Core Points - The five futures exchanges in China have released the "Procedural Trading Management Measures," which will be implemented on October 9, 2025, to strengthen the regulation of algorithmic trading and maintain market order and fairness [1][2] - The management measures emphasize a "report first, trade later" approach, focusing on strict regulation, risk prevention, and promoting high-quality development in the futures market [2][3] Group 1: Regulatory Framework - The management measures include detailed regulations on reporting management, system access management, mainframe hosting and seat management, trading monitoring and risk management, and supervisory management [2][3] - The measures were developed after public consultation, with feedback from domestic and foreign investors and market institutions, indicating overall support for the regulations [2] Group 2: Reporting Requirements - The procedural trading report includes three main aspects: the scope of traders required to report, the content of the reports, and the reporting pathways [3][4] - Traders must report if they meet specific criteria, such as executing 10 or more orders within one second or using proprietary algorithmic trading software [3][4] Group 3: Transition Period - A six-month transition period will be established after the implementation of the management measures, allowing traders to complete necessary agreements and reporting [5] - For example, futures company members must sign agreements with clients by April 8, 2026, and traders must accurately report trading information starting April 9, 2026 [5]

Core Viewpoint - The new regulations for algorithmic trading issued by five futures exchanges in China aim to enhance supervision and maintain market order, effective from October 9, 2025 [1] Group 1: Regulatory Framework - The new rules detail management of algorithmic trading reports, system access, host custody, seat management, trading monitoring, and risk management to ensure effective implementation of the regulatory requirements [1] - A six-month transition period will be established post-implementation for traders to complete necessary agreements and reports [1] Group 2: Reporting Obligations - Traders must report if they meet any of the following conditions: executing over 10 orders in one second, using automated decision-making for core trading elements, employing custom trading software, or other situations identified by the exchanges [2] - Required report contents include basic account information, trading and software details, and any other information mandated by the exchanges [2] Group 3: Compliance and Verification - Algorithmic traders must report significant changes within 30 trading days and ensure the accuracy and completeness of their reports [3] - Futures companies and foreign brokers must verify the information and report to the exchanges within five trading days if no discrepancies are found [3] Group 4: Reporting Pathways and Transition Arrangements - Algorithmic trading clients must report through the designated system, and non-member participants must report through member services before engaging in algorithmic trading [4] - By April 8, 2026, futures companies must sign agreements with clients outlining rights and obligations, and from April 9, 2026, non-compliant traders will be prohibited from algorithmic trading [4] Group 5: Monitoring and Enforcement - Exchanges may require testing of trading systems for high-frequency traders or those with frequent erroneous orders [5] - Violations of the regulations may result in corrective actions, including notifications, reporting requirements, and restrictions on trading [5][6]

Core Viewpoint - The newly implemented regulations for algorithmic trading in the futures market aim to enhance supervision, standardize trading behavior, and maintain market order and fairness [1][4]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) released the "Interim Measures for the Management of Algorithmic Trading in the Futures Market" on June 13, 2023, followed by detailed management measures from five futures exchanges on August 8, 2023 [1]. - The regulations specify reporting requirements, transitional arrangements, and detailed management in areas such as report management, system access, host custody, seat management, trading monitoring, risk management, and supervision [1][4]. Group 2: Reporting Requirements - Algorithmic traders must report if they meet certain criteria, such as executing over 10 orders or cancellations within one second, using automated trading systems, or employing proprietary trading software [1]. - Significant changes in reporting information, such as changes in trader name or trading strategy, must be reported within 30 trading days [2][3]. Group 3: Monitoring and Risk Management - Exchanges will implement real-time monitoring of algorithmic trading, focusing on abnormal trading behaviors that could affect market order and system security [3]. - Specific monitoring criteria include high frequencies of orders and cancellations, significant trading volumes, and other conditions deemed necessary by the exchanges [3]. Group 4: Supervision and Compliance - The exchanges have the authority to enforce corrective measures on algorithmic traders and futures company members, including notifications, meetings, and restrictions on trading [4]. - The regulations aim to create a comprehensive and traceable regulatory framework that covers all aspects of algorithmic trading, ensuring effective risk identification [4]. Group 5: Industry Impact - The new regulations are expected to lead to a more precise and stringent supervision of algorithmic trading, encouraging technological innovation while managing risks [4]. - As high-frequency trading costs rise, mid-frequency strategies may become more prevalent, potentially leading to a more stable market structure [5].

