4万亿市场，大消息！沪深交易所发布

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have released revised risk management guidelines for Exchange-Traded Funds (ETFs) to enhance the safety and stability of the rapidly growing ETF market, effective from August 1 of this year [1]. Group 1: ETF Risk Management Guidelines - The guidelines specify the responsibilities of fund managers and members in managing ETF risks, aiming to ensure the healthy development of the ETF market [1]. - Fund managers are required to strengthen the management of the Purchase and Redemption List (PCF) and set important parameters cautiously, including cash substitution indicators and guarantee ratios [5]. - Fund managers must establish a risk monitoring system with automatic alert functions to monitor ETF operations in real-time, focusing on four major abnormal situations [6][7]. Group 2: Member Client Risk Management - The guidelines outline risk management requirements for member clients (investors trading through securities companies), emphasizing the need for improved management systems and client classification [8]. - Members are required to establish a monitoring mechanism for client trading behaviors and maintain a list of ETFs that require close monitoring based on various risk indicators [8]. - Members must classify clients who frequently engage in high-risk trading activities, such as day trading of monitored ETFs, and manage them as priority clients [8].