让期货市场成为量化交易的主战场

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Regulations on the Management of Program Trading in the Futures Market (Trial)" to enhance the regulation of program trading, aiming to standardize trading behavior and maintain market order and fairness. The regulations will take effect on October 9, 2025, marking a new phase of standardized development for quantitative trading in the futures market [1]. Group 1 - The new regulations consist of 7 chapters and 37 articles, covering the entire process of program trading regulation, including definitions, reporting requirements, system access management, prohibited behaviors, and risk management [1]. - The implementation of these regulations is expected to provide clearer guidelines for quantitative trading investors and enhance the institutional framework of the futures market [1]. - The futures market is seen as a more suitable environment for quantitative trading compared to the A-share market, where quantitative trading has faced significant criticism [2]. Group 2 - The futures market primarily consists of institutional investors, with a limited number of individual investor accounts, contrasting sharply with the A-share market, which has over 200 million individual accounts [2]. - The T+0 trading mechanism in the futures market allows for intraday trading without overnight positions, unlike the T+1 system in the stock market, which can lead to passive losses for investors [2]. - The futures market allows for both long and short positions, making it easier for investors to accept quantitative trading strategies that involve short selling, which is not as prevalent in the stock market [2]. Group 3 - The futures market employs a margin trading model, making short-term trading the norm, which aligns well with the high-frequency and short-term strategies of quantitative trading [3]. - The characteristics of the futures market, such as dual-direction trading, T+0 mechanism, and leverage, create a perfect synergy with quantitative strategies, unlike the long-term investment preference in the A-share market [3]. - It is suggested that futures exchanges should take advantage of the new regulations to attract quantitative funds, while regulatory bodies should impose restrictions on quantitative trading in the stock market to guide investors towards the futures market [3].