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 new regulations for algorithmic trading in China's futures market aim to enhance market order and fairness, marking a shift towards stricter oversight of high-frequency trading practices [1][3]. Group 1: Regulatory Changes - Five major futures exchanges in China have announced new rules for algorithmic trading, which will take effect on October 9, 2025, following the guidelines set by the China Securities Regulatory Commission [1]. - The new regulations require a "report first, trade later" approach, detailing management protocols for algorithmic trading reporting, system access, and risk management [1][3]. Group 2: Identification and Reporting - The regulations specify four categories of traders that must report their activities: those with high cancellation rates, fully automated decision-making systems, users of proprietary or customized trading software, and other situations deemed necessary by the exchanges [3]. - The aim is to address issues such as identity ambiguity, unfair resource allocation, and inadequate cross-market monitoring [3]. Group 3: Impact on the Industry - The new rules are expected to regulate risk management for algorithmic investors and enhance the responsibilities of investors, futures companies, and exchanges [3]. - The industry is anticipated to shift from a focus on speed to a dual approach of strategy and compliance, leading to a potential reshaping of the market landscape [4]. Group 4: Transition Period and Challenges - A six-month transition period has been established, during which existing algorithmic trading participants must comply with the new reporting requirements by April 8, 2026 [4][5]. - Companies face significant challenges, including the need to renegotiate contracts with existing clients, upgrade technical systems, and establish a reporting system to verify the authenticity of client information [5][6].

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 new regulations for algorithmic trading in China's futures market, set to be implemented on October 9, 2025, aim to enhance market order and fairness, marking a shift towards stricter oversight in algorithmic trading practices [1] Group 1: Regulatory Framework - Five major futures exchanges in China have jointly released detailed regulations on algorithmic trading, which include provisions for reporting, system access, and risk management [1] - The regulations establish a "report first, trade later" principle, requiring traders to report under specific conditions, such as executing more than 10 orders within one second on a trading day [2] Group 2: Reporting Requirements - Algorithmic traders must report significant changes in their trading information within 30 trading days, and futures companies are responsible for verifying and reporting this information [3] - The reporting requirements encompass account details, trading software information, and execution methods, ensuring comprehensive oversight of algorithmic trading activities [2] Group 3: Transition Period and Compliance - A six-month transition period will allow traders to finalize necessary agreements and reporting obligations, with specific deadlines for signing contracts and adhering to reporting protocols [4] - From April 9, 2026, traders who fail to comply with reporting requirements will be prohibited from engaging in algorithmic trading, with additional scrutiny for high-frequency traders [4] Group 4: Enforcement and Penalties - The exchanges will enforce compliance through corrective measures, including notifications and potential restrictions on trading activities for violators [4] - Serious violations by trading firms and participants may lead to more severe penalties, including formal warnings and regulatory actions [4]

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].

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 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].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The implementation of the programmatic trading rules aims to regulate high-frequency trading behaviors, thereby reducing market volatility and protecting the interests of retail investors [4][11]. - Recent rankings in the brokerage industry show an improvement in cultural construction, with 14 A-class companies and 36 B-class companies identified among 105 evaluated brokerages [12][24]. - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.40%, the CSI 300 by 1.54%, and the ChiNext by 1.50% during the week [12][14]. Summary by Sections Investment Recommendations - The report emphasizes the significance of the newly implemented programmatic trading management rules, which include detailed regulations on trading behavior and reporting requirements [11][4]. Market Review - The report notes that the A-share trading volume reached 7.21 trillion yuan, with an average daily trading amount of 1.44 trillion yuan, reflecting a week-on-week decrease of 3.05% [14][17]. Industry Key Data Tracking 1) Market Performance and Scale: The report highlights the recent performance of major indices, with the Shanghai Composite Index increasing by 1.40% and the CSI 300 by 1.54% [14][17]. 2) Credit Business: As of July 4, the market had 3,087.84 billion shares pledged, accounting for 3.77% of the total share capital, with a margin balance of 1.85 trillion yuan [17][20]. 3) Fund Issuance: In June 2025, new fund issuance reached 1,221.24 billion shares, with a significant increase in the number of funds issued [17][18]. 4) Investment Banking: The report states that the equity underwriting scale in June 2025 was 5,530.18 billion yuan, with IPO amounts at 91.53 billion yuan [17][18]. 5) Bond Market: The report notes a 0.47% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.64% [17][25]. Regulatory Policies and Industry Dynamics - The report discusses the results of the brokerage cultural construction evaluation, indicating a notable increase in A-class brokerages compared to previous years [24][26]. - It also mentions that 12 Chinese brokerages have been selected as the first distributors for the Hong Kong Stock Exchange's comprehensive fund platform, enhancing their role in connecting mainland and Hong Kong capital markets [24][26].