Core Viewpoint - The new regulations for algorithmic trading management issued by five futures exchanges in China aim to strengthen supervision and maintain market order and fairness, effective from October 9, 2025 [1]. Group 1: Regulatory Framework - The new rules detail requirements for algorithmic trading reporting, system access management, host custody, seat management, trading monitoring, risk management, and supervision [1]. - A six-month transition period will be established after the new regulations come into effect, during which algorithmic traders must complete the signing of commission agreements and trading reports [1]. Group 2: Reporting Obligations - Traders must fulfill reporting obligations if they meet certain conditions, such as executing 10 or more orders in one second or using self-developed trading software [3]. - Required reporting content includes basic account information, trading and software details, and any other information requested by the exchanges [3]. Group 3: Transition Period Arrangements - By April 8, 2026, futures company members must sign commission agreements with clients, outlining rights, obligations, and reporting management [7]. - From April 9, 2026, traders must report algorithmic trading information accurately and through specified channels; failure to do so will prohibit them from engaging in algorithmic trading [7]. Group 4: Regulatory Measures - Exchanges will take corrective actions against algorithmic traders who violate regulations, including notifications, reporting requirements, and restrictions on trading [8]. - For futures company members and other participants, similar corrective measures will apply, with severe cases subject to further regulatory actions [8].

8月8日，上海期货交易所、郑州商品交易所、大连商品交易所、中国金融期货交易所、广州期货交易所 分别发布《程序化交易管理办法》，自2025年10月9日起实施，旨在落实中国证监会《期货市场程序化 交易管理规定(试行)》各项监管要求，全面从严加强程序化交易监管，维护市场秩序和公平。 具体来看，五家期货交易所公布的《管理办法》，明确"先报告、后交易"的要求，加强系统接入管理， 规范主机托管资源和交易席位的使用和分配，明确交易监测与风险管理要求，明确交易所的检查权和自 律管理措施。 明确程序化交易报告的内容 《管理办法》明确，交易所实行程序化交易报告制度。 最后是程序化交易报告的路径。程序化交易客户应当按照《管理办法》有关要求进行程序化交易报告。 期货公司会员、境外特殊经纪参与者、境外中介机构应当按照《关于启用中国期货监控程序化交易报告 系统有关事项的通知》相关要求，通过中国期货市场监控中心程序化交易报告系统，向交易所报告客户 的程序化交易相关信息。非期货公司会员、境外特殊非经纪参与者从事程序化交易前，应当通过会员服 务系统向交易所报告相关信息。高频交易者的报告要求由交易所另行通知。 设置6个月过渡期 《管理办法》正式 ...

Core Viewpoint - The five major futures exchanges in China have announced a new set of regulations for algorithmic trading, effective from October 9, 2025, aimed at enhancing regulatory oversight and maintaining market order and fairness [1][5][10] Group 1: Regulatory Framework - The new regulations focus on strong supervision, risk prevention, and promoting high-quality development, with specific guidelines on reporting, system access, and risk management for algorithmic trading [5][11] - The regulations require traders engaging in algorithmic trading to report their activities under certain conditions, such as executing more than 10 orders within one second or using proprietary trading software [7][8] Group 2: Reporting Requirements - Algorithmic trading reports must include trader information, trading and software details, and any other information required by the exchanges [7][8] - A dedicated reporting system will be established for traders to submit their algorithmic trading information, with specific requirements for high-frequency traders to be announced later [8][10] Group 3: Transition Period - A six-month transition period will be implemented, during which traders must complete necessary agreements and reporting requirements [9][10] - By April 8, 2026, futures companies must sign agreements with clients regarding rights and obligations related to algorithmic trading [10] Group 4: Compliance and Penalties - Exchanges will enforce compliance with the new regulations, imposing corrective measures and penalties for violations, including warnings and restrictions on trading activities [11]

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].

