Valerie Ledure - Qedcommunication.eu
Valerie Ledure - Qedcommunication.eu
Valerie Ledure - Qedcommunication.eu
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2. Algorithmic trading<br />
• To provide for proper safeguards:<br />
Ø All algorithmic traders, including high frequency, will need a MiFID<br />
license<br />
Ø Reinforce the organisational requirements along the trading value chain<br />
(i.e. both for trading venues and investment firms)<br />
• Reinforcement of the MAD framework:<br />
Ø Clarifying which practices associated with algorithmic/high frequency<br />
trading constitute market manipulation<br />
Ø Connection with MiFID II that establishes new tools for supervisors<br />
intended to facilitate the detection of market abuse (i.e. record keeping<br />
obligation for orders, flagging of orders)<br />
• Algorithmic traders shall keep their trading strategy in continuous<br />
operation and provide liquidity on a regular basis<br />
8
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