Lion International Securities AI Agent Trading Platform Proposal

Legality of AI Trading under the SFC Regulatory Framework

Automated Trading 监管文件 / Regulatory Document 核心要求 / Core Requirements

“Guidelines on Online Broking Services”

Brokers must ensure electronic trading systems are secure, reliable, with adequate capacity and contingency plans.

“Code of Conduct”

All trading orders (regardless of source) must be fully traceable and auditable.

“Guideline on Anti-Money Laundering”

AML screening is required for order sources (the Agent platform itself is treated as an intermediary).

Personal Data (Privacy) Ordinance (PDPO)

The Agent platform’s processing of client trading data must fully comply with PDPO regulations. 1.2 关键合规路径 / 1.2 Key Compliance Paths

Path 1: Lion as a Licensed Corporation Directly Providing Agent Trading Services

Lion holds Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) licenses. The AI Agent acts inherently as a new type of order routing tool. The workflow is as follows: 青狮国际证券 | Lion International Securities 1 / 10

Client opens account → Sets up [AI Trading Sub-account] → Signs AI Trading Supplementary Agreement ↓ 明确授权Agent代为下单 / Explicitly authorizes the Agent to place orders on behalf of the client ↓ 确认了解AI交易风险（模型可能误判） / Acknowledges AI trading risks (potential model misjudgments) ↓

limit/max position) ↓ 同意交易记录向 SFC 披露 / Consents to the disclosure of trading records to the SFC 合规 Checklist / Compliance Checklist:

Every Agent order must record: trigger conditions + model inference summary + final instruction (satisfying SFC audit requirements).

Clients must sign the “AI Automated Trading Risk Disclosure Statement”, specifying that the AI may make erroneous decisions.

AI sub-account funds are strictly isolated from the main account; Lion itself does not touch client custody assets.

Agent operators must pass KYC, with extra assessments on investment experience and AI cognitive/risk understanding.

Agent orders must not have unfair advantages over manual orders (preventing front-running), strictly adhering to price/ time priority.

The Agent platform must undergo Lion’s internal IT security audit and third-party penetration testing before launch.

Path 2: Lion Solely as an API Provider, Agent Platform Licensed by a Third Party

If Lion does not host the platform but opens APIs to a licensed third party, Lion’s scope shrinks to ensuring the API user is an SFC licensed corp, performing client identification and transaction monitoring per the Guidelines. 第三方持牌法团 (Type 1) / Third-Party Licensed Corporation (Type 1) ↓ 通过青狮 API 下单 / Order via Lion API 青狮国际证券（执行券商/清算商） / Lion International Securities (Executing/Clearing Broker) ↓ 港交所 / 美股清算所 / HKEX / US Clearing Houses 1.3 美股交易的额外合规 / 1.3 Additional Compliance for US Stock Trading 港美股交易涉及跨境监管 / Cross-border regulations for HK and US markets: 市场 / Market 额外要求 / Additional Requirements 港股 / HK Stocks

Regulated by SFC; compliance path is relatively clear. 美股 / US Stocks

Cleared through Lion’s US channels (IB, Citi, etc.). Must ensure the platform complies with SEC/FINRA rules, especially Regulation SCI and Best Execution obligations. 跨境 / Cross- border

Mainland Chinese residents must satisfy cross-border investment rules (QDII, Stock Connect). It is recommended that US stock features initially support only clients who have already activated US trading permissions. 青狮国际证券 | Lion International Securities 3 / 10 二、Agent 平台搭建角度 — 技术架构设计 / II. Agent Platform Construction — Technical Architecture Design 2.1 整体架构 / 2.1 Overall Architecture AI Agent 交易平台架构 / AI Agent Trading Platform Architecture

