Last week ESMA issued this updated MiFID II and MiFIR market structures topics Questions and Answers document which includes an updated section on algorithmic trading. New QAs 33 and 34 starting on page 32 address whether a routine on a platform could be considered “algorithmic” under MIFID II and also the question of use of third party systems and who is responsible for compliance.
All firms engaging in algorithmic trading in Financial Instruments, including those who make use of the Ancillary Activity Exemption, must comply with the applicable parts of MIFID II (Article 17 and “RTS 6”).
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