中国监管方正要求券商把高频交易相关客户的伺服器移出本地交易所资料中心（时间：2026-01-16 11:45（UTC+8；原文：11:45 AM GMT+8））。上海与广州的商品期货交易所被指已下达搬迁要求；Shanghai Futures Exchange 对高速客户的设备要求在「下个月月底」前移出，其他客户最晚至 4 月 30 日。此举影响中国本土高频机构，也波及在华活跃的全球机构；被点名者包括 Citadel Securities、Jane Street Group、Jump Trading。

交易所机房内的伺服器部署提供了以毫秒计的撮合速度优势；搬离后的物理距离与网路路径将削弱该优势。消息称部分期货交易所还在初步计划：对从第三方机房连入的伺服器额外增加 2 毫秒（2 ms）延迟，且该延迟叠加在搬迁造成的既有时延之上。对大多数投资者不可感知的几毫秒，可能足以让部分高频策略在股指期货、可转债与大宗商品上失去可行性；Shen Meng（Chanson & Co.）判断短期内交易频率可能下降，从而压缩券商手续费与伺服器托管费。

政策背景是「拉平」投资者环境与市场稳定：在本月股市上涨至多年高位后，监管方本周早些时候把融资融券（margin financing）相关比率提高到 100（原文：100），并审视部分外资做市商的 ETF 交易。消息出现后，CSI 300 Index 由发稿前接近 +1% 迅速转负；上海期货铜价在此前最高 +0.6% 后转为约 -1%。规模数据方面：Citic Securities Co. 估算中国量化资管规模截至 6 月约 1.7 万亿元人民币（¥1.7 tn；原文：1.7 trillion yuan），约合 2,440 亿美元（$244 bn）；交易所将高频定义为单帐户每秒超过 300 次下单与撤单，或单日超过 20,000 次请求；此类帐户在 2024 年下降 20% 至约 1,600（截至 2024-06-30）。

Chinese regulators are forcing brokers to remove high-speed trading clients’ servers from local exchanges’ data centers (time: 2026-01-16 11:45 UTC+8; original: 11:45 AM GMT+8). Commodities futures exchanges in Shanghai and Guangzhou are cited; the Shanghai Futures Exchange set an “end of next month” deadline for high-speed clients, and April 30 for other clients. The shift hits domestic high-frequency firms and foreign firms active in China, including Citadel Securities, Jane Street Group, and Jump Trading.

Colocation inside exchange-run facilities provides a millisecond-level execution edge; moving servers away lengthens network and physical paths. Some futures exchanges have preliminary plans to add two milliseconds (2 ms) of latency to connections coming from third-party computer rooms, on top of relocation-related lag. Milliseconds are imperceptible to most investors but can make strategies unworkable in stock index futures, convertible bonds, and commodities. Shen Meng (Chanson & Co.) expects lower short-term trading frequency, reducing brokerage and server-hosting fees.

Officials frame the move as leveling access and supporting stability after stocks rallied to multi-year highs this month; they also tightened margin trading by raising a margin-financing ratio to 100 (original: 100) and scrutinized some foreign market-maker ETF trades. After the report, the CSI 300 Index swung from nearly +1% to negative, and Shanghai copper fell about 1% after a prior gain of up to 0.6%. Citic Securities Co. estimates Chinese quant assets at about 1.7 trillion yuan (¥1.7 tn; $244 bn) by June. High-frequency trading is defined as >300 orders/cancellations per second per account or >20,000 requests per day; such accounts fell 20% in 2024 to ~1,600 as of June 30, 2024.