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Algo trading: a glance at MiFID II
Archive
12 Sep
2017

Algo trading: a glance at MiFID II

  • 12th September 2017
  • Letitia Bolton

New rules on algorithmic trading, such as those quickly approaching from MiFID II, are cause for preparation across the industry, with various regulations in this sphere also impacting the buy-side. So, in this article, we’re going to take a look at some of the ways that regulation is currently, or will soon be, impacting algorithmic Read More

06 Feb
2017

Regulation AT: creating a dialogue on automated trading regulation

  • 6th February 2017
  • Jordan Dilworth

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 Read More

19 Aug
2016

Stronger controls proposed for algorithmic trading by India’s regulators

  • 19th August 2016
  • Letitia Bolton

On 5 August 2016, the Securities and Exchange Board of India (SEBI) released a discussion paper on the ‘Strengthening of the Regulatory framework for Algorithmic Trading and Co-location’. This is yet another step in the global movement towards increased control on algorithmic trading. In the paper, SEBI proposes several suggestions for comment by all stakeholders Read More

25 Sep
2015

Defining HFT and DEA under MiFID II

  • 25th September 2015
  • Daniel Simpson

By Sam Tyfield and JWG. Following on from our previous article, the devil is in the definitions, where we unravelled the definitions for High Frequency Trading (HFT) and Direct Electronic Access (DEA) provided within the MiFID II texts, now we explain how these definitions will apply in practice. What is HFT? Well, that’s a question Read More

16 Jul
2015

The devil is in the definitions

  • 16th July 2015
  • Daniel Simpson

JWG analysis. In an article earlier this week, we highlighted some of the key challenges for firms engaged in HFT activities under MiFID II.  In this piece, we will focus in more detail on one particular area of change under MiFID II, namely algorithmic trading and the implications of regulators rewriting the dictionary for it.  Read More

13 Jul
2015

Part 2: HFT firms on trial

JWG analysis. In part 1, we focused on the consultation paper published by the FCA on 7 July, CP 15/22, in which the UK’s financial regulator proposed that managers responsible for algorithmic trading should also be covered under the new Senior Managers and Certification Regime.  But, as many readers will know, it is not only Read More

29 May
2015

Policing digital highways: smiling at the local algo camera?

JWG analysis. Given the 5 year latency between flash crash and recent arrest, John Bates wondered whether the regulators were riding bicycles to try and catch up with the sporty cars driven by the Flash Boys, the high-frequency traders. Although HFT represents a large percentage of trading volume, what ‘it’ is and how it can Read More

11 Feb
2015

MiFID II: a new look at ‘last look’ pricing?

  • 11th February 2015
  • RegTechFS

By Robin Poynder, FMR advisory. Advancements in price distribution technologies and the advent of high frequency trading have forced firms’ IT departments to establish strict controls around best practice pricing for trades. CEO of FMR Advisory, Robin Poynder, explains the need for a standardised protection mechanism “last look”. “Some argue that last look is a Read More

24 Jul
2014

MiFID II: does the first line of defence now own ‘good’?

JWG analysis. At the turn of the century, the framers of the UK’s financial infrastructure rulebook enshrined four fundamental concepts into systems and controls practice.  The rulebook in question is the Financial Services and Markets Act 2000 (FSMA), which created the FSA.  (The FSA was then subsequently split into the FCA and the PRA in Read More

09 Jul
2014

Know thy algo: how to define it, prove it, tame it. Part 2

  • 9th July 2014
  • RegTechFS

JWG analysis. The desire for tighter controls on algorithmic trading is growing globally.  Trading rules in the major financial centres will quickly set new minimum thresholds. As described in our previous piece on how algos are defined and controlled, Europe is again leading the pack and would appear to have serious intent to change the Read More