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Suspension of trading to ensure orderly trading or to protect investor interests, trading with the aid of algorithms, notification requirements for systematic internalisers and settlement internalisers: find out more on these pages.

Al­go­rith­mic trad­ing and high-fre­quen­cy trad­ing

Algorithmic trading where orders are entered, modified and cancelled by computer carries various risks. For example, a high number of order entries, modifications or cancellations within a very short space of time can overload trading facilities. Algorithms may also react to market events and trigger additional algorithms as a result, which may in turn trigger even more algorithms (cascade effect), leading to an increase in price volatility.

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Sys­tem­at­ic in­ter­nal­i­sa­tion

With the entry into force of the redrafted Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), investment firms which are active as systematic internalisers are (also) required to follow special rules on pre-trade transparency in addition to the MiFIR rules on post-trade transparency that apply to all investment firms.

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Sus­pen­sion of trad­ing

The operator of a multilateral or organised trading facility can suspend trading with a financial instrument or remove this instrument from trading if this appears necessary in order to ensure orderly trading or to protect investor interests.

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Set­tle­ment in­ter­nalis­ers

From 1 July 2019, settlement internalisers in Germany are required under Article 9(1) of the Central Securities Depositories Regulation (CSDR) to report to BaFin on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems.

More: Settlement internalisers …

 

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