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CFTC Proposes Rules Regulating Automated Trading
16 December 2015
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The CFTC has proposed a new “Regulation Automated Trading” or “Regulation AT” to implement a comprehensive regulatory framework for algorithmic (or automated) trading activity.
The proposed rules follow a multilevel approach by requiring certain risk controls and by imposing a range of reporting, recordkeeping and other compliance obligations on firms that engage in algorithmic trading (“AT Persons”), their clearing member futures commission merchants and designated contract markets, as well as a requirement that firms engaged in algorithmic trading using direct electronic access must register as floor traders (and thereby become subject to the requirements applicable to AT Persons.
The proposed rules do not vary based on whether an entity engages in or facilitates high-frequency trading or based on the connectivity method; rather, the same requirements apply to all algorithmic trading.
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