期货市场程序化交易新规公布 自今年10月9日起实施

Core Viewpoint - The newly released "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" aims to enhance the regulation of programmatic trading in China's futures market, ensuring market order and fairness, with implementation set for October 9, 2025 [1][2]. Summary by Relevant Sections Regulatory Framework - The regulations consist of 7 chapters and 37 articles, focusing on comprehensive oversight of programmatic trading [2]. - Definitions for programmatic and high-frequency trading are established, with requirements to ensure that such trading does not compromise the security and normal operations of trading systems [2]. Reporting and Compliance - Traders engaging in programmatic trading must report relevant information prior to trading, and futures companies must regularly verify this information [2]. - A system access management framework is introduced, mandating that trading systems used by futures companies and traders undergo thorough testing before connecting to trading information systems [2]. Risk Management and Monitoring - The regulations emphasize the need for enhanced risk management and monitoring, requiring futures companies to strengthen risk prevention measures and promptly address emergencies [2]. - Futures exchanges are tasked with monitoring abnormal trading behaviors to maintain system security and market order [2]. Market Impact - Experts believe the regulations will promote a more standardized and transparent futures market, protecting investor rights and attracting long-term investors [3]. - The new rules are expected to lead to increased resource allocation by futures companies towards technology system testing and data management, enhancing overall system stability and security [3][4]. Future Trends - The regulations may shift the focus of programmatic trading strategies, with a potential decrease in high-frequency trading and a rise in mid-to-low frequency strategies as firms adapt to the new compliance landscape [4].