五家交易所，重磅发布！

Core Viewpoint - Five futures exchanges in China have issued new regulations to strengthen the supervision of algorithmic trading, effective from October 9, 2025, aiming to enhance market order and fairness [2][3]. Group 1: Regulatory Framework - The new management measures focus on strict regulation, risk prevention, and promoting high-quality development, emphasizing the goals of fairness and standardized development in algorithmic trading [3]. - The regulations detail requirements for algorithmic trading reporting, system access management, mainframe hosting, seat management, trading monitoring, risk management, and supervision [3]. Group 2: Reporting Requirements - Algorithmic trading reporting obligations apply to traders who meet specific criteria, such as executing 10 or more orders within one second or using proprietary trading software [6]. - The report must include basic account information, trading and software details, and any other information required by the exchanges [6][7]. Group 3: Transition Period - A six-month transition period will be established post-implementation, allowing traders to finalize agreements and complete reporting requirements [8][9]. - By April 8, 2026, futures companies must sign agreements with clients outlining rights and obligations related to reporting and risk control [10]. Group 4: Compliance and Penalties - Exchanges will enforce compliance by requiring corrections for violations and may impose measures such as notifications, interviews, and trading restrictions [10].