The Autorité des marchés financiers (AMF) has included the ESMA guidelines1 on automated trading in its position the provisions of which will apply from 7 May 2012.
These guidelines, issued on the basis of the Market in Financial Instruments (MiFID) and Market Abuse directives, set out the methods for implementation of certain provisions of these directives and their implementing directive in the particular field of automated trading systems, most notably high frequency trading.
They mainly concern the following activities:
- The operation of an electronic trading system by a regulated market or a multilateral trading facility (MTF);
- The use of an electronic trading system, including algorithmic trading, by an investment firm when dealing on own account or for the execution of orders on behalf of clients;
- The provision of direct access to the market or of sponsored access by an investment firm as part of the service of the execution of orders on behalf of clients.
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