本报记者 王宁 "本次五大期交所同步出台的新规，对程序化交易进行了系统性规范，使产业客户套期保值环境更趋稳定公平，为期货市 场服务实体经济构建了更坚实的制度基础。"中粮期货副总经理陈劲松对《证券日报》记者表示，整体来看，新规通过平衡监 管有效性与技术创新空间，构建了"合规为基础、服务实体为核心"的监管框架，既增强市场稳定性与透明度，又推动行业良性 竞争与高质量发展，为实体经济和金融机构提供更可靠的风险管理工具，有助于期货市场长期健康发展。 新规自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。 "新规设置了半年过渡期，避免'一刀切'对市场造成的冲击，为技术系统改造留出缓冲期。"陈劲松认为，新规还明确了从 事程序化交易的法人和非法人组织要设立负责合规和风险管理的责任人员，这对程序化交易的合法合规性、风险管理有效性进 行监督和检查，本质是将监管压力从外部惩戒转向机构内生控制，将有效推动程序化交易步入"精耕细作"时代。 近日，国内五 ...

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/08/11 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.13%报 3458.2 美元/盎司， 本周累计上涨 1.72%，COMEX 白银期货涨 0.56%报 38.51 美元/盎司，本周累计上 涨 4.28%。特朗普提名激进派进入美联储理事会引发政策担忧，同时美国实施 新关税政策，加剧市场不确定性，推升避险需求。 2. 欧佩克增产打压油价，美油主力合约收跌 0.83%，报 63.35 美元/桶，周跌 5.91%；布伦特原油主力合约跌 0.17%，报 66.32 美元/桶，周跌 4.81%。国际油 价延续跌势，主要受到欧佩克+增产计划影响，市场担忧供应过剩。 3. 伦敦基本金属涨跌参半，LME 期铜涨 0.86%，本周累计上涨 1.43%；LME 期锌 涨 0.75%，本周累计上涨 3.92%；LME 期铝涨 0.19%，本周累计上涨 1.91%；LME 期镍跌 0.02%，本周累计上涨 0.85%；LME 期铅跌 0.3%，本周累计上涨 1 ...

Core Viewpoint - The new regulations for algorithmic trading in China's futures markets will be implemented starting October 9, 2025, with a 6-month transition period for traders to comply with reporting and agreement requirements [1][2]. Group 1: Regulatory Framework - The new algorithmic trading management measures emphasize strong regulation, risk prevention, and high-quality development, with a focus on fairness and strict oversight [1][2]. - The regulations require a "report first, trade later" approach, detailing requirements for reporting management, system access, and risk management [1][2]. Group 2: Transition Period and Compliance - A 6-month transition period will allow algorithmic traders to complete necessary agreements and reporting [1]. - During this period, traders must adhere to new reporting requirements to enhance market transparency and regulatory oversight [3]. Group 3: Market Reactions and Trends - The new regulations have received unanimous support from market participants, who believe they address market concerns and promote the standardized development of algorithmic trading [2]. - Industry experts predict that the regulations will lead to a diversification of trading strategies, increased compliance costs, and improved market fairness [2][3].

程序化交易管理办法明确"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。 前期，五家期货交易所就程序化交易管理办法向社会公开征求意见，并通过座谈、调研等方式，充分听 取境内外投资者和市场机构意见建议，各方总体支持，认为程序化交易管理办法回应了市场关切，有助 于推动程序化交易规范发展。 明确程序化交易报告要求 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)》(以下简称《管理规定》)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。 "先报告、后交易" 五家期货交易所公布的程序化交易管理办法围绕强监管、防风险、促高质量发展主线，坚持"趋利避 害、突出公平、从严监管、规范发展"的监管目标导向，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、监督管理等做出细化规定，确保《管理规定》落地见效。 一是应当履行程序化交易 ...

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 ...

【导读】五家期货交易所发文加强程序化交易监管 8月8日，中金所、广期所、上期所、郑商所、大商所等五家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）》（以下简称《管理规定》）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。 同日，五家期货交易所分别发布《关于程序化交易有关事项的通知》，明确程序化交易报告要求和过渡期安排，加强程序化交易监管，规范程序化交易行 为。 （图片来源：中金所官网） 根据通知，程序化交易报告包括三方面：一是应当履行程序化交易报告义务的交易者范围。交易者在交易所的交易符合以下条件之一的，应当履行报告义 务：在1个交易日内出现10次（含）以上1秒钟内10笔（含）以上报撤单的，实际控制关系账户组的报撤单笔数按照单个客户执行；合约代码、买卖方向、 委托数量、委托价格等交易指令核心要素以及交易指令的下达时间均由计算机自动决定的；使用自主研发或者其他定制程序化交易软件的；交易所认定的 其他需要报告的情形。 二是程序化交易者报告的内容。具体如下：账户基本信息，包括交易者名称、交易编码、产品管理人和委托的期货公司会 ...

【导读】五家期货交易所发文加强程序化交易监管 见习记者 舍梨 8 月 8 日，中金所、广期所、上期所、郑商所、大商所等五家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）》（以下简称《管理规定》）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。 同日，五家期货交易所分别发布《关于程序化交易有关事项的通知》，明确程序化交易报告 要求和过渡期安排，加强程序化交易监管，规范程序化交易行为。 （图片来源：中金所官网） 规范程序化交易行为 五家期货交易所公布的程序化交易管理办法围绕强监管、防风险、促高质量发展主线，坚持 " 趋利避害、突出公平、从严监管、规范发展 " 的监管目标导向，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、监督管理等做出细化规定，确保 《管理规定》落地见效。 同日，五家期货交易所分别发布通知，明确程序化交易有关事项。 三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《 ...