刚刚，证监会发布重要新规

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" to enhance the regulation of programmatic trading, ensuring market order and fairness [1][2]. Summary by Sections Definition and Reporting Requirements - The regulations define programmatic trading and high-frequency trading, emphasizing that such trading must not compromise the security and normal order of the futures exchange system [2]. - Traders engaging in programmatic trading must report relevant information before trading, and futures companies and exchanges are required to regularly verify this information [2]. System Access and Management - The regulations strengthen system access management, mandating that the technical systems of futures companies and traders must have specific functionalities and undergo testing [2]. - Prohibited behaviors include futures companies not allowing clients to manage trading information systems and programmatic traders not using systems for illegal trading activities [2]. Host Management and Seat Management - A reporting system for host management information and a trading seat management system are established, ensuring fair distribution of technical resources by futures exchanges and companies [2]. - Futures companies must manage host resources and are prohibited from providing services to programmatic trading clients with frequent abnormal trading behaviors [2]. Monitoring and Risk Management - The regulations require real-time monitoring of programmatic trading by futures exchanges, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Measures such as order cancellation fees and trading limits may be implemented, with differentiated management of high-frequency trading fees [3]. Supervision and Penalties - The CSRC and its local agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will manage self-regulation according to business rules [2]. - Penalties for violations include sanctions under the "Futures and Derivatives Law," with severe cases leading to market entry bans for responsible individuals [3]. Implementation and Feedback - The CSRC has incorporated feedback from public consultations into the regulations and will guide futures exchanges and associations in developing related business details for implementation [4].