Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" on June 13, which will be implemented on October 9, 2025, aiming to strengthen the regulation of programmatic trading in the futures market and maintain trading order and market fairness [1] Group 1: Regulatory Framework - The new regulations consist of 7 chapters and 37 articles, establishing a comprehensive regulatory framework for programmatic trading [1] - The regulations clearly define programmatic trading and high-frequency trading, creating a complete reporting management system [1] Group 2: Reporting System - A robust reporting management system for programmatic trading has been established, requiring traders to report relevant information before engaging in programmatic trading [3] - Futures companies must sign a delegation agreement with programmatic trading clients to clarify the rights and obligations of both parties [3] - The reporting process involves clients reporting to futures companies, which then verify and report to the relevant futures exchanges [3] Group 3: High-Frequency Trading Regulation - The new regulations implement significant regulatory measures for high-frequency trading, defining its characteristics and establishing specific standards for monitoring [4] - Futures exchanges are responsible for real-time monitoring of programmatic trading, focusing on abnormal trading behaviors such as high order cancellation rates [4] - The regulations allow futures exchanges to implement differentiated management of trading fees for high-frequency trading to guide market behavior [4] Group 4: System Access Management - System access management has been significantly strengthened, requiring futures companies to incorporate external system access management into their compliance risk control systems [4] - Programmatic traders' technical systems must have effective anomaly monitoring and threshold management capabilities [4] - Futures companies are prohibited from granting management permissions of trading information systems to clients, preventing illegal trading activities [4]