Real-Time Surveillance: Mission Impossible?
The European Securities and Markets Authority (ESMA) has identified quote stuffing, spoofing, layering and momentum ignition as market-manipulation techniques it hopes to eradicate as part of the organization’s December stance on automated trading. The guidelines are ESMA’s response to the proliferation of electronic trading, particularly algorithmic-enabled trading strategies such as high-frequency trading, the speed of which has made market abuse a challenge to detect.
Setting a deadline of
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