The reporter learned that the “Guidelines for Stress Testing of Securities Company Transaction Settlement Systems (Trial)” will soon be implemented, and the China Securities Association is currently implementing the relevant procedures. Since the “Guidelines” were solicited for comments in September 2025, after a revision, the final version will officially put forward clear requirements for the stability of the securities industry transaction settlement system, thereby enhancing the reliability of the system. The “Guidelines” are expected to implement a number of hard measures: brokerage firms carry out transaction settlement system stress tests at least once a year; critical information infrastructure units must be tested in a timely manner in the event of major system changes and large market fluctuations; brokerage firms should attach great importance to system stress test results. If system performance is found to be inadequate or there are major risks, they should promptly report them and formulate clear rectification plans within a limited period of time. The implementation of the new regulations aims to identify bottlenecks in transaction settlement system capacity performance, improve system stability guarantee capabilities, and protect the legitimate rights and interests of investors.

The reporter learned that the “Guidelines for Stress Testing of Securities Company Transaction Settlement Systems (Trial)” will soon be implemented, and the China Securities Association is currently implementing the relevant procedures. Since the “Guidelines” were solicited for comments in September 2025, after a revision, the final version will officially put forward clear requirements for the stability of the securities industry transaction settlement system, thereby enhancing the reliability of the system. The “Guidelines” are expected to implement a number of hard measures: brokerage firms carry out transaction settlement system stress tests at least once a year; critical information infrastructure units must be tested in a timely manner in the event of major system changes and large market fluctuations; brokerage firms should attach great importance to system stress test results. If system performance is found to be inadequate or there are major risks, they should promptly report them and formulate clear rectification plans within a limited period of time. The implementation of the new regulations aims to identify bottlenecks in transaction settlement system capacity performance, improve system stability guarantee capabilities, and protect the legitimate rights and interests of investors.