证监会：加强对期货市场程序化交易的全过程监管

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Program Trading in the Futures Market (Trial)" which will take effect on October 9, 2025, aimed at enhancing the regulation of program trading in the futures market and ensuring market order and fairness [1][2]. Summary by Sections - The regulations consist of 7 chapters and 37 articles, focusing on comprehensive supervision of program trading in the futures market [2]. - The regulations define program trading and high-frequency trading, stipulating that program trading must not affect the security and normal order of the futures exchange system [3]. - There are reporting requirements for program trading, where traders must report relevant information before engaging in program trading and can only proceed after receiving confirmation; futures companies and exchanges are required to periodically verify the reported information [3]. - The regulations strengthen system access management, requiring futures companies and traders to have the necessary technical capabilities and conduct testing, while also outlining prohibited behaviors in access management [4]. - There are provisions for host management and seat management, establishing a reporting system for host management information and a seat management system, ensuring fair distribution of technical resources by futures exchanges and companies [4]. - The regulations specify monitoring and risk management requirements, mandating that futures companies and traders enhance risk prevention and promptly address emergencies; futures exchanges must monitor abnormal trading behaviors to ensure system security and maintain market order [4]. - The regulations clarify the supervisory arrangements, allowing the CSRC and its agencies to conduct administrative supervision, while futures exchanges and the China Futures Association manage self-regulation according to business rules [4]. - The regulations also outline applicable arrangements for relevant entities [5]. - The CSRC will guide futures exchanges and the China Futures Association in developing related business details to ensure the implementation of the regulations [6].