In other words, how did the stock market of Cultural Square come about?

When the Shanghai Stock Exchange was established, or even a little further back a little later, when the stock was just issued and listed in 90 years, there was a provision that the stocks of the Shanghai Stock Exchange were only limited to the purchase and sale of shares by local residents of Pearl City and local securities financial institutions in Pearl City.

Therefore, there are only so few member units of the Shanghai Stock Exchange, and there are only 4 local securities companies in the Pearl City in the early days, and if the foreign member units of the Shanghai Stock Exchange want to carry out securities trading business in the Pearl City, they must first open a securities business department in the Pearl City.

But ...... not, until 92 o'clock, a certain bank in charge of the financial industry had been abiding by the old regulations of a few years ago and did not approve foreign securities companies to set up branches in Mingzhu City.

After the 5.21 stock surge, the huge stock trading market of Pearl City immediately attracted the attention of all securities companies in the country!

On the one hand, because of the limited processing capacity of the Shanghai Stock Exchange, the daily trading orders are issued in limited quantities, and the local people in Mingzhu City complain every day that some people grab the transaction orders and then buy and sell orders at a high price in the black market, and some shareholders complain that "securities companies pick the big and bully the small, and only meet the needs of large room transactions regardless of the life and death of retail investors." and other various stock market drawbacks at that time.

On the other hand, the issuance of 92 stock warrants in Pearl City has led to a large number of new shareholders entering the market, especially after the stock price is liberalized, a large number of stock trading volumes, which has caused a blockage in the computer quotation and trading system of the Shanghai Stock Exchange. Even the road in front of the Shanghai Stock Exchange is blocked by stockholders!

In order to solve the problem of poor channels for shareholders to buy and sell stocks, and by the way, to solve the local traffic problem, the people of the Shanghai Stock Exchange went deep into the various business departments to investigate, and felt that the current situation belonged to-

In terms of limited resources and commercial interests, it is difficult to deal with them by administrative constraints alone.

The difficulties of the market can only be solved by the development of the market, and in the end, the people of the Shanghai Stock Exchange feel that they must first promote the development of business counters before they can solve other problems.

As soon as this decision came out, it immediately attracted applause, and countless peers from the financial securities trading system enthusiastically came to Mingzhu City and offered to help the Shanghai Stock Exchange solve problems.

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"We have people now, but there are still not enough business outlets?" said the old lieutenant of the Shanghai Stock Exchange worriedly.

"Old Lieutenant, the cultural square near our house is empty, do you think we should try it in the cultural square?"

"Cultural Square, I'll go and see it first, and then make a decision!" the old lieutenant thought about it for a moment and nodded.

But when he went to see it, he immediately happily decided on this place, because this place solved his greatest problem and met his first condition.

It's easy to get around, and the main thing is that the place is big enough!

The cultural square, the size of half a football field, is enough to set up hundreds of tables and accommodate tens of thousands of people!

"Vice Mayor, we have recently come up with a way to solve the problem of traffic congestion in the city and the difficulty of stock speculation? What do you think?" The old lieutenant finally thought of a solution, and immediately ran to ask the leader for instructions.

"Oh, what solution have you come up with?" asked the deputy mayor with interest.

"Our approach at the Shanghai Stock Exchange is to open a temporary large-scale stock trading venue to alleviate the problem of stock trading and traffic congestion. Otherwise, it will be difficult for the common people to buy and sell stocks, so what kind of market management environment can we talk about? It is said that over-the-counter trading is not something that our exchange should be in charge of, but you can't ask the securities companies below to do this kind of thing, right?

"You have a point!" the deputy mayor nodded.

"Now there is no other way but for the exchange to take the lead in solving the problem. However, our stock exchange does not directly help them to do stock trading, but only helps the following member units to organize the trading venue, so that various brokers, including foreign brokers, can come in and set up counters to accept stock trading and entrusted transactions from shareholders. This is equivalent to our Shanghai Stock Exchange has built a large stock trading counter supermarket, and when the time comes, the citizens can trade wherever they like the securities company. The old lieutenant continued.

"This is a good idea! Go ahead and do it, we support you! Didn't you say it above, you should try boldly, don't be afraid of making mistakes, you can change if you make mistakes, and if you really can't do it, you can turn it off!" said the deputy mayor, who said that this is the current attitude of the state towards the financial market.

"Okay, let's try it first!" said the old lieutenant happily.

In this way, on June 1, 1992, the Shanghai Stock Exchange organized more than 20 member units to enter the Cultural Square of Mingzhu City, set up a temporary stock trading entrustment counter, and organized the opening of this so-called "Cultural Square Securities Trading Bazaar".

The name of this crepe was directly simplified by the common people vividly and vividly into 8 words of "Cultural Square Stock Collection"!

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"Hello dear shareholders, welcome to our Cultural Square Securities Trading Market, because there are too many shareholders now, and there are too few stock entrustment trading points in the city. Many securities companies' business outlets are crowded with crowds, and there is no way for people to trade! So we have opened a new trading counter here to facilitate everyone to come here to trade stocks. All the people who turned in happily took the microphone and said.

Jia Lei and the others stood in the crowd, listening to the people from the Shanghai Stock Exchange introduce the origin of this stock market, and they were surrounded by shareholders who came to participate in the stock trading.

"Okay!" As soon as the people at the Shanghai Stock Exchange stopped, the scene burst into deafening applause.

