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 2013Transitional Periods are granted for firms that are not yet regulatedfor HFTIssueDescription77EEA-based firmsWith permission for“dealing on ownaccount”Without permissionNon-EEA-based firmsWith permission similarto MiFID’s “dealing onown account”• Application for passporting is filed with home supervisor within six months• After license has been obtained: application for passporting is filed with homesupervisor within six months• Alternative (Set up branch in Germany): complete application is filed withBaFin within nine months• Complete application is filed with BaFin within nine months (branch to be setup first)Withoutpermission• Complete application is filed with BaFin within nine months (branch to be setup first)39
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