2024-06-11 02:08:00
A couple of days in the past, the Shanghai and Shenzhen exchanges issued an announcement stating that as a way to strengthen the supervision of programmed buying and selling, promote the standardized growth of programmed buying and selling, and keep the order of securities buying and selling and market equity, they’ve formulated the “Implementation Guidelines for Programmed Buying and selling Administration” (known as the “Implementation Guidelines”). ) and publicly solicit opinions from the market.
Lately, as a way to standardize programmed buying and selling conduct, regulatory authorities have taken a number of measures to advertise the development of regulatory techniques in associated fields. Trade insiders stated that the continual enchancment of the regulatory framework within the discipline of programmatic buying and selling will assist optimize the expertise, data and velocity benefits of programmatic buying and selling in contrast with small and medium-sized buyers, additional shield the market and enhance investor confidence.
Six events refine supervision of programmed transactions
It’s reported that the issuance of the “Implementation Guidelines” follows the “Rules on the Administration of Programmed Transactions within the Securities Market (Trial)” (known as the “Administration Rules”) issued by the China Securities Regulatory Fee in Might this yr, and implements the brand new “Securities Regulation” and the “Administration Rules” “Provisions” and different particular necessities for the supervision of programmed transactions, that are comprehensively matched in content material and linked in an orderly method, and particular institutional measures are refined and improved. Along with related higher-level legal guidelines and related notices, they represent a system of guidelines for the supervision of programmed transactions.
General, the “Implementation Guidelines” have a complete of eight chapters and 45 articles, which primarily cowl six main facets: reporting administration, buying and selling conduct administration, data system administration, high-frequency buying and selling administration, Shanghai-Shenzhen Inventory Join programmed buying and selling administration, and regulatory inspection. .
Amongst them, by way of reporting administration, the “Implementation Guidelines” stipulate that the alternate implements reporting administration for programmed transactions. Earlier than conducting programmatic transactions for the primary time, member shoppers ought to report back to the member. If there are main modifications within the reported data, member shoppers should report the modifications to the member inside the specified time restrict, and the latter will report back to the alternate.
On the similar time, members should totally confirm buyer report data. The “Implementation Guidelines” require members to ascertain a programmatic transaction monitoring, identification and reporting verification mechanism. On the one hand, they’ll promptly uncover prospects who meet the reporting and alter reporting necessities; then once more, they’ll conduct penetrating verification of buyer identities, account fund data, and account transaction data. Examine with buying and selling software program data, and so forth.
After the alternate obtains the report data, along with well timed affirmation, it would additionally conduct common information screening to conduct constant comparisons between the buying and selling conduct of programmed buying and selling buyers and their reported buying and selling methods, frequencies and different data.
By way of buying and selling conduct administration, the “Implementation Guidelines” make clear the important thing monitoring gadgets of programmatic buying and selling – specializing in monitoring irregular buying and selling behaviors similar to irregular instantaneous submitting charges, frequent instantaneous order cancellations, frequent push-ups and suppressions, and enormous transactions in a brief time frame. On the similar time, it additionally clarifies the compliance and danger management obligations of establishments and members, in addition to the disposal measures taken by the alternate (together with suspension of buying and selling and buying and selling suspension) following programmed buying and selling results in main irregular fluctuations in securities transactions.
As well as, Shanghai-Shenzhen Inventory Join buyers who take part in programmatic transactions should additionally seek advice from the relevant “Implementation Guidelines” for administration. In keeping with the “Implementation Guidelines”, buyers in Shanghai and Shenzhen Inventory Join are topic to the identical transaction monitoring requirements as mainland buyers. By way of reporting routes, buyers in Shanghai and Shenzhen Inventory Join ought to report back to their Hong Kong brokers and supply them to the corresponding exchanges through the Hong Kong Inventory Trade. If this group fails to report in accordance with laws or engages in irregular buying and selling conduct, the Shanghai and Shenzhen Inventory Exchanges will prepare regulatory cooperation.
Implement differentiated supervision on high-frequency buying and selling
It’s price noting that for high-frequency buying and selling, which has attracted probably the most market consideration amongst programmed buying and selling, the “Implementation Guidelines” have additionally made particular provisions, additional clarifying the regulatory concepts of the earlier “Administration Rules” of the China Securities Regulatory Fee.
To begin with, the “Implementation Guidelines” clarified the requirements for high-frequency buying and selling. Buyers’ buying and selling behaviors that fall beneath any of the next circumstances are categorized as high-frequency buying and selling: First, the utmost variety of orders and cancellations per second for a single account reaches greater than 300 ; The second is that the utmost variety of orders declared and canceled in a single account in a single day reaches greater than 20,000; the third is different circumstances acknowledged by the alternate.
