megawaysslotscasino| The China Securities Regulatory Commission is fully mobilized! Small and medium investors enjoy more benefits

Special topic: heavy weight! After 10 years! The State Council issued another guiding document on the capital market.

Cui Wenjing, author of the 21st Century Economic report

SFC fully mobilizes

According to the official Weibo of the Securities Regulatory Commission @ released by the Securities Regulatory CommissionMegawaysslotscasinoRecently, the CSRC held a mobilization and deployment meeting and policy training meeting for the implementation of the "1n" policy document to study in depth the "opinions of the State Council on strengthening supervision and risk prevention to promote the high-quality development of the capital market" and supporting documents, to study and deploy the implementation of the CSRC system. Wu Qing, secretary of the party committee and chairman of the CSRC, attended the meeting and made a speech. Members of the party committee team of the CSRC attended the meeting.

The meeting demanded that the implementation of the new "National Nine articles" should be combined with the implementation of the spirit of the Central Financial work Conference, with the construction of the capital market system, plugging loopholes, and making up for shortcomings, so as to improve the basic institutional system of the capital market. efforts should be made to enhance the inherent stability of the capital market. It is necessary to further refine the timetable and implementation measures for various tasks, strengthen policy training and propaganda, do a good job in the formulation, revision, issuance and implementation of supporting rules, and step up efforts to promote the orderly landing of all key tasks. It is necessary to adhere to systematic thinking, strengthen overall planning and coordination, take the initiative to communicate and link up with relevant ministries and commissions and local governments, and promote the formation of a joint force for the implementation of the new "National Nine articles." It is necessary to adhere to the blade inward, strengthen self-building, further promote the comprehensive strict administration of the party and the struggle against corruption, strictly improve the management of departing personnel, and deepen special rectification such as the "revolving door" and "escape resignation" of politics and business. to create an iron army of supervision with excellent politics, ability, and work style.

Small and medium-sized investors enjoy more benefits

Wu Qing, chairman of the Securities Regulatory Commission, said in his public "debut" that quantitative trading is a hot issue, and how to seek advantages and avoid disadvantages according to our national conditions and city conditions, further highlight fairness, effectively carry out supervision, and standardize development. Institutional arrangements need to be further improved.

Only more than 30 days later, the CSRC issued a heavy policy, making comprehensive and systematic regulations on quantitative trading supervision, aimed at seeking advantages and avoiding disadvantages, highlighting fairness, promoting the development of procedural trading norms, and better protecting the interests of medium and small investors.

On April 12, the CSRC issued the provisions on the Management of programmed transactions in the Securities Market (trial) (draft for soliciting opinions) (hereinafter referred to as the "Management provisions"). Zhang Wangjun, director of the first Department of Market Supervision of the China Securities Regulatory Commission, said that the characteristics of the "management regulations" can be summarized as "four highlights", namely, highlighting the maintenance of fairness, highlighting the whole chain of supervision, highlighting the focus of supervision, and highlighting the implementation of systematic policies.

In the view of people in the industry, the introduction of "management regulations" will promote the development of quantitative trading, especially high-frequency quantitative trading, which is a great benefit for the broad masses of investors, especially individual investors. it fully demonstrates the concept that supervision is based on the interests of investors.

New rules on quantitative trading benefit small and medium-sized investors

In recent years, the procedural transaction based on quantitative transaction has developed rapidly in China's capital market, and the scale continues to increase, at the same time, the quantitative transaction income is also obviously better than the subjective transaction. Because quantitative trading has the characteristics of large amount of money and high turnover rate, some negative voices about quantitative trading have been on the rise since September 2023.

Compared with ordinary investors, quantitative trading has obvious advantages in technology, information and transaction speed, which objectively brings "unfair" results to other investors. Zhang Wangjun, director of the first Department of Market Supervision of the China Securities Regulatory Commission, said that there are 2.Megawaysslotscasino.25 billion investors, with small and medium-sized retail investors accounting for more than 99%, it is all the more necessary to strengthen supervision over procedural transactions and maintain an "open, fair and just" market order, which is a concrete manifestation of the political and popular nature of capital market supervision.

On April 12, the Securities Regulatory Commission issued the "Management regulations". This is another important new rule for quantitative trading since the three major exchanges issued the notice on matters related to the report on programmed Trading of stocks and the notice on strengthening the Management of programmed Trading (hereinafter collectively referred to as "notice") on September 1, 2023.

