Regulation

Citadel Securities loses ‘Flash Boys’ appeal

A federal court has ruled that the SEC’s decision to approve a controversial type of market order from IEX Group was lawful, in the latest twist of the Flash Boys drama.  

Lessons learned from Flash Boys

Following the recent dismissal of the so called ‘Flash Boys Case’ made against exchanges for favouring high frequency traders, Annabel Smith explores how Michael Lewis’ original novel has shaped the market... and why it drove asset managers to take legal action.

ESMA updates guidance on algorithmic trading

The regulator has updated its Q&As on Mifid II and Mifir market structure topics to clarify guidance on automated trading functionalities and compliance when using third party systems. 

Cat among the pigeons? New report outlines the latest Mifid II amendments

A new draft report on Mifid II amendments confirms plans to ban payment for order flow (PFOF) in Europe, as well as removing dark pool caps and supporting a pre-trade consolidated tape, among others. The TRADE explores these legislative updates in detail to provide a comprehensive summary of the proposed changes.