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Brexit, Mifid, Uncategorized

Push back on “gold plated” Bank of England rules on algorithmic trading

Several industry associations and banks have pushed back against proposals by the Bank of England to roll out an enhanced version of the rules governing algorithmic trading in financial instruments, as reported here on the Bloomberg web site. The Bank of England released this consultation paper in February, which proposes rules that go over and above what is required by MiFID II Regulatory Technical Standard 6. The additional rules relate to the scope of algorithms that require change approval. It is felt that the changes may put UK based companies at a disadvantage after Brexit.

MiFID II RTS 6 applies to any company engaging in “algorithmic trading” in financial instruments, including those who qualify for an exemption from MiFID II, such as those in energy and commodities that make use of the Ancillary Activity exemption.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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