Tags :DMA Leverage

Quantitative Trading Has Once Again Fallen Into A Storm Of Public Opinion After Shanghai Stock Index 5 Consecutive Positives, And Three Major Questions In The Industry Need To Be Answered

The Shanghai Composite Index has been positive for five consecutive times, the market liquidity crisis has been resolved, and Lingjun was punished with a "boomerang", but quantitative trading has once again been pushed into the spotlight of public opinion. After experiencing a sharp retracement of net worth and a series of pressures from customer redemptions, micro-cap stocks rose sharply for two days. Unexpectedly,

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The Man Called In Sick Multiple Times, But The Company Fired Him Because He Took More Than 16,000 Steps On WeChat
Man calls in sick multiple times due to back pain and foot pain

The company discovered that he had foot pain that day.

WeChat exercise steps exceeded 16,000

Suspected of "taking sick leave"

Fired him for absenteeism

The two parties went to court because of this

case review

Xiao Chen is a spring coiler for a company in Jiangsu.

On February 22, 2019 (Friday), he accidentally sprained his waist while working. After work that day, he immediately went to the hospital for diagnosis and treatment.

On the morning of February 25 (Monday), he applied to the company's human resources manager for leave to recuperate, informing the other person of his injury at work last Friday. He also took photos and sent the sick leave certificates issued by the two hospitals, and the human resources department immediately approved it.

From March 4th to 5th, Xiao Chen worked normally for two consecutive days.

On March 6, Xiao Chen's waist discomfort recurred, and the medical diagnosis was "lumbar sprain." The doctor recommended continuing to rest, and he immediately submitted another sick leave application to the Human Resources Department.

On March 18, Xiao Chen returned to work. At noon, he complained of foot pain and asked for sick leave from the production manager. Later, he went to the hospital for treatment. He took a photo of the diagnosis certificate stating that he was diagnosed with "right foot pain" and recommended a week's rest and sent it to the production manager.

On March 19, the HR manager notified Xiao Chen and asked him to bring relevant original documents such as sick leave forms, medical records, inspection reports, etc. back to the company on March 20 to apply for leave. Xiao Chen replied that the original medical record should be kept for subsequent medical use. The HR manager immediately said that the original leave note was required, and other information could be copied by the company.

On March 20, Xiao Chen went to the company's factory as agreed, but was blocked by security at the door.

On March 25, Xiao Chen went to the hospital again for medical treatment. The doctor diagnosed him with a "calcaneal bone spur" based on the results of the X-ray and recommended three days of rest. After that, Xiao Chen applied for sick leave for many days in a row due to persistent pain in his feet.

On April 3, the company sent a dismissal notice to Xiao Chen, which listed "deliberately using sick leave as an excuse to defraud vacation and absenteeism" as one of the reasons for dismissal.

Xiao Chen, who was suddenly dismissed, decided to apply for labor arbitration.

After the trial, the arbitration committee made a ruling that the company had illegally terminated the labor contract and needed to pay Xiao Chen 118,779 yuan in compensation. The company was dissatisfied with the ruling and filed a lawsuit in court.

court decision

The company claimed that Xiao Chen made false claims about his condition from February 22 to April 3, 2019 (except March 4 and 5), and when submitting the sick leave form, he did not provide the company with the original medical records.

In order to prove that Xiao Chen's condition was false, the company provided the surveillance video of the factory gate on March 18, 2019 and the WeChat movement records of that day. The video shows: Xiao Chen ran into the factory at 7:52 that day and left the factory on foot at 11:09; WeChat exercise records show that Xiao Chen’s total number of steps at 18:55 that day was 16,949. Based on this, the company maintains that Xiao Chen’s right foot is normal and there is no fact of illness.

Xiao Chen retorted that it was untenable for the company to conclude that his condition was false simply based on WeChat Sports’ step records and monitoring footage of him running and walking.

The court of first instance held that: The Labor Contract Law gives the employer the right to terminate the labor contract if "the employee seriously violates the employer's rules and regulations", but the employer should bear the burden of proof.

Judging from the outpatient medical records provided by Xiao Chen and the diagnostic certificates that have been submitted to the company, it is true that Xiao Chen went to the hospital for low back pain, right foot pain, etc. and took a rest. Moreover, the relevant diagnosis was not only Xiao Chen’s main complaint. The hospital also performed lumbar spine scans, X-rays (bone spurs) and other examinations on Xiao Chen.

