Core Viewpoint - The China Futures Association has announced the implementation of the "Programmatic Trading Entrustment Agreement Text (Essential Clauses)" to standardize the entrustment agreement signing and performance behavior for programmatic trading in the futures market, effective from October 9, 2025 [1] Group 1 - The "Essential Clauses" were developed after extensive consultation and are aimed at fulfilling the requirements of the "Regulations on the Management of Programmatic Trading in the Futures Market (Trial)" [1] - Futures companies must sign an entrustment agreement with clients before accepting programmatic trading entrustments, and those already engaged in programmatic trading must sign the agreement within six months of the implementation date [1] - The entrustment agreement must include all contents of the "Essential Clauses," and futures companies may add provisions based on their own risk control requirements [1] Group 2 - On the same day, the China Futures Association also published three recommended industry standards, including "Guidelines for Functional Testing of Futures Programmatic Trading Systems" (T/ZQX 0004-2025), "Testing Guidelines for Futures Company Trading Information Systems" (T/ZQX 0005-2025), and "Futures Company Counter System Management Interface Standards Part 1: Deposit and Withdrawal Interface" (T/ZQX 0006.1-2025), which will be implemented immediately upon publication [1]

Core Viewpoint - The China Securities Association has released a standardized "Algorithmic Trading Entrustment Agreement" for securities firms to implement, which requires investors to comply with new regulations for algorithmic trading [1][5]. Group 1: Implementation of New Regulations - Securities firms are already adopting the new algorithmic trading agreement, mandating investors to sign it to engage in algorithmic trading or apply for related permissions [1][5]. - If investors do not agree to the new agreement, they must close their algorithmic trading permissions or cease algorithmic trading activities [1]. Group 2: Reporting Requirements - Investors must report various information before engaging in algorithmic trading, including account details, fund sources, trading strategies, and software information [2][3]. - Significant changes in reported information must be communicated to the securities firm within a specified timeframe [2][3]. Group 3: High-Frequency Trading (HFT) Regulations - HFT investors are required to report critical information such as server locations, system testing reports, and emergency plans in case of system failures [3][4]. - The agreement emphasizes compliance with laws and regulations, prohibiting activities like insider trading and market manipulation [4]. Group 4: Regulatory Framework - The implementation of the new algorithmic trading agreement is closely linked to the "Algorithmic Trading Management Implementation Rules" that took effect on July 7 [5]. - The rules define abnormal trading behaviors and outline measures that can be taken by exchanges in response to such behaviors, including high-frequency trading thresholds [5].