中金所修订交易规则 新增程序化交易监管条款

Core Viewpoint - The China Financial Futures Exchange (CFFEX) is revising its trading rules and establishing settlement rules, focusing on the regulation of algorithmic trading, which has garnered significant attention from various stakeholders [1][2]. Group 1: Regulatory Changes - The revised trading rules will introduce provisions for the regulation of algorithmic trading, requiring members and clients engaged in such trading to report relevant information as per the regulations set by the China Securities Regulatory Commission (CSRC) and the exchange [1]. - The new rules will implement a trading limit system, manage abnormal trading behaviors, and establish regulations for accounts under actual control [1][2]. Group 2: Industry Implications - This move is seen as a significant step in the top-level regulatory framework for algorithmic trading, reflecting the ongoing efforts to enhance comprehensive supervision in the domestic market [1][2]. - The revisions are expected to contribute to the development of a modern financial derivatives market, enhancing the risk resistance capabilities of market participants and serving as a stabilizing force for the capital market [2]. Group 3: Historical Context - In the context of futures markets, the CSRC has also introduced trial regulations for algorithmic trading, which have been implemented since October 9, 2022, alongside related management measures from various exchanges [2]. - The CFFEX previously issued its algorithmic trading management measures in August 2022, emphasizing strong regulation, risk prevention, and high-quality development [2].