L'Europe prépare une réglementation pour les environnements de négoce "hautement informatisés"

L’Autorité européenne des marchés financiers (ESMA, European Securities and Markets Authority) a lancé le 20 juillet dernier une consultation relative à  l’évolution des plate-forme de trading et en particulier la prise en compte des environnements hautement informatisés.  Outre les risques opérationnels, ces nouveaux environnements amènent de nouveaux risques de crédits et de marchés qu’il convient de prendre en compte au plus vite en vue d’éviter un nouveau flash crach par exemple.

un petit clic pour ma veille

Trading in financial instruments has come to rely increasingly on the use of electronic trading systems. These have, in the main, replaced open outcry markets with screen-based markets. Screen-based markets are usually accessed electronically by members/participants and users. Order flow from clients is often captured and routed electronically to trading platforms by investment firms. Investment firms and their clients have also made increasing use of trading algorithms whereby orders are generated by computer algorithms responding to market data.

An important part of the innovation in this highly automated trading environment has been the rise of what has been labelled HFT. ESMA used the following definition of HFT in its fact-finding questionnaire on micro-structural issues :

“Trading activities that employ sophisticated, algorithmic technologies to interpret signals from the market and, in response, implement trading strategies that generally involve the high frequency generation of orders and a low latency transmission of these orders to the market. Related trading strategies mostly consist of either quasi market making or arbitraging within very short time horizons. They usually involve the execution of trades on own account (rather than for a client) and positions usually being closed out at the end of the day.”

The establishment of a highly automated trading environment has enabled investors to monitor prices in real time and submit orders electronically, facilitated productivity improvements at investment firms executing client orders and at trading platforms, promoted competition between trading platforms and simplified the process of the settlement of trades. However, several concerns have also been expressed about trading in a highly automated environment. In particular, concern has focused on whether the trading activities that the environment has facilitated, such as HFT, adversely affect the quality of markets for instance through the decrease of trade size and by pushing up indirect trading costs for retail and institutional investors, and the potential for highly automated trading to lead to disorderly trading conditions.

via  Consultation paper – Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities (Ref: ESMA/2011/224)

A lire également :

Dans cette course contre la montre, voici un article de la Tribune très intéressant et présentant les défis technologiques actuels lié du trading à  haute fréquence. Aujourd’hui, la puissance de calcul n’est plus à  lui seul un avantage concurrentiel. La limite se situe maintenant au niveau des vitesses de transmission des ordres … et donc des distances les plus courtes dans les ordinateurs et entre les serveurs et le centre de calcul des bourses!
  • Enquête dans les coulisses du trading à  haute fréquence (high frequency trading)

Veilleur et spécialiste en cybersécurité