沪深北证券交易所发布程序化交易管理实施细则—— 推动程序化交易规范发展

Core Viewpoint - The Shanghai, Shenzhen, and Beijing Stock Exchanges have released detailed implementation rules for algorithmic trading, effective from July 7, 2025, aimed at enhancing regulation and ensuring market fairness, particularly for the majority of retail investors in China [1] Group 1: Regulatory Framework - The implementation rules are designed to comply with the overall regulatory framework established by the China Securities Regulatory Commission (CSRC) in May 2022, which emphasizes the need for detailed business rules and specific measures for algorithmic trading [1] - The rules focus on promoting the standardized development of algorithmic trading while ensuring the protection of retail investors, reflecting a commitment to fairness and strict regulation [1] Group 2: Types of Abnormal Trading Behavior - Four categories of abnormal trading behaviors have been identified: 1. Instantaneous Declaration Rate Anomalies: High-frequency trading can lead to excessive declaration rates, necessitating regulatory measures to limit these rates and protect trading system integrity [2] 2. Frequent Instantaneous Order Cancellation: The ability of algorithmic traders to frequently submit and cancel orders can disrupt normal market order, prompting the need for regulations to reduce cancellation rates and encourage longer order durations [2] 3. Frequent Price Manipulation: Algorithmic trading may lead to minor price manipulations across multiple stocks, which can affect liquidity and cause rapid price fluctuations, thus requiring regulatory oversight to mitigate these impacts [2] 4. Large Transactions in Short Timeframes: Concentrated trading by a single institution during volatile market conditions can exacerbate market fluctuations, necessitating combined regulatory oversight of all products managed by the same institution [3] Group 3: Enforcement Measures - The implementation rules empower stock exchanges to take various measures against investors engaging in abnormal trading behaviors, including self-regulatory actions, disciplinary measures, and potential suspension of trading privileges for repeat offenders [3] - In cases of repeated abnormal trading, exchanges may require the investor to designate a trading member to suspend their use of the exchange's resources, and relevant authorities may be notified for further action [3]