There are many factors that affect the number of steps taken by WeChat. It cannot be inferred that Xiao Chen’s right foot is normal just because he took more steps on WeChat on March 18. Nor can we conclude that Xiao Chen’s condition is false because he was running or walking in the video on that day. The company's conclusion that Xiao Chen was absent from work was obviously insufficient.

In summary, the court of first instance ruled that the company's termination of the labor contract with Xiao Chen lacked corresponding factual basis and was an illegal termination, and a compensation of 118,779 yuan should be paid.

The company was dissatisfied and appealed.

The second-instance court held that the first-instance judgment established the facts clearly and applied the law correctly and should be upheld. Therefore, the appeal was dismissed and the original judgment was upheld.

33 minutes ago
Zhongnan University Of Finance And Economics’ Self-study Undergraduate Diploma Application Conditions, Procedures And Introduction To Popular Majors
How to apply for a self-taught undergraduate diploma from Zhongnan University of Finance and Economics?

1. Graduation declaration will be arranged twice every year, approximately in June and mid-December.

2. After the online application is completed, the system will automatically review it. Candidates who pass the review do not need to go to the site for the preliminary review and can pay directly online.

3. Candidates who fail to pass the preliminary review of the system must bring their materials to the specified time and place for on-site preliminary review in accordance with the requirements of the online application voucher. After passing the preliminary review, they can pay online.

Application conditions

1. Complete the theoretical courses specified in the examination plan of this major and pass the examination.

2. Complete the practical course assessment required by the major and obtain passing grades.

3. The ideological and moral character meets the requirements after appraisal.

4. Those applying for an undergraduate diploma must have a junior college or above diploma recognized by the state.

What majors are available for self-study undergraduate studies?

There are many majors for adult self-study undergraduate programs, and most common self-study majors are offered. Self-study undergraduate majors include: Traditional Chinese Medicine, Journalism, English, Chinese Language and Literature, Public Security Management, Lawyers, Law, Administration, Law, Business English, International Trade, Marketing, and Purchasing And supply management, business management, financial management, foreign-related secretaries, international tourism management, business secretaries, accounting, logistics management, human resources management, English education, preschool education, education management, e-government, animation design and production, Japanese, industrial and commercial enterprise management, construction engineering.

The majors that are easier to apply for by self-study are liberal arts majors, such as law, business management, international relations, Chinese, secretarial, international trade, public relations, administration and other majors, which are easier to take, mainly because they do not require a science foundation. But regardless of whether it is easier or not, the self-study exam is the most difficult of all adult education exams, and you still need to review hard to pass it.

In addition, the law major is easier than the Chinese language and literature major, because the ancient Chinese and writing courses in the Chinese language and literature major are more difficult. The law major has no difficulty, but it requires better memory.

Characteristics of self-study

1. Easy entry and strict exit, with low admission threshold. The self-study examination is a university without walls. Anyone regardless of gender, age, ethnicity, race or education level can participate without going through an entrance examination. In accordance with the requirements of the professional examination plan, a one-time examination is conducted for each course. Those who pass the course examination will be issued a single subject certificate and credits will be calculated according to regulations. Those who fail can take the next exam for that course.

2. There are many majors and wide coverage. The self-study examination major is set up according to the needs of society and candidates. The majors currently offered for self-study examinations cover economics, law, literature, management, education, science, engineering, agriculture, medicine, nursing and other disciplines. Candidates can choose freely according to their hobbies, expertise and potential abilities. The self-study examination is divided into two academic levels: professional and undergraduate. The requirements for each academic level are consistent with those of the same academic level in general higher education. It pays more attention to the cultivation of applied and skill-based talents.

3. The learning forms are flexible and diverse, and the student assistance system is complete. The learning methods for self-study exams are flexible and diverse. Candidates can choose to focus on self-study according to their own circumstances, or they can choose to participate in tutoring from social assistance units if conditions permit. General universities, adult universities, secondary vocational schools and non-academic education institutions approved by the Provincial Department of Education can use their own campuses and teachers to provide candidates with various forms of tutoring. Studying for self-study exams is not restricted by space or academic system. What to study, how to study, when to study, how much content to study, and how long to study should be adapted to local conditions and people.

4. The cost is economical and the cost of education is low. Self-study students only need to pay a small fee every year to register for the self-study exam. In comparison, the investment cost of personal education is much lower than the cost of general higher education and various types of adult higher education.

