【中英文对照版】证券市场程序化交易管理规定(试行).docx

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1、证券市场程序化交易管理规定(试行)ProvisionsontheAdministrationofAlgorithmicTradingintheSecuritiesMarket(forTrialImplementation)制定机关：中国证券城H管理奏员会发文字号：中国证券监督管理支员会公告2024)8号公布日期：2024.05.11施行日期：2024.10.08效力住阶：部门规范性文件法奴.类别：证券住合规定IssuingAuthorityChinaSecuritiesRegulatoryCommissionDocumentNumber：/XnnouncementNo.8(2024)ofthe

2、ChinaSecuritiesRegulatoryCommissionDateIssued:05-11-2024EffectiveDate：10-08-20241.evelofAuthorityDepartinenialRegulatoryDocumentsAreaof1.aw：GeneralProvisionsOnSecuritiesChinaSecurities中国证券监督管理委员会公告AnnouncementoftheRegulatoryCommission(No.82024)(2024)8号)TheProvisionsontheAdministrationofAlgorithmicTr

3、adingintheSecuritiesMarket(forTrialImplementation)areherebyissuedandshallcomeintoforceonOctober8,2024.现公布证券市场程序化交易管理规定（试行），自2024年10月8日起施行。ChinaSecuritiesRegulatoryCommission中国证监会May11,20242024年5月11日Annex 1: ProvisionsontheAdministrationofAlgorithmicTradingintheSecuritiesMarket(forTrialImplementation

4、)Annex 2: DraftingExplanationfortheProvisionsontheAdministrationofAlgorithmicTradingintheSecuritiesMarket(forTrialImplementation)ProvisionsontheAdministrationofAlgorithmicTradingintheSecuritiesMarket(forTrialImplementation)ChapterIGeneralProvisionsArticle1TheseProvisionsaredevelopedinaccordancewitht

5、heSecurities1.awofthePeoplesRepublicofChina(hereinafterreferredtoastheSecurities1.aw)andotherrelevantlawsandregulationsforthepurposesofstrengtheningtheregulationofalgorithmictradinginthesecuritiesmarket,promotingthestandardizeddevelopmentofalgorithmictrading,andmaintainingthesecuritiestradingorderan

6、dmarketfairness.附件1：证券市场程序化交易管理规定（试行）附件2：证券市场程序化交易管理规定（试行起草说明证券市场程序化交易管理规定（试行）第一章总则第一条为加强证券市场程序化交易监管，促进程序化交易规范发展，维护证券交易秩序和市场公平，根据中华人民共和国证券法（以下简称证券法）等有关法律法规，制定本规定。Article2ThetermofalgorithmictradingasmentionedintheseProvisionsreferstothebehavioroftradingsecuritiesonthestockexchangethroughautomaticgen

7、erationorissuanceoftradingordersbycomputerprograms.笫二条本规定所称程序化交易，是指通过计算机程序自动生成或者下达交易指令在证券交易所进行证券交易的行为。Theterm“algorithmictradinginvestorasmentionedintheseProvisionsreferstothefollowinginvestorswhoconductalgorithmictrading:本规定所称程序化交易投资者，是指下列进行程序化交易的投资者：(1)Clientsofsecuritiescompaniessuchas（一）私募基金管理人、

8、合格境外投资者等证券公司的客户;managersofprivatelyofferedfundsandqualifiedoverseasinvestors.（二）从事自营、做市交易或者资产管理等业务的证券公司；(2) Securitiescompaniescarryingoutproprietarytrading,market-makingtradingorassetmanagementandotherbusinesses.（三）使用证券交易所交易单元进行交易的公募基金管理人、保险机构等其他机构；(3) Managersofpubliclyofferedfunds,insuranceinstit

9、utionsandotherinstitutionsthatusethetradingunitsofstockexchangesfortrading.（四）证券交易所认定的其他投资者。(4) Otherinvestorsdeterminedbythestockexchange.第三条程序化交易相关活动应当遵守相关法律法规、本规定和证券交易所、行业协会业务规则，遵循公平原则，不得影响证券交易所系统安全或者扰乱正常交易秩序。Article3Activitiesrelatedtoalgorithmictradingshallcomplywiththerelevantlawsandregulation

