量化交易新规7月7日起实施！百亿私募详解变化，高频交易将“降速”？

Core Viewpoint - The implementation of new quantitative trading regulations by the three major exchanges aims to enhance the management and oversight of algorithmic trading, particularly focusing on high-frequency trading and deceptive practices like frequent order cancellations [1][2][3]. Group 1: Regulatory Changes - The new regulations detail the management of algorithmic trading, including the identification of four types of abnormal trading behaviors: unusual instantaneous order rates, frequent instantaneous cancellations, frequent price manipulation, and large transactions in a short time [2][3]. - The regulations specify that if algorithmic trading causes significant market fluctuations, exchanges can impose trading restrictions, mandatory suspensions, or even temporary market closures [2][4]. - The criteria for high-frequency trading remain unchanged, with specific thresholds set at over 300 orders per second or 20,000 orders per day [5][6]. Group 2: Impact on Quantitative Investment Strategies - Many quantitative hedge funds report that high-frequency alpha strategies and basket stock arbitrage strategies will face some impact due to the new regulations [1][4]. - The trend towards "deceleration" in quantitative investment is expected, as larger management scales will lead to a greater reliance on medium to low-frequency strategies [4][6]. - The majority of existing strategies have turnover rates below the new regulatory limits, indicating that the implementation of these rules will not significantly disrupt their operations [3][4]. Group 3: Market Dynamics and Competition - The new regulations are seen as a means to establish unified regulatory standards for all market participants using algorithmic trading, which is expected to enhance market vitality and resilience [3][4]. - The competition within the quantitative hedge fund industry is anticipated to become more refined, with a focus on compliance, risk management, and client service capabilities [8]. - The introduction of these regulations may strengthen the stability of large quantitative hedge funds while posing challenges for smaller, growth-oriented managers in a more competitive environment [8].