Self-study examination has the greatest openness, broad adaptability, great flexibility, diversity of self-study methods and social assistance, low investment, high efficiency, quick results, self-study, amateurism, and little contradiction between work and study.
33 minutes ago
Shanghai And Shenzhen Stock Exchanges Hold Quantitative Private Equity Compliance Training To Standardize Quantitative Trading Behavior

On March 4, according to news from the Shanghai and Shenzhen Stock Exchanges, the Shanghai and Shenzhen Stock Exchanges recently jointly held trading compliance training for quantitative private equity institutions to help quantitative private equity institutions understand quantitative trading regulatory ideas and work requirements in a timely and accurate manner, effectively improve the level of compliance transactions, and prevent quantitative trading risks.

This is another recent statement from the Shanghai and Shenzhen Stock Exchanges regarding quantitative trading. Previously, on February 20, the Shanghai and Shenzhen Stock Exchanges announced the smooth implementation of the quantitative transaction reporting system. On the same day, they also issued fines for abnormal trading behavior of quantitative giants.

Improve the level of compliance transactions of quantitative private equity institutions

It is reported that the heads and business backbones of 28 leading quantitative private equity institutions participated in the transaction compliance training for quantitative private equity institutions jointly organized by the Shanghai and Shenzhen Stock Exchanges.

In this training, the Shanghai and Shenzhen Stock Exchanges reported typical cases of abnormal quantitative trading transactions, introduced the general idea of quantitative trading supervision, and clearly required quantitative private equity institutions to strengthen internal risk control management, prevent situations that affect the security of the stock exchange system or normal trading order during the transaction process, effectively standardize quantitative trading behaviors, implement compliance trading requirements, and ensure the stable operation of the market.

Both the Shanghai and Shenzhen exchanges stated that in the next step, they will adhere to investor-oriented and maintain fairness as the starting point and end point of their work. In accordance with the unified deployment of the China Securities Regulatory Commission, they will accelerate the establishment and improvement of quantitative trading supervision arrangements, further expand the scope of quantitative trading compliance training, standardize quantitative trading behavior, maintain the normal trading order of the market, and protect the legitimate rights and interests of investors.

Issuing "fines" for abnormal trading behavior of quantitative giants

Since the beginning of this year, the Shanghai and Shenzhen Stock Exchanges have strengthened the supervision of quantitative trading, reacting quickly and striking hard against abnormal transactions and irregularities in quantitative trading that affect the normal order of the market and damage the legitimate rights and interests of investors.

On February 20, in response to the abnormal trading behavior of quantitative private equity giant Ningbo Lingjun Investment Management Partnership (Limited Partnership) (hereinafter referred to as Ningbo Lingjun), the Shanghai and Shenzhen stock exchanges also issued "fines": restricting transactions and initiating public condemnation procedures.

The Shanghai and Shenzhen Stock Exchanges discovered during transaction monitoring that at the opening of the first trading day of the Year of the Dragon, multiple products managed by Ningbo Lingjun sold a large number of stocks. In one minute, a total of more than 2.5 billion yuan of stocks were sold in the Shanghai and Shenzhen stock exchanges, during which the stock index fell rapidly.

Specifically, on the Shanghai stock market, from 9:30:00 to 9:31:00 on February 19, multiple products managed by Ningbo Lingjun sold a large number of stocks on the Shanghai stock market, totaling 1.195 billion yuan, accounting for a high proportion of the market turnover during the period. During the period, the Shanghai Composite Index fell from 2886.59 points to 2868.07 points, a decrease of 0.65%. In the Shenzhen Stock Exchange, from 9:30:00 to 9:30:42 on February 19, multiple securities accounts under Ningbo Lingjun automatically generated trading instructions through computer programs, placed a large number of orders in a short period of time, and sold a total of 1.372 billion yuan of stocks in the Shenzhen Stock Exchange. Within one minute after the opening of the market that day, the Shenzhen Stock Exchange Component Index fell rapidly from 8957 points to around 8875 points.

The Shanghai and Shenzhen Stock Exchanges believe that the above-mentioned behavior of Ningbo Lingjun seriously affected the normal trading order and constituted abnormal trading behavior. The Shanghai and Shenzhen Stock Exchanges have decided to continuously implement regulatory measures to suspend investor account transactions for related products managed by Ningbo Lingjun from February 20, 2024 to February 22, 2024, that is, to suspend all stock transactions of relevant product accounts listed and traded on the Shanghai and Shenzhen Stock Exchanges during the above period, and at the same time initiate disciplinary procedures to publicly condemn Ningbo Lingjun.

