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1、HighfrequencytradingLicensingrequirementAgendaI.Introduction(legislativetext)II.DefinitionofhighfrequencytradingIII.Specificissues(Licensingrequirements,Exemptions,Transitionalprovision)Highfrequencytrading
2、30.April2013Seite2I.Introduction(1)Highfrequencytrading
3、-definitioninGermanBankingAct(Kreditwesengesetz-KWG),Section1subsection1aSentence2No.4lit.dProprietarytradinginformofhighfrequencytradingis:•purchaseorsaleoffinancialinstrumentsonownaccount•asadirectorindirectmemberofadomesticorganisedmarketormulti-tradingfacili
4、ty•usingahighfrequencyalgorithmictradingtechniquewhichischaracterisedbyotheuseofinfrastructuresintendingtominimiselatencytimes,Highfrequencytrading
5、30.April2013Seite3I.Introduction(2)osystemdeterminationoforderinitiation,generating,routingorexecutionwithouthuman
6、interventionforindividualtradesorordersandbyohighintradaymessagerateswhichconstituteorders,quotesorcancellations,•evenwithoutservicefunctionforthirdparties.Highfrequencytrading
7、30.April2013Seite4I.Introduction(3)Article4No.30aMiFIDII-draftoftheEuropeanCouncil(Ap
8、ril2013):Highfrequencyalgorithmictradingtechniquemeansanyalgorithmictradingtechniquecharacterisedby:(a)infrastructureintendedtominimisenetworkandothertypesoflatencies,includingatleastoneofthefollowingfacilitiesforalgorithmicorderentry:•co-location,•proximityhost
9、ingor•highspeeddirectelectronicaccessHighfrequencytrading
10、30.April2013Seite5I.Introduction(4)(b)systemdeterminationoforderinitiation,generating,routingorexecutionwithouthumaninterventionforindividualtradesororders;and(c)highmessageintradayrateswhichconstituteord
11、ers,quotesorcancellations.Highfrequencytrading
12、30.April2013Seite6II.Definitionofhighfrequencytrading(1)Asadirectorindirectmemberofadomesticorganisedmarketormulti-tradingfacilityindirectmember:getsdirectelectronicaccesstothemarketorMTFbyadirectmemberofthemarketo
13、rMTF,includingaccessvia/throughotherindirectmembers(chainofindirectmembers)directelectronicaccess(seeMiFIDII-draft,Article4No.31):•arrangementwhereamemberorparticipa