SSE Holds 2021 Technology Conference

Featuring the theme of “Digitization for Integrity and Innovation”, the first industry-wide technology conference (the “Conference” for short) held successfully by the Shanghai Stock Exchange (SSE) on May 28 has set up a high-level industry technology exchange platform in line with the spirits of the 5th Plenary Session of the 19th CPC Central Committee and the strategic plan of “accelerating digital development” specified in the “14th Five-year Plan” and the “Long-Range Objectives through the Year 2035”. The conference aimed at promoting the digital transformation and the information technology application and innovation in the whole industry, improving the level of science and technology in the capital market, and enhancing the capacity to prevent risks and serve the real economy. Vice Chairman Zhao Zhengping of the China Securities Regulatory Commission (CSRC) delivered a speech at the conference. Attending the Conference were officials from relevant departments and institutions of the CSRC system, the Shanghai Municipal Commission of Economy and Informatization, and the Suzhou Industrial Park Administrative Committee, as well as technology officials, experts and scholars from securities, asset management and futures companies, colleges and universities, scientific research institutions, and technology companies.

In his speech, Vice Chairman Zhao Zhengping pointed out that China has moved from the phase of rapid growth to that of high-quality development, in which data have become a vital productivity factor, and digital development is a critical approach to forming a new development paradigm. Now is the right time for the SSE to hold the conference on “Digitization for Integrity and Innovation”, which is of significance to grasping the digital development trend and promoting digital transformation. He noted that the CSRC has attached great importance to the technological transformation and development of the capital market and formulated the vision that “Digital Makes Regulation Smarter”. Besides, the CSRC has steadily promoted its major tasks by enhancing the top-level design and sticking to the problem orientation and the application orientation. In 2021, the CSRC System Work Conference has made it one of its major tasks to accelerate the in-depth integration of technology and business. Promoting digital transformation guided by technological innovation is the definite way for the high-quality development of the capital market. In the new development stage, the whole industry shall earnestly promote the digital and technological transformation and keep strengthening the support of digital technology for the capital market by focusing on the general target of constructing a regulated, transparent, open, dynamic and resilient capital market and sticking to safe and steady development of financial technology and enhancing the application of regulatory technology. The industry should uphold integrity and encourage innovation, and protect the legitimate rights and interests of investors, especially the small and medium-sized investors. Technological thinking should be strengthened to steadily promote the application of regulatory technology, accelerate its practice and promote the in-depth integration of technology and business. Moreover, the concerted efforts should be formed to play the demonstrative role of technology in the industry, and jointly construct an open and integrated digital ecology capable of leading the development.

Director-General Yao Qian of the CSRC Technology Supervision Bureau said in his speech that the organizational structure and basic institutional system of the CSRC system for technology supervision have taken initial shape, with the Technology Supervision Bureau and the Information Center as the center, and the China Securities Data and China Securities Technology as two wings. The financial technology pilot program and regulatory work are underway, the “4 major programs” and key projects of regulatory technology are advancing, and the information security risks in the capital market are under effective prevention and control. He pointed out that the vision, path and key tasks of the technology supervision in the securities and futures industry for the current stage are clear and that the major work for relevant departments in the CSRC system is to earnestly implement the various tasks. The whole industry should seize the opportunity and strengthen the efforts to achieve more results in the reform of technology supervision. He hoped that this conference will be an opportunity for more exchange of ideas, more consensus-building, and accelerate the development of a new pattern for technology supervision.

SSE President Cai Jianchun said that digital technology has become the key engine for the high-quality development of the capital market by comprehensively assisting inclusive development, improving the efficiency of supervision and service, accelerating the reconstruction of the market competition pattern, and profoundly changing the ecology of the industry. Under the leadership of the CSRC, the SSE has achieved some positive results in improving the control of information technology safety, enhancing the digitization of supervision, promoting the in-depth integration of technology and business, and improved the sharing, joint contribution and governance of technology. This year marks the 100th anniversary of the founding of the Communist Party of China. It is also a critical year for the comprehensive deepening of the reform in technology supervision of the CSRC system. In future, the SSE will uphold the principle of “building the system, non-intervention, and zero tolerance”, enhance the application of digital technology, and keep improving the capacity for market supervision and the efficacy of service.

During the conference, the Strategic Plan for Technology of the Shanghai Stock Exchange (2021-2025) was officially released, and ceremonies were held for the unveiling of the Information Technology Application and Innovation Base and Alliance of the Securities and Funds Industry and for the issuance of the Letters of Appointment for the Technology Expert Consultation Committee. On the same day, seminars were held in three sub-areas: information innovation and trading technology, green data center and cloud, and regulatory technology and information service. The participating experts and scholars discussed and exchanged views on topics including controllability, the structural evolution of the core trading system, the planning and design of the new generation green data center, and big data and technology supervision.