期货交易所对程序化交易进行实时监测监控 对可能影响期货交易所系统安全和正常交易秩序的程序化异常交易行为予以重点监测监控

Core Points - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Regulations on the Management of Program Trading in the Futures Market (Trial)" effective from October 9, 2025 [1] - Futures exchanges will conduct real-time monitoring of program trading to identify and monitor abnormal trading behaviors that may affect the security and normal trading order of the futures market [1] Summary by Categories Regulatory Framework - The new regulations will focus on monitoring specific abnormal trading behaviors, including high frequency of orders and cancellations within a short time frame, or reaching certain thresholds for daily orders and cancellations [1] - The standards for identifying abnormal trading behaviors will be established by the futures exchanges [1] Monitoring Criteria - Key monitoring criteria include: - A significant number of orders and cancellations within a short period or daily thresholds [1] - The ratio of orders to cancellations reaching specific standards [1] - Large, consecutive, or concentrated orders that result in significant price or volume anomalies [1] - Other situations deemed necessary for monitoring by the futures exchanges will also be included [1]