强化主体责任 营造良好生态

Core Viewpoint - The introduction of the new regulations for algorithmic trading in China's futures market aims to enhance regulatory oversight, improve market stability and fairness, and optimize the structure of market participants [1][2][3]. Regulatory Framework - The State Council and the China Securities Regulatory Commission (CSRC) have emphasized the need for comprehensive regulation of high-frequency trading, leading to the implementation of the "Procedural Trading Management Regulations" starting October 9, 2023 [1]. - Five futures exchanges have released their own procedural trading management measures, which will take effect on October 9, 2025, establishing a multi-layered regulatory system for algorithmic trading [1][2]. Compliance and Internal Governance - The regulations require entities engaged in algorithmic trading to complete compliance rectification within six months of the regulations taking effect, alleviating concerns about a one-size-fits-all approach [2]. - Organizations must appoint responsible personnel for compliance and risk management, shifting the focus from external penalties to internal controls [2][4]. Impact on Market Participants - The regulations are expected to significantly increase compliance costs and technical upgrade pressures for quantitative trading firms, raising the overall industry threshold [4]. - Futures companies will face enhanced responsibilities, including establishing internal systems, verifying client information, and regularly reporting to exchanges [4][5]. Market Stability and Functionality - The regulations aim to reduce potential market manipulation and ensure a fair competitive environment, leading to a more stable and orderly market operation [3][5]. - The new framework is designed to support the real economy by providing reliable risk management tools, allowing companies to better manage their hedging strategies and respond to market changes [5].