Beijing

CHINA on Friday issued draft regulations governing automated stock trading on three exchanges, including the adoption of a net daily purchase quota for some securities, in an effort to prevent a repeat of the turmoil that roiled markets this summer.

China's securities regulator, the Shanghai and Shenzhen stock exchanges and the Shanghai Futures Exchange all issued statements saying they would closely scrutinise high-frequency traders, defined as those who make and subsequently cancel a market order within a second more than three times a day, among other criteria.