10、s,theseProvisionsandthebusinessrulesofthestockexchangesandindustryassociations,andfollowtheprincipleoffairness,andshallnotaffectthesystemsecurityofthestockexchangeordisruptthenormaltradingorder.第四条中国证券监督管理委员会（以下简称中国证监会）及其派出机构依法对程序化交易相关活动实行监督管理。Article 4 TheChinaSecuritiesRegulatoryCommission(CSRC)an

11、ditslocalofficesshallsuperviseandadministeractivitiesrelatedtoalgorithmictradinginaccordancewithlaw.证券交易所、中国证券业协会、中国证券投资基金业协会按照职责制定程序化交易相关业务规则，对程序化交易相关活动实行自律管理。Thestockexchanges,theSecuritiesAssociationofChinaandtheAssetManagementAssociationofChinashall,accordingtotheirduties,developbusinessrulesrel

12、atedtoalgorithmictradingandimplementself-regulatorymanagementofactivitiesrelatedtoalgorithmictrading.第五条中国证监会指导证Article 5 TheCSRCshallguidethestock券交易所、中国金融期货交易所、中国证券业协会、中国证券投资基金业协会、中证数据有限责任公司等单位，建立程序化交易信息统计和监测监控机制，统筹实施程序化交易跨交易所跨市场信息共享和监测。exchanges,theChinaFinancialFuturesExchange,theSecuritiesAssoc

13、iationofChina,theAssetManagementAssociationofChina,ChinaSecuritiesDataCo.,1.td.andotherentitiestoestablishstatisticalandmonitoringmechanismsforalgorithmictradinginformation,andcoordinatetheimplementationofcrossexchangeandcross-marketinformationsharingandmonitoringofalgorithmictrading.第二章报告管理ChapterI

14、lReportingManagement第六条证券交易所依法建立程序化交易报告制度。Article 6 Thestockexchangesshallestablishanalgorithmictradingreportingsystemaccordingtothelaw.第七条程序化交易投资者应当真实、准确、完整、及时报告以下信息：Article 7 Algorithmictradinginvestorsshallreportthefollowinginformationinanauthentic,accurate,completeandtimelymanner:（一）账户基本信息，包括投资者

15、名称、证券账户代码、指定交易或托管的证券公司、产品管理人等；(1) Basicaccountinformation,includingbutnotlimitedtothenameoftheinvestor,codeofthesecuritiesaccount,securitiescompanydesignatedfortradingorcustody,productmanager,etc.（一）账户资金信息，包括账户的资金规模及来源，杠杆资金规模及来源、杠杆率等；(2) Informationonaccountfunds,includingbutnotlimitedtothesizeandso

16、urceofaccountfunds,thesizeandsourceofleveragedfunds,andtheleverageratio.（三）交易信息，包括交易策略类型及主要内容、交易指令执行方式、最高申报速率、单日最高申报笔数等；(3) Tradinginformation,includingbutnotlimitedtothetypesandmajorcontentoftradingstrategies,methodofexecutingtradingorders,maximumrateofapplications,andmaximumnumberofapplicationsona

17、singleday.（四）交易软件信息，包括软件名称及版本号、开发主体等；(4) Tradingsoftwareinformation,includingbutnotlimitedtosoftwarenameandversionnumber,anddeveloper.（五）证券交易所规定的其他信息，包括证券公司、投资者联络人及联系方式等。(5) Otherinformationprovidedbythestockexchange,includingsecuritiescompanies,investorscontactsandcontactinformation.程序化交易投资者报告信息发生重

18、大变更的，应当及时进行变更报告。Wherethereisamajorchangeintheinformationreportedbyalgorithmictradinginvestors,thechangeshallbereportedinatimelymanner.笫八条证券公司的客户进行程序化交易，应当按照证券交易所的规定和委托协议的约定，将有关信息向接受其委托的证券公司报告。证券公司收到报告信息后，应当按照证券交易所的规定及时对客户报告的信息进行核查。证券公司核查无误的，应当及时向客户确认，并按照规定向证券交易所报告。客户收到证券公司确认后方可进行程序化交易。Article8Aclien

19、tofasecuritiescompanycarryingoutalgorithmictradingshallreporttherelevantinformationtothesecuritiescompanyauthorizedbyitinaccordancewiththerulesofthestockexchangeandtheentrustmentagreement.Afterreceivingthereportedinformation,thesecuritiescompanyshall,inaccordancewiththeprovisionsofthestockexchange,c