7月11日，沪深交易所分别发布《上海证券交易所证券交易规则适用指引第2号——沪股通投资者程 序化交易报告》《深圳证券交易所证券交易业务指引第3号——深股通投资者程序化交易报告》（以下 统称《报告指引》），按照内外资一致的原则将沪深股通投资者纳入程序化交易报告范畴，对沪深股通 程序化交易投资者的报告内容、报告时限、报告路径、管理要求等作出细化规定。 整体来看，沪深交易所对沪深股通程序化交易投资者的报告要求与内地现有程序化交易报告的有关 规定保持一致，同时兼顾香港市场实际情况，对部分条款及填报字段进行了适应性调整，并为市场预留 了较为充分的准备时间。《报告指引》将于2026年1月12日起正式实施。正式实施后3个月内，存量投资 者应当完成报告。 业内人士普遍认为，《报告指引》是落实《证券法》《证券市场程序化交易管理规定（试行）》 （以下简称《管理规定》）以及相关实施细则中有关规定的重要举措，有助于进一步巩固程序化交易监 管基础，更好促进程序化交易规范发展，维护证券交易秩序和市场公平。 二是有序衔接上位规定。《管理规定》及相关实施细则等均对沪深股通程序化交易投资者报告作出 了规定，《报告指引》与上述规则有序衔接，在吸 ...

Core Viewpoint - The release of the "Report Guidelines" by the Shanghai and Shenzhen Stock Exchanges aims to standardize the reporting requirements for investors engaging in programmatic trading under the Stock Connect scheme, aligning with existing regulations and adapting to the Hong Kong market context [1][2][3]. Group 1: Reporting Requirements - The "Report Guidelines" will officially take effect on January 12, 2026, requiring existing investors to complete their reports within three months of implementation [1]. - The guidelines specify that Hong Kong Stock Exchange participants must report to their respective exchange participants, who will then submit the information to the Shanghai and Shenzhen Stock Exchanges within five trading days [2]. - The report information includes basic details, funding information, trading data, and trading software details, with the Shanghai and Shenzhen Stock Exchanges able to request assistance from the Hong Kong Stock Exchange [2]. Group 2: Principles and Adjustments - The guidelines maintain consistency in reporting principles for both domestic and foreign investors, ensuring uniformity in reporting obligations to mitigate risks and uphold market fairness [3]. - The guidelines are designed to align with existing regulations and provide detailed requirements for Stock Connect investors, reflecting a structured approach to regulatory compliance [3]. - Adjustments have been made to accommodate the unique aspects of the Hong Kong market, such as optional fields for certain information that may not apply to all investors [3]. Group 3: Responsibilities and Regulatory Requirements - The guidelines emphasize the management of high-frequency trading, requiring additional reporting on trading system server locations and emergency plans for investors engaged in high-frequency trading [5]. - The Hong Kong Stock Exchange participants are tasked with ensuring their clients fulfill reporting obligations and may refuse to accept trading orders from clients who do not comply [5]. - The Shanghai and Shenzhen Stock Exchanges have outlined regulatory measures for entities that fail to meet reporting requirements, including potential disciplinary actions [5].

Core Viewpoint - The article discusses the introduction of significant regulatory measures for algorithmic trading in China, specifically the inclusion of Shanghai and Shenzhen Stock Connect investors in the algorithmic trading reporting framework, effective from January 12, 2026 [1][5]. Group 1: Regulatory Framework - The Shanghai Stock Exchange has issued guidelines for algorithmic trading reporting for investors participating in the Shanghai Stock Connect, detailing reporting requirements, timelines, and management protocols [3][8]. - The Shenzhen Stock Exchange has simultaneously released similar guidelines for investors in the Shenzhen Stock Connect, aligning with the principles of consistency for domestic and foreign investors [5][10]. Group 2: Implementation Timeline - The reporting guidelines will officially take effect on January 12, 2026, with existing investors required to complete their reports within three months of implementation [1][10]. Group 3: Reporting Requirements - Investors engaging in algorithmic trading must fulfill reporting obligations, ensuring that the information provided is truthful, accurate, and complete [8]. - The reporting process mandates that investors report before trading, with specific pathways outlined for communication between investors and exchanges [8][9]. Group 4: Information Types and Management - The report must include various types of information such as basic details, funding information, trading data, and software details [8][9]. - High-frequency trading participants are required to provide additional information regarding their trading systems and emergency plans [9]. Group 5: Compliance and Enforcement - The exchanges will enforce compliance, with potential disciplinary actions for those failing to meet reporting obligations or providing incomplete information [9][10]. - The exchanges can collaborate with the Hong Kong Stock Exchange to obtain necessary client information related to algorithmic trading activities [9].