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On May 15, 2024, the China Securities Regulatory Commission (“CSRC”) released the Administrative Rules for Program Trading in the Securities Market (Trial) (the “Administrative Rules”). The CSRC points out in the Drafting Notes that program trading, especially high-frequency trading, has significant technological, informational, and speed advantages over small and medium-sized investors. It may lead to issues such as strategy convergence and trading resonance and increase market volatility. In recent years, the CSRC has attached great importance to the supervision of program trading and has carried out a lot of work, including strengthening regulatory inquiries in respect of quantitative private fund filings, establishing and improving data statistics and monitoring mechanisms, and formulating program trading reporting rules for the stock market. The CSRC stated that their years of study and research resulted in the creation of the Administrative Rules and that these rules we
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