With the rapid development and expansion of the development of international financial markets and computer technology，program trading（algorithm trading）has become a very important trading pattern and plays an active role for mature financial markets，to promote price discovery and enhance market efficiency. For Chinese financial market development and internationalization process，program trading will be an integral part. Combined with the characteristics of China’s financial markets and the lessons from program trading history during the development of mature financial market，it is crucial to gradually improve program trading’s the regulatory mode and risk control mechanism in order to maintain China’s financial market stay stable and develop healthily. For the structure of this article，firstly the article summarizes the concept of program trading and states the need for program trading in Chinese market participants. Secondly we analyze the international program trading cases and identify the risks associated with trading markets. Thirdly we categorize the hierarchical program trading models and their regulatory development process，also summarize the program trading risk control mechanisms from multiple angles. Finally，combining with the characteristics of Chinese financial markets，we propose program trading regulatory model and specific risk control mechanisms for development of program trading in China.