The three major stock exchanges have introduced self-discipline management rules to comprehensively advance the supervision of program trading.

On April 3, the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange introduced self-regulation rules to comprehensively promote the supervision of program trading. Next, the three major exchanges will continue to summarize their experiences based on market practices, continually research and improve the relevant supervision arrangements for program trading, effectively protect investors' rights, and promote the healthy and stable operation of the capital market. Original text: Shanghai Stock Exchange introduces self-regulation rules to comprehensively promote the supervision of program trading In order to earnestly implement the spirit of the 20th Third Plenary Session of the Party, the Central Financial Work Conference and the new "National Nine Articles" requirements, implement the various regulatory requirements of the China Securities Regulatory Commission's "Regulations on the Management of Program Trading in the Securities Market (Trial)" (hereinafter referred to as the "Regulations"), comprehensively strengthen the supervision of program trading, promote its standardized development, maintain the order of securities trading and market fairness, protect the legitimate rights and interests of investors, under the overall guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange officially released the "Implementation Rules for Program Trading Management of the Shanghai Stock Exchange" (hereinafter referred to as the "Implementation Rules"), and simultaneously solicited opinions on the relevant supporting business rules. The formal release of the "Implementation Rules" ensures the effectiveness of the "Regulations" The "Implementation Rules" focus on strong supervision, risk prevention, and promotion of high-quality development, adhere to the regulatory goal orientation of "seeking benefits and avoiding harm, emphasizing fairness, strict supervision, and standardized development," and make detailed provisions on program trading report management, transaction behavior management, information system management, high-frequency trading management, Shanghai-Hong Kong Stock Connect management, supervision and inspection, highlighting institutional fairness to ensure the effectiveness of the "Regulations". Earlier, the Shanghai Stock Exchange publicly solicited opinions on the "Implementation Rules" and through discussions, research, and other means, fully listened to the opinions and suggestions of domestic and foreign investors and market institutions. Overall, all parties supported, believing that the "Implementation Rules" addressed market concerns and helped promote the standardized development of program trading. Some of the suggestions have been absorbed and adopted, and the wording of some articles has been improved. Some suggestions pertain to understanding articles, consulting procedures, etc., and the Exchange will promptly conduct training to improve rule interpretation. Consistency between domestic and foreign capital, detailed arrangements for Shanghai-Hong Kong Stock Connect investor reports In order to clarify the arrangements for Shanghai-Hong Kong Stock Connect investor reports, based on the principle of consistency between domestic and foreign capital, after full communication with the Hong Kong Stock Exchange, the Shanghai Stock Exchange drafted the "Guidelines for Shanghai Stock Exchange Securities Trading Rules No. 2 - Shanghai-Hong Kong Stock Connect Investor Program Trading Report (Draft for Comments)" and publicly solicited opinions from the market. The "Guidelines" generally conform to the relevant provisions of existing domestic program trading reports, while taking into account the practical differences between the mainland and Hong Kong markets, making adaptive adjustments to some terms and reporting fields, and allowing sufficient preparation time for the market. Regarding the subject of the report, reports are based on the Northbound Investor Identification Code (BCAN code). In terms of report path, reports are submitted by Northbound investors to Hong Kong brokers, and then provided to the Shanghai Stock Exchange by the Hong Kong Stock Exchange. The content and regulatory requirements of the reports are consistent with the overall domestic regulations. For those who fail to fulfill their report or amendment obligations as required, or provide incomplete report information in violation of relevant regulations, the Shanghai Stock Exchange may request the Hong Kong Stock Exchange to take self-regulatory measures. In the future, the Shanghai Stock Exchange will carefully collect and evaluate relevant feedback and continue to improve the publication of the "Guidelines". Next, the Shanghai Stock Exchange will continue to summarize their experiences based on market practices and continue to improve the supervision arrangements for program trading, effectively protecting investors' rights and promoting the healthy and stable operation of the capital market. Shenzhen Stock Exchange introduces self-regulation rules to comprehensively promote the supervision of program trading In order to earnestly implement the spirit of the 20th Third Plenary Session of the Party, the Central Financial Work Conference and the new "National Nine Articles" requirements, and implement the relevant regulatory requirements of the China Securities Regulatory Commission's "Regulations on the Management of Program Trading in the Securities Market (Trial)" (hereinafter referred to as the "Regulations"), the Shenzhen Stock Exchange (hereinafter referred to as the Shenzhen Stock Exchange) recently officially released the "Implementation Rules for Program Trading Management of the Shenzhen Stock Exchange" (hereinafter referred to as the "Implementation Rules") under the overall guidance of the China Securities Regulatory Commission, and simultaneously solicited opinions on the relevant supporting business rules. The formal release of the "Implementation Rules" ensures the effectiveness of the "Regulations" The "Implementation Rules" focus on strong supervision, risk prevention, and promotion of high-quality development, adhering to the overall idea of program trading supervision of "seeking benefits and avoiding harm, emphasizing