In light of the recent ESMA consultation on MIFID II/MIFIR Review Report on Algorithmic Trading and the ongoing review of European financial market regulations, FIA examines the evolution of algorithmic trading rules in Europe and their impact on cleared derivatives markets, including:
- Direct electronic access and the nuances around sub-delegation;
- Disorderly trading definition and the impact of a one-size-fits-all approach;
- The definition of algorithmic trading and the impact on different types of trading strategies; and
- The reality of conformance testing, its challenges and the validation of algorithms.
To what extent have regulators taken on board industry developments, what remains to be done, and what aspects cause the most concern? Speakers share their views on the current and emerging landscape.
