中國擬限制股票程序化交易

China’s securities regulators are taking aim at automated trading in shares, part of Beijing’s campaign to restrain stock market volatility by intensifying pressure on the financial industry.

中國證券監管機構開始瞄準股票程序化交易，這是中國政府加大對金融行業施壓以抑制股市波動性的做法之一。

The market watchdog, the China Securities Regulatory Commission, issued broad guidelines on so-called “programme trading” on Friday, and China’s two main stock exchanges in Shanghai and Shenzhen followed up with new draft rules on computerised automated trading.

中國證監會(CSRC)上週五發布了《證券期貨市場程序化交易管理辦法（徵求意見稿）》，隨後，上海和深圳兩大證交所出臺了有關程序化交易的管理實施細則草案。

Chinese regulators have already targeted high-frequency traders as part of an attack on price manipulation, which they blame for turmoil that has seen the Shanghai composite index fall by nearly 40 per cent since hitting a seven-year high on June 12.

爲了打壓價格操縱，中國監管機構已經瞄準了高頻交易者，認爲他們是上證綜指在6月12日達到七年高點之後股市出現混亂、上證綜指下跌近40%的罪魁禍首。

As the stock market turbulence has also fuelled worries about the stability of the broader financial system, Beijing has implemented a wide range of measures to halt the slide in shares, including turning up the heat on market participants.

由於股市動盪也令人們更加擔心總體金融體系的穩定性，中國政府已實施了旨在止住股市跌勢的一系列措施，包括對市場參與者施加更大壓力。

Senior officials at the CSRC have been detained and top executives of Citic Securities, China’s largest investment bank, have been arrested as part of a crackdown on stock market irregularities. Authorities have also cracked down on “malicious” short sellers.

在整頓股市不規範行爲的過程中，中國證監會的一些高級官員被拘留，中國最大券商中信證券(Citic Securities)的頂級高管被逮捕。中國當局還打擊“惡意”做空者。

The newly released regulations turn the spotlight on computerised trading on the grounds that it amplifies gains and losses.

新發布的監管規定集中整頓程序化交易，理由是這類交易放大了收益和虧損。

“The regulator has previously stated that program trading, a computerised automated trading scheme used by investors to trade large quantities of shares, can sometimes be abused to bring more volatility to the market and contributed to the recent collapse of Chinese stocks,” state news agency Xinhua said in its report.

官方的新華社報道稱，證監會此前曾表示，程序化交易，也就是投資者用以交易大量股票的一種計算機化的自動交易，有時候可能會被濫用，使市場發生更大的波動，助長了近期中國股市的下跌。

The draft rules, which have been released for public comment, do not ban high-frequency trading outright but tighten regulation of it, said people in the industry.

業內人士表示，已發佈向社會公開徵求意見的管理新規並未完全禁止高頻交易，但收緊了對高頻交易的監管。

Under the draft regulations, the Shanghai stock exchange would intervene should automated trading “bring chaos to the market”, Xinhua said. Intervention could range from limiting trading on certain accounts to temporarily shutting down the market.

新華社稱，按照法規草案，如果程序化交易“給市場帶來混亂”，上交所將進行干預。干預手段可能從限制某些賬戶的交易到臨時關閉市場。

Among the new rules are requirements that traders have their high frequency trading strategies approved by regulators before they start using them. They also include “know your client” rules, in response to risks caused by grey-market margin financing, where fund-matching companies act as middlemen to allow dozens of clients to trade, using automated software.

根據監管新規，交易者在開始使用高頻交易策略之前，必須先取得監管機構的批准。新規也包括“瞭解你的客戶”規則，以應對灰色市場保證金交易引發的風險。在這類交易中，配資公司充當中介，允許很多客戶使用自動化軟件進行交易。

After opening a securities account at a brokerage, fund-matching companies use a program to divide the account into multiple sub-accounts, enabling their clients to trade independently. The draft rules order brokerages to restrict access to their accounts only to verified clients.

在券商開立一個證券賬戶之後，配資公司使用一種程序把該賬戶變成多個子賬戶，使客戶得以獨立交易。起草的新規命令券商僅允許經過驗證的客戶使用其賬戶。