As China’s stock market struggles to recover, regulators have started to probe some hedge funds and brokerages on quantitative trading strategies amid a growing outcry against a sector able to profit from share price falls and volatility, sources said.
“They want to know the logic of the trading , the source of the profit; under which situation you hold net long, or net short positions ... and the reason behind buy and sell orders,” the source said. The latest regulatory scrutiny comes after a slew of market-friendly measures - including a stamp duty cut - failed to drive a sustainable rally in a struggling market that is down roughly 5% year-to-date.
The regulatory review is not without precedent. During China’s 2015 market crash, Beijing almost shut down the index futures market and blamed shortsellers for the turmoil.Quant funds in China exceeded 1.08 trillion yuan at the end of 2021, nearly doubling in size from a year earlier, according to a report compiled by institutions including Huatai Securities.
“DMA easily raises eyebrows as it involves high leverage, and allows quant funds to make a lot of money,” said a brokerage source.
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Exclusive-China scrutinizes quant strategies as market weakness stokes public angerAs China's stock market struggles to recover, regulators have started to probe some hedge funds and brokerages on quantitative trading strategies amid a growing outcry against a sector able to profit from share price falls and volatility, sources said. The China Securities Regulatory Commission (CSRC) has checked with several major brokers over the past weeks about short-selling activities and trading strategies of their quant clients - funds that trade rapidly using derivatives and data-driven computer models, two people with direct knowledge of the probe said. Separately, the Shanghai and Shenzhen stock exchanges, under the CSRC's guidance, have sought information from major quant funds on their money-making strategies, another source said.
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