Originally reported November 12, 2026. The Shanghai Futures Exchange has reprimanded trader Du Jian and the private fund Tiansuan Index Enhancement Protection Exclusive No. 2 over a February 12 trade between Du’s personal account and the fund’s account in silver options. The exchange said the transaction disrupted market order. It also fined Du 10,000 yuan and recorded the disciplinary decision in the securities and futures market integrity database.
The exchange classified the transaction as a violation of its rule against prearranged trades between accounts. The fund is a product of Beijing-based Tiansuan Quantitative Capital Management.
Tiansuan told The Paper that Du was an employee responsible for executing trades, not the fund’s manager or the person responsible for its investment decisions. The firm said the transaction was an unintentional error during a strategy test, rather than a deliberate arrangement. According to Tiansuan, it involved one trade of one lot per side, worth 50,580 yuan; Du identified it and closed the position within two minutes. The firm said neither the fund nor investors suffered a loss.
Tiansuan said it had accepted the exchange’s decision, revised its employee-investment and trading rules in March 2026, and found no similar cases in a review of its other funds. Those accounts of intent, losses and remedial steps are the firm’s statements, distinct from the exchange’s disciplinary findings.
