roll on july.
soon this will be effective when they vote next month and the blatant cheating highlighted below will make the markets a fairer place to trade:
The European Securities and Markets Authority guidelines on âSystems and controls in an automated trading environment for trading platforms, investment firms and competent authorities' came into effect on 1 May 2012 and identified several practices that have been associated with HFT as constituting market abuse under the EC's Market Abuse Directive:
■Ping orders, entering small orders in order to ascertain the level of hidden orders and particularly used to assess what is resting on a dark platform
■Quote stuffing, entering large numbers of orders and/or cancellations/updates to orders so as to create uncertainty for other participants, slowing down their process and to camouflage their own strategy
■Momentum ignition, entry of orders or a series of orders intended to start or exacerbate a trend, and to encourage other participants to accelerate or extend the trend in order to create an opportunity to unwind/open a position at a favourable price
■Layering and spoofing, submitting multiple orders often away from the touch on one side of the order book with the intention of executing a trade on the other side of the order book, with the manipulative orders removed once the trade has taken place.
http://www.bankingtech.com/bankingtech/where-next-for-hft/20000225442.htm
soon this will be effective when they vote next month and the blatant cheating highlighted below will make the markets a fairer place to trade:
The European Securities and Markets Authority guidelines on âSystems and controls in an automated trading environment for trading platforms, investment firms and competent authorities' came into effect on 1 May 2012 and identified several practices that have been associated with HFT as constituting market abuse under the EC's Market Abuse Directive:
■Ping orders, entering small orders in order to ascertain the level of hidden orders and particularly used to assess what is resting on a dark platform
■Quote stuffing, entering large numbers of orders and/or cancellations/updates to orders so as to create uncertainty for other participants, slowing down their process and to camouflage their own strategy
■Momentum ignition, entry of orders or a series of orders intended to start or exacerbate a trend, and to encourage other participants to accelerate or extend the trend in order to create an opportunity to unwind/open a position at a favourable price
■Layering and spoofing, submitting multiple orders often away from the touch on one side of the order book with the intention of executing a trade on the other side of the order book, with the manipulative orders removed once the trade has taken place.
http://www.bankingtech.com/bankingtech/where-next-for-hft/20000225442.htm