【中文版】

熔断机制是一种控制交易风险的交易制度，当股票、期货或其他金融衍生产品的价格波动幅度超过一定范围时，交易所会采取暂停交易的措施，以减少市场的波动。具体来说，在股票市场中，熔断机制指当股指波幅达到规定的熔断点时，交易所会暂停交易一段时间，或限制买卖报价只能在一定价格范围内交易。熔断机制的原理类似于电路保险丝，一旦市场出现异常波动，交易所会自动熔断以控制风险。

熔断机制在国际上采取的形式包括“熔即断”和“熔而不断”，而我国股指期货市场的熔断制度是在股票现货市场上个股设置10%的涨跌幅限制的基础上设立的，旨在抑制非理性过度波动。

总之，熔断机制是一种控制交易风险的交易制度，当市场出现异常波动时，交易所会自动熔断以控制风险，保障市场的稳定和健康发展。

【英文版】

Circuit breaker mechanism refers to a trading system that controls transaction risks. When the price fluctuations of stocks, futures or other financial derivatives exceed a certain range, the exchange will take measures to suspend trading in order to reduce market fluctuations. Specifically, in the stock market, the circuit breaker mechanism refers to the exchange suspending trading for a period of time or limiting the买卖quote to only within a certain price range when the stock index fluctuations reach a prescribed circuit breaker point. The principle of the circuit breaker mechanism is similar to the circuit insurance fuse. Once the market experiences abnormal fluctuations, the exchange will automatically trip the circuit breaker to control risks.

The circuit breaker mechanism internationally adopts the forms of "trip and break" and "trip without breaking", while China's stock index futures market's circuit breaker mechanism is established based on the individual stock's 10% fluctuation limit in the spot market, aiming to curb non-rational excessive fluctuations.

In summary, the circuit breaker mechanism is a trading system that controls transaction risks. When the market experiences abnormal fluctuations, the exchange will automatically trip the circuit breaker to control risks and ensure the stable and healthy development of the market.