刚刚，中国证监会发布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" aimed at strengthening the regulation of programmatic trading in the futures market and maintaining trading order and market fairness, effective from October 9, 2025 [1][3]. Summary by Sections Regulation Overview - The "Management Regulations" consists of 7 chapters and 37 articles, focusing on comprehensive regulation of programmatic trading in the futures market [4]. Definitions and Reporting Requirements - The regulations define programmatic trading as trading conducted through computer programs that automatically generate or submit trading instructions. High-frequency trading is characterized by high frequency of order submissions and cancellations within a short time frame [5]. - Traders engaging in programmatic trading must report relevant information before trading, and futures companies must regularly verify this information [5]. System Access and Management - Futures companies and traders must ensure their technical systems meet specific requirements and undergo testing. The regulations prohibit certain behaviors, such as sharing management rights of trading information systems with clients [6]. Monitoring and Risk Management - The regulations require futures companies and traders to enhance risk prevention and promptly address emergencies. Futures exchanges must monitor abnormal trading behaviors in real-time to ensure system security and maintain market order [7]. Supervision and Implementation - The CSRC and its local agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will perform self-regulation according to business rules. The regulations will take effect on October 9, 2025, with a six-month compliance period for existing programmatic trading activities [8].