新规！期货市场程序化交易将加强全过程监管

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" to enhance the oversight of programmatic trading in the futures market, ensuring fair trading practices and market order [1][3]. Group 1: Definition and Types of Programmatic Trading - Programmatic trading refers to the automated generation or submission of trading instructions via computer programs in futures exchanges. It can be categorized into high-frequency trading and medium-low frequency trading based on trading frequency [2]. - High-frequency trading is characterized by a high number of orders and cancellations within a short time frame, a high number of daily orders and cancellations, or other characteristics recognized by the CSRC. Specific standards for high-frequency trading will be established by futures exchanges [3]. Group 2: Regulatory Requirements - The regulations mandate that entities engaging in programmatic trading must adhere to fairness principles and must not disrupt the security and normal trading order of the futures exchange [3]. - Traders must report relevant information before engaging in programmatic trading and can only proceed after receiving confirmation. Futures companies and exchanges are required to regularly or irregularly verify the reported information [3]. Group 3: Monitoring and Risk Management - The regulations stipulate that futures exchanges will implement real-time monitoring of programmatic trading, focusing on abnormal trading behaviors such as high order and cancellation frequencies [3]. - The China Futures Market Monitoring Center will oversee the monitoring of programmatic trading activities [3]. Group 4: Implementation Timeline - The regulations will take effect on October 9, 2025 [4].