★期货市场迎程序化交易规则 加强全过程监管 重点规范高频交易

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Program Trading in the Futures Market (Trial)" to enhance the supervision of program trading and maintain market order and fairness [1][2]. Summary by Sections Overview of the Regulations - The regulations consist of 7 chapters and 37 articles, defining program trading and high-frequency trading, and stipulating that such trading must not compromise the security and normal order of the futures exchange [2]. - Traders engaging in program trading must report relevant information before trading, and futures companies and exchanges are required to regularly verify this information [2]. System Access and Management - The regulations strengthen system access management, requiring futures companies and traders to have appropriate technical systems and conduct tests, while prohibiting certain behaviors such as granting clients management access to trading information systems [2]. - A host management and trading seat management system is established, ensuring fair distribution of technical resources by futures exchanges and companies [2]. Monitoring and Risk Management - The regulations mandate real-time monitoring of program trading by futures exchanges, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Penalties for violations that affect the security of the exchange's system or normal trading order are outlined, with severe cases leading to market bans for responsible personnel [3]. Implementation and Feedback - The CSRC has incorporated feedback from public consultations into the regulations, which are aimed at enhancing the overall supervision of program trading in the futures market [4]. - Future guidance will be provided to exchanges and industry associations for the implementation of detailed business rules [4].