argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - report - algorithmic trading

On September 29^th, 2021, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, published its final review report on MiFID II and MiFIR algorithmic trading. According to the content of the document, the algorithmic trading used in accordance with MiFID II showed no issues and is generally achieving the objectives for which it was created; nonetheless, there are in the report few recommendations in order to simplify the regime to obtain more efficiency. In general, the topics of the report contain some elements on the concepts of “algorithmic trading” and “Direct Electronic Access”, the authorisation regime for EU and non-EU algorithmic trading firms (including HFT firms) deploying their strategies on EU trading venues, the organisational requirements for investment firms, including the notification and testing requirements of algorithmic traders to competent authorities; and, the self-assessment exercises to be performed by investment firms, the organisational requirements for trading venues, including the self-assessment exercises to be performed by trading venues, circuit breakers, the fee structures, order to trade ratios; and market outages and a review of MiFID II provisions which are indirectly relating to algorithmic trading activities.