In the eyes of people in the industry, the release of the "notice" at that time was to make additional reporting requirements for high-frequency trading. According to its regulations, if the maximum declaration rate of investors in programmed transactions is more than 300 per second or the maximum number of declarations per day is more than 20000, the exchange will take measures such as adjusting the identification standards for abnormal transactions and increasing the contents of procedural transaction reports. Nowadays, the release of the "Management regulations" puts forward more normative requirements for quantitative trading, especially high-frequency quantitative trading, which is conducive to reducing the advantages of procedural trading investors over ordinary investors. in turn, it helps to safeguard the interests of the majority of investors, especially medium and small investors.

Northbound funds should be brought into the scope of procedural transaction supervision.

At the same time, another bright spot of the new quantitative trading rules is to bring northbound funds into the scope of procedural trading regulation. In February this year, the press release issued by the three major exchanges made it clear that they would implement reporting management for northward procedural trading investors in accordance with the "principle of consistency between domestic and foreign capital."

The "Management regulations" issued by the CSRC further refine the northward procedural transaction management, including the inclusion of programmed transaction report management, the implementation of transaction monitoring standards, and cross-border regulatory cooperation on its abnormal trading behavior.

Zhang Wangjun, director of the first Department of Market Supervision of the China Securities Regulatory Commission, said that the supervision of northward procedural transactions is not to treat northward investors differently, nor to treat them differently, but to treat them equally. a concrete manifestation of the fairness of trading and regulation by all kinds of investors. In practice, many quantitative trading institutions invest through the Shanghai-Shenzhen-Hong Kong Stock Connect channel, and northbound funds are not included in the procedural trading supervision. Prior to this, some market participants called for strengthening northward capital supervision to enhance the consistency of domestic and foreign supervision. In the view of people in the industry, this provision further highlights the principle of equal treatment of domestic and foreign capital.

Fees for high-frequency trading have increased, and the identification standard for abnormal transactions has been adjusted.

This time, there are quite a lot of "management regulations", which are closely related to quantitative trading institutions, securities companies, and the majority of investors. Zhang Wangjun, director of the first Department of Market Supervision of the China Securities Regulatory Commission, said that the regulations fully draw lessons from the experience of international market supervision and put forward stricter differentiated regulatory requirements for high-frequency trading in order to maintain market fairness and trading order.

First of all, behaviors such as high-frequency trading that excessively take up system resources will be charged more.

The "Management provisions" are clear, adapt to the characteristics of high-frequency trading, implement differential charges for high-frequency trading, and appropriately raise the standard of transaction fees.

Quantitative trading strategy is divided into low frequency, intermediate frequency and high frequency, which regulates the trading behavior of high frequency quantification. From the perspective of overseas regulatory practice, some exchanges in the European Union and the United States have implemented differential charges for high-frequency trading. In the view of people in the industry, standardizing and quantifying high-frequency trading can reduce the abnormal volatility of small and medium-sized stocks, help to stabilize stock prices and safeguard the interests of medium and small investors; at the same time, the adjustment of this charging mechanism is conducive to realizing the fairness of investors' commitment to market costs.

Secondly, the standard for the identification of abnormal transactions should be adjusted to focus on monitoring abnormal procedural trading behaviors that may harm the interests of other investors.

The current public identification standard of abnormal trading is mainly aimed at the trading behavior of a single account and a single stock, and does not adapt to procedural trading. In this regard, the "Management regulations" require to improve the identification standards of abnormal transactions, enhance the pertinence of transaction monitoring indicators, and focus on monitoring abnormal procedural transactions that may harm the interests of other investors.

It is worth noting that the relevant monitoring indicators focus on high-frequency trading behavior and other key few, will not affect the normal trading demand of the market, ordinary investors will have no sense of monitoring.

Securities firms shall not provide special facilities for quantitative transactions

The Regulation is mainly aimed at quantitative trading institutions, but it also puts forward some requirements for securities companies.

What is typical is that it is clear that securities companies should make rational use of host trading escrow resources and provide transaction unit services for all kinds of investors in accordance with the principle of fairness and reasonableness, and shall not provide special convenience for programmed trading investors.

In the view of people in the industry, this helps to urge securities companies to allocate resources rationally and ensure fair transactions between different customers.

(some of the information comes from @ released by the SFC)

Tags:

Prev: cactuspetesresortcasino|PET商品报价动态（2024-04-13）
Next: livecasinosupersicbo|权益基金一季报，"迷你基"竟打头阵！业绩乏善可陈，有何启示？