The Shanghai and Shenzhen Stock Exchanges stated at the time that they would follow the unified deployment of the China Securities Regulatory Commission, adhere to the main responsibilities and main businesses of supervision, continue to strengthen trading supervision, and always maintain a strict tone and a high-pressure posture of "zero tolerance" for violations that affect the normal trading order of the market and damage the legitimate rights and interests of investors, respond quickly and strike hard. At the same time, investors are reminded to participate in transactions in accordance with laws and regulations and jointly maintain the normal trading order of the market.

Strengthen monitoring and analysis of quantitative trading, especially high-frequency trading

In recent years, with the widespread use of new information technology, quantitative trading has become an important trading method. Quantitative trading helps provide liquidity to the market and facilitates price discovery. However, quantitative trading, especially high-frequency trading, has obvious technical, information and speed advantages over small and medium-sized investors. At some points, there are also problems such as strategic convergence and trading resonance, which increase market volatility. Judging from international experience, overseas markets generally implement stricter supervision on quantitative transactions, especially high-frequency transactions, to prevent negative impacts on market order.

On September 1, 2023, the Shanghai and Shenzhen Stock Exchanges issued the "Notice on Matters Concerning the Reporting of Stock Programmed Trading" and the "Notice on Matters Concerning Strengthening the Management of Programmed Trading", establishing a special reporting system and corresponding regulatory arrangements for quantitative trading, which will be officially implemented on October 9, 2023. On February 20, both the Shanghai and Shenzhen Stock Exchanges announced that the above-mentioned systems have been implemented smoothly, existing investors have completed reporting work as scheduled, and incremental investors have implemented the "report first, then trade" rule. The quality of reports from all parties generally meets the requirements, laying the foundation for further strengthening and improving quantitative trading supervision.

The Shanghai and Shenzhen Stock Exchanges stated that they will continue to strengthen the monitoring and analysis of quantitative trading, especially high-frequency trading, based on reporting information, and dynamically evaluate and improve the reporting system.

The Shanghai and Shenzhen Stock Exchanges also stated that in the next step, they will adhere to the investor-oriented approach, take the maintenance of fairness as the starting point and end point of their work, learn from international regulatory practices, seek advantages and avoid disadvantages, and establish and improve quantitative trading supervision arrangements, including strictly implementing the reporting system and clarifying "report first, deliver later". "Easy" access arrangements; strengthen the authorization management of quantitative trading market conditions, improve the differentiated charging mechanism; improve the monitoring and monitoring standards for abnormal transactions, strengthen the supervision of abnormal transactions and abnormal order withdrawals; strengthen the monitoring and regulation of leveraged quantitative products, and strengthen the joint supervision of futures and spot.

At the same time, the Shanghai and Shenzhen Stock Exchanges will further strengthen the customer management responsibilities of securities companies, improve the self-regulatory management cooperation mechanism with the Securities Industry Association and the Fund Industry Association, and strengthen the transaction supervision of quantitative private equity and other institutions.

In addition, the Shanghai and Shenzhen Stock Exchanges will also strengthen communication with the Hong Kong Stock Exchange, clarify the reporting arrangements for northbound investors in the Shanghai-Shenzhen-Hong Kong Stock Connect, and include quantitative transactions by northbound investors in the reporting scope in accordance with the principle of consistency between domestic and foreign investors. For abnormal transactions that affect market order, the Shanghai and Shenzhen Stock Exchanges will resolutely take self-regulatory management measures, and those suspected of violating laws and regulations and serious circumstances will be reported to the China Securities Regulatory Commission for investigation and punishment.

Column Editor: Qin Hong
34 minutes ago
Shenzhen Children’s Cambridge English Training Institution Helps Children Prepare For KET And PET Exams
The top ten professional Shenzhen Cambridge KET and PET English training institutions have been announced. New Oriental's Cambridge English KET test tutoring courses focus on children who want to take the Cambridge Children's English Test. In the teaching process, the focus is to help children fall in love with English, cultivate their English thinking, help children establish corresponding knowledge frameworks, exercise children's oral English pronunciation ability, and help children easily cope with the arrival of the test!

Cambridge KET and PET computer-based English test listening part test interface

In the reformed KET listening, some question types are borrowed from the old PET test format, and the listening text has increased by 35%.

The question still has five parts, including picture selection, filling in the blanks with information, long dialogue single choice, single article single choice, and information matching. There are 25 questions in total, worth 25 points.

The positions of the second and fifth parts are reversed, and the fourth part is new content.

The test time is still 30 minutes, but the card drawing time is reduced from the original 8 minutes to 6 minutes.

