高频交易监管的法律问题

Legal Issues Related to High-Frequency Trading Regulation

摘要: 高频交易的起源与发展依附于近代外国资本崛起的时代，高频交易在我国的应用起步较晚。近些年，中国经济腾飞，证券市场活跃，但中国金融市场相对稚嫩，高频交易也频繁出现在人们视野范围之内，伴随的监管问题随之而来。目前，高频交易实质概念及特征存在较大模糊，其市场监管的法律依据缺失，监管机制匮乏，导致高频交易问题频发。通过完善监管法律规则，明确监管的不正当策略，制定公平同位托管服务标准，从而实现对高频交易的全方位监管。

Abstract: The origin and development of high-frequency trading are dependent on the rise of foreign capital in modern times, and the application of high-frequency trading in China started relatively late. In recent years, China’s economy has taken off and the securities market has been active. However, China’s financial market is relatively immature, and high-frequency trading has also frequently appeared in people’s sight, accompanied by regulatory issues. At present, there is a significant ambi-guity in the substantive concept and characteristics of high-frequency trading, with a lack of legal basis for market regulation and a lack of regulatory mechanisms, leading to frequent issues with high-frequency trading. By improving regulatory legal rules, clarifying inappropriate regulatory strategies, and establishing fair co location custody service standards, we can achieve comprehensive supervision of high-frequency transactions.