9月5日，中国期货业协会发布关于发布实施《程序化交易委托协议文本（必备条款）》的通知，为落实 《期货市场程序化交易管理规定（试行）》有关要求，规范程序化交易委托协议签约履约行为，中国期 货业协会（以下称协会）经广泛征求意见，制定了《程序化交易委托协议文本（必备条款）》（以下简 称《必备条款》）。《必备条款》经协会第六届理事会第21次会议审议通过，现予发布，并自2025年10 月9日起施行。 期货公司接受客户程序化交易委托前，应当与客户签订委托协议，《必备条款》施行前已经从事程序化 交易相关活动的，应当自施行之日起6个月内签订委托协议。委托协议必须涵盖《必备条款》所有内 容，期货公司可以结合自身风控要求等具体情况对《必备条款》进行适当增加。 ...

Core Viewpoint - The China Financial Futures Exchange has announced the implementation of the "Procedural Trading Management Measures," which have been reported to the China Securities Regulatory Commission and will take effect on October 9, 2025 [1] Group 1 - The new rules aim to regulate algorithmic trading practices within the financial futures market [1] - The announcement indicates a significant step towards enhancing the regulatory framework for trading activities in China [1] - The implementation date provides a timeline for market participants to prepare for compliance with the new regulations [1]

Core Viewpoint - The Dalian Commodity Exchange has announced the approval of the "Management Measures for Programmatic Trading," which will take effect on October 9, 2025 [1] Group 1 - The measures were approved during the 62nd meeting of the fourth council of the Dalian Commodity Exchange [1] - Specific implementation methods for programmatic trading reports and transitional arrangements for activities already in progress will be notified separately [1]

Group 1 - The Shanghai International Energy Exchange has announced the approval of the "Procedural Trading Management Rules" by its board, which will be reported to the China Securities Regulatory Commission [1] - The new rules will come into effect on October 9, 2025 [1]

Core Viewpoint - The Shanghai Futures Exchange is seeking public opinion on the proposed "Management Measures for Program Trading," which focuses on trading monitoring and risk management [1] Group 1: Compliance and Risk Management - Program traders are required to enhance compliance awareness and strengthen risk prevention measures [1] - Futures company members, overseas special brokers, and overseas intermediaries must establish and effectively implement relevant program trading systems, enhancing monitoring of client program trading activities [1] Group 2: Monitoring and Regulation - The exchange will conduct real-time monitoring of program trading behaviors, particularly focusing on high cancellation rates and high cancellation-to-execution ratios [1] - There will be heightened regulation on high-frequency trading, including fees for cancellations and trading limits, with potential differentiated management of high-frequency trading fees [1] Group 3: Emergency Response - In the event of sudden incidents, program traders, futures company members, overseas special brokers, and overseas intermediaries must take immediate action, with the exchange having the authority to suspend trading if necessary [1]