30 July 2014

65591

Christian Voigt - Fidessa

26 | posts 70,090 | views 0 | comments

Algo identifiers galore

03 April 2014  |  1536 views  |  0

With the German algo ID mandatory from 1st April, I was prompted to scan the latest MiFID II texts in this regard. Member states must require exchanges to be able to identify the different algorithms used for generating orders (Art. 51.6) which, on a high level, sounds just like the German HFT Act.

To make things even more complex, MiFIR requires investment firms to identify in their transaction reports the “computer algorithms [.…] responsible for the investment decision” (Art. 23.3). So this includes not just the exchange members we already knew about, but also the buy-side. While it’s not entirely clear that the MiFIR and MiFID II algo IDs are the same, ESMA does at least have a mandate to provide guidance on the former, while it has no such mandate to harmonise the latter across Europe.

Since the EU has 28 member states with around 250 licensed trading venues, let’s see just how many different algo IDs we can collectively define!

 

TagsTrade executionRisk & regulation

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Christian

Please lock the door behind you

25 July 2014  |  1467 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Tour de Force

09 July 2014  |  1238 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Oh, for some goal-line technology!

19 June 2014  |  2003 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Staying local in a global world

19 May 2014  |  1505 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Before you head for the beach

30 April 2014  |  1516 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation
name

Christian Voigt

job title

Senior Regulatory Adviser

company name

Fidessa

member since

2013

location

London

Summary profile See full profile »
I'm a Senior Regulatory Adviser at Fidessa. I focuse on the growing regulatory and functional req...

Christian's expertise

What Christian reads
Christian writes about

Who is commenting on Christian's posts

Neil Crammond