Core Viewpoint - The revised "Management Measures for Futures Company Intermediaries" will take effect on August 1, 2025, aiming to enhance the compliance and management of futures intermediaries, thereby better serving the real economy and establishing a new development pattern [1][2]. Group 1: Key Measures and Regulations - The new measures will enforce stricter management responsibilities on futures companies regarding intermediaries, ensuring all existing contracts comply with the new regulations [2]. - Five key areas of optimization include: 1. Clearer requirements for futures companies in intermediary cooperation, prohibiting partnerships with intermediaries already engaged with other companies to avoid conflicts of interest [3]. 2. Enhanced monitoring of client transactions under intermediaries, with specific reporting requirements for those managing over 20 clients or with client equity exceeding 2 million yuan [3][4]. 3. Strengthened full-process management of intermediaries, including mandatory training and compliance evaluations [4]. 4. Increased self-regulation for futures companies, with a focus on monitoring and addressing client complaints [4]. 5. Improved exit mechanisms for intermediaries to protect traders' rights and enforce a "zero tolerance" policy [4]. Group 2: Industry Impact and Future Trends - The new measures are expected to optimize the intermediary ecosystem, leading to the elimination of subpar intermediaries and better protection of traders' rights [8]. - The industry is witnessing a trend of futures companies reducing reliance on intermediaries, focusing instead on enhancing their own staff capabilities and direct service to clients [8]. - The overall scale of registered intermediaries is decreasing, with a reported reduction of 650 intermediaries (12.83%) from December 2024 to March 2025 [8].