  1. 模型选择层 / Model Market (Client Selectable) Claude (Sonnet) GPT-4o DeepSeek-V3 ↓
  2. Agent 编排层 / Orchestrator Layer • 自然语言 → 交易意图识别 / Natural Language → Trading Intent Recognition • 策略解析 → 结构化指令生成 / Strategy Parsing → Structured Instruction Generation • 多轮确认（高风险操作需用户确认） / Multi-turn confirmation for high-risk operations ↓
  3. 风控引擎 / Risk Engine (Mandatory Validation) • 单笔金额 / 日累计交易额检查 / Per-order & Daily total amount check • 频率限制（防高频刷单）/ Rate limiting to prevent accidental high-frequency order loops • 持仓集中度 / 亏损熔断（N笔连亏→暂停） / Concentration checks & Circuit breakers (N consecutive losses) ↓
  4. 订单执行层 / Order Executor • 指令签名 + 防篡改 / Instruction signing + Anti-tampering verification • 重试/降级策略 & 订单状态跟踪 / Retry & Degradation strategies & Real-time order tracking ↓
  5. 青狮 API 网关 / Lion API Gateway • 认证 (OAuth 2.0 + JWT) / Authentication & Authorization • 限流与日志审计 / Rate limiting & Comprehensive log auditing ↕ 青狮国际证券后台交易与结算系统 / Lion Brokerage Backend Trading & Settlement System 青狮国际证券 | Lion International Securities 4 / 10 2.2 核心模块详述 / 2.2 Core Modules Detail 模块 A：Agent 编排层 / Module A: Agent Orchestration Layer 负责将自然语言翻译为交易指令 / Translates natural language into structured trading commands:

“If Tencent drops below 380 today, buy 2 lots.” ↓ 意图识别 / Intent Classification 动作 / Action: BUY | 标的 / Asset: 0700.HK | 条件 / Condition: Limit Price ≤ 380 | 数量 / Qty: 2 Lots (200 shares) ↓ 条件解析 / Condition Parser 智能条件单 / Smart Conditional Order: IF 0700.HK.last_price ≤ 380 AND market_status = ‘TRADING’ THEN PLACE_ORDER(symbol=0700.HK, side=BUY, qty=200, order_type=LIMIT, price=380) ↓ 风控校验通过后 → 推送至青狮 API / Passed Risk Controls → Push to Lion API 支持的 Agent 策略类型（由简到繁）/ Supported Agent Strategy Levels (Simple to Complex):

Lvl 策略类型 / Strategy Type 示例 / Example

L1

Order “买入100股腾讯” / “Buy 100 shares of Tencent” 低 / Low L2 条件单 / Conditional Order “腾讯跌破380买入” / “Buy Tencent if it breaks below 380” 中 / Medium L3

Strategy

of 3 tech stocks" 中 / Medium L4 止损/止盈 / Take-Profit/ Stop-Loss

hits 420, stop loss at 370" 中 / Medium L5

Condition

drops 2% and Tencent PE < 20" 高 / High L6

Autonomous “分析今天适合买什么” / “Analyze what is suitable to buy today” 最高 / Highest

  • Recommended to open L1-L3 initially, phase in L4-L5 gradually, and require separate risk approval for L6. 模块 B：风控引擎 / Module B: Risk Engine 所有 Agent 指令必经风控层 / All Agent instructions must pass through the risk layer: 青狮国际证券 | Lion International Securities 5 / 10

Value ≤ 200万 HKD / ≤ 2,000,000 HKD

Frequency ≤ 5 次/分钟 / ≤ 5 times per minute

Concentration ≤ 总资产的 30% / ≤ 30% of total assets 连续亏损熔断 / Consecutive Loss Circuit Breaker 连续 3 笔亏损 → 自动暂停 / 3 consecutive losses → Auto-suspend 交易时间窗 / Trading Time Window 仅港股交易时段 / Hong Kong trading hours only 波动率限制 / Volatility Restriction 标的当日涨跌幅 > 10% 拒单 / Reject if daily fluctuation > 10%

Threshold 低于 0.7 需人工确认 / Manual confirmation required if < 0.7 熔断机制流程 / Circuit Breaker Workflow:

