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Core Viewpoint - The implementation of the new regulations on algorithmic trading aims to enhance market fairness and stability by reducing the excessive advantages of algorithmic trading over ordinary investors, while also mitigating market manipulation and speculation [2][4]. Group 1: Implementation Details - The new algorithmic trading management rules will officially take effect on July 7, 2025, allowing a three-month transition period for market participants to adapt and prepare [1]. - The Shanghai Stock Exchange has specified criteria for identifying high-frequency trading, including thresholds for order submission and cancellation rates [5][6]. Group 2: Regulatory Measures - Enhanced monitoring and reporting obligations will be imposed on investors engaging in high-frequency trading, requiring them to disclose server locations, system test reports, and emergency plans [6]. - Specific abnormal trading standards have been established to address the rapid order submission and cancellation characteristics of high-frequency trading [7]. - The exchange will implement stricter self-regulatory measures for abnormal trading behaviors and may require members to manage client trading activities more rigorously [8]. Group 3: Impact on Investment Firms - The new regulations will impose stricter compliance requirements on quantitative private equity funds, prompting firms to enhance their risk management systems and governance capabilities [9]. - The costs associated with high-frequency trading strategies are expected to rise significantly due to the new reporting and regulatory standards, necessitating a reassessment of profitability [9]. Group 4: Guidance for Brokers - The China Securities Association has issued a model agreement for algorithmic trading to guide brokers in standardizing their practices and clarifying the rights and responsibilities of all parties involved [10][11]. - The model agreement includes provisions on trading behavior management, high-frequency trading management, and breach of contract responsibilities [12][13].