The length of the PET listening part is basically the same before and after the revision. 25 questions are answered in four parts within 30 minutes. The order of some parts has been adjusted, requiring candidates to have the ability to understand different types of listening materials.

The content of listening materials may include daily conversations, interviews, speeches, radio programs, etc.

PET listening guide

Regarding PET listening training, it is necessary to achieve accumulation of extensive listening and breakthroughs in intensive listening.

It is recommended to choose original English TV, movies and programs that are close to daily life, so that children can practice extensive listening.

When training intensive listening, it is recommended to use audio test questions and let children listen to them repeatedly. While listening, take notes and grasp the key information of the article.
2 hours ago
The Shanghai And Shenzhen Stock Exchanges Have Taken Intensive Measures To Strengthen Quantitative Trading Supervision And Maintain Market Stability.
On February 20, according to the Shanghai and Shenzhen Stock Exchange websites, the quantitative transaction reporting system was smoothly implemented. In the next stage, the Shanghai and Shenzhen Stock Exchanges will take comprehensive measures from the institutional end, access end, trading end, information end, and institutional end to continue to strengthen the monitoring and analysis of quantitative transactions, especially high-frequency transactions, and include the quantitative transactions of northbound investors in the reporting scope in accordance with the principle of consistency between domestic and foreign investors.

The reporter learned that this is the first time that the Shanghai and Shenzhen Stock Exchanges have launched a series of regulatory measures focused on quantitative trading, clarifying the regulatory attitude and reflecting the determination of the regulatory authorities to strengthen the supervision of quantitative trading and maintain market stability. In the future, relevant quantitative trading supervision measures will be matured and launched, and communication with various investors in the market will be fully strengthened to grasp the pace and intensity of work, standardize quantitative trading, and maintain the stable operation of the market.

On that day, the Shanghai and Shenzhen Stock Exchanges issued a "penalty" for abnormal transactions of Ningbo Lingjun Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Lingjun"), restricted trading and initiated public condemnation procedures for Ningbo Lingjun. Industry insiders believe that supervision has "tears with thorns" and is intended to promote standardization and guide quantitative development. Regulatory authorities will respond quickly and strike hard at illegal activities that affect the normal trading order of the market and damage the legitimate rights and interests of investors.

A series of measures highlight investor-oriented

According to the website of the Shanghai and Shenzhen Stock Exchanges, quantitative trading regulatory measures include strictly implementing the reporting system and clarifying the access arrangements of "reporting first, trading later"; strengthening the authorization management of quantitative trading market conditions, and improving the differentiated charging mechanism; improving abnormal transaction monitoring and monitoring standards, strengthening the supervision of abnormal transactions and abnormal order cancellations; strengthening the monitoring and regulation of leveraged quantitative products, and strengthening futures and spot linkage supervision.

According to market analysts, the policies introduced this time are highly targeted and emphasize investor-oriented. For example, the requirement to "report first, then trade" will help to further accurately identify quantitative transactions; in view of the information advantages of quantitative transactions, clearly strengthen market authorization management; in view of recent quantitative transactions in small market capitalization stocks, clearly strengthen the monitoring and regulation of leveraged products to prevent stampedes in a short period of time. Including the self-regulatory management measures taken against Ningbo Lingjun this time, it is a reflection of the regulatory authorities’ strengthening supervision of abnormal trading behaviors.

"In the early stage, the regulatory authorities established a quantitative transaction reporting system. In accordance with the requirements, we have completed the reporting of existing customers, established a customer transaction monitoring system, and organized and mobilized relevant customers to report." A relevant person from Huatai Securities said that in the future, the company will continue to dynamically follow up on new additions, changes, etc., strictly implement the reporting system, and strengthen the detection of abnormal trading behavior.

The Shanghai and Shenzhen Stock Exchanges have also proposed specific measures from the institutional side, including further consolidating the customer management responsibilities of securities companies, improving the self-regulatory management cooperation mechanism with the Securities Association and the Fund Industry Association, and strengthening the transaction supervision of quantitative private equity and other institutions; strengthening communication with the Hong Kong Stock Exchange, in accordance with the principle of consistency between domestic and foreign capital, clarifying the reporting arrangements for northbound investors in the Shanghai-Shenzhen-Hong Kong Stock Connect, and including quantitative transactions by northbound investors within the reporting scope.

