《上海期货交易所程序化交易管理办法》公开征求意见

Core Viewpoint - The Shanghai Futures Exchange is seeking public opinion on the proposed "Management Measures for Program Trading," which focuses on trading monitoring and risk management [1] Group 1: Compliance and Risk Management - Program traders are required to enhance compliance awareness and strengthen risk prevention measures [1] - Futures company members, overseas special brokers, and overseas intermediaries must establish and effectively implement relevant program trading systems, enhancing monitoring of client program trading activities [1] Group 2: Monitoring and Regulation - The exchange will conduct real-time monitoring of program trading behaviors, particularly focusing on high cancellation rates and high cancellation-to-execution ratios [1] - There will be heightened regulation on high-frequency trading, including fees for cancellations and trading limits, with potential differentiated management of high-frequency trading fees [1] Group 3: Emergency Response - In the event of sudden incidents, program traders, futures company members, overseas special brokers, and overseas intermediaries must take immediate action, with the exchange having the authority to suspend trading if necessary [1]