FIA responds to ESMA consultation paper on algorithmic trading under MiFID II/MiFIR

12 March 2021

On 12 March, FIA responded to the European Securities and Markets Authority's consultation paper on MIFID II/MIFIR Review Report on Algorithmic Trading. FIA’s response reflects the views of FIA exchange and clearing members and trading venue members in relation to exchange-traded derivatives.

FIA’s response focuses on the overall approach to algorithmic trading, direct electronic access and high-frequency trading and the organisational requirements for investment firms and trading venues. Recommendations to ESMA include the development of a principles-based template to streamline, simplify and consolidate supervisory practices, guidance that limits the circumstances where NCAs can request self-assessment be performed more frequently than every two years, and non-authorisation as an investment firm in the EU for third-country HFT firms.

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