文 / 全国政协委员、全国政协经济委员会委员，中泰证券股份有限公司董事、总 经理 冯艺东 规范的量化交易对市场涨跌走势并无主观偏好，对增强市场流动性和降低 市场波动性具有一定积极作用。本文从量化交易的定义与发展历程出发， 结合其对市场的正面与负面影响，对比分析国际监管经验，提出以分类监 管、风险监测、信息披露为核心的制度优化建议，旨在推动量化交易在规 范中实现高质量发展，进一步平衡市场效率与公平。 量化交易的发展历程 中国量化投资发展历经二十年政策演进与技术突破的双重驱动。2005年前后，首批量化基金引入海外动 量策略、趋势跟踪等模型，但受限于数据体系缺失和市场基础薄弱，发展相对缓慢。2010年前后，沪深 股指期货上市，丰富了风险对冲工具，丰富了量化策略空间。随后，证监会发布《期货市场异常交易监 控指引》《程序化交易认定指导意见》等制度框架，量化投资获得规范发展空间。此时互联网与大数据 技术发展迅速，程序化交易开始借助计算机算力不断突破，多样的交易策略开始相继发展。 2015年行业迎来关键转折，监管层出台《证券期货市场程序化交易管理办法》构建申报核查、指令审核 等全流程监管体系，七大证券、期货交易所同步推出实 ...

Group 1 - Saudi Arabia is intensifying efforts to attract high-frequency trading firms to boost trading activity in the region's largest stock market [1][3] - Major players such as Citadel Securities and Hudson River Trading are already involved, indicating a growing interest from international participants [1] - The Tadawul Group is modifying its derivatives market framework based on feedback from these firms and expanding its international roadshow to include Asian markets [1][3] Group 2 - The Tadawul exchange has launched a co-location service, allowing trading firms to host servers near the exchange's matching engine, which is crucial for high-frequency strategies [4] - As of April, the average daily trading volume on Tadawul was approximately $1.7 billion, with high-frequency trading accounting for 25% of daily trading volume, significantly lower than the global average [4] - The exchange is working with firms like Morgan Stanley and Merrill Lynch to enhance liquidity and price discovery capabilities [4] Group 3 - Introducing more high-frequency trading firms is seen as key to enhancing liquidity, as these firms can deploy proprietary trading books without bank restrictions [5] - Tadawul is also launching more ETFs tracking Saudi stocks and striving to increase the number of listed companies [5] - With improved infrastructure, liquidity is expected to significantly increase, potentially transforming the exchange's trading volume in five years [5]

一、证监会终于发力，证监会副主席王建军被查！ 市场上那些高频交易、资金操纵之类的乱七八糟的事儿，把普通散户搞得晕头转向，涨跌脉冲让人摸不着头脑，甚至有人调侃说"刚进场就被套"。现在这些 问题终于被摆上台面来解决，这对市场信心是个大好事。 五一假期结束后开市，大股东们就拿到了上市公司的控股权、决策权和经营管理权，享受高薪、高福利，还能拿分红，那叫一个名利双收。不过，他们应该 先把公司做大做强，对得起投资者。在没给投资者带来回报之前，就别想着减持套现。 二、上周大盘表现震荡分化，三大指数涨跌互现。 节前最后一个交易日，两市总成交额达到1.17万亿，比前一天多了1472亿。持股过节的人多了，说明场内资金对五月的行情并不悲观。再加上小长假期间外 盘普遍反弹，港股在科技股的带领下也迎来了开门红。 假期中间，离岸人民币大幅升值近680个基点，人民币在大幅升值的同时，美元却出现了贬值，说明有资金正在抛售美元买入人民币。 人民币升值对于股市来说，肯定是利好，过了一个假期，目前所有的消息都在预示着，节后A股将会迎来一波全新的行情。 节前最后一天，由于银行板块的大幅跳水，导致上证指数最终收绿，虽然指数收绿，但是大量的中小盘题材股 ...

【要闻盘点】 美"关税乱拳"伤害世界经济！特朗普：并非故意操纵市场抛售，已与欧洲和亚洲领导人交谈关税问题 美国关税政策落地对A股上市公司影响几何？一些来自钢铁、信息通信、汽车、电力设备、农药化肥、 家电、食品饮料行业的公司均表示，整体影响有限。因为有些公司对美业务收入占比较小，也有一些商 品暂不受此次"对等关税"约束，还有些公司则持续加快国产替代进程。也有公司表示，将持续关注国际 贸易形势的变化，特别是各国关税政策的变化，动态优化出口策略，有效防范海外经营风险。 相关报道： "对等关税"！A股公司见招拆招，逾30家上市公司回应 "黑色星期一"如期而至！美股期货大幅低开，纳指期货暴跌5%，铜油暴跌，黄金下跌逼近3020美元 美国"对等关税" 政策施压 多个行业相关上市公司灵活应变 欧盟或展开首次反击！可能对高达280亿美元的美国进口商品采取对策 外媒：关税或将致美国日用品全面涨价 三大交易所程序化交易管理细则7月7日起实施 为全面从严加强程序化交易监管，促进其规范发展，在证监会的统筹下，沪深北交易所日前发布程序化 交易管理实施细则，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、监督检查 等事项 ...

Core Viewpoint - The article emphasizes the importance of early investment learning and the necessity of enduring a seemingly "wasted" period of time, which can last for a decade or more, to truly understand the market dynamics and develop a solid investment framework [2][14]. Group 1: Investment Learning Process - Investors often need to experience at least two market bubbles to accumulate sufficient experience and abandon their speculative mindset, transitioning to rational trading based on asset value [6][12]. - The learning process in the stock market is heavily influenced by bull and bear cycles, which can span five to ten years, requiring investors to navigate through at least two complete cycles to "graduate" [6][14]. - The feedback in investment learning is often delayed, making it challenging for investors to see immediate results from their efforts, especially if they enter the market during a bear phase [6][14]. Group 2: Market Behavior and Psychology - Initial market experiences can lead to emotional reactions, with the first cycle often driven by instinct rather than learned behavior, while the second cycle tests whether investors have truly absorbed lessons and can manage their emotions [13][15]. - The article discusses how the timing of entering the market can significantly affect learning experiences, with those starting during favorable conditions potentially having a more straightforward learning curve compared to those entering during challenging periods [7][8]. Group 3: Investment Strategies and Approaches - The concept of "light positions" during the initial learning phase is advocated to control trial-and-error costs and maintain psychological flexibility, allowing investors to view gains and losses from a broader perspective [15]. - The article suggests that the essence of investing is a game against oneself, and the first ten years should be viewed as a time for learning rather than immediate profit [15].