五大期交所同步发布程序化交易新规！2025年10月实施，设6个月过渡期

Core Viewpoint - The new regulations for algorithmic trading in China's futures market, set to be implemented on October 9, 2025, aim to enhance market order and fairness, marking a shift towards stricter oversight in algorithmic trading practices [1] Group 1: Regulatory Framework - Five major futures exchanges in China have jointly released detailed regulations on algorithmic trading, which include provisions for reporting, system access, and risk management [1] - The regulations establish a "report first, trade later" principle, requiring traders to report under specific conditions, such as executing more than 10 orders within one second on a trading day [2] Group 2: Reporting Requirements - Algorithmic traders must report significant changes in their trading information within 30 trading days, and futures companies are responsible for verifying and reporting this information [3] - The reporting requirements encompass account details, trading software information, and execution methods, ensuring comprehensive oversight of algorithmic trading activities [2] Group 3: Transition Period and Compliance - A six-month transition period will allow traders to finalize necessary agreements and reporting obligations, with specific deadlines for signing contracts and adhering to reporting protocols [4] - From April 9, 2026, traders who fail to comply with reporting requirements will be prohibited from engaging in algorithmic trading, with additional scrutiny for high-frequency traders [4] Group 4: Enforcement and Penalties - The exchanges will enforce compliance through corrective measures, including notifications and potential restrictions on trading activities for violators [4] - Serious violations by trading firms and participants may lead to more severe penalties, including formal warnings and regulatory actions [4]