SSE Quantitative Securities Trading

Updated on: Apr 8, 2025

Latest Event


  • Apr. 3, 2025 Finalized Measures
  • On Apr. 3, 2025, SSE and SZSE published the finalized implementation rules on quantitative trading, also known as the program trading management measures.
  • Published answers to reporters' questions, and highlighted key points of the measures.
  • The measures will be effective from Jul. 7, 2025.
  • On the same day, HKEX issued circular to inform China connect exchange participants (CCEPs) and trade-through exchange participants (TTEPs) of the measures above.
  • CCEPs and TTEPs can verify their own systems in the end-to-end testing environment on an optional basis from Apr. 22, 2025 to May 16, 2025 to ensure readiness.
  • On Apr. 3, 2025, SZSE drafted guidelines re stock program trading report, #249640.

On Jun. 7, SSE drafted rules on quantitative securities trading.

  • SSE drafted implementation rules on the quantitative trading in the securities market.
  • The implementation rules complement and connect the relevant contents of the Regulations on the administration of quantitative trading in securities market (trial).
  • Follows CHI CSRC May 2024 issued rules re quantitative trading supervision, #208202.
  • Implementation Rules
  • Provides for the reporting content, reporting timeframe, change reporting and other requirements for quantitative trading investors; reporting responsibilities for clients.
  • Clarifies compliance risk control responsibilities of institutions/members re abnormal quantitative quantitative trading behaviors such as abnormal instantaneous declaration rate, frequent instantaneous order withdrawal, and frequent lifting and suppression.
  • Specifies testing requirements of quantitative trading systems; stipulates member return monitoring, trading unit management, and host hosting resource management.
  • Specifies differentiated management requirements for high-frequency trading management such as additional reporting and increased transaction fees are proposed.
  • Shanghai-HK stock connect investors shall comply with the implementation rules.
  • SSE conduct on-site/off-site inspections of entities engages in quantitative trading.
  • Effectiveness
  • Consultation closes on Jun. 14, 2024.
  • Jun. 7, 2024 SZSE Consultation
  • On Jun. 7, 2024, SZSE also drafted implementation rules on quantitative trading.
  • Proposal is the same as SSE's above, applicable to Shenzhen-Hong Kong stock connect.
  • Consultation closes on Jun. 14, 2024.
  • Document dated Jun. 7, 2024, received from SZSE Jun. 14, summarized on Jun. 18.
  • Apr. 3, 2025 Finalized Measures
  • On Apr. 3, 2025, SSE and SZSE published the finalized implementation rules on quantitative trading, also known as the program trading management measures.
  • Published answers to reporters' questions, and highlighted key points of the measures.
  • The measures will be effective from Jul. 7, 2025.
  • On the same day, HKEX issued circular to inform China connect exchange participants (CCEPs) and trade-through exchange participants (TTEPs) of the measures above.
  • CCEPs and TTEPs can verify their own systems in the end-to-end testing environment on an optional basis from Apr. 22, 2025 to May 16, 2025 to ensure readiness.
  • On Apr. 3, 2025, SZSE drafted guidelines re stock program trading report, #249640.
Regulators
HKEX; SSE; SZSE
Entity Types
B/D; CNSM; Exch
Reference
RN SSE No. 52 (2025), SZSE No. 292 (2025), Cir MSM/004/2025, 4/3/2025; CP, RN SSE No. 21 (2024), SZSE No. 451 (2024), 6/7/2024
Functions
Compliance; Exams; Financial; Operations; Reporting; Risk; Technology; Trade Reporting; Trading; Treasury
Countries
China; Hong Kong; Cross-Border
Category
State
N/A
Products
Equity; Securities
Rule Type
Final
Regions
AP
Rule Date
Jun 7, 2024
Effective Date
Jul 7, 2025
Rule ID
215271
Linked to
Reg. Last Update
Apr 3, 2025
Report Section
International