News & Analysis as of

Algorithmic Trading

Blockchain Week in Review – October #8

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

U.S. House Bill Aims to Curtail SEC Staff’s Ability to Obtain Algorithmic Trading Source Code

On October 4, 2017, U.S. Representative Sean P. Duffy [R-WI-7] introduced U.S. House of Representatives Bill H.R.3948 entitled the “Protection of Source Code Act.” If enacted, the Bill would amend the Securities Act, the...more

MiFID II for Non-EU Investment Banks and Brokers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more

Corporate and Financial Weekly Digest - Volume XII, Issue 35

SEC/CORPORATE - SEC Commissioners Announce Search for First-Ever Advocate for Small Business Capital Formation - On September 13, the Commissioners of the Securities and Exchange Commission (SEC) announced the launch of...more

SEC Guidance Seeks Enhanced Disclosures by Robo-Advisers

by Carlton Fields on

In February, the SEC staff issued a guidance update focusing on "robo-advisers," i.e., registered investment advisers (RIAs) who provide online, automated investment advice, through the use of an algorithmic program. As RIAs,...more

MiFID II for Non-EU Fund Managers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic...more

Complete Revision of German Securities Trading Act Passed German Parliament

by Jones Day on

On 30 March 2017, the German Parliament (Bundestag) finally approved a complete revision of the German Securities Trading Act (Wertpapierhandelsgesetz) as part of the Second Financial Markets Reform Act (2....more

The Southern District Of New York Dismisses In Part Putative Shareholder Class Action Against Investment Technology Group

by Shearman & Sterling LLP on

On April 26, 2017, District Judge John F. Keenan of the United States District Court for the Southern District of New York granted in part and denied in part motions to dismiss brought by defendants Investment Technology...more

CFPB Director Cordray Testifies Before House Financial Services Committee

by Goodwin on

On April 5, 2017, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the U.S. House of Representatives Financial Services Committee to present the CFPB’s semi-annual report, which is...more

EU Competition Newsletter - April 2017

by Bryan Cave on

The Brexit referendum result in June last year created many uncertainties for the British economy and continues to do so. In this Breakfast Seminar, Robert Bell will focus his remarks on what he sees will be the likely...more

Between Bridges: March 2017 – CME Group Settles Disciplinary Action Alleging That Automatic Liquidation of Under-Margined...

CME Group announced today that Saxo Bank A/S, a member firm, agreed to pay an aggregate fine of US $190,000 to the Chicago Board of Trade and the Chicago Mercantile Exchange to resolve two disciplinary actions against it for...more

Derivatives In Review - January 2017

Regulation AT – An Update - From the time Regulation AT was initially proposed by the CFTC over a year ago, the CFTC has solicited and considered numerous comment letters, held a public roundtable, supplemented the...more

"House Bill to Shake Up CFTC Rulemakings"

Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

US Commodity Futures Trading Commission Issues Proposals to Automated Trading Regulations

by Shearman & Sterling LLP on

The CFTC approved the issuance of a notice of proposed rulemaking, seeking to enhance the CFTC’s previous notice of proposed rulemaking for automated trading regulation, which proposed a series of risk controls, transparency...more

"CFTC Revises the Regulation AT Proposal for Automated Trading"

The Commodity Futures Trading Commission has issued an amendment to the Regulation AT framework it originally proposed in December 2015 for automated trading on U.S. derivatives exchanges. Addressing the issues raised in the...more

CFTC Approves Supplemental Proposal to Regulation Automated Trading

by Reed Smith on

The Commodity Futures Trading Commission issued a supplemental proposal on automated trading November 4, 2016, that revises a number of the regulations proposed by the Commission in its initial proposal. The Supplemental...more

CFTC Proposes New Rule Allowing it to Obtain Trading Firm’s Trade Secrets Without Due Process

by Seyfarth Shaw LLP on

As the Obama administration winds down, its regulators are showing no signs of letting up. Last week the Commodities Futures Trading Commission (CFTC) decided that it should no longer be constrained by its subpoena power...more

CFTC Approves Supplemental Proposal to Regulation AT

by Katten Muchin Rosenman LLP on

On November 4, the Commodity Futures Trading Commission (CFTC) approved for publication in the Federal Register a supplemental proposal (the "Supplemental Proposal") to Regulation Automated Trading ("Regulation AT"). The...more

CFTC Revises Proposed Reg AT

by WilmerHale on

The Commodity Futures Trading Commission (CFTC or Commission) on November 3, 2016, proposed revisions (the Supplemental Proposal) to proposed Regulation Automated Trading (Reg AT). Reg AT, if adopted, will broadly affect...more

Bridging the Week - November 2016

Proposed Regulation AT Amended by CFTC; Attempts to Reduce Universe of Most Affected to No More Than 120 Persons - On Friday, the Commodity Futures Trading Commission issued a supplemental notice of proposed rulemaking...more

CFTC Approves Supplemental Proposal for Proposed Regulation AT

On November 4, 2016, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) approved, by a 2 – 1 vote, a supplemental proposal (“Reg AT Supplemental Proposal”) that amends a 2015 proposed rule related to...more

Was that trader really 'spoofing'? Focus on the statute’s words, not the regulator’s claims

by Thompson Coburn LLP on

Can trading pursuant to an algorithmic program properly be found to constitute “spoofing” in violation of CEA Section 4c(a)(5)(C): What constitutes “the intent to cancel the bid or offer before execution”? ...more

Your daily dose of financial news - The Brief – 9.15.16

by Robins Kaplan LLP on

The Committee on Capital Markets Regulation—a nonprofit that represents execs from many of the US’s largest banks—will release a paper today arguing that the Fed illegally sidestepped the APA by adopting “central parts of its...more

Your daily dose of financial news - The Brief – 8.25.16

by Robins Kaplan LLP on

US regulators are “ramping up oversight” of Swift—the financial messaging system used throughout global finance that’s been a key conduit for hackers in recent attacks of Bangladeshi and Ecuadorian banks....more

Trading and Markets Enforcement Report - August 2016

by Morgan Lewis on

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

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