上海澎博财经资讯有限公司总经理卢乐希告诉记者，《管理规定》施行后，将对期货市场运行产生积 极、深远的影响。《管理规定》明确了程序化交易的全过程监管，要求交易者事前报告、事后核查，并 保存资料20年，这一举措将有效减少潜在的市场操纵等违规行为，维护市场的公平竞争环境，使市场运 行更加稳定有序。 受访人士纷纷表示，未来，程序化交易机构需重新审视自身的策略与风控体系，以适应新规要求；量化 机构要承担更高的合规成本与技术升级压力；期货公司则需加强管理，在完善自身合规审查机制的同 时，提升技术支持能力，适应新的监管要求和市场环境。 《管理规定》落地后，高频交易将被重点规范。陈劲松告诉记者，未来，期货市场程序化交易将迎来差 异化监管。其中，程序化交易将实行"先报告、后交易"，而高频交易者需额外报告策略类型、最高报撤 单频率、风控措施等核心参数。同时，在日常交易中，交易所对程序化交易进行实时监控，也将重点聚 焦报撤单频率高、报撤单成交比高等异常行为。 谈及对量化机构的影响，卢乐希认为，根据《管理规定》要求，量化机构需事前向交易所报告详细信 息，其合规成本将显著上升。此外，新规要求技术系统具备相应功能并通过测试，量化机构的技 ...

智通财经记者 | 韩理 期货高频交易即将戴上"紧箍咒"。 近日，上期所、郑商所、大商所、中金所、广期所等五家期货交易所同步发布程序化交易管理办法。该新规将于2025年10月9日正式实施，旨在落实中国证 监会《期货市场程序化交易管理规定（试行）》（以下简称"《规定》"）的各项监管要求。 此举标志着期货市场程序化交易监管进入全面从严阶段，维护市场秩序与公平成为核心目标。 智通财经注意到，此次《规定》设置了6个月的过渡期。自10月9日起实施，此前已经从事程序化交易相关活动的期货公司会员、境外特殊经纪参与者、境外 中介机构和交易者，在2026年4月8日前，期货公司会员应当与客户签订委托协议，届时交易者应当按照规定路径，真实、准确、完整报告程序化交易信息。 五家期交所此次发布的新规明确"先报告、后交易"的要求，对程序化交易报告管理、系统接入管理、主机托管和席位管理、交易监测与风险管理、监督管理 等方面做出细化规定。 瑞达期货信息技术部负责人表示，半年过渡期的安排对于期货公司来说压力是比较大，因为涉及大量的合规性工作，包括内部流程梳理、系统建设等，关键 是所有客户要全部配合才能完成有关工作。"目前比较紧迫的挑战集中在三方 ...

Core Viewpoint - The new regulations for algorithmic trading in China's futures market, set to be implemented on October 9, 2025, aim to enhance market order and fairness, marking a shift towards stricter oversight in algorithmic trading practices [1] Group 1: Regulatory Framework - Five major futures exchanges in China have jointly released detailed regulations on algorithmic trading, which include provisions for reporting, system access, and risk management [1] - The regulations establish a "report first, trade later" principle, requiring traders to report under specific conditions, such as executing more than 10 orders within one second on a trading day [2] Group 2: Reporting Requirements - Algorithmic traders must report significant changes in their trading information within 30 trading days, and futures companies are responsible for verifying and reporting this information [3] - The reporting requirements encompass account details, trading software information, and execution methods, ensuring comprehensive oversight of algorithmic trading activities [2] Group 3: Transition Period and Compliance - A six-month transition period will allow traders to finalize necessary agreements and reporting obligations, with specific deadlines for signing contracts and adhering to reporting protocols [4] - From April 9, 2026, traders who fail to comply with reporting requirements will be prohibited from engaging in algorithmic trading, with additional scrutiny for high-frequency traders [4] Group 4: Enforcement and Penalties - The exchanges will enforce compliance through corrective measures, including notifications and potential restrictions on trading activities for violators [4] - Serious violations by trading firms and participants may lead to more severe penalties, including formal warnings and regulatory actions [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Program Trading in the Futures Market (Trial)" to enhance the supervision of program trading and maintain market order and fairness [1][2]. Summary by Sections Overview of the Regulations - The regulations consist of 7 chapters and 37 articles, defining program trading and high-frequency trading, and stipulating that such trading must not compromise the security and normal order of the futures exchange [2]. - Traders engaging in program 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, requiring futures companies and traders to have appropriate technical systems and conduct tests, while prohibiting certain behaviors such as granting clients management access to trading information systems [2]. - A host management and trading seat management system is established, ensuring fair distribution of technical resources by futures exchanges and companies [2]. Monitoring and Risk Management - The regulations mandate real-time monitoring of program trading by futures exchanges, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Penalties for violations that affect the security of the exchange's system or normal trading order are outlined, with severe cases leading to market bans for responsible personnel [3]. Implementation and Feedback - The CSRC has incorporated feedback from public consultations into the regulations, which are aimed at enhancing the overall supervision of program trading in the futures market [4]. - Future guidance will be provided to exchanges and industry associations for the implementation of detailed business rules [4].

