Regulation AT: creating a dialogue on automated trading regulation

The current buzzwords circulating around the media, “digital revolution”, succinctly capture what is occurring in the futures markets.  With automated trading now constituting up to 70% of trades in regulated futures markets in the US, a modern-day Gordon Gekko would be using a cutting-edge code to create an automated trading system rather than relying on

MiFID II to calm the US HFT storm?

JWG analysis. While the US HFT debate rages and the FBI launches its investigations, Europe is quietly preparing to set a hard-hitting set of new rules for technical standards. When ESMA begins its consultation around MiFID II / MiFIR tech standards this summer, market participants will need to have their ducks in a row and

Algo tagging: what’s the logic in examining the logic?

JWG analysis. When the requirement brought about by the German high frequency trading act to tag algorithms comes into force in April of this year, market participants may well feel hamstrung by the complexity of the regime.  And while the regulatory goal of improving market surveillance and reducing systemic risk may be valid, some might

MiFID II: now under starter’s orders

JWG analysis. The first 700 of 18,000 pages of MiFID II texts have now been published, a little more than a month after the European Commission announced agreement in the trilogue process, but this milestone foreshadows a confused standards landscape that will stretch forward to implementation of the regulations and directives in 2016. For those