五家交易所，重磅发布！

Core Viewpoint - The five major futures exchanges in China have announced a new set of regulations for algorithmic trading, effective from October 9, 2025, aimed at enhancing regulatory oversight and maintaining market order and fairness [1][5][10] Group 1: Regulatory Framework - The new regulations focus on strong supervision, risk prevention, and promoting high-quality development, with specific guidelines on reporting, system access, and risk management for algorithmic trading [5][11] - The regulations require traders engaging in algorithmic trading to report their activities under certain conditions, such as executing more than 10 orders within one second or using proprietary trading software [7][8] Group 2: Reporting Requirements - Algorithmic trading reports must include trader information, trading and software details, and any other information required by the exchanges [7][8] - A dedicated reporting system will be established for traders to submit their algorithmic trading information, with specific requirements for high-frequency traders to be announced later [8][10] Group 3: Transition Period - A six-month transition period will be implemented, during which traders must complete necessary agreements and reporting requirements [9][10] - By April 8, 2026, futures companies must sign agreements with clients regarding rights and obligations related to algorithmic trading [10] Group 4: Compliance and Penalties - Exchanges will enforce compliance with the new regulations, imposing corrective measures and penalties for violations, including warnings and restrictions on trading activities [11]