Agent orders → N consecutive losses → Auto-suspend Agent permissions → Notify client + Lion Risk Control → Resume only after explicit client confirmation. 模块 C：模型选择层 / Module C: Model Selection Layer

Claude (Sonnet) 风控意识强 / Strong risk awareness 策略风控、合规审查 / Strategy risk control, compliance review GPT-4o 金融知识广 / Extensive financial knowledge

general trading DeepSeek-V3 逻辑推理强 / Powerful logical reasoning

strategies, advanced conditional orders

evaluation

  1. Risk decisions must run locally (low latency, auditable); 2. Strategic advice can be generated by LLMs (seconds of latency allowed); 3. Final execution instructions must be verified by deterministic code, never directly output by LLMs. 2.3 Agent 平台的功能清单 / 2.3 Feature List of the Agent Platform 功能模块 / Functional Module 说明 / Description Agent 交易室 / Trading Room

Conversational order interface, displaying the Agent’s reasoning process in real time. 策略面板 / Strategy Panel

View, manage, pause, and delete all currently active Agent strategies. 交易日志 / Trading Logs

Every transaction includes the Agent’s reasoning summary (rationale behind buy/ sell). 回测沙盒 / Backtesting Sandbox

Simulate and test the performance of Agent strategies on historical market data. 绩效分析 / Performance Analytics

Quantitative metrics including win rate, profit/loss ratio, and maximum drawdown.

Configuration

Configure specific risk limits and bind tailored AI models for each Agent. 多 Agent 管理 / Multi-Agent Mgmt

Allows a single client to run multiple Agents simultaneously with varied models/ strategies. 青狮国际证券 | Lion International Securities 7 / 10 三、券商 APP 与 Agent 平台 API 接口对接角度 / III. Broker APP & Agent Platform API Integration 3.1 API 接口范围 / 3.1 Scope of API Interfaces 青狮国际证券 | Lion International Securities 8 / 10

Category 接口名称 / API Endpoint 说明 / Description

Authentication POST /oauth/token

OAuth 2.0 Auth code mode to fetch token P0 POST /oauth/refresh Token 刷新 / Refresh access token P0

Account Info GET /accounts/{id}

overview P0 GET /accounts/{id}/ balance 查询 AI 子账户余额 / Query AI sub-account balance P0 GET /accounts/{id}/ positions 查询持仓 / Query current stock positions P0

Market Data GET /market/quotes 实时快照行情 / Real-time snapshot market quotes P1 WS /market/stream WebSocket 实时行情流 / WebSocket live data stream P1

Trading Execution POST /orders

(Limit/Market/Conditional) P0 DELETE /orders/{id} 撤单 / Cancel pending order P0 GET /orders 查询当日委托 / Query today’s orders P0 GET /orders/{id}

status P0 GET /trades 查询成交明细 / Query execution and fill details P0

Risk Control PUT /../risk-limits 设置风控参数 / Configure risk management limits P0 GET /../risk-limits 查询当前风控状态 / Fetch active risk control status P0

Notifications POST /webhook/order- status

status updates P0 POST /webhook/risk-alert 风控告警回调 / Webhook for urgent risk rule alerts P0

POST /accounts P0 青狮国际证券 | Lion International Securities 9 / 10

Category 接口名称 / API Endpoint 说明 / Description

sub-account 3.2 API 对接协议设计 / 3.2 API Protocol Design Guidelines

To guarantee safety and high stability, the API integration must fulfill the following protocol requirements:

All requests must use HTTPS with TLS 1.3. Sensitive parameters must use payload-level encryption.

Use HMAC-SHA256 signing on timestamps, nonces, and payloads to prevent replay attacks.

Enforce strict IP/Token throttling (e.g., max 20 order placements/sec). Return HTTP 429 when throttled. • • • 青狮国际证券 | Lion International Securities 10 / 10