20、hecktheinformationreportedbyclientsinatimelymanner.Wherenoerrorisfoundafterverification,thesecuritiescompanyshallconfirmitwiththeclientinatimelymannerandreporttothestockexchangeinaccordancewiththeprovisions.Aclientmayonlycarryoutalgorithmictradingafterreceivingconfirmationofthesecuritiescompany.证券公司

21、核查发现客户未按要求报告或者报告信息不实的，应当督促客户按规定报告。经督促仍不改正的，证券公司应当按照证券交易所的规定和委托协议的约定，拒绝接受委托并向证券交易所报告。Asecuritiescompanyfindingthataclientfailstoreportasrequiredorhasreporteduntrueinformationshallurgetheclienttoreportinformationasrequired.Whereasecuritiescompanystillfailstotakecorrectiveactionafterbeingurgedtodoso,it

22、shallrefusetoaccepttheentrustmentandreporttothestockexchangeaccordingtotheregulationsofthestockexchangeandtheentrustmentagreement.笫九条证券公司和使用证券交易所交易单元进行交易的公募基金管理人、保险机构等其他机构应当按照证券交易所的规定，向证券交易所报告程序化交易有关信息，经证券交易所确认后方可进行程序化交易。Article9Securitiescompanies,managersofpubliclyofferedfunds,insuranceinstitution

23、sandotherinstitutionsthatusetradingunitsofthestockexchangesfortradingshallreporttheinformationrelatedtoalgorithmictradingtothestockexchangesinaccordancewiththeregulationsofthestockexchanges,andmayonlycarryoutalgorithmictradingafterbeingconfirmedbythestockexchanges.第十条证券交易所应当对收到的报告信息及时予以确认，并定期开展数据筛查，

24、对程序化交易投资者的交易行为和其报告的交易策略、频率等信息进行一致性比对。Article10Thestockexchangeshallconfirmthereportedinformationreceivedinatimelymanner,carryoutregulardatascreening,andmakeconsistencycomparisonbetweenthetradingbehaviorsofalgorithmictradinginvestorsandtheirreportedtradingstrategies,frequencyandotherinformation.证券交易所

25、可以对涉及程序化交易的相关机构和个人进行现场或者非现场检查，对频繁出现报告信息与交易行为不符等情况的相关机构和个人进行重点检查。Thestockexchangemayconducton-siteoroffsiteinspectionsoftherelevantinstitutionsandindividualsinvolvedinthealgorithmictrading,andconductkeyinspectionsofrelevantinstitutionsandindividualswhosereportedinformationdoesnotmatchthetradingbehavi

26、orfrequently.第三章交易监测和风险管理ChapterIIITradingMonitoringandRiskManagement第十一条证券交易所对程序化交易实行实时监测监控，对下列可能影响证券交易所系统安全或者交易秩序的异常交易行为予以重点监控：Article11Astockexchangeshallimplementreal-timemonitoringandcontrolofalgorithmictrading,andconductkeymonitoringofthefollowingabnormaltradingbehaviorsthatmayaffectthesystems

27、ecurityorthetradingorderofthestockexchange:（一）短时间内申报、撤单的笔数、频率达到一定标准，或者日内申报、撤单的笔数达到一定标(1) Thenumberandfrequencyofapplicationsandwithdrawalswithinashortperiodoftimereachacertainstandard,orthenumberofapplicationsandwithdrawalswithinadayreach准;acertainstandard.（二）短时间内大笔、连续或密集申报并成交，导致多只证券交易价格或交易量出现明显异常；(

28、2) 1.arge-amount,consecutiveorintensiveapplicationandtradinginashortperiodoftime,resultinginsignificantabnormalitiesinthepriceortradingvolumeofmultiplesecurities.（三）短时间内大笔、连续或密集申报并成交，导致证券市场整体运行出现明显异常；(3) 1.arge-amount,consecutiveorintensiveapplicationandtradinginashortperiodoftime,resultinginsignifi

29、cantabnormalitiesintheoveralloperationofthesecuritiesmarket.（四）证券交易所认为需要重点监控的其他情形。(4) Othermattersforwhichthestockexchangesdeemitnecessarytoconductintensivemonitoringandcontrol.程序化交易异常交易监控标准由证券交易所规定。第十二条证券公司接受客户程序化交易委托的，应当与客户签订委托协议，约定双方的权利、义务等事项，明确证券公司对客户的管理责任和风险控制要求。Abnormaltradingmonitoringandcont

