhen market
(VI) Different ways to deal with the shortage of reserved securities
In view of the shortage of reserved securities, the Shanghai stock market adopts compulsory closing position, and the Shenzhen stock market adopts transferring reserved securities to an ordinary position. When the margin is sufficient, it will not trigger compulsory closing positions in Shenzhen market.
(VII) Difference in declaration time of portfolio strategy
The declaration time of composite strategy in Shanghai Stock market is 9:30-11:30, 13:00-15:00, while for Shenzhen Stock market it is 9:15-9:25, 9:30-11:30, 13:00-15:00. That is to say, Shenzhen stock market allows declaring the composite strategy in the call auction stage, so that the declaration period is longer.