智通财经记者 | 韩理 期货高频交易即将戴上"紧箍咒"。 近日，上期所、郑商所、大商所、中金所、广期所等五家期货交易所同步发布程序化交易管理办法。该新规将于2025年10月9日正式实施，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"《规定》"）的各项监管要求。 此举标志着期货市场程序化交易监管进入全面从严阶段，维护市场秩序与公平成为核心目标。 智通财经注意到，此次《规定》设置了6个月的过渡期。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。 五家期交所此次发布的新规明确"先报告、后交易"的要求，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 等方面做出细化规定。 瑞达期货信息技术部负责人表示，半年过渡期的安排对于期货公司来说压力是比较大，因为涉及大量的合规性工作，包括内部流程梳理、系统建设等，关键 是所有客户要全部配合才能完成有关工作。"目前比较紧迫的挑战集中在三方 ...

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]

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 ...

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].

Core Viewpoint - The implementation of the new regulations on algorithmic trading aims to enhance market fairness and stability by reducing the excessive advantages of algorithmic trading over ordinary investors, while also mitigating market manipulation and speculation [2][4]. Group 1: Implementation Details - The new algorithmic trading management rules will officially take effect on July 7, 2025, allowing a three-month transition period for market participants to adapt and prepare [1]. - The Shanghai Stock Exchange has specified criteria for identifying high-frequency trading, including thresholds for order submission and cancellation rates [5][6]. Group 2: Regulatory Measures - Enhanced monitoring and reporting obligations will be imposed on investors engaging in high-frequency trading, requiring them to disclose server locations, system test reports, and emergency plans [6]. - Specific abnormal trading standards have been established to address the rapid order submission and cancellation characteristics of high-frequency trading [7]. - The exchange will implement stricter self-regulatory measures for abnormal trading behaviors and may require members to manage client trading activities more rigorously [8]. Group 3: Impact on Investment Firms - The new regulations will impose stricter compliance requirements on quantitative private equity funds, prompting firms to enhance their risk management systems and governance capabilities [9]. - The costs associated with high-frequency trading strategies are expected to rise significantly due to the new reporting and regulatory standards, necessitating a reassessment of profitability [9]. Group 4: Guidance for Brokers - The China Securities Association has issued a model agreement for algorithmic trading to guide brokers in standardizing their practices and clarifying the rights and responsibilities of all parties involved [10][11]. - The model agreement includes provisions on trading behavior management, high-frequency trading management, and breach of contract responsibilities [12][13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" to enhance the regulation of programmatic trading, ensuring market order and fairness [1][2]. Summary by Sections Definition and Reporting Requirements - The regulations define programmatic trading and high-frequency trading, emphasizing that such trading must not compromise the security and normal order of the futures exchange system [2]. - Traders engaging in programmatic trading must report relevant information before trading, and futures companies and exchanges are required to regularly verify this information [2]. System Access and Management - The regulations strengthen system access management, mandating that the technical systems of futures companies and traders must have specific functionalities and undergo testing [2]. - Prohibited behaviors include futures companies not allowing clients to manage trading information systems and programmatic traders not using systems for illegal trading activities [2]. Host Management and Seat Management - A reporting system for host management information and a trading seat management system are established, ensuring fair distribution of technical resources by futures exchanges and companies [2]. - Futures companies must manage host resources and are prohibited from providing services to programmatic trading clients with frequent abnormal trading behaviors [2]. Monitoring and Risk Management - The regulations require real-time monitoring of programmatic trading by futures exchanges, focusing on abnormal trading behaviors such as high order cancellation rates [3]. - Measures such as order cancellation fees and trading limits may be implemented, with differentiated management of high-frequency trading fees [3]. Supervision and Penalties - The CSRC and its local agencies will conduct administrative supervision, while futures exchanges and the China Futures Association will manage self-regulation according to business rules [2]. - Penalties for violations include sanctions under the "Futures and Derivatives Law," with severe cases leading to market entry bans for responsible individuals [3]. Implementation and Feedback - The CSRC has incorporated feedback from public consultations into the regulations and will guide futures exchanges and associations in developing related business details for implementation [4].