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证券时报·2025-07-11 11:21

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have released the "Guidelines for Programmatic Trading Reporting for Northbound Investors" which will be implemented on January 12, 2026, aiming to enhance the regulation of programmatic trading and ensure market fairness [1][4]. Group 1: Implementation and Regulation - The guidelines are a significant step in implementing the Securities Law and related regulations, aimed at consolidating the regulatory framework for programmatic trading [4]. - The guidelines align with existing reporting regulations while adapting to the realities of the Hong Kong market, allowing for necessary adjustments in reporting fields [6]. Group 2: Reporting Requirements - The guidelines specify the reporting content, timelines, and pathways for Northbound investors, with a focus on using the Northbound Investor Identification Code (BCAN) for reporting [8][9]. - Reports must be submitted by Northbound investors to Hong Kong brokers, who will then relay the information to the Shanghai and Shenzhen Stock Exchanges [10]. Group 3: Market Feedback and Training - Prior to the release, the exchanges solicited feedback from market participants, which was largely positive, indicating that the guidelines will promote the standardized development of programmatic trading [13]. - The exchanges plan to conduct training sessions to clarify the rules and ensure smooth implementation of the guidelines [15][16].