30、rolstandardsforalgorithmictradingshallbestipulatedbythestockexchanges.Article 12 Asecuritiescompanyacceptingaclientsentrustmentforalgorithmictradingshallsignanentrustmentagreementwiththeclienttostipulatetherights,obligationsandothermattersofbothparties,andspecifythemanagementresponsibilitiesandriskc

31、ontrolrequirementsofsecuritiescompaniesforclients.中国证券业协会应当就程序化交易制定并及时更新委托协议范本，供证券公司参照使用。TheSecuritiesAssociationofChinashalldevelopandupdatethemodelentrustmentagreementforalgorithmictradinginatimelymannerforreferencebysecuritiescompanies.笫十三条证券公司应当加强客户程序化交易行为的监控，严格按照证券交易所规定进行程Article 13 Asecurities

32、companyshallstrengthenthemonitoringofitsclients*algorithmictradingbehaviors,reviewthealgorithmictradingordersinstrictaccordancewiththeregulationsofthe序化交易委托指令审核，及时识别、管理和报告客户涉嫌异常交易的行为，并配合证券交易所采取相关措施。笫十四条证券公司、公募基金管理人、私募基金管理人、合格境外投资者等机构应当就程序化交易制定专门的业务管理和合规风控制度，完善程序化交易指令审核和监控系统，防范和控制业务风险。stockexchanges,

33、identify,manageandreportclientssuspectedabnormaltradingbehaviorsinatimelymanner,andcooperatewiththestockexchangesintakingrelevantmeasures.Article 14 Securitiescompanies,managersofpubliclyofferedfunds,managersofprivatelyofferedfunds,qualifiedoverseasinvestorsandotherinstitutionsshalldevelopspecialbus

34、inessmanagementandcomplianceriskcontrolrulesforalgorithmictrading,improvethereviewandmonitoringsystemforalgorithmictradingorders,andpreventandcontrolbusinessrisks.证券公司、公募基金管理人、私募基金管理人、合格境外投资者等机构负责合规风控的有关责任人员，应当对本机构和客户程序化交易的合规性进行审查、监督和检查，并负责相关风险管理工作。Therelevantresponsiblepersonsofsecuritiescompanies,

35、managersofpubliclyofferedfunds,managersofprivatelyofferedfunds,qualifiedoverseasinvestorsandotherinstitutionsinchargeofcomplianceriskcontrolshallreview,superviseandinspectthecomplianceofalgorithmictradingoftheinstitutionsandclients,andberesponsiblefortherelevantriskmanagementwork.第十五条投资者进行程序化交易，因不可抗

36、力、意外事件、重大技术故障、重大人为差错等突发性事件，可能引发重大异常波动或影响证券交易正常进行的，应当立即采取暂停交易、撤销委托等处置措施。证券公司的客户应当及时向其委托的证券公司报告，其他程序化交易投资者应当及时向证券交易所报告。Article 15 Where,duetoforcemajeure,accidents,majortechnicalfailures,majorhumanerrorsandotherunexpectedevents,aninvestorconductingalgorithmictradingmaycausemajorabnormalfluctuationsora

37、ffectthenormalsecuritiestrading,itshallimmediatelytakedisposalmeasurestosuspendtradingandrevokeentrustment.Clientsofsecuritiescompaniesshallreporttosecuritiescompaniesentrustedbytheminatimelymanner,andotheralgorithmictradinginvestorsshallreporttothestockexchangesinatimelymanner.证券公司发现客户出现前款情形的，应当立即按

38、照委托协议的约Asecuritiescompanyfindingthataclientfallsunderanyofthecircumstancesmentionedinthe定，采取暂停接受其委托、撤销相关申报等处置措施，并及时向中国证监会派出机构和证券交易所报告。precedingparagraphshallimmediatelytakesuchdisposalmeasuresassuspendingacceptanceoftheclientsentrustment,cancelingtherelevantapplicationandsooninaccordancewiththeentru

39、stmentagreement,andreporttothelocalofficesoftheCSRCandthestockexchangesinatimelymanner.证券交易所应当明确针对前款情形采取技术性停牌、临时停市、取消交易、通知证券登记结算机构暂缓交收等措施的具体程序和要求。Astockexchangeshallspecifythespecificproceduresandrequirementsfortechnicalsuspension,temporarymarketclosure,cancellationoftrading,notifyingsecuritiesregis

