明确期货市场程序化交易监管要求 维护期货交易秩序和市场公平

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new regulations for algorithmic trading in the futures market, aimed at enhancing oversight and maintaining market order and fairness, effective from October 9, 2025 [1][3]. Group 1: Regulatory Framework - The new regulations consist of 7 chapters and 37 articles, covering general provisions, reporting management, system access management, host custody and seat management, trading monitoring and risk management, supervision management, and supplementary provisions [3][4]. - The regulations emphasize the need for algorithmic trading to adhere to fairness principles and not disrupt the security and normal trading order of futures exchanges [3][4]. Group 2: Reporting and Responsibilities - The regulations establish a reporting system to reduce information asymmetry between regulatory bodies and traders, enhancing the flexibility and adaptability of subsequent oversight [3][4]. - Responsibilities are clearly defined, requiring futures companies to sign agreements with algorithmic trading clients, ensuring accurate and complete reporting of relevant information [4]. Group 3: System Access and Management - The regulations outline management requirements for system access, including external system connections, system functionality, system testing, and prohibited behaviors [5][6]. - Futures companies must incorporate external system access management into their compliance and risk control systems, ensuring effective monitoring and testing of trading systems [5][6]. Group 4: Monitoring and Risk Management - The regulations mandate that futures companies and traders enhance risk prevention measures and promptly address emergencies, while exchanges must monitor and control abnormal trading behaviors to ensure system security and market order [6].