Core Viewpoint - The newly released management measures for algorithmic trading by five major futures exchanges in China aim to enhance regulatory oversight, maintain market order, and promote fair trading practices, effective from October 9, 2025 [1][2]. Group 1: Regulatory Framework - The management measures clarify the boundaries of algorithmic trading and establish a regulatory framework that includes pre-reporting, real-time monitoring, and precise emergency interventions [1][2]. - The core framework of the management measures remains consistent across the five exchanges, focusing on reporting management, system access management, mainframe hosting, seat management, trading monitoring, risk management, and supervisory management [2][3]. Group 2: Reporting Requirements - The measures specify that traders must report algorithmic trading activities if they meet certain criteria, such as executing 10 or more orders within one second or using proprietary algorithmic trading software [3][4]. - The content of the reports includes basic account information, trading and software details, and any other information required by the exchanges [3][4]. Group 3: Transition Period - A six-month transition period will be established following the implementation of the management measures, allowing traders to complete necessary agreements and reporting requirements [5][6]. - During the transition, futures company members and foreign special brokers must sign agreements with clients by April 8, 2026, outlining rights, obligations, and reporting management [5][6]. Group 4: Compliance and Risk Management - The new regulations require organizations engaged in algorithmic trading to appoint responsible personnel for compliance and risk management, shifting regulatory pressure from external enforcement to internal control [6]. - The exchanges will continue to refine regulatory arrangements based on market practices and provide training to ensure investor protection and stable capital market operations [6].

