论证券市场程序化交易监管新规的若干重要问题

Research on Some Issues of the New Regulations on Programmed Trading Supervision in the Securities Market

程序化交易在我国证券市场应用的范围和深度都在逐步加强。2023年9月1日,中国证监会指导沪深京三大证券交易所分别出台了有关程序化交易的两个监管新规,即《关于加强程序化交易管理有关事项的通知》(管理通知),和《关于股票程序化交易报告工作有关事项的通知》(报告通知)。从监管法的角度论述监管新规对于程序化交易的若干重要方面,包括新规对于程序化交易最新的监管态度,对于程序化交易的定义,对于交易主体的界定,对于报告内容的具体分析,对于定量监管的要求,以及国际影响;并提出了监管法未来改进和完善的若干建议。

The scope and depth of the application of programmatic trading in China’s securities market are gradually strengthening.On September 1,2023,the China Securities Regulatory Commission guided the three major stock exchanges in Shanghai,Shenzhen,and Beijing to respectively introduce two new regulatory regulations related to programmatic trading,namely The Notice on Strengthening the Management of Programmed Trading(Management Notice)and The Notice on Relevant Matters of Stock Programmed Trading Reporting(Report Notice).From the perspective of regulatory law,this paper discusses several important aspects of the new regulatory regulations on programmatic transactions,including the latest regulatory attitude towards programmatic transactions,the definition of programmatic transactions,the definition of transaction subjects,specific analysis of report content,requirements for quantitative supervision,and international influence;and put forward several suggestions for future improvement and perfection of regulatory laws.