독일과 유럽연합의 고빈도 알고리즘 거래 규제 - 규제 방향에 대한 시사점 -
Regulation on the High-Frequency Trading(HFT) in Germany and EU
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This article analysed the background and technical standards of the recent legislations on the High-Frequency Algorithmic Trading of Germany and EU(MiFID II). Both regulations see unanimously the instability of the market, overloading of the trading system, market manipulation and cascade effect as fundamental risk due to the HFT. The common goals of both legislations based on this understanding of the risks of the HFT are as follows: protecting the stability and integrity of the financial markets, reducing market risks, preventing market manipulation, closing regulatory loopholes. The wide and comprehensive range of the measures from both legislations is summarized as follows: licensing requirement for high frequency trader, applying regulations to the proprietary trade(trading on own account) and the indirect participants, requirements for direct electronic access, algo flagging, oder to trade ratio(OTR) restriction, minimum tick sizes, fees for excessive usage of exchange systems, circuit breakers, algo test, and increasing powers of the competent authority. It can be said that both legislations are not excessive but acceptable, and their principle of approach is very similar to each other. The doubt about the compatibility of the German HFT Act with the MiFID II has no grounds now. It is without saying that they can give surely many implications for the preparing regulatory response to the HFT in Korea.
Abstract
This article analysed the background and technical standards of the recent legislations on the High-Frequency Algorithmic Trading of Germany and EU(MiFID II). Both regulations see unanimously the instability of the market, overloading of the trading system, market manipulation and cascade effect as fundamental risk due to the HFT. The common goals of both legislations based on this understanding of the risks of the HFT are as follows: protecting the stability and integrity of the financial markets, reducing market risks, preventing market manipulation, closing regulatory loopholes. The wide and comprehensive range of the measures from both legislations is summarized as follows: licensing requirement for high frequency trader, applying regulations to the proprietary trade(trading on own account) and the indirect participants, requirements for direct electronic access, algo flagging, oder to trade ratio(OTR) restriction, minimum tick sizes, fees for excessive usage of exchange systems, circuit breakers, algo test, and increasing powers of the competent authority. It can be said that both legislations are not excessive but acceptable, and their principle of approach is very similar to each other. The doubt about the compatibility of the German HFT Act with the MiFID II has no grounds now. It is without saying that they can give surely many implications for the preparing regulatory response to the HFT in Korea.
참고문헌 (35)
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