Automated trading environment

The Guidelines on "systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities" (ESMA/2012/122) issued by the European Securities and Markets Authority (ESMA) impose inter alia specific organisational requirements on the trading business of institutions in an automated trading environment.

Guidelines 2, 4, 6 and 8 have been implemented in Germany by Circular 6/2013 of 18 December 2013.