He Wenqi, chairman of Shenzhen Chengqi, said that the measures introduced this time will help reduce the impact of illegal quantitative transactions on the market and maintain the stability and fairness of transactions. The quantitative trading reporting system has been implemented for nearly half a year. This quantitative trading regulatory measure emphasizes the supervision of frequent orders and withdrawals, strengthens the monitoring of leveraged products, and clarifies the principles of northbound quantitative trading reporting, releasing a signal for supervision to further standardize quantitative trading.

The Shanghai and Shenzhen Stock Exchanges also stated that in the next step, they will adhere to the investor-oriented approach, take the maintenance of fairness as the starting point and end point of their work, learn from international regulatory practices, seek advantages and avoid disadvantages, and establish and improve quantitative trading regulatory arrangements. For abnormal transactions that affect market order, the Shanghai and Shenzhen Stock Exchanges will resolutely take self-regulatory management measures, and those suspected of violating laws and regulations and serious circumstances will be reported to the China Securities Regulatory Commission for investigation and punishment.

Mature one, launch one

For the first time, the Shanghai and Shenzhen Stock Exchanges have launched a policy "combination punch" from the institutional end, access end, trading end, information end, institutional end, etc. to further strengthen the pertinence and accuracy of quantitative trading supervision.

A relevant person from the Market Supervision Department of the China Securities Regulatory Commission told reporters that the China Securities Regulatory Commission has always paid attention to the development and supervision of quantitative trading. In recent years, it has successively promoted many tasks, including bringing quantitative trading into the scope of securities laws, establishing a data collection mechanism for leading quantitative institutions, strengthening quantitative trading monitoring and analysis, establishing a programmed transaction reporting system, strengthening private placement and securities lending supervision, etc. The "combination" of quantitative trading supervision launched this time is strong, strengthening supervision from multiple dimensions, and basically covering the main aspects of quantitative trading business operations.

"The series of quantitative trading supervision measures introduced in the next stage will be mature one by one and launched one by one, and we will fully strengthen communication with various investors in the market, grasp the pace and intensity of work, promote the standardized and healthy development of quantitative trading, and maintain the stable operation of the market." The above-mentioned person said.

Relevant people from Huatai Securities said that the relevant regulatory measures this time proposed a series of arrangements from various aspects such as access reporting mechanism, regulatory coverage, trading behavior and supporting systems, focusing on the programmed transaction reporting management system that has been implemented in the early stage, reflecting the "thorny" supervision, and further eliminating regulatory gaps.

Quantitative trading supervision emphasizes seeking advantages and avoiding disadvantages

There is currently a lot of market discussion about quantitative regulation. Many opinions believe that quantitative trading started late, but developed rapidly and had a greater impact on the market.

"The impact of quantitative trading on the market must be viewed dialectically." Relevant people from the Shanghai and Shenzhen exchanges said that on the one hand, quantitative trading is usually operated with full or high positions, which provides more liquidity to the market and helps promote price discovery. On the other hand, quantitative trading, especially high-frequency trading, has characteristics such as fast transaction speed, strong processing power, and the use of artificial intelligence. It has strong technical advantages, information advantages, and trading advantages over the majority of investors. In addition, some micro-cap trading behaviors have convergence in strategies, transactions, and even trading hours, which further amplifies the fluctuations of individual stocks, thereby causing market resonance.

A relevant person from the Market Supervision Department of the China Securities Regulatory Commission told a reporter from the Shanghai Stock Exchange that the Shanghai and Shenzhen Stock Exchanges have comprehensively implemented policies to supervise quantitative trading, not to kill quantitative trading with one stick, nor to ban quantitative trading. Instead, during the daily supervision process, it has been found that there are more quantitative transactions, the frequency of transactions, the frequency of placing and canceling orders is too high, there are phenomena such as excessive use of information advantages, exacerbating information asymmetry, etc., and the unfairness brought to the market has become increasingly obvious.

"Considering the current market situation of 200 million investors, and the risk of increasing market volatility in quantitative high-frequency trading under a specific market environment, it is necessary to take advantage of the situation to promote its standardized development and make it more investor-oriented." said the person above.

Focus on high-frequency trading, in line with international practice

A relevant person from the Market Supervision Department of the China Securities Regulatory Commission said that the focus of this quantitative trading supervision is on high-frequency trading. Judging from international experience, overseas markets generally implement stricter supervision on quantitative transactions, especially high-frequency transactions, to prevent negative impacts on market order.

