04 October 2015


Retired Member

1,170Posts 3,988,247Views 1,460Comments

Algo identifiers galore

03 April 2014  |  1788 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 Retired

Periodic Table of Remittances

27 June 2015  |  1506 views  |  0  |  Recommends 0 TagsPaymentsRetail banking

Is the time now right for data sharing?

25 June 2015  |  1635 views  |  0  |  Recommends 0 TagsMobile & onlineRetail banking

Cloud based Mobile Financial Services and Payments

18 June 2015  |  2622 views  |  0  |  Recommends 1 TagsPaymentsInnovation

A Very Personal Confession ... I Love Regulation

08 June 2015  |  1120 views  |  0  |  Recommends 0 TagsRetail bankingOracleGroupInnovation in Financial Services

Deleted Item

05 June 2015  |  487 views  |  0  |  Recommends 0 TagsMobile & onlinePayments

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Dirk Kinvig
Andrew Churchill
Bjorn Soland
Karim Maalouf
Ketharaman Swaminathan
Paul Ruskin
Neil Vernon