北向资金，程序化交易新规落地

Core Viewpoint - The article discusses the implementation of a new regulatory framework for algorithmic trading by the Shanghai and Shenzhen Stock Exchanges, which will require Northbound investors to report their algorithmic trading activities starting January 12, 2026 [1][5]. Group 1: Regulatory Framework - The new reporting guidelines for algorithmic trading are aimed at ensuring that both domestic and foreign investors adhere to the same reporting obligations, thereby enhancing the transparency of algorithmic trading activities in the Shanghai market [2][6]. - The guidelines were developed after public consultation and are designed to align with existing domestic reporting requirements while accommodating the differences between the mainland and Hong Kong markets [2][6]. Group 2: Reporting Requirements - The report will require Northbound investors to provide core information based on their unique identification code (BCAN code) [3]. - The reporting process involves Northbound investors reporting to their Hong Kong brokers, who will then relay the information to the Shanghai Stock Exchange [4]. Group 3: Information to be Reported - The report must include five main categories of information: 1. Basic information such as investor name and broker client code 2. Funding information including scale and source of funds 3. Trading information detailing trading strategies and execution methods 4. Trading software information including software name and version 5. Any other information required by the exchanges [6][7]. Group 4: Compliance and Enforcement - Investors are required to report any significant changes to the information provided, with a particular focus on high-frequency trading systems [7]. - The exchanges will conduct regular data checks to ensure consistency between reported trading strategies and actual trading behavior, with potential disciplinary actions for non-compliance [7].