| With the further development of artificial intelligence and financial market in our country in recent years,high frequency trading is the combination of these two,and it’s at the very beginning.We’ll always choose what’s good for our development from anything.In 2013,high frequency trading completed its first show by the incident "Guangda Fat Finger" in China.That testified the ability of the regulatory authorities and also triggered attention of the public.The punishment of that incident exposed that our current regulatory system is lack of legal basis,access registration and regulatory measures.Considering the high frequency trading is at its infancy,learning from developed countries is what we need.High frequency trading in America,Germany,Japan and EU has matured development.Chinese financial market is confined by its trading rule-T+1,while high frequency trading can be applied in all security markets in those countries.Thus,we should draw a lesson from their experience.Based on our current situation,high frequency trading should cleared defined in related laws and regulations;a strict access registration should be built;regulatory measures should be enriched;mode of regulation should be justified.Taking advantage of high frequency trading is the preparation of a energetic financial market.The thesis is divided into four chapter:In the first chapter,the author introduces the basic theories of high frequency trading.It includes the concept,traits,strategies and necessity of regulation.Then,the necessity of regulation is consist of high risk of transaction,systemic risk and disturbance of micro market order.In the second chapter,the author uses "Guangda Fat Finger" as an example to analyze the current regulatory situation and problems of high frequency trading.From the punishment of the incident,we can conclude that current regulatory system is lack of legal basis,effective regulatory mechanisms and regulatory measures.In the third chapter,the author pay attention to foreign regulatory experience.Those developed countries and areas have already built relatively efficient regulatory systems.As a developing market,our regulatory authorities should enact feasible regulations and regulatory measures from their experience.In the last chapter,the author propounds specific regulatory suggestions.Firstly,concrete regulations should be written in the fundamental law,like Security Law,in this way regulatory authorities would have basis to enforce.Then,Effective regulatory mechanisms should be justified to "co-work of three parties".At last,full-course regulatory measures should be applied. |
