刚刚，沪深北三大交易所联合发布！程序化交易监管最新动态！

Core Viewpoint - The article discusses the implementation of the "Procedural Trading Management Implementation Rules" by the Shanghai and Shenzhen Stock Exchanges, focusing on the regulation of algorithmic trading to ensure fairness, strict supervision, and the orderly development of the market [1][3]. Summary by Sections Implementation Rules Overview - The "Implementation Rules" aim to promote the standardized development of algorithmic trading while ensuring market fairness and security through detailed regulations on reporting, trading behavior, information systems, high-frequency trading, and supervision [1][3]. Monitoring and Regulation - Specific monitoring indicators for abnormal algorithmic trading behaviors have been established, set to begin trial operation in April 2024. The primary entities triggering these indicators are quantitative private equity and brokerage proprietary trading, with minimal impact on retail investors [2][3]. Types of Abnormal Trading Behaviors - The "Implementation Rules" categorize four types of abnormal trading behaviors: 1. Abnormal Instantaneous Reporting Rate: High-frequency trading can lead to excessive reporting, necessitating limits on reporting rates to protect the trading system [3][4]. 2. Frequent Instantaneous Order Cancellation: High-frequency trading's rapid order submission and cancellation can disrupt market order, prompting the need for regulations to reduce cancellation rates [3][4]. 3. Frequent Price Manipulation: Algorithmic traders may engage in minor price manipulation across multiple stocks, which can affect liquidity and price stability, requiring regulations to mitigate such behaviors [4][5]. 4. Large Transactions in Short Timeframes: Concentrated trading by a single institution during volatile market conditions can exacerbate market fluctuations, necessitating combined oversight of such activities [5][6]. High-Frequency Trading Standards - High-frequency trading is defined by a threshold of 300 orders per second or 20,000 orders per day per account, based on international standards and regulatory practices [7][8]. Regulatory Considerations - The establishment of high-frequency trading standards focuses on effective regulation, ease of execution, and ongoing refinement of the rules based on market conditions and regulatory experiences [8][9]. Reporting Obligations - Investors engaged in high-frequency trading must fulfill additional reporting requirements, including details about their trading systems and emergency protocols, to ensure the security of the trading environment [9][10]. Equal Treatment for Investors - The "Implementation Rules" apply equally to both domestic and foreign investors under the Stock Connect program, ensuring consistent regulatory standards while accommodating differences between mainland and Hong Kong markets [11][12]. Integration with Previous Notifications - The new rules align with previously issued notifications regarding algorithmic trading reporting, providing clear guidance for market participants and ensuring a smooth transition to the new reporting system [12].