五家期货交易所加强程序化交易监管

Core Viewpoint - The newly released management measures for algorithmic trading by five major futures exchanges in China aim to enhance regulatory oversight, maintain market order, and promote fair trading practices, effective from October 9, 2025 [1][2]. Group 1: Regulatory Framework - The management measures clarify the boundaries of algorithmic trading and establish a regulatory framework that includes pre-reporting, real-time monitoring, and precise emergency interventions [1][2]. - The core framework of the management measures remains consistent across the five exchanges, focusing on reporting management, system access management, mainframe hosting, seat management, trading monitoring, risk management, and supervisory management [2][3]. Group 2: Reporting Requirements - The measures specify that traders must report algorithmic trading activities if they meet certain criteria, such as executing 10 or more orders within one second or using proprietary algorithmic trading software [3][4]. - The content of the reports includes basic account information, trading and software details, and any other information required by the exchanges [3][4]. Group 3: Transition Period - A six-month transition period will be established following the implementation of the management measures, allowing traders to complete necessary agreements and reporting requirements [5][6]. - During the transition, futures company members and foreign special brokers must sign agreements with clients by April 8, 2026, outlining rights, obligations, and reporting management [5][6]. Group 4: Compliance and Risk Management - The new regulations require organizations engaged in algorithmic trading to appoint responsible personnel for compliance and risk management, shifting regulatory pressure from external enforcement to internal control [6]. - The exchanges will continue to refine regulatory arrangements based on market practices and provide training to ensure investor protection and stable capital market operations [6].