Trading volume plummeted during the day, is it subject to quantitative buck-passing? Institutions: The new regulations have little impact, and self-examination has been conducted last year.

On July 4th, the A-shares plunged during trading, and some voices in the market blamed the upcoming implementation of the quantitative new regulations on the next trading day. In response, several quantitative institutions stated that there are too many market rumors circulating. On July 7th, the "Implementation Measures for Programmed Trading Management," also known as the "quantitative new regulations," will officially be implemented on the Shanghai, Shenzhen, and the Beijing three exchanges. Some quantitative institutions have provided feedback that the "Implementation Measures" have been publicly solicited for opinions as early as June 2024, and various institutions have conducted multiple self-inspections. In April of this year, the "Implementation Measures" were officially released, and the market has already anticipated the implementation of the quantitative new regulations. Several leading institutions have adjusted their frequencies to fall below the definition of high-frequency trading. As for differentiated fees, it is understood that the mechanism for differentiated fees has not yet been fully determined, and private institutions do not yet know the fee details. A quantitative fund manager in Beijing explained to reporters that the purpose of high-frequency differential fees may be to reduce the profit potential of high-frequency strategies, thus returning the market to true value investing and rational investing. At the same time, it aims to prevent high-frequency trading from causing momentary impacts on the market during extreme market conditions, affecting the normal operation of the market. It is understood that the extent to which the quantitative new regulations will affect institutions may depend on individual product sizes, and large-scale quantitative institutions may be able to manage the impact. Furthermore, several institutions have stated that quantitative trading is not synonymous with high-frequency trading.