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本文对程序化交易及高频交易的起源、定义、判断标准和监管必要性进行了分析,指出程序化交易及高频交易是电子技术和计算机技术等与美国金融市场基础制度变革交织的产物;对美国、德国法律对高频交易的法律规制给予了分析;对我国《证券期货市场程序化交易管理办法(征求意见稿)》的内容进行了介绍,提出应该纳入新修订的《证券法》和制定的《期货法》中等修改建议。
This article analyzes the origins, definitions, criteria and regulatory necessity of programmatic transactions and high-frequency transactions. It points out that programmatic transactions and high-frequency transactions are products of electronic technology and computer technology interwoven with changes in the basic financial system of the United States. The article analyzes the legal regulation of high frequency trading in the United States and German law. It also introduces the content of the Procedures for the Administration of Programmed Trading in the Securities and Futures Markets (Draft for Soliciting Opinions), and proposes that the newly revised “Securities Law” and Developed “Futures Law” amendments to the medium.