Core Viewpoint - The recent announcement by the five major domestic futures exchanges regarding the new regulations on algorithmic trading is significant as it establishes a unified regulatory framework across markets and enhances the monitoring and management of algorithmic trading activities [1][2]. Group 1: Regulatory Framework - The new regulations introduce a "report first, trade later" requirement, which aims to create a more stable and fair environment for hedging activities in the futures market [2][4]. - The regulations provide a comprehensive framework for algorithmic trading, balancing regulatory effectiveness with technological innovation, thereby enhancing market stability and transparency [2][3]. Group 2: Implementation and Transition - The new rules will take effect on October 9, 2025, with a six-month transition period for existing algorithmic trading participants to adapt [1][4]. - During the transition, futures companies and other participants must sign agreements and report algorithmic trading activities accurately and completely by April 8, 2026 [4]. Group 3: Specific Requirements - The regulations clarify the boundaries between algorithmic and non-algorithmic trading, setting detailed quantitative and qualitative indicators to mitigate potential adverse impacts on the market [3][5]. - Specific reporting requirements include details about the trader's scope, account information, and trading software, reflecting a proactive regulatory stance [4]. Group 4: Market Impact - The new regulations are designed to improve the monitoring and emergency response capabilities of the market, ensuring a fair and predictable environment for all participants [2][4]. - The emphasis on pre-trade reporting is intended to enhance market safety and prevent negative impacts on price formation [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International precious metal futures generally closed higher, while oil prices declined due to OPEC's production increase. Base metals showed mixed performance. The financial market had various developments including corporate dividends, fund self - purchases, and investment strategies. Industries such as real estate, agriculture, and manufacturing also had significant events [2][27][34] - The report suggests focusing on five strong industrial trend industries in asset allocation and avoiding unclear capital relay trading [29] Summary by Related Catalogs Overnight Night - Market Trends - COMEX gold futures rose 0.13% to $3458.2 per ounce, with a weekly increase of 1.72%. COMEX silver futures rose 0.56% to $38.51 per ounce, with a weekly increase of 4.28%. The rise was due to policy concerns and increased market uncertainty [2] - U.S. oil and Brent crude oil futures declined. U.S. oil fell 0.83% to $63.35 per barrel, with a weekly decline of 5.91%. Brent crude fell 0.17% to $66.32 per barrel, with a weekly decline of 4.81%, affected by OPEC+ production increase [2] - London base metals showed mixed performance. LME copper, zinc, and aluminum rose, while nickel, lead, and tin declined slightly. The market was significantly affected by Fed policies and tariffs [2] Important Information Macroeconomic Information - The 8th - 2025 China (Zhengzhou) International Futures Forum will be held from August 19th to 20th [4] - Five futures exchanges issued程序化交易 management measures to strengthen supervision [4] - In July, national passenger car retail sales were 1.826 million, a year - on - year increase of 6.3%. The cumulative retail sales this year were 12.728 million, a year - on - year increase of 10.1% [5] - As of August 8th, the Shanghai Export Container Freight Index and the China Export Container Freight Index declined [5] - In July, the national CPI was flat year - on - year. The average CPI from January to July decreased by 0.1% compared to the same period last year [7] - Fed Governor Bowman supports interest rate cuts in the remaining three meetings this year [7] Energy and Chemical Futures - As of August 7th, PVC social inventory increased 7.49% month - on - month to 776,300 tons, a year - on - year decrease of 17.52% [9] - As of August 7th, the weekly output of Chinese styrene factories was 359,200 tons, a decrease of 0.64%. The capacity utilization rate was 77.73%, a decrease of 1.19% [9] Metal Futures - The Guangzhou Futures Exchange added two new registered brands for polysilicon futures [11] - Last week, the nickel ore inventory at 14 Chinese ports increased by 389,800 wet tons to 10.3334 million wet tons, an increase of 3.92% [13] - Last week, copper, zinc, nickel, and tin inventories at the Shanghai Futures Exchange increased, while aluminum and lead inventories decreased [14] - The mining end of Ningde Times' Jiaxiaowo Mine will stop production starting from August 10th with no short - term resumption plan [14] Black - Series Futures - Due to rainfall, 12 out of 21 Inner Mongolia power coal mines reduced production or stopped production, with a total capacity of 67.5 million tons. Nine open - pit mines will resume production on the evening of August 8th [16] - Last week, the capacity utilization rate of independent coke enterprises increased by 0.34% to 74.03%. Coke daily output increased, inventory decreased, and coking coal inventory decreased [16] - On August 8th, the blast furnace operating rate of 247 steel mills was 83.75%, a week - on - week increase of 0.29 percentage points. The profitability of steel mills increased by 3.03 percentage points [16] - The inventory of imported iron ore at 45 and 47 Chinese ports increased, and the daily handling volume increased [18] - Coke started the sixth round of price increase, with an increase of 50 - 55 yuan [18] - Last week, the inventory of 60 independent ferrosilicon enterprises increased by 9.42% to 71,700 tons, while the inventory of 63 independent ferromanganese enterprises decreased by 2,500 tons [19] Agricultural Futures - As of August 8th, the self - breeding and self - raising pig farming profit was 45.13 yuan per head, and the profit from purchasing piglets for farming was a loss of 134.14 yuan per head [21] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and the supply may be tight in the later stage [21] - From August 2nd to 8th, the actual soybean crushing volume of oil mills was 2.1775 million tons, with an operating rate of 61.21%, 35,500 tons lower than expected [22] - In July, the FAO Food Price Index rose 1.6% to 130.1 points, reaching a two - year high [24] - From August 1st to 10th, Malaysia's palm oil exports were expected to be 482,576 tons, a 23.3% increase from the same period last month [25] Financial Market Finance - Nearly 50 A - share companies have disclosed mid - term dividend plans, with some companies having high - value dividends and high dividend yields [27] - The Hong Kong Investment Management Limited has invested in over 100 projects, and more than 10 companies are applying for listing in Hong Kong [27] - Southern Fund self - purchased three equity - based ETFs worth 230 million yuan. This year, nearly 130 public funds have self - purchased over 5 billion yuan [27] - CITIC Securities suggests focusing on five strong industrial trend industries and avoiding unclear capital relay trading [29] - CITIC Construction Investment believes that the short - term A - share market has upward resistance but is in a bull - market relay, and suggests paying attention to new low - position sub - sectors [29] - Southbound funds have a cumulative net inflow of over HK$900.8 billion this year, and Hong Kong stocks are considered a more inclusive capital haven [29] Industry - Beijing Yizhuang issued policies to support the development of embodied intelligent robots [32] - The Hubei Brain - Computer Interface Industry Innovation Development Alliance was established, and the first medical service price standard for brain - computer interfaces was released [34] - From January to July, real estate companies had over 50 executive changes, with a focus on the marketing department. Some companies are introducing composite talents [34] - The Ministry of Agriculture and Rural Affairs will implement comprehensive regulation of pig production capacity and guide the reduction of about 1 million sows [34] - The first domestic shield/TBM big data mining community was established in Zhengzhou, and a vertical large - model was released [34] Overseas - U.S. Treasury Secretary believes Trump's tariff policy aims to bring manufacturing back to the U.S., and hopes the next Fed Chairman has "forward - looking thinking" [35] - The U.S. will stop providing tax credits for electric vehicles from September 30th. Electric vehicle sales may set a record in Q3 and decline in Q4 [35] - In 2024, Japan's population decreased by about 554,500, a decline of 0.44% [36] - The French government plans to save 4.2 billion euros from the national budget by canceling two public holidays in 2026 [36] International Stock Market - Jinglin Asset adjusted its U.S. stock holdings, adding technology stocks and clearing some positions [37] - The UK Competition and Markets Authority approved Boeing's acquisition of Spirit AeroSystems [37] Commodity - The gold futures price in the New York Mercantile Exchange hit a new high. "Interest - rate cut trading" and "Trump 2.0" will continue to catalyze the gold price [38] Bond - In the three months since the new policy on science and technology innovation bonds was implemented, the issuance scale reached 880.659 billion yuan, with a low average coupon rate [40] Foreign Exchange - Ten years after the "8·11 exchange - rate reform", the RMB exchange - rate marketization level has continuously improved, and two - way fluctuations have become the norm [41] Upcoming Economic Data and Events - Economic data such as Italy's July harmonized CPI annual rate final value, June trade balance, and Canada's national economic confidence index will be released [43] - There will be 54.48 billion yuan of reverse repurchase maturities in the Chinese central bank's open market. The revision plan of the Hang Seng Innovative Drug Index and related indices will be implemented [45] - The 2025 (Second) China Solid - State Battery Technology Industry Development Conference will be held from August 11th to 13th in Hangzhou. Hongyuan Co., Ltd. on the Beijing Stock Exchange will be available for subscription [45]

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].

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]