SHANGHAI : Chinese hedge fund managers parried criticism of their trading techniques and market impact on Tuesday, a day after the country's top securities regulator said the rapidly growing number of 'quants' was a challenge to stock exchanges.Yi Huiman, chairman of the China Securities Regulatory Commis
SHANGHAI : Chinese hedge fund managers parried criticism of their trading techniques and market impact on Tuesday, a day after the country's top securities regulator said the rapidly growing number of"quants" was a challenge to stock exchanges.
Fund managers were quick to deflect that criticism, which comes at a time of heightened market concerns as China launches a series of regulations against sectors ranging from technology to private tutoring. "Actually, long-only funds do more harm to markets" in China, where short selling of shares is restricted, he said.
"It's understandable that regulators don't want to see barbaric growth of the sector triggering excessive volatility." "High-frequency trading under China's stock trading mechanism is different from that in U.S. and European markets," said the executive, who declined to be identified due to sensitivity of the topic. Under China's system, stocks cannot be sold on the same day of purchase.The spotlight on 'flash boys' coincides with an explosion in China's stock trading volumes. Daily turnover has exceeded 1 trillion yuan for over 30 consecutive sessions.
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