MiFID II Intends to Put the Brakes on HFT
When the European Commission (EC) published its review of the Markets in Financial Instruments Directive (MiFID II), it put high-frequency trading in its crosshairs—codifying general rules on the installation of circuit breakers in regulated markets as well as mandating communications between trading venue operators.
A sweeping review of the structural mechanisms for regulated markets appears in Article 51, “Systems resilience, circuit breakers and electronic trading.” The ability of an exchange
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