Summary of Exchanges' Draft Program Trading Implementation Rules

文章预览

On June 7, 2024, the three PRC stock exchanges, i.e., the SSE, SZSE, and BSE (collectively, the “ Exchanges ”), issued the Detailed Implementation Rules for the Management of Program Trading (Draft) (“ Implementation Rules ”) for public comment. This comes after the official release on May 15, 2024, of the Administrative Rules for Program Trading in the Securities Market (Trial) (“ Administration Rules ”) by the China Securities Regulatory Commission (" CSRC "). The content of these Implementation Rules released by each Exchange are basically the same 1 , aiming to implement the regulatory requirements in the Administration Rules. In this briefing, we focus our analysis on the key provisions of the Implementation Rules of the SSE and look at how they differ from the Administrative Rules. For other provisions that overlap between the Implementation Rules and the Administrative Rules, please refer to our Client Briefing: Observations on the Administrative Rules for Progr ………………………………