fairness, strict supervision, and standardized development," making detailed provisions on program trading report management, transaction behavior management, information system management, high-frequency trading management, Shenzhen-Hong Kong Stock Connect management, supervision and inspection, highlighting institutional fairness to ensure the effectiveness of the "Regulations". Earlier, the Shenzhen Stock Exchange publicly solicited opinions on the "Implementation Rules" and through discussions, research, and other means, fully listened to the opinions and suggestions of domestic and foreign investors and market institutions. The feedback from the market was generally positive, with many believing that the "Implementation Rules" addressed market concerns and helped promote the standardized development of program trading. The Shenzhen Stock Exchange carefully reviewed and summarized the feedback, studied and classified it item by item, some suggestions were absorbed and adopted, and the wording of some articles was improved. Some suggestions pertain to understanding articles, consulting procedures, etc., and the Shenzhen Stock Exchange will promptly conduct training, ensure rule interpretation. Consistency between domestic and foreign capital, detailed arrangements for Shenzhen-Hong Kong Stock Connect investor reports In order to clarify the arrangements for Shenzhen-Hong Kong Stock Connect investor reports, based on the principle of consistency between domestic and foreign capital, after full communication with the Hong Kong Stock Exchange, the Shenzhen Stock Exchange drafted the "Guidelines for the Shenzhen Stock Exchange Securities Trading Business Guide No. 3 - Shenzhen-Hong Kong Stock Connect Investor Program Trading Report (Draft for Comments)" and publicly solicited opinions from the market. The "Guidelines" generally conform to the relevant provisions of existing domestic program trading reports, while taking into account the practical differences between the mainland and Hong Kong markets, making adaptive adjustments to some terms and reporting fields, and allowing sufficient preparation time for the market. Regarding the subject of the report, reports are based on the Northbound Investor Identification Code (BCAN code). In terms of report path, reports are submitted by Northbound investors to Hong Kong brokers, and then provided to the Shenzhen Stock Exchange by the Hong Kong Stock Exchange. The content and regulatory requirements of the reports are consistent with the overall domestic regulations. For those who fail to fulfill their report or amendment obligations as required, or provide incomplete report information in violation of relevant regulations, the Shenzhen Stock Exchange may request the Hong Kong Stock Exchange to take self-regulatory measures. In the future, the Shenzhen Stock Exchange will carefully collect and evaluate relevant feedback and continue to improve the publication of the "Guidelines".If a subject violates relevant regulations such as the obligation to report changes and incomplete reporting information, the Shenzhen Stock Exchange may request the Hong Kong Stock Exchange to take self-discipline measures. Subsequently, the Shenzhen Stock Exchange will conscientiously collect and evaluate relevant feedback and improve the release of the "Reporting Guidelines".Next, the Shenzhen Stock Exchange will continue to summarize experiences based on market practices, continuously improve the regulatory arrangements related to program trading, effectively protect the rights and interests of investors, and promote the healthy and stable operation of the capital market. Beijing Exchange Releases Self-regulatory Management Rules to Fully Promote Program Trading Supervision In order to conscientiously implement the spirit of the Third Plenary Session of the 20th Central Committee, the Central Financial Work Conference and the new "Nine Nationalities" requirements, implement the relevant regulatory requirements of the China Securities Regulatory Commission's "Regulations on Program Trading Management in Securities Markets (Trial Implementation)" (hereinafter referred to as the "Regulations"), strictly strengthen program trading supervision, promote the standardized development of program trading, maintain the order of securities trading and market fairness, protect the legitimate rights and interests of investors, and under the overall guidance of the China Securities Regulatory Commission, the Beijing Stock Exchange (hereinafter referred to as the Beijing Exchange) recently officially released the "Beijing Stock Exchange Implementation Rules for Program Trading Management" (hereinafter referred to as the "Implementation Rules"). Focusing on strong supervision, risk prevention, and promoting high-quality development, the "Implementation Rules" adhere to the overall idea of program trading supervision of "seeking benefits, avoiding harm, emphasizing fairness, strict supervision, and standardized development", and make detailed provisions on program trading report management, trading behavior management, information system management, high-frequency trading management, supervision and inspection, highlighting institutional fairness and ensuring the effectiveness of the "Regulations". Previously, the Beijing Exchange solicited public opinions on the "Implementation Rules" and fully listened to the opinions and suggestions of domestic and foreign investors and market institutions through discussions and research. Overall, various parties support the "Implementation Rules", believing that they address market concerns and will help promote the standardized development of program trading. Some of the suggestions have been absorbed and adopted, and some belong to issues related to the interpretation of clauses, consultation on processes, etc. The Exchange will conduct timely training and rule interpretation. Next, the Beijing Exchange will continue to summarize experiences based on market practices, continuously study and improve the relevant regulatory arrangements for program trading, effectively protect the rights and interests of investors, and promote the healthy and stable operation of the capital market. This article is selected from the official WeChat accounts of the Shanghai, Shenzhen, and Beijing Stock Exchanges. Editor: Xu Wenqiang.