It is said that on the first day of the stock market, it attracted more than 30,000 shareholders, and so many people can deafen people's ears with a simple applause.

It stands to reason that the idea of the Shanghai Stock Exchange is good, and the creativity is also good, and there should be no problems with such a good idea. But it can't stand it, it has pig teammates!

"There are so many people coming to this cultural square, and the security forces are not enough, if the shareholders come to trade with a large amount of cash, it is easy to cause unnecessary trouble! We have no way to guarantee the safety of the cash delivered by the shareholders after buying and selling stocks? What if someone comes to rob it?" said a leader with a frown.

Not every securities company present brought a safe, you must know how expensive the safe was at that time!

"This sentence makes a lot of sense!" the people at the scene nodded in agreement.

"I don't think it's better to do this, the counters we are here today only accept the customer's order to sell, not the customer's order to buy! Just sell the transaction without cash, so we can ensure the safety of the shareholders' funds. Someone proposed.

"Is this okay? Isn't it a problem to just sell and not buy?" someone asked skeptically.

Didn't the Shanghai Stock Exchange announce a few days ago that it would prohibit the "collective households" from jointly buying and selling stocks to buy stocks, and didn't it also allow the shareholders of the collective households to sell the original stocks in their hands, and not allow them to buy them? I think the meaning of these two things is similar, so it was decided?" said one person with a slap of the face.

As a result, all the counters in the Cultural Square only hung up the signboard of "Entrusted Selling", warning shareholders that they could only fill in the "Sell Order" here, and all the stock trading counters in the Cultural Square were "only allowed to sell but not buy".

"Why do I think something is wrong?" Jia Lei said with a frown and looked at the sign that the head of the trading desk had just hung up.

"It's over! it's over...... Is the government only allowed to sell stocks and not buy stocks? Do they only allow stock prices to fall and not to rise?" asked the little Jew with a pale face.

"It shouldn't be possible, right? Who would make such a ridiculous decision? Only sell unilaterally and don't buy, this is not in line with the trading rules!

It's a pity that Jia Lei forgot one sentence, that is, laymen guide insiders!

In Huaxia, however, there is often such a thing as a layman guiding an insider......

At this time, the time had reached more than nine o'clock, and the stock market was about to open, and the shareholders in the square were all panicked when they saw this strange regulation, and people immediately had no bottom in their hearts.

Since the government is only allowed to short, can the stock price not fall?

"Oh my God, stocks are only allowed to be sold, not bought! That's not a fall, what should I do?" said a nearby shareholder in a panic.

"Woo! It's over, I'm going to lose all my money. Someone shouted loudly, and the order of the scene was suddenly chaotic.

"No, I'll have to sell my stock quickly, or the price will definitely fall tomorrow." Little Jew said nervously at this, and then he rushed to the nearest trading desk.

Of course, this is the action of almost all the shareholders present now! Everyone rushed to the counter, shouting loudly to sell their stocks.

So less than 30 minutes after the stock market opened on June 1, the shareholders in the Cultural Square washed the fence in front of the trading counter. Surrounded all the trading desks and scrambling to sell their stocks.

There was chaos at the scene, and several leaders who heard the news immediately rushed to the scene, and when they saw that the general situation was not good, they quickly announced the suspension of business for the "Cultural Square Securities Trading Market".

"You all misunderstood, we don't only allow stocks to fall and not to rise! The rule that the Cultural Square is only allowed to sell is only formulated because of the special situation of the Cultural Square. Because the government was worried that it would not be safe for people to buy stocks with cash, they came up with the idea of only selling them without cash! The people of the Shanghai Stock Exchange held a loudspeaker and desperately explained to the shareholders.

"It's that stocks are free to go up and down! We've let go of stock prices and price changes, everyone can trade freely, and no one will stop you from buying or selling!"

The mood of the shareholders slowly calmed down, and then gradually dispersed under the guidance of the police at the scene, but the matter will not end so simply.

This panic selling sentiment spread to the trading outlets of indoor securities companies at the same time, and the Pearl stock market fell sharply without surprise on this day!

The second textile machinery fell 6.8%, Yanzhong Industrial fell 3.97%, and even the love of the large consumer protection plate made the electronics fell 3.52%, in addition to the Yuyuan Garden shopping mall stocks with major good news, all other stocks in Shanghai fell.

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What happened on this day was a big blow to the people at the exchange, and most of them were a little discouraged when they returned to the exchange.

"Old Lieutenant, I think it's better to forget it, let's close this market. Lao Shen proposed.

"No! We've come to this point, and we can't turn back for a long time! The stock market can be closed, but the stock exchange can't be closed, right? We can't try to escape when we encounter the slightest difficulty, the future of China's financial market is all on us, and we absolutely can't fail!" said the old lieutenant through gritted teeth.

"Then what do you want to do?" asked Lao Shen.

"Let's stop this market for a few days, I'll go and take care of today's affairs first! Then I'll make a good new plan, and this time I'll have to take everything into account." When the time comes, let's organize this group of people again and continue to run a big stock trading bazaar! When the time comes, let's hire more policemen and security guards, and if we don't succeed next time, we will be benevolent!" said the old lieutenant through gritted teeth.

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"Oh my god, there are so many people in this stock market that I'm going to say I won't go next time. Jia Lei said in shock after returning home.