ESMA Proposes Enhancing Automated Trading Controls
The suggestions made in the paper, ESMA/2011/224, sit within existing Markets in Financial Instruments Directive (Mifid) and Market Abuse Directive (MAD) legislative boundaries, but precede both the regulation's review and the finalization of the European Market Infrastructure Regulation (EMIR).
The paper is a partial result of ESMA's work on the investigation of high-frequency trading (HFT) and specifically mentions the Flash Crash of May 6, 2010. The paper's authors say that although European
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