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程序化交易对于我国市场价格发现功能的发挥有重要意义，但也带来一定风险，比如“光大乌龙指”事件带来股指波动以及这次股市异常波动中的流动性短缺问题。西方国家对于程序化交易积累了一定监管经验。各国由于受历史背景、经济阶段、法律理念、监管执法水平、市场成熟度和投资者成熟度等因素影响，形成了不同的程序化交易监管制度。梳理各国程序化交易监管制度，从更广阔的视野分析程序化交易监管中的普遍性和规律性经验，对于进一步加强和完善我国程序化交易监管大有裨益。
<<On the one hand，programming trading plays an important role in market price discovery，on the other hand，programming trading also brings certain risk，such as the shortage of liquidity in the stock market in June 2015. Due to the factors of different historical background，economic stage，legal concept，market maturity and investors’ maturity，western countries formed different regulatory models and accumulated some experience in regulation for programming trading. Carding the regulatory system of programming trading and Exploring the law and characteristics will help us strengthen and improve regulatory effectiveness in China.
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