On the similar time, the “Implementation Guidelines” have made differentiated regulatory preparations for high-frequency buying and selling, together with further reporting necessities, strict administration of irregular buying and selling behaviors, and implementation of differentiated charging requirements. Amongst them, the “Implementation Guidelines” require buyers with high-frequency buying and selling to report the placement of the high-frequency buying and selling system server, the high-frequency buying and selling system take a look at report, the emergency plan when the high-frequency buying and selling system fails, and different data required by the alternate to report.
On the similar time, the alternate additionally acknowledged that it’ll implement key supervision on high-frequency buying and selling. If buyers have interaction in irregular buying and selling conduct throughout high-frequency buying and selling, the alternate might take strict self-regulatory administration measures in accordance with laws and require members to strengthen administration of related buyer buying and selling conduct. Members ought to strengthen real-time monitoring of high-frequency transactions. If buyers might have interaction in irregular buying and selling conduct stipulated within the “Implementation Guidelines” when conducting high-frequency buying and selling, members ought to instantly take efficient management and disposal measures in accordance with the entrustment settlement to keep away from affecting the safety of the alternate system or regular buying and selling order. Different establishments utilizing buying and selling models must also establish their very own accounts with high-frequency buying and selling and conduct strict administration.
“The implementation of differentiated supervision on high-frequency buying and selling is neither to exclude this buying and selling methodology nor to depart it alone, however to embody the thought of ’in search of benefits, avoiding disadvantages, and standardizing growth.'” Market Supervision of the China Securities Regulatory Fee Zhang Wangjun, director of the division, stated beforehand.
The institution of programmatic buying and selling supervision system continues to enhance
With the widespread use of recent data expertise, programmatic buying and selling has change into an vital buying and selling methodology. In keeping with trade insiders, programmatic buying and selling helps enhance market exercise and transaction effectivity, and in addition improves market liquidity to a sure extent. Nonetheless, programmed buying and selling, particularly high-frequency buying and selling, has apparent expertise, data and velocity benefits over small and medium-sized buyers. At some factors, there are additionally issues similar to strategic convergence and buying and selling resonance, which enhance market volatility.
Lately, as a way to standardize programmed buying and selling conduct, regulatory authorities have taken a number of measures to advertise the development of regulatory techniques in associated fields. In 2020, the brand new “Securities Regulation” was formally carried out. For the primary time, it made precept provisions on the supervision of programmed transactions, requiring buyers who conduct programmed transactions to report back to the inventory alternate and never have an effect on the safety of the alternate system or the traditional buying and selling order.
Subsequently, in February 2021 and September 2023, the Shanghai and Shenzhen Inventory Exchanges issued convertible company bonds and inventory market programmed buying and selling reporting notices respectively. The Beijing Inventory Trade additionally issued a inventory market programmed buying and selling reporting discover in September 2023. , set up a programmed transaction reporting system equivalent to the market.
In Might this yr, the China Securities Regulatory Fee issued the “Rules on the Administration of Programmed Transactions within the Securities Market (Trial)” to make total and framework institutional preparations for the supervision of programmed transactions within the securities market.
“Procedural buying and selling in China’s capital market began comparatively late, however it’s growing quickly. At present, the worth of inventory held by programmed buying and selling buyers accounts for regarding 5% of the full circulating market worth of A-shares, and the transaction quantity accounts for regarding 29%. For programmatic buying and selling, Strict supervision of transactions, particularly high-frequency buying and selling, is a standard follow in mature abroad markets. From the attitude of influence, its implementation has additionally weakened the expertise, data and velocity benefits of program buying and selling, particularly high-frequency buying and selling, over small and medium-sized buyers.
On the similar time, supervisory authorities have all the time maintained a strict tone and a “zero tolerance” high-pressure posture for unlawful actions that have an effect on the traditional buying and selling order of the market and harm the official rights and pursuits of buyers, and reply rapidly and strike onerous to related unlawful actions. On February 20 this yr, the Shanghai and Shenzhen Inventory Exchanges issued fines for irregular transactions of Ningbo Lingjun Funding Administration Partnership (Restricted Partnership), carried out measures to droop or limit buying and selling and initiated public condemnation procedures.
Tian Lihui, dean of the Institute of Monetary Growth at Nankai College, stated that strengthening the supervision of programmed buying and selling, particularly high-frequency buying and selling, is a practical alternative primarily based on nearly all of small and medium-sized buyers within the Chinese language market. The implementation of related measures can also be a manifestation of defending the market. .
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