Q: Recently, there have been reports that SZSE is soliciting opinions from some market institutions on differentiated fee mechanisms for high-frequency trading. Some foreign-funded institutions are concerned about inconsistent fee standards. What is SZSE's view on this?

A: We have noticed the concerns. Since the beginning of this year, under the unified deployment of the CSRC, we have continuously strengthened the supervision of algorithmic trading and promoted the implementation of relevant policies and measures. Currently, we are conducting research and analysis on a differentiated charging scheme for high-frequency trading. We will adhere to the principle of equality between domestic and foreign investment, ensuring fair treatment for all market participants. The fee mechanisms will be refined based on comprehensive evaluation and calculation to enhance the targeted supervision of high-frequency quantitative trading. There is no need to worry about unfair treatment. Regarding the specific arrangements for differentiated fees for institutions involved in high-frequency trading, we will also fully solicit opinions from market participants and implement these arrangements in a stable and orderly manner.