For example, Germany, Japan, etc. have centralized regulations on quantitative trading in the form of written laws and implement access registration management for high-frequency traders. Germany stipulates the definition and characteristics of algorithmic trading and high-frequency trading, exchange fees, transaction monitoring indicators, system requirements, etc.; Japan has formulated and issued regulatory guidelines specifically for the supervision of high-frequency trading actors.

Markets such as the United States limit the speed at which high-frequency traders can obtain trading information, reduce information asymmetry, and ensure optimal execution of investor orders. At the same time, they clearly prohibit any market participant from participating in, specifying, or intending to conduct destructive trading behaviors, including "spoofing" and other market manipulation behaviors that have emerged with the rise of high-frequency trading.

Many market participants have also reported that the quantitative transaction reporting system established in the early stage imposes additional reporting requirements on high-frequency transactions, so as not to affect the security of the exchange system and normal trading order. This is also in line with internationally accepted practices.

The quantitative transaction reporting system was implemented smoothly

On September 1 last year, the Shanghai and Shenzhen Stock Exchanges issued the "Notice on Matters Concerning the Reporting of Stock Programmed Trading" and the "Notice on Matters Concerning Strengthening the Management of Programmed Trading", establishing a special reporting system and corresponding regulatory arrangements for quantitative trading, which will be officially implemented on October 9, 2023. At present, the above-mentioned system has been implemented smoothly.

The reporter learned from the Market Supervision Department of the China Securities Regulatory Commission that at present, existing investors have achieved "repayment of all dues", and incremental investors "report first, then trade". The quality of reports from all parties generally meets the requirements, laying the foundation for further strengthening and improving quantitative trading supervision.

It is reported that the content of the quantitative trading report is very detailed, including basic account information, account fund information, transaction information, trading software information and other major categories. There are also specific requirements under the major categories. For example, the account fund information requires filling in the account fund size, fund source, and source proportion. For leveraged funds, the leveraged fund source and leverage ratio need to be filled in. The transaction information requires filling in the transaction type, whether it is a quantitative transaction, the main strategy type and overview, auxiliary strategies and overview, futures market account name and code, trading order execution method and overview, the highest account declaration rate, the highest number of declarations in a single day, etc.

A relevant person from the Market Supervision Department of the China Securities Regulatory Commission said that unreported investors cannot conduct programmed transactions, which is equivalent to allowing investors to "driving with a license" in the first place, providing institutional conditions for timely discovery of violations and real-time monitoring.

Editor: Tao Jiyan | Reviewer: Li Zhen | Supervisor: Wan Junwei
3 hours ago
Zhoushan Teachers And Students Concert Begins With Warm Singing, He Ling Has Been Deeply Engaged In Children’s Vocal Music Education For 18 Years
Winter nights are frosty, and art warms people's hearts. A teacher-student concert titled "Just Between the Mountains and Rivers" was held warmly at the Zhoushan Ocean Culture and Art Center. This performance was presented by young singer and vocal teacher He Ling together with a group of young students. It integrated ethnic, bel canto, pop, opera and other diverse singing methods into one. It was not only a concentrated report of teaching achievements, but also a warm transmission of teacher-student friendship and artistic inheritance. The song "I Will Become You When I Grow Up" runs through it, which is like a link that firmly binds the deep affection and power of "teacher-to-disciple inheritance".

Concert group photo

Eighteen years of intensive cultivation: educating peaches and plums with art, the teacher’s original intention reflects the mountains and seas

As the core of this concert, He Ling has been deeply engaged in children's vocal music education for 18 years, and her steps are solid and determined. She graduated from Shenyang Conservatory of Music in 2008. In 2018, she went to the Vocal and Opera Department of Shanghai Conservatory of Music for further studies in music performance. She studied under Professor Shi Lin, a famous vocal educator, and polished her professional skills. After completing her studies and returning home, she plunged into the field of children's vocal music education in Zhoushan. Not only did she cultivate a number of music talents who were admitted to professional schools, she also guided students to achieve great results in international, national, provincial and municipal children's vocal music competitions, and participated in the filming of "Singing." "Flying with Folk Songs", "Little Flowers After the Rain", "Happy Flying", "Spring Girl's Edelweiss" and other happy and sunny original songs and MV works, using the two-dimensional cultivation of "teaching skills + creation" to build a bridge to the world of music for children.

As she often said, "Music is a warm bond," and she is the guardian of this bond. She has watched the children grow from ignorance to confidence, and she has also watched some students embark on the path of music education just like she followed her mentor.

