刚刚！上交所、深交所，发布业务指引！

Core Viewpoint - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have both issued guidelines to include Northbound investors in the scope of algorithmic trading reporting, aligning with the principles of consistency between domestic and foreign investors, which aims to enhance regulatory oversight and maintain market order [1][3]. Group 1: SSE Guidelines - On July 11, 2025, SSE released the "Guidelines for Algorithmic Trading Reporting for Northbound Investors," which is a significant step in implementing relevant regulations and improving the management of algorithmic trading [1]. - The guidelines maintain consistency with domestic investor reporting requirements while adapting to the practical differences between the mainland and Hong Kong markets, allowing sufficient preparation time for the market [2]. - The reporting will be based on the Northbound Investor Identification Code (BCAN) and will require Northbound investors to report through Hong Kong brokers, with the Hong Kong Stock Exchange facilitating the submission to SSE [2]. - Non-compliance with reporting obligations may lead to regulatory actions or disciplinary measures facilitated by the Hong Kong Stock Exchange [2]. - The guidelines will take effect on January 12, 2026, with existing investors required to complete their reports within three months of implementation [2]. Group 2: SZSE Guidelines - On July 11, 2025, SZSE issued the "Guidelines for Algorithmic Trading Reporting for Northbound Investors," which similarly aligns with the principles of consistency between domestic and foreign investors [3]. - The guidelines were developed after public consultation, incorporating feedback from both domestic and foreign investors, and include adjustments to certain clauses to fit the Hong Kong market context [4]. - Reporting will also utilize the BCAN code, with the same reporting pathway as SSE, requiring Northbound investors to report through Hong Kong brokers [4]. - SZSE will also take regulatory actions against non-compliant entities, with the Hong Kong Stock Exchange assisting in enforcement [4]. - The implementation date is the same as SSE's, with a three-month compliance window for existing investors [4]. Group 3: Future Steps - Both exchanges plan to enhance cross-border regulatory cooperation with the Hong Kong Stock Exchange and will conduct training to ensure smooth implementation of the guidelines [5].