北交所发布程序化交易自律细则，进一步加强高频交易监管

Core Viewpoint - The Beijing Stock Exchange (BSE) has officially released the "Implementation Rules for Algorithmic Trading Management," which is expected to have a neutral impact on the market and aligns with expectations, facilitating a smooth regulatory transition for algorithmic trading [1] Summary by Relevant Sections Algorithmic Trading Regulations - The "Implementation Rules" specify four key monitoring behaviors for algorithmic trading, particularly targeting high-frequency trading (HFT), while ensuring that normal trading activities of retail investors remain unaffected [1] - The rules will take effect on July 7, 2025, allowing ample time for business and technical preparations [1] High-Frequency Trading Standards - The BSE has set the HFT recognition standard at a maximum of 300 orders (including cancellations) per second per account, or a total of 20,000 orders per day per account [2] - This standard is based on both domestic and international market practices and aims to focus regulatory resources on a small number of high-frequency traders who have a significant market impact [2] Continuous Improvement and Monitoring - The "Implementation Rules" build on existing reporting systems for algorithmic trading and allow for adjustments in HFT recognition criteria and differentiated management requirements based on ongoing regulatory practices [3] Enhanced Regulatory Measures - The rules impose additional reporting obligations on investors engaged in HFT, requiring them to report server locations, system testing reports, and emergency plans [4] - Specific standards for abnormal trading behaviors have been established, including monitoring for frequent price manipulation and large transactions within short time frames [4] - The BSE may implement stricter self-regulatory measures for investors exhibiting abnormal trading behaviors and may require members to manage client trading activities more closely [4] Differentiated Fee Structure - A differentiated fee structure will be developed based on HFT recognition standards, potentially imposing higher fees for high-frequency traders to encourage reduced trading frequency and more regulated trading behavior [4]