五大期货交易所同日宣布！

Core Points - The five futures exchanges in China have released the "Procedural Trading Management Measures," which will be implemented on October 9, 2025, to strengthen the regulation of algorithmic trading and maintain market order and fairness [1][2] - The management measures emphasize a "report first, trade later" approach, focusing on strict regulation, risk prevention, and promoting high-quality development in the futures market [2][3] Group 1: Regulatory Framework - The management measures include detailed regulations on reporting management, system access management, mainframe hosting and seat management, trading monitoring and risk management, and supervisory management [2][3] - The measures were developed after public consultation, with feedback from domestic and foreign investors and market institutions, indicating overall support for the regulations [2] Group 2: Reporting Requirements - The procedural trading report includes three main aspects: the scope of traders required to report, the content of the reports, and the reporting pathways [3][4] - Traders must report if they meet specific criteria, such as executing 10 or more orders within one second or using proprietary algorithmic trading software [3][4] Group 3: Transition Period - A six-month transition period will be established after the implementation of the management measures, allowing traders to complete necessary agreements and reporting [5] - For example, futures company members must sign agreements with clients by April 8, 2026, and traders must accurately report trading information starting April 9, 2026 [5]