4万亿市场，大消息！沪深交易所发布

Core Viewpoint - The revised ETF risk management guidelines issued by the Shanghai and Shenzhen Stock Exchanges aim to enhance the safety and stability of the rapidly growing ETF market in China, which is valued at approximately 4 trillion yuan. The new regulations will take effect on August 1 of this year [2]. Group 1: Fund Manager Responsibilities - The guidelines strengthen the risk control requirements for fund managers operating ETFs, mandating careful management of the Purchase and Redemption List (PCF) and the establishment of robust internal control systems [5]. - Fund managers are required to set important parameters for the PCF prudently, including cash substitution indicators and guarantee ratios for cash substitutes during both purchase and redemption processes [6]. - A risk monitoring system with automatic alert functions must be established to oversee ETF operations, focusing on four key abnormal situations, such as irregular trading volumes and discrepancies between ETF prices and their indicative net asset values (IOPV) [6]. Group 2: Member Client Risk Management - The guidelines specify risk management requirements for member clients (investors trading through securities firms), urging members to enhance management systems and establish mechanisms for tracking client trading behavior [8]. - Members are required to create a list of ETFs for focused monitoring, adjusting it based on market conditions and trading anomalies, particularly for ETFs with significant price deviations from their net asset values [8]. - A classification management mechanism for clients engaging in high-frequency trading of monitored ETFs must be implemented, with special attention to clients frequently involved in rapid buy-sell or buy-redeem transactions [8].