Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" aimed at strengthening the regulation of programmatic trading in the futures market and maintaining trading order and market fairness, effective from October 9, 2025 [1][3]. Summary by Sections Regulation Overview - The "Management Regulations" consists of 7 chapters and 37 articles, focusing on comprehensive regulation of programmatic trading in the futures market [4]. Definitions and Reporting Requirements - The regulations define programmatic trading as trading conducted through computer programs that automatically generate or submit trading instructions. High-frequency trading is characterized by high frequency of order submissions and cancellations within a short time frame [5]. - Traders engaging in programmatic trading must report relevant information before trading, and futures companies must regularly verify this information [5]. System Access and Management - Futures companies and traders must ensure their technical systems meet specific requirements and undergo testing. The regulations prohibit certain behaviors, such as sharing management rights of trading information systems with clients [6]. Monitoring and Risk Management - The regulations require futures companies and traders to enhance risk prevention and promptly address emergencies. Futures exchanges must monitor abnormal trading behaviors in real-time to ensure system security and maintain market order [7]. Supervision and Implementation - The CSRC and its local agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will perform self-regulation according to business rules. The regulations will take effect on October 9, 2025, with a six-month compliance period for existing programmatic trading activities [8].

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][2]. Summary by Sections Definition 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 system [2]. - Traders engaging in programmatic trading must report relevant information before trading, and futures companies and exchanges are required to regularly verify this information [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 trading activities [2]. Host Management 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]. Monitoring and Risk Management - The regulations require real-time monitoring of programmatic trading by futures exchanges, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Measures such as order cancellation fees and trading limits may be implemented, with differentiated management of high-frequency trading fees [3]. Supervision and Penalties - The CSRC and its local agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will manage self-regulation according to business rules [2]. - Penalties for violations include sanctions under the "Futures and Derivatives Law," with severe cases leading to market entry bans for responsible individuals [3]. Implementation and Feedback - The CSRC has incorporated feedback from public consultations into the regulations and will guide futures exchanges and associations in developing related business details for implementation [4].

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].

期货市场迎程序化交易规则。 6月13日，证监会发布《期货市场程序化交易管理规定（试行）》（以下简称《管理规定》），明确程序化交 易报告要求，加强系统接入、主机托管与席位管理，明确交易监测与风险管理要求，从制度层面加强期货市场 程序化交易监管，维护期货交易秩序和市场公平。 《管理规定》共7章37条，一是明确程序化交易和高频交易的定义，并要求从事程序化交易不得影响期货交易 所系统安全和正常交易秩序。二是明确程序化交易报告要求，交易者从事程序化交易前，应当报告有关信息， 收到确认后方可从事程序化交易；期货公司、期货交易所应当定期或者不定期对报告信息进行核查。三是加强 系统接入管理，要求期货公司、交易者的技术系统应具备相关功能并进行测试，明确接入管理中的禁止性行 为，如期货公司不得将交易信息系统的管理权限开放给客户等，程序化交易者不得利用系统对接非法经营期货 业务等。四是加强主机托管与席位管理，建立主机托管信息报告制度和交易席位管理制度，明确期货交易所和 期货公司应当公平分配相关技术资源。期货公司应当建立主机托管资源管理制度，对频繁发生异常交易行为、 技术系统出现重大技术故障等情况的程序化交易客户，期货公司不得向其提 ...

中国证监会公布《期货市场程序化交易管理规定（试行）》，自2025年10月9日起施行。《管理规定》 共7章37条，加强对期货市场程序化交易的全过程监管。 ...

为落实《期货和衍生品法》《关于加强监管防范风险促进期货市场高质量发展的 意见》（国办发〔2024〕47号）要求，加强期货市场程序化交易监管，维护期货交易 秩序和市场公平，证监会全面总结期货市场程序化交易监管实践经验，制定了《期货 市场程序化交易管理规定（试行）》（以下简称《管理规定》），自2025年10月9日 起实施。 《管理规定》共7章37条，加强对期货市场程序化交易的全过程监管。一是明确程 序化交易和高频交易的定义，并要求从事程序化交易不得影响期货交易所系统安全和 正常交易秩序。二是明确程序化交易报告要求，交易者从事程序化交易前，应当报告 有关信息，收到确认后方可从事程序化交易；期货公司、期货交易所应当定期或者不 定期对报告信息进行核查。三是加强系统接入管理，要求期货公司、交易者的技术系 统应具备相关功能并进行测试，明确接入管理中的禁止性行为。四是加强主机托管与 席位管理，建立主机托管信息报告制度和交易席位管理制度，明确期货交易所和期货 公司应当公平分配相关技术资源。五是明确交易监测与风险管理要求，要求期货公 司、交易者应当加强风险防控，及时处置突发事件；期货交易所应当做好异常交易行 为的监测监控，保障交 ...