CFTC Publishes New Wide-Ranging Automated Trading Rule For Futures

Pre-trade checks, venue development standards, prop shop registration highlight Regulation AT.

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Timothy Massad, chairman of the CFTC.

Taking a "multilevel approach", as the Commission has described it, Reg AT proposes pre-trade risk controls including maximum order message and order size parameters, as well as the establishment of standards for the development, testing, and monitoring of ATSs.

'AT Persons' in the market and clearing-member FCMs would also be required to submit reports on their risk controls to DCMs, and maintain records regarding their risk controls and other algorithmic trading procedures for review by DCMs.

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