To standardize the management of members' trading and relevant systems, prevent and control trading risks, further improve the emergency handling capability of members' trading and relevant systems, ensure the safety and continuity of trading on securities market as well as protect the legal rights and interests of investors, the "SSE Member Management Rules" and the "SZSE Member Management Rules" (hereinafter jointly referred to as the "Member Management Rules") have made special regulations on construction, operation and maintenance of members' trading and relevant systems.
I. Defining the basic requirements for the scope and construction of members' trading and relevant systems
According to the "Member Management Rules", members' trading and relevant systems include three major systems, namely the trading system, the market system and the communication system, as well as their backup systems. Specifically, exchanges' management of members' trading and relevant systems is limited to the interfaces of the exchanges' trading and relevant systems.
The "Member Management rules" have made specific requirements for the construction, operation and maintenance of the interfaces of trading and relevant systems of the members and exchanges. Firstly, the interfaces' construction, operation and maintenance should conform to the regulations or recognized technology management standards by the exchanges or their authorized institutions (such as Securities Telecommunication Co., Ltd.). Secondly, to further enhance the technology system's adaptability to the continuous market expansion and new businesses, members must, in due time, reconstruct and test their software and hardware systems of trading and relevant systems according to the requirements of the exchanges or their authorized institutions. Moreover, they should report their implementation information to the exchanges. In addition, the "Rules" also stress that in the process of reconstruction and testing, normal trading shall not be affected. Furthermore, to effectively guarantee the trading network's safety, members should strictly separate the communication system from other networks during the construction.
II. Concentrating on safe operation of members' trading and relevant systems to ensure the stability and continuity of securities trading
Safe operation, the fundamental requirement in the "Member Management Rules" for members' trading and relevant systems, is a necessary guarantee for normal trading on securities market. According to the specific requirements of the rules, members must first establish a sound management system for safe operation of trading and relevant systems, including emergency schemes for unusual situations, regular inspection over the system's safety and stability to maintain the overall situation of the market as well as regular or temporary emergency drills according to requirements of the exchanges or their authorized institutions. For example, all members should participate in the annual emergency drill for trading system and give timely feedback about the test to the exchanges. Secondly, when members' trading and relevant systems suffer severe malfunction or other factors that influence the trading on the securities market, the members should immediately take effective measures and report to the exchanges. In addition, to ensure the safe connection between the members' trading and relevant systems and the exchanges' trading systems, the "Member Management Rules" also prohibit members from activities that have nothing to do with securities businesses on such systems during trading hours.
III. Enhancing data management of trading and relevant systems to guarantee the safety of trading data
The trading data are the important evidence to record the investors' trading on the securities market. Therefore, members should attach great importance to their safety management. The "Member Management Rules" have made specific requirements for the secrecy, backup and remote backup of trading data, including the business data and the system data, in members' securities trading. According to the requirements, members should conduct safety and secrecy management for all kinds of trading data as well as make backup for the data. Meanwhile, to be able to completely recover the trading data in due time, they should send the backup data to the remote sites for saving in case of accidents.
