04 Aug 2014


Flagging of algorithmically generated orders according to the German HFT Act: Securing the uniqueness of flagging when using multiple Software Vendors (ISVs)

This circular provides further information on the flagging of algorithmically generated orders when using multiple Software Vendors (ISVs). The following possibilities for flagging are suggested:

             1. Insertion of the ISV ID in front of the “Compliance ID”

             2. Flexible flagging by Trading Participants

             3. A combination of 1. and 2.

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