"Programmatic Trading Entrustment Agreement (Model Text) " solicits opinions and stipulates the scope of rights and responsibilities of securities firms and programmatic trading investors

On July 9th, the China Securities Association organized the drafting of the "exposure draft" (hereinafter referred to as the "exposure draft"), and recently solicited the opinions of securities firms. It is understood that the main text of the "exposure draft" consists of six chapters and 25 articles, mainly including interpretation, procedural trading report, trading behavior management, high-frequency trading management, breach of contract liability, supplementary provisions, etc., to stipulate the rights, obligations and responsibilities of securities firms and procedural trading investors. Before investors conduct programmed transactions for the first time, they shall report to the securities firm, and after the securities firm has fully checked and confirmed that the information submitted is correct, they can conduct programmed transactions.