Research On The Regulatory Path Of Quantitative High-Frequency Trading In Securities Market

In terms of the supervision dilemma of quantitative high-frequency trading in China’s securities market,at the main level,the coordination of trading equipment suppliers,securities companies,trading institutions themselves,regulatory agencies,and market investors need to be improved;At present,China has not issued specific legal provisions,the existing Securities Law and specialized regulatory provisions distributed in various legal documents are difficult to apply,and there is no specific industry self-discipline norms.At the level of supervision mode,the attitude of regulators emphasizing post-supervision is difficult to deal with the complex securities market with a large number of quantitative high-frequency trading in the future.The lack of risk control mechanism and technical means to deal with quantitative high-frequency trading,as well as the lack of standardized supervision system,also restricts the supervision of quantitative high-frequency trading in our country to a large extent.In order to maintain the long-term and healthy development of China’s capital market,the legitimate rights and interests of investors are protected.In terms of regulatory bodies,trading equipment suppliers should be included in the scope of supervision,the supervision standards of securities companies should be unified and the inspection of securities companies should be strengthened,the risk control and compliance of quantitative high-frequency trading institutions should be strengthened,the coordination mechanism between the CSRC,exchanges and judicial organs should be optimized,and investors should be actively guided to scientific investment concepts.At the same time,it is necessary to improve the specialized regulatory laws and regulations for quantitative high-frequency trading,clarify the identification standards for quantitative high-frequency trading,selectively draw on mature experience from outside the region,appropriately reference the "Management Measures" and guide the formulation of industry self-regulatory norms.In the mode of supervision,it is necessary to change the concept,carry out active supervision,pay equal attention to supervision before the event,during the event and after the event,actively improve the risk control measures and technical means such as deceleration mechanism,audit tracking mechanism,withdrawal mechanism,and establish a set of perfect standardized supervision system combined with the specific situation of China’s securities market.