40、trationandclearinginstitutionsofsuspendingsettlementandothermeasuresunderthecircumstancesmentionedintheprecedingparagraph.第四章信息系统管理ChapterIVInformationSystemandManagement笫十六条用于程序化交易的技术系统应当符合证券交易所的规定，具备有效的验资骁券、权限控制、阅值管理、异常监测、错误处理、应急处置等功能，保障安全持续稳定运行。Article 16 Thetechnicalsystemusedforalgorithmictradi

41、ngshallcomplywiththerulesofthestockexchanges,andhaveeffectivefunctionssuchascapitalverification,authoritycontrol,thresholdmanagement,anomalymonitoring,errorhandling,emergencyhandling,etc.,toensuresafe,sustainableandstableoperation.程序化交易投资者使用相关技术系统，应当按照前款要求进行充分测试，并按照证券交易所规定报告测试记录。Tousetherelevanttech

42、nicalsystems,algorithmictradinginvestorsshallconductsufficienttestsinaccordancewiththerequirementsoftheprecedingparagraph,andreporttestrecordsinaccordancewiththerulesofthestockexchanges.笫十七条证券公司应当按照规定对交易单元进行统一管理，按照公平、合理原则为各类Article 17 Asecuritiescompanyshallconductunifiedmanagementoftradingunitsinac

43、cordancewiththeprovisions,andprovide投资者提供相关服务，不得为程序化交易投资者提供特殊便利。relevantservicesforalltypesofinvestorsundertheprinciplesoffairnessandrationality,andshallnotprovidespecialconvenienceforalgorithmictradinginvestors.第十八条证券交易所提供主机交易托管服务的，应当遵循安全、公平、合理的原则，公平分配资源，并对使用主机托管服务的主体加强管理。Article 18 Astockexchangep

44、rovidinghostingtradingcustodyservicesshallfollowtheprinciplesofsafety,fairnessandrationality,allocateresourcesfairly,andstrengthenthemanagementofentitiesusinghostingcustodyservices.证券公司应当按照证券交易所的规定，合理使用主机交易托管资源，保障不同客户之间的交易公平性。对频繁发生异常交易、程序化交易系统发生重大技术故障或者违反证券交易所相关规定的客户，证券公司不得向其提供主机托管服务。Asecuritiescomp

45、anyshall,inaccordancewiththerulesofthestockexchange,rationallyusethehostingtradingcustodyresourcestoguaranteethefairnessoftradingbetweendifferentclients.Asecuritiescompanyshallnotprovidehostingcustodyservicesforclientsthathavefrequentabnormaltrading,majortechnicalfailuresinthealgorithmictradingsyste

46、m,orviolationsofrelevantrulesofthestockexchange.第十九条证券公司通过交易信息系统接入等技术手段为客户程序化交易提供服务的，应当纳入合规风控体系，建立健全尽职调查、脸证测试、事前审查、交易监测、异常处理、应急处置、退出安排等全流程管理机制。Article 19 Whereasecuritiescompanyprovidessen/icesforclientsalgorithmictradingbytechnicalmeanssuchasaccesstothetradinginformationsystem,itshallincorporatethe

47、mintothecomplianceriskcontrolsystem,andestablishandimprovethewhole-processmanagementmechanismsforduediligence,verificationandtesting,ex-antereview,transactionmonitoring,abnormalhandling,emergencyhandling,andexitarrangement.与证券公司系统对接的程序化交易客户不得利用系统对接非法经营证券业务，不得违规招揽投资者或者处理第三方交易指令，不得违规转让、出借自身投资交易Algorit

48、hmictradingclientsthatconnectwiththesystemofsecuritiescompaniesshallnotusethesystemtoconnectwithillegalsecuritiesbusiness,solicitinvestorsorhandlethird-partytradingordersinviolationofprovisions,ortransferorlendtheirowninvestmenttradingsystemsorprovidesystemaccessforthirdpartiesinviolationofprovisions.系统或者为第三方提供系统接入。Securitiescompaniesthatimplementaccesstothetradinginformationsystemandalgorithmictradingclientsthatinterconnectwiththesystemsofsecuritiescompaniesshallcomply