事关程序化交易，五大期货交易所同日发布

Core Viewpoint - The implementation of the "Procedural Trading Management Measures" by five major futures exchanges in China aims to strengthen the regulation of algorithmic trading and maintain market order and fairness, effective from October 9, 2025 [1] Group 1: Reporting Requirements - The management measures establish a "report first, trade later" requirement for algorithmic trading [1] - The exchanges have outlined specific reporting obligations for traders engaged in algorithmic trading, including conditions under which reporting is mandatory [2] - The report must include basic account information, trading and software details, and any other information required by the exchanges [3] Group 2: Transition Period - A six-month transition period will be set after the management measures take effect, allowing existing algorithmic trading activities to comply with new reporting requirements by April 8, 2026 [4] - Traders must report algorithmic trading information accurately and completely, with non-compliance resulting in a prohibition on engaging in algorithmic trading from April 9, 2026 [4] - Exchanges may require testing of trading systems for high-frequency traders or those with frequent erroneous orders [4]