| Notice by the Shenzhen Stock Exchange of the Management of Programmed Trading in Stock Options | | 深圳证券交易所关于股票期权程序化交易管理的通知 |
| (No. 808 [2019] of the Shenzhen Stock Exchange) | | （深证上〔2019〕808号） |
| All market participants: | | 各市场参与人： |
| For the purposes of strengthening the management of trading in stock options whose orders are automatically or quickly placed through computer programs (hereinafter referred to as “programmed trading”), preventing the risks that may be possibly caused by programmed trading, and maintaining the trading order of stock options, according to the Pilot Trading Rules of the Shenzhen Stock Exchange for Stock Options, the Shenzhen Stock Exchange (“SZSE”) hereby notifies you of the matters concerning programmed trading in stock options as follows: | | 为加强对通过计算机程序实现自动下单或者快速下单的股票期权交易（以下简称程序化交易）的管理，防范程序化交易可能引发的风险，维护股票期权交易秩序，根据《深圳证券交易所股票期权试点交易规则》，深圳证券交易所（以下简称本所）现就股票期权程序化交易的有关事项通知如下： |
| I. An options operating institution shall establish a programmed trading access management system, specify the relevant requirements and management mechanisms for clients to conduct programmed trading, and implement strict access and authentication management for clients' programmed trading. | | 一、期权经营机构应当建立程序化交易接入管理制度，明确客户进行程序化交易的相关要求和管理机制，对客户进行程序化交易实行严格的接入和认证管理。 |
| II. An options operating institution shall, under the programmed trading management system, examine, test and authenticate the applications of clients for conducting programmed trading with a trading software or interface of its own, provided by a third party, or provided by an options operating institution, launch programmed trading privileges for qualified clients, and enter into agreements on programmed trading business with clients to specify their respective rights and obligations. | | 二、期权经营机构应当根据程序化交易管理制度，对客户使用自有、第三方提供或者期权经营机构提供的交易软件或者接口进行程序化交易的申请，进行审核、测试及认证，对符合条件的客户开通程序化交易权限，并与客户签署程序化交易业务协议，明确各自的权利、义务。 |
| For a client failing to apply for programmed trading or pass the authentication, an options operating institution shall not launch the programmed trading privileges. | | 客户未提出程序化交易申请或者未通过认证的，期权经营机构不得为其开通程序化交易权限。 |
| III. A client conducting programmed trading with a trading software or interface of its own, provided by a third party, or provided by an options operating institution shall file an application with the options operating institution in advance, and may only conduct programmed trading after the options operating institution launches programmed trading privileges for it. | | 三、客户使用自有、第三方或者期权经营机构提供的交易软件或者接口进行程序化交易的，应当事先向期权经营机构提出申请，经期权经营机构开通程序化交易权限后，方可进行程序化交易。 |
Where a client conducts programmed trading without launching the programmed trading privileges, the options operating institution shall stop it upon discovery in a timely manner and report to the SZSE.
．．．．．． | | 客户未开通程序化交易权限即自行开展程序化交易的，期权经营机构发现后应当及时予以制止，并向本所报告。
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