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ARTICLE · 16 JULY 2025

CSRC Released The Provisions On Futures Program Trading

Llinks Law Offices
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On 13 June 2025, the China Securities Regulatory Commission ("CSRC") released the Provisions on the Administration of Program Trading in the Futures Market (Trial) (《期货市场程序化交易管理规 定(试行)》) ("Futures Program Trading Provisions"), which will take effect on 9 October 2025.

ChinaFinance and Banking
Sandra Lu
Sandra Lu
Lily Luo
Lily Luo

On 13 June 2025, the China Securities Regulatory Commission ("CSRC") released the Provisions on the Administration of Program Trading in the Futures Market (Trial) (《期货市场程序化交易管理规 定(试行)》) ("Futures Program Trading Provisions"), which will take effect on 9 October 2025. The Futures Program Trading Provisions are designed to implement the regulatory principles for futures program trading established in the Futures and Derivatives Law of the People's Republic of China (《中华人民共和国期货和衍生品法》), while codifying the regulatory practices accumulated over recent years into formal legislation.

The Futures Program Trading Provisions are structured into 7 chapters and 37 provisions, addressing a comprehensive range of topics, including the definition of program trading and scope of application, reporting requirements, direct market access, colocation and seat allocation, trading monitoring and risk management, and supervisory mechanisms.

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