Core Viewpoint - The article discusses the newly released "Regulations on the Management of Programmatic Trading in the Futures Market" by the China Securities Regulatory Commission (CSRC), which aims to strengthen the regulation of programmatic trading to maintain market order and fairness. Summary by Sections Section 1: Overview of the Regulations - The regulations consist of 7 chapters and 37 articles, defining programmatic and high-frequency trading, and stipulating that such trading must not disrupt the security and normal order of the futures exchange [2]. Section 2: Reporting and Monitoring Requirements - Traders engaging in programmatic trading must report relevant information before trading, and futures companies and exchanges are required to regularly verify this information [2]. - The regulations emphasize the need for robust system access management, prohibiting futures companies from granting management rights of trading information systems to clients [2]. Section 3: Host Management and Risk Control - The regulations establish a host management information reporting system and a trading seat management system, ensuring fair distribution of technical resources by futures exchanges and companies [2]. - Futures companies must manage host resources and are prohibited from providing services to clients with frequent abnormal trading behaviors [2]. Section 4: Real-time Monitoring and Penalties - The futures exchanges are required to implement real-time monitoring of programmatic trading, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Penalties for violations that affect the security or normal order of the exchange are outlined, including potential bans from the futures market for responsible individuals [3]. Section 5: Implementation and Feedback - The CSRC has incorporated feedback from the public consultation phase into the final regulations and will guide exchanges and associations in developing related business details for implementation [4].
刚刚,证监会发布重要新规!
证券时报·2025-06-13 11:58