English version is Translated by AI

Question: Are there any special regulatory provisions for quantitative fund companies by the regulatory authorities in Hong Kong?

Corrected response: Although the Hong Kong Securities and Futures Commission (SFC) does not have specific regulatory provisions for quantitative fund companies, compared to traditional fund managers who manually issue investment and trading instructions, quantitative trading may need to comply with regulatory requirements related to electronic trading and algorithmic trading (these regulations also apply to securities brokerage businesses that use automatic algorithms to execute trades), mainly including: (1) The Code of Conduct for Licensed Persons, paragraph 18, regarding electronic trading, especially the provisions related to algorithmic trading;

(2) The Code of Conduct for Licensed Persons, Schedule 7, additional provisions for licensed or registered persons engaged in electronic trading, especially paragraph 3 which stipulates specific provisions for algorithmic trading.

(3) The SFC's circular to all licensed corporations regarding algorithmic trading (December 13, 2016, https://apps.sfc.hk/edistributionWeb/gateway/TC/circular/intermediaries/supervision/doc?refNo=16EC67)

Past disciplinary records:

  1. The SFC resolves its concerns regarding Citigroup's algorithmic trading system | Securities and Futures Commission (sfc.hk)

  2. Interactive Brokers Hong Kong Limited was reprimanded and fined HKD 4.5 million by the SFC for deficiencies in its electronic and algorithmic trading systems | Securities and Futures Commission (sfc.hk)


问题：香港的监管机构是否有针对量化基金公司的特别监管规定？

更正后答复：虽然香港证监会并没有针对量化基金公司做出专门的监管规定，但相较于传统的基金经理手动发出投资、交易指令，量化交易可能需要遵守有关电子交易和程式买卖的监管要求（采用自动算法执行交易的券商经纪业务也适用这些规定），主要包括：

（1）《持牌人操守准则》第18段有关電子交易的规定，特别是其中有关程式买卖的规定；

持牌人操守準則第18段及附表7.pdf

（2）《持牌人操守准则》附表 7 對就進行電子交易的持牌人或註冊人的額外 規定，特别是第 3 段訂明程式買賣的特定規定。

（3）香港证监会《致所有持牌法團有關程式買賣的通函》（2016年12月13日，https://apps.sfc.hk/edistributionWeb/gateway/TC/circular/intermediaries/supervision/doc?refNo=16EC67）

 

过往处罚纪录：

1. 證監會解決其就Citigroup的程式買賣系統所提出的關注 | 證券及期貨事務監察委員會 (sfc.hk)

2. 盈透證券香港有限公司因其電子及程式買賣系統出現缺失遭證監會譴責及罰款450萬元 | 證券及期貨事務監察委員會 (sfc.hk)