China News Service, Shanghai, February 20 (Gao Zhimiao) The Shanghai Stock Exchange announced on the 20th that the quantitative transaction reporting system of the Shanghai Stock Exchange has been smoothly implemented.
On September 1, 2023, the Shanghai Stock Exchange issued the "Notice on Matters Concerning the Reporting of Stock Programmed Trading" and the "Notice on Matters Concerning Strengthening the Management of Programmed Trading", establishing a special reporting system and corresponding regulatory arrangements for quantitative trading. , will be officially implemented on October 9, 2023.
According to the Shanghai Stock Exchange, with the joint efforts of all market participants, the above-mentioned system has been implemented smoothly. Existing investors have completed the reporting work as scheduled as required, and incremental investors have implemented the "report first, then trade" rule. All parties report The quality generally meets the requirements, laying a foundation for further strengthening and improving quantitative trading supervision. The Shanghai Stock Exchange will continue to strengthen the monitoring and analysis of quantitative transactions, especially high-frequency transactions, based on the report information, and dynamically evaluate and improve the reporting system.
It is understood that in recent years, with the widespread use of new information technology, quantitative trading has become an important trading method. Quantitative trading helps provide liquidity to the market and facilitates price discovery. However, quantitative trading, especially high-frequency trading, has obvious technical, information and speed advantages over small and medium-sized investors. At some points, there are also problems such as strategic convergence and trading resonance, which increase market volatility. Judging from international experience, overseas markets generally implement stricter supervision on quantitative transactions, especially high-frequency transactions, to prevent negative impacts on market order.
In the next step, the Shanghai Stock Exchange stated that it will adhere to the investor-oriented approach, take the maintenance of fairness as the starting point and end point of its work, learn from international regulatory practices, seek advantages and avoid disadvantages, establish and improve quantitative trading supervision arrangements, including strictly implement the reporting system, and clarify " "Report first, trade later" access arrangement; strengthen the authorization management of quantitative trading market, improve the differentiated charging mechanism; improve the abnormal transaction monitoring and monitoring standards, strengthen the supervision of abnormal transactions and abnormal order withdrawals; strengthen the monitoring of leveraged quantitative products and regulations, and strengthen the joint supervision of futures and spot goods.
At the same time, we will further consolidate the customer management responsibilities of securities companies, improve the self-regulatory management cooperation mechanism with the Securities Industry Association and the Fund Industry Association, and strengthen the transaction supervision of quantitative private equity and other institutions. In addition, the Shanghai Stock Exchange will strengthen communication with the Hong Kong Stock Exchange, clarify the reporting arrangements for northbound investors in the Shanghai-Hong Kong Stock Connect, and include the quantitative transactions of northbound investors in the reporting scope in accordance with the principle of consistency between domestic and foreign investors. For abnormal transactions that affect market order, the Shanghai Stock Exchange will take self-regulatory management measures, and those suspected of violating laws and regulations and serious circumstances will be reported to the China Securities Regulatory Commission for investigation and punishment. (over)