China’s nascent high-frequency traders (HFT) are in retreat following a regulatory crackdown on short selling and a broad legal interpretation of “market manipulation” that encompasses trading practices that are allowed in other markets.
China’s stock market has recovered from the punishing rout of summer 2015. The benchmark index hit an 18-month high this month, following MSCI’s decision to include mainland shares in its emerging-markets index. But hedge funds employing HFT strategies, which proliferated during the rise, have never recovered.
Instead, HFT investors have shifted away from the stock market and towards commodities, where futures trading remains less heavily regulated, according to investors and analysts.
您已阅读13%（729字），剩余87%（4841字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。