On 25 April , the European Commission released another list of delegated acts for MiFID II . Here is a summary of the key areas of which businesses need to be aware .

1 . Firms sending two messages a second , trading one instrument on European markets will be considered high frequency traders from 2018 .

2 . Alternatively , firms sending four messages per second across all instruments will also be considered high frequency traders .

3 . HFT firms must store trading algorithm details for five years ( minimum ).

4 . HFT firms that are a member of an exchange must be authorised by the national regulator .

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1 . The price of market data needs to be commensurate with the cost of producing and disseminating it – plus a ‘ reasonable ’ margin .

2 . These production costs need to include any “ appropriate share ” of joint costs for other services provided by APAs and CTPs .

3 . Data providers will have to disclose price lists and percentage of revenue earned from data sets .

www . thetradenews . com THE TRADE MiFID II HANDBOOK | 21

MiFID II Handbook | Page 21