Group 1 - The core viewpoint of the news is the implementation of new regulations for quantitative trading by the three major exchanges in China, marking a new phase of strict regulation for algorithmic trading [1][2] - The new rules aim to enhance the supervision of algorithmic trading, promote its standardized development, and maintain market order and fairness [1] - Algorithmic trading, while providing liquidity to the market, poses risks such as technical, informational, and speed advantages for high-frequency traders over retail investors, leading to increased market volatility [1] Group 2 - The implementation details specify four types of abnormal trading behaviors, including abnormal instantaneous reporting rates, frequent instantaneous cancellations, frequent price manipulation, and large transactions within a short time frame [1] - The regulations focus on high-frequency trading, defining it based on specific thresholds for order submissions and cancellations, with differentiated management requirements for high-frequency trading investors [2] - Investors engaging in algorithmic trading are prohibited from affecting the security of the trading system or normal trading order, and from using algorithmic trading for insider trading or other illegal activities [2]