4月3日，沪深北交易所发布了《程序化交易管理实施细则》（以下简称《实施细则》），《实施细则》坚持趋利避害、突出公平、从严监管、规范发展的 监管目标导向，对程序化交易报告管理、交易行为管理、信息系统管理、高频交易管理、沪股通管理、监督检查等作出细化规定。 记者从相关人士处了解到，交易所已就股票程序化异常交易行为制定具体监控指标，自2024年4月起开始试运行。从试运行情况看，触发相关指标的主要是 量化私募、券商自营等机构投资者，中小个人投资者基本未发生相关情况，投资者的正常交易行为不会受到影响。 01 突出公平，细化四类异常交易行为 《实施细则》立足于"中小投资者占绝大多数"这个最大国情市情，因势利导促进程序化交易规范发展。一方面，通过程序化交易报告制度、加强机构合规 风控管理、强化信息系统管理等安排，明确监管预期，促进程序化交易行业规范发展。另一方面，通过加强程序化交易监测监控、强化高频交易监管等方 式，更好保障交易安全，维护证券交易秩序和市场公平。 在异常交易认定方面，《实施细则》进行了细化，明确了瞬时申报速率异常、频繁瞬时撤单、频繁拉抬打压以及短时间大额成交四类异常交易行为的构成 要件。 一是瞬时申报速率异 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has officially released the "Implementation Rules for Algorithmic Trading Management," which is expected to have a neutral impact on the market and aligns with expectations, facilitating a smooth regulatory transition for algorithmic trading [1] Summary by Relevant Sections Algorithmic Trading Regulations - The "Implementation Rules" specify four key monitoring behaviors for algorithmic trading, particularly targeting high-frequency trading (HFT), while ensuring that normal trading activities of retail investors remain unaffected [1] - The rules will take effect on July 7, 2025, allowing ample time for business and technical preparations [1] High-Frequency Trading Standards - The BSE has set the HFT recognition standard at a maximum of 300 orders (including cancellations) per second per account, or a total of 20,000 orders per day per account [2] - This standard is based on both domestic and international market practices and aims to focus regulatory resources on a small number of high-frequency traders who have a significant market impact [2] Continuous Improvement and Monitoring - The "Implementation Rules" build on existing reporting systems for algorithmic trading and allow for adjustments in HFT recognition criteria and differentiated management requirements based on ongoing regulatory practices [3] Enhanced Regulatory Measures - The rules impose additional reporting obligations on investors engaged in HFT, requiring them to report server locations, system testing reports, and emergency plans [4] - Specific standards for abnormal trading behaviors have been established, including monitoring for frequent price manipulation and large transactions within short time frames [4] - The BSE may implement stricter self-regulatory measures for investors exhibiting abnormal trading behaviors and may require members to manage client trading activities more closely [4] Differentiated Fee Structure - A differentiated fee structure will be developed based on HFT recognition standards, potentially imposing higher fees for high-frequency traders to encourage reduced trading frequency and more regulated trading behavior [4]

4月3日，沪深北交易所发布了《程序化交易管理实施细则》（以下简称《实施细则》），《实施细则》坚持趋利 避害、突出公平、从严监管、规范发展的监管目标导向，对程序化交易报告管理、交易行为管理、信息系统管理、 高频交易管理、沪股通管理、监督检查等作出细化规定。 记者从相关人士处了解到，交易所已就股票程序化异常交易行为制定具体监控指标，自2024年4月起开始 试运行。从试运行情况看，触发相关指标的主要是量化私募、券商自营等机构投资者，中小个人投资者基 本未发生相关情况，投资者的正常交易行为不会受到影响。 突出公平，细化四类异常交易行为 《实施细则》立足于"中小投资者占绝大多数"这个最大国情市情，因势利导促进程序化交易规范发展。一 方面，通过程序化交易报告制度、加强机构合规风控管理、强化信息系统管理等安排，明确监管预期，促 进程序化交易行业规范发展。另一方面，通过加强程序化交易监测监控、强化高频交易监管等方式，更好 保障交易安全，维护证券交易秩序和市场公平。 在异常交易认定方面，《实施细则》进行了细化，明确了瞬时申报速率异常、频繁瞬时撤单、频繁拉抬打 压以及短时间大额成交四类异常交易行为的构成要件。 一是瞬时申报速率异 ...