Core Viewpoint - The newly released "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" aims to enhance the regulation of programmatic trading in China's futures market, ensuring market order and fairness, with implementation set for October 9, 2025 [1][2]. Summary by Relevant Sections Regulatory Framework - The regulations consist of 7 chapters and 37 articles, focusing on comprehensive oversight of programmatic trading [2]. - Definitions for programmatic and high-frequency trading are established, with requirements to ensure that such trading does not compromise the security and normal operations of trading systems [2]. Reporting and Compliance - Traders engaging in programmatic trading must report relevant information prior to trading, and futures companies must regularly verify this information [2]. - A system access management framework is introduced, mandating that trading systems used by futures companies and traders undergo thorough testing before connecting to trading information systems [2]. Risk Management and Monitoring - The regulations emphasize the need for enhanced risk management and monitoring, requiring futures companies to strengthen risk prevention measures and promptly address emergencies [2]. - Futures exchanges are tasked with monitoring abnormal trading behaviors to maintain system security and market order [2]. Market Impact - Experts believe the regulations will promote a more standardized and transparent futures market, protecting investor rights and attracting long-term investors [3]. - The new rules are expected to lead to increased resource allocation by futures companies towards technology system testing and data management, enhancing overall system stability and security [3][4]. Future Trends - The regulations may shift the focus of programmatic trading strategies, with a potential decrease in high-frequency trading and a rise in mid-to-low frequency strategies as firms adapt to the new compliance landscape [4].

Investment Rating - Industry rating: Recommended [5] Core Insights - The non-bank financial sector index increased by 1.16%, outperforming the CSI 300 index by 1.42 percentage points, ranking 6th among all primary industries [2][13] - The average daily trading volume of A-shares reached 13,717 million yuan, a 13.5% increase month-on-month and an 88.1% increase year-on-year [18] - The issuance of new shares in the A-share market has seen 48 companies listed in 2025, raising a total of 358.6 million yuan [18] Summary by Sections Non-Bank Financial Weekly Insights - The securities sector rose by 0.82%, while the insurance sector increased by 2.06% [2][13] - Notable stock performances included *ST Rindong (+17.44%) and Nanhua Futures (+12.63%) [2][13] Regulatory Updates - The China Securities Regulatory Commission (CSRC) released new regulations for algorithmic trading in the futures market, effective from October 9, 2025, aimed at enhancing market order and fairness [3][14][37] - The new regulations include comprehensive monitoring of algorithmic trading processes and require traders to report relevant information before engaging in such activities [15][37] Insurance Sector Developments - Non-listed insurance companies will implement new accounting standards starting January 1, 2026, with provisions for simplified processing to aid smaller firms in transitioning [4][16][37] - The new standards aim to stabilize performance fluctuations observed in listed insurance companies since their implementation [16][37]

Core Viewpoint - The new regulations for algorithmic trading in the futures market aim to enhance oversight and management of high-frequency trading, effective from October 9, 2023 [2][3]. Group 1: Regulatory Framework - The "Regulations on the Management of Algorithmic Trading in the Futures Market (Trial)" consists of 7 chapters and 37 articles, focusing on reporting requirements, system access, and risk management [2]. - The regulations emphasize the need for comprehensive monitoring and information sharing among exchanges to ensure market order and system security [2][3]. Group 2: Reporting Requirements - Algorithmic traders must provide accurate and complete reports, including account information, trading strategies, and technical system details [3]. - High-frequency traders are specifically required to disclose their trading strategy types, maximum order cancellation frequency, daily maximum cancellation counts, server locations, and risk control measures [3]. Group 3: Monitoring and Management - Futures exchanges are tasked with closely monitoring high-frequency trading activities and can implement differentiated management of trading fees and limits [3]. - Regular audits of reported information from algorithmic traders are mandated, focusing on compliance with reporting standards [3]. Group 4: Penalties and Accountability - Violations of the regulations can lead to penalties under the Futures and Derivatives Law, including market bans for severe infractions [4]. - The regulations also stipulate accountability for significant losses or negative impacts resulting from negligence in regulatory duties [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Program Trading in the Futures Market (Trial)" which will take effect on October 9, 2025, aimed at enhancing the regulation of program trading in the futures market and ensuring market order and fairness [1][2]. Summary by Sections - The regulations consist of 7 chapters and 37 articles, focusing on comprehensive supervision of program trading in the futures market [2]. - The regulations define program trading and high-frequency trading, stipulating that program trading must not affect the security and normal order of the futures exchange system [3]. - There are reporting requirements for program trading, where traders must report relevant information before engaging in program trading and can only proceed after receiving confirmation; futures companies and exchanges are required to periodically verify the reported information [3]. - The regulations strengthen system access management, requiring futures companies and traders to have the necessary technical capabilities and conduct testing, while also outlining prohibited behaviors in access management [4]. - There are provisions for host management and seat management, establishing a reporting system for host management information and a seat management system, ensuring fair distribution of technical resources by futures exchanges and companies [4]. - The regulations specify monitoring and risk management requirements, mandating that futures companies and traders enhance risk prevention and promptly address emergencies; futures exchanges must monitor abnormal trading behaviors to ensure system security and maintain market order [4]. - The regulations clarify the supervisory arrangements, allowing the CSRC and its agencies to conduct administrative supervision, while futures exchanges and the China Futures Association manage self-regulation according to business rules [4]. - The regulations also outline applicable arrangements for relevant entities [5]. - The CSRC will guide futures exchanges and the China Futures Association in developing related business details to ensure the implementation of the regulations [6].

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].

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].