ESMA Regulation - Consultation Paper - Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities - July 20, 2011

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July 20, 2011

Contents of the paper:

  • The background to the draft guidelines in the context of ESMA’s work on microstructural issues.
  • The draft guidelines on organizational requirements which are relevant in a highly automated trading environment for electronic trading systems, fair and orderly trading and dealing with market abuse (in particular market manipulation). There are separate standards in each of these areas for trading platforms (regulated markets and multilateral trading facilities) and investment firms executing orders on behalf of clients and/or dealing on own account.
  • The draft guidelines covering direct market access (DMA) and sponsored access (SA). Again, there are two separate sets of standards relating to trading platforms and investment firms.
  • Seven annexes consisting of relevant MiFID regulations, cost-benefit analyses, academic evidence on high frequency trading, and related issues.

The deadline for public comment was October 3, 2011.


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