证券市场导报Issue(5)：39-49,11.
证券期货市场程序化交易报告制度的优化路径
摘要
Abstract
As an important tool for regulating program trading,China's reporting system for program trading should anchor its normative functions in preventing market risks and supporting ex-post accountability.Optimization should be carried out in three dimensions,including the specific content of reports,the administrative liability framework,and the articulation with private law rules.In terms of reporting content,the reporting system shall improve its information collection mechanism by adopting"counterfactual"as the criterion for determining the granularity of traders'reports and disclosing key factors influencing algorithmic decision-making to regulators.Meanwhile,regulators should be permitted to inspect source code when necessary for law enforcement and build an algorithmic labeling mechanism as an auxiliary tool.In terms of administrative liability,the liability framework should be constructed with incentive compatibility as the key logic.By refining responsibility allocation and strengthening traders'accountability,the system can encourage traders to properly fulfill their reporting obligations.In terms of private law effects,violations of the reporting system may result in restrictions on the trading qualifications of program traders but should prudentially extend to the validity of trading activities or the civil liabilities of securities and futures firms.关键词
程序化交易/量化交易/算法交易/报告制度/金融监管Key words
program trading/quantitative trading/algorithmic trading/reporting system/financial regulation分类
社会科学引用本文复制引用
钟维,钱程..证券期货市场程序化交易报告制度的优化路径[J].证券市场导报,2025,(5):39-49,11.基金项目
国家社会科学基金一般项目"证券期货市场程序化交易的法律规制研究"(项目编号:23BFX82) （项目编号:23BFX82）
