期货市场程序化交易管理规定重磅落地，突出对高频交易的重点监管

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" which will take effect on October 9, 2025, aiming to define programmatic and high-frequency trading, ensure fair resource allocation, and maintain market order [1]. Group 1: Definitions and Characteristics - The regulations define programmatic trading as the automated generation or submission of trading instructions via computer programs in futures exchanges. High-frequency trading is characterized by a high frequency of order submissions and cancellations within a short time frame, with specific standards to be set by the futures exchanges [2][7]. Group 2: Fairness and Compliance - Participants in programmatic trading must adhere to relevant laws and regulations, follow the principles of fairness, and not disrupt the security and normal trading order of futures exchanges [3]. - The regulations require that programmatic trading agreements include essential clauses, and both futures companies and clients must report accurate information regarding their trading activities [4]. Group 3: Technical System Requirements - Programmatic traders must use technical systems equipped with effective anomaly monitoring and threshold management functions. Futures companies are responsible for testing the systems of their clients and must not grant management access to clients [5]. Group 4: Seat Management and Resource Allocation - Futures exchanges are required to establish a reporting system for mainframe hosting and a seat management system, ensuring fair allocation of trading seats. Futures companies must manage hosting resources reasonably and are prohibited from providing services to clients with frequent abnormal trading behaviors [6][8]. Group 5: Risk Management and Monitoring - The regulations outline six key requirements for risk management and monitoring, including compliance responsibilities for programmatic traders and futures companies, real-time monitoring of trading activities, and specific focus on high-frequency trading behaviors [9][10].