证监会最新发布！期货市场迎程序化交易规则

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" to enhance the regulation of programmatic trading, ensuring market order and fairness [1][7]. Summary by Sections Section 1: Definitions and Reporting Requirements - The regulations define programmatic trading and high-frequency trading, emphasizing that such trading must not compromise the security and normal order of the futures exchange [2]. - Traders engaging in programmatic trading must report relevant information before proceeding, and futures companies and exchanges are required to regularly verify this information [2]. Section 2: System Access and Management - The regulations strengthen system access management, mandating that the technical systems of futures companies and traders must have specific functionalities and undergo testing [2]. - Prohibited behaviors include futures companies not allowing clients to manage trading information systems and programmatic traders not using systems for illegal futures business [2]. Section 3: Hosting and Seat Management - A reporting system for host management information and a trading seat management system are established, 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 programmatic trading clients with frequent abnormal trading behaviors [2]. Section 4: Monitoring and Risk Management - The regulations require futures companies and traders to enhance risk prevention and promptly address emergencies, while exchanges must monitor abnormal trading behaviors to ensure system security [2][4]. - Real-time monitoring of programmatic trading is mandated, with a focus on high-frequency trading behaviors, including the potential implementation of fees and trading limits [4]. Section 5: Supervision and Enforcement - The CSRC and its agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will manage self-regulation according to business rules [3]. - Penalties for violations that affect the security or normal order of the futures exchange are outlined, including potential market bans for responsible personnel [5]. Section 6: Industry Context and Future Steps - The rise of high-frequency trading globally is acknowledged, with the CSRC implementing various measures to regulate programmatic trading, including reporting systems and monitoring indicators [6]. - The regulations were developed based on prior regulatory practices and public feedback, with plans for future detailed business rules to ensure effective implementation [7].