High-frequency trading – a discussion of relevant issues - Xetra
High-frequency trading – a discussion of relevant issues - Xetra
High-frequency trading – a discussion of relevant issues - Xetra
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<strong>High</strong>-<strong>frequency</strong> <strong>trading</strong> <strong>–</strong> a <strong>discussion</strong> <strong>of</strong> <strong>relevant</strong> <strong>issues</strong> May 2013German HFT Bill foresees several measures and procedures toregulate algorithmic <strong>trading</strong> and HFTMain Aspects:1Additional rights for the Exchange Supervisory Authority/BaFin2Price discovery protection (e.g. volatility interruptions)3Requirements to set appropriate tick sizes4Organizational requirements for investment firms (IFs)5Order to Trade Ratios (OTR);Excessive System Usage Fees (ESU-Fee)/ Transaction Limits6Flagging <strong>of</strong> algorithmically generated orders7Registration obligation as Financial Service Institutions33
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