In a report published on November 12, 2026, The Paper said the Shanghai Futures Exchange had disciplined trader Du Jian and a private fund managed by Tiansuan Quantitative (Beijing) Capital Management over a silver options transaction.
According to the exchange’s decision, Du used his personal account and the account of Tiansuan Index Enhancement Protection Exclusive No. 2 to trade with each other on February 12, 2026, disrupting market order. The exchange issued public criticisms of Du and the fund, fined Du 10,000 yuan and recorded the decision in the securities and futures market integrity database. It found the conduct violated a rule covering prearranged transactions between accounts.
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 management. The firm described the transaction as an unintended error during a strategy test, rather than an intentional arrangement. It said there was one trade of one contract per side, worth 50,580 yuan; Du detected and closed the position within two minutes and reported it internally that day. According to the firm, neither the fund nor its investors suffered losses.
The firm said it had revised and implemented its employee investment and trading policies in March 2026. It also said the fund’s investment strategy, routine operations and subscription and redemption arrangements were unaffected. Those accounts of intent, losses and operational impact are the firm’s statements; the exchange’s disciplinary finding remains in place.
