From Risk Control to Risk Regulation:Regulatory Approach to the Algorithm Black Box of Quantitative Fund Companies
Cheng Xuejun1, Zhao Chang2
1. Law School,Tongji University,Shanghai 200092,China; 2. School of Economic Law, East China University of Political Science and Law,Shanghai 201620,China
Abstract：Under the background of risk society,the traditional industrial society is moving forward to the modern algorithm society.With the deep application of algorithm,various quantitative fund companies have developed rapidly,which has promoted the operation efficiency and investment effect of traditional fund products to a certain extent.However,due to factors such as agnosticism and the obscurity of the algorithm,quantitative fund companies also have the problem of the algorithm black box.The traditional regulatory system has shortcomings in the algorithmic black box regulatory paradigm from three terms.In terms of regulatory objectives,existing regulations overly emphasize risk control.In terms of regulatory subjects,existing regulations lack effective communication and coordination mechanisms.In terms of regulatory measures,existing regulations have not formed a comprehensive regulatory approach.Adopting the risk regulation theory can effectively address the regulatory issues of current financial risk prevention goals,objects,and means.To solve the problems and challenges brought by the algorithm black box of quantitative fund companies,China must shift from risk control to risk regulation,starting from the level of risk regulation objectives,subjects and measures,and comprehensively construct a regulatory approach for the algorithm black box of quantitative fund companies.
程雪军, 赵畅. 从风险控制到风险规制:量化基金公司算法黑箱的规制进路[J]. 中国科技论坛, 2024(4): 127-136.
Cheng Xuejun, Zhao Chang. From Risk Control to Risk Regulation:Regulatory Approach to the Algorithm Black Box of Quantitative Fund Companies. , 2024(4): 127-136.
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