Vedder Thinking | News Sam Tyfield Weighs in on MiFID II and HFT Regulations
Sam Tyfield, a London-based Partner in Vedder Price's Investment Services and Finance & Transactions practice groups, was featured in Automated Trader's article "Time Running Out for Brokers Facing European Reforms." The article summarized key points pertaining to the upcoming Markets in Financial Instruments Directive (MiFID II) update that were addressed at the FOW MiFID II for Brokers conference in London.
Among the important issues discussed at the conference were high frequency trading (HFT) and the effects MiFID II will have on those in the trading industry. Firms will need to set up systems in order to operate within MiFID II's compliance requirements; however, the European Securities and Markets Authority has been unable to produce a final draft of technical standards outlining what may be categorized or defined as HFT. Therefore, the ability to effectively regulate HFT will still be a prevalent issue. During a panel discussion examining HFT, market making and electronic execution, Mr. Tyfield stated, "Even those firms that would not regard themselves as automated could get caught in definitions of algorithmic trading."
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