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European Commissioner takes aim at HFT

12 October 2010  |  8506 views  |  0 EU flag

European Commissioner for internal markets and services Michel Barnier has vowed to work with US counterparts to increase high-frequency trading regulation, says Reuters.

Speaking to the World Federation of Exchanges conference in Paris via video link, Barnier argued that the increasingly prevalent computer-based trading poses risks because of how quickly the business evolves.

The commissioner vowed to work with US authorities such as the SEC to ensure "effective regulations" for high-frequency trading, warning that complexity is not an excuse for poor transparency, says Reuters.

At the same conference, Nasdaq OMX CEO Robert Greifeld warned against regulators moving to restrict the speed of trading.

HFT is under scrutiny in Europe as part of an overhaul of MiFID, which Barnier says has "rocked the boat" since it was introduced in 2007. He says MiFID II will include market-wide regulation of MTFs and trade repositories to prevent "malfunctions".

EU Commission targets high-frequency stock trades - Reuters

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