Teachers and students on the same stage: diverse singing voices express feelings, and one inheritance moves people's hearts

The concert kicked off with a warm opening VCR. He Ling and all the actors sang "Ode to Coral" together. The passionate melody not only paid tribute to the intelligence frontline heroes who sacrificed to liberate Zhoushan in the hit drama "Silent Glory", but was also dedicated to the special audience who came to the scene - 95-year-old veteran of the War to Resist US Aggression and Aid Korea Zhang Jirong. When He Ling told the story of the old man's bloody battlefield and spreading the red story after the war, singing and applause intertwined, setting a heavy and warm tone for the performance.

Nearly 20 Chinese and foreign pieces were then performed in turn, with young students showing off their talents: Guo Jiaru combined the elegance of Yuan opera with modern melodies with "The Order of Gui Gui Ling - Spring Love", and Yu Ningmeng conveyed Su Shi's "A Coop of Misty Rain and a Lifelong Life" with "Ding Feng Bo - Don't Hear the Sound of Beating Leaves Through the Forest". With open-mindedness, Yang Shuyi's Yue Opera "The Golden Marriage" fully demonstrated the beauty of the collision of opera and vocal music, and the excerpts from Donizetti's opera performed by Rui Zihan and Mao Wenzhe were full of tension. And He Ling's performance on stage pushed the atmosphere to a climax: "Heavenly Road" sang about the majesty of the mountains and seas, "Niannujiao·Chibi Nostalgic" reproduced the heroic spirit of the ages, and the relevant song "Between the Mountains and Rivers" expressed the friendship between the Yimeng army and the people. In every line of her singing, she expressed her sincerity towards music and her expectations for her students.

The most touching moment was when all the teachers and students sang "I Will Become You When I Grow Up" at the end. When the familiar melody sounded, warmth filled both the stage and the audience—— Guo Jiaru, who has become a vocal music teacher at an art school, has red eyes, "I used to see Teacher He standing in the center of the stage, but now I have become a teacher who teaches children to sing, so I understand the weight of this song." On the stage, He Ling held the hands of her students and her smile was full of joy. The famous composer Lei Lixin said with emotion: "From the little girl we first met to now cultivating batches of students who will inherit the legacy, He Ling's growth is obvious to all. This song "I Will Become You When I Grow Up", her story, and the theme of this concert are relevant to the core. This is how Chinese music culture is passed down from generation to generation!"

A group photo of all the actors

Rave reviews: The fire is passed down from generation to generation without end, and the singing voice is warm throughout the mountains and seas.

There was continuous applause throughout the performance, and the audience used their mobile phones to record every touching moment, and the voices from all parties were full of recognition and emotion. Professor Shi Lin, who directed the whole performance, commented emotionally: "He Ling showed the results of her hard work in raising children here, allowing the people of Zhoushan and music lovers to get real artistic enjoyment. This performance was very successful! We hope that we can work together to push Zhoushan's culture and art to a higher level."

A large number of parents gathered around the stage waiting for a group photo, saying bluntly, "Teacher He is kind and professional. I hope my children can pass on this love for music like Teacher He and Teacher Guo in the future." Some viewers shared through social platforms: "The concert completely exceeded expectations! Watching the whole immersive performance, I not only felt the professional charm of vocal art, but also was moved by the warm inheritance between teachers and students. It is a performance worth watching twice!"

The participating students also gained a lot. Mao Wenzhe faced the accident of "dropping the wireless mic" during the performance and cleverly resolved it with stage movements. She said with a smile: "Teacher He often said that 'accidents on the stage are also growth'. In the future, I want to be an actor who can stabilize the stage, and I also want to be a teacher like her. This experience is the best practice."

Actor: Mao Wenzhe

When the performance came to an end, He Ling took the stage to share her thoughts. She looked at the students around her with light in her eyes: "After eighteen years of hard work in the teaching field, the most gratifying thing is not how many awards I have won, but watching these children listen to me singing from the audience, sing with me on stage, and then some children become teachers who teach others to sing. I am grateful to my mentor for letting me understand the meaning of 'teacher'; and I am also grateful to these children for allowing me to see the most beautiful form of 'inheritance.'"

Teacher He Ling

From the elegance of Yuan music to the magnificence of opera, from the passion of folk songs to the soulfulness of popular music, this concert not only demonstrated the diverse charm of vocal art, but also made the melody of "I Will Become You When I Grow Up" and the deep feeling of "inherited from master to apprentice" forever lingering in the winter nights of Zhoushan. The singing will come to an end, but this sincerity to music and persistence in inheritance will eventually last as long as mountains and seas, warming the path forward for more people.
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