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Source: Securities Times

The Shanghai and Shenzhen Stock Exchanges spoke out late at night!

Recently, there have been reports that the exchange is soliciting opinions from some market institutions on the differentiated charging plan for high-frequency trading, and some foreign institutions are concerned about inconsistent charging standards.

In this regard, the relevant person in charge of the Shanghai and Shenzhen Stock Exchanges said: We have paid attention to the above rumors. Since the beginning of this year, under the unified deployment of the China Securities Regulatory Commission, the exchanges have continued to strengthen the supervision of programmatic trading and promote the implementation of relevant policies and measures. At present, we are conducting research and demonstration on the differentiated charging scheme for high-frequency trading. We will adhere to the principle of consistency between domestic and foreign capital, treat all market participants fairly, improve the relevant charging mechanism on the basis of full evaluation and measurement, and enhance the pertinence of high-frequency quantitative trading supervision. There is no need to worry about unfair treatment. For the differentiated charging arrangements involving high-frequency trading institutions, we will fully listen to the opinions and suggestions of market institutions in the future and launch them in a smooth and orderly manner.

In June this year, the Shanghai, Shenzhen and North China Stock Exchanges respectively solicited public opinions on the "Implementation Rules for Program Trading Management (Draft for Comments)" (hereinafter referred to as the "Implementation Rules"). Securities Times reporters previously learned that the Shanghai, Shenzhen and North China Stock Exchanges have formulated targeted abnormal trading monitoring standards for program trading, which have been put into trial operation internally, and will release monitoring standards for abnormal program trading behavior in an appropriate manner in due course.

In fact, long before the draft of the Implementation Rules was published, on February 19 this year, the Shanghai and Shenzhen Stock Exchanges discovered during trading monitoring that the market index fell rapidly in a short period of time during the period when multiple products managed by Ningbo Lingjun sold a large number of stocks, affecting normal trading. In response, the exchanges took measures to restrict or suspend trading of relevant securities accounts under Ningbo Lingjun and publicly condemned it.

The reporter learned that my country's regulatory authorities have been paying attention to the development of quantitative trading, introducing a series of regulatory measures and gradually improving the legal system.

Editor: Chen Lixiang

Proofreading: Yang Shuxin