Vedder Price

Vedder Thinking | News Sam Tyfield Comments on France's New HFT Reporting Rules

Media Mention

At the start of 2015, a new French banking law goes into effect, requiring every firm using a high frequency trading (HFT) systems to document the nature of the system and report it to the Autorité des Marchés Financiers (AMF). The rules and regulations set forth in this law pertain specifically to systems that trade "securities issued by companies having their head office in France," which will affect primarily stocks listed on Euronext's Paris market. Currently, however, there is no document detailing exactly what needs to be reported, causing uncertainty among French HFT firms and brokers, and allowing them little preparation time. In the Financial News article titled "HFTs Lament French Reporting Demands," Sam Tyfield, a Partner in Vedder Price's London office and a member of the Finance & Transactions and Investment Services groups, commented on how the ambiguous nature of the new French law will affect those in the industry.

"It's presenting the usual issues that French law presents," Mr. Tyfield stated. "The exact details of the rules currently require fleshing-out by the AMF."

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Sam Tyfield

Partner