The Economic and Monetary Affairs Committee of the European Union unanimously approved wide-ranging reforms of the securities market Wednesday, including high-frequency trading.
Members of the European Parliament tightened up the EU's proposal on high-frequency algorithmic trading, voting that all high-frequency trading orders should be valid for one half second. The rule means orders cannot be cancelled or modified for at least five hundred milliseconds. A millisecond is one-thousandth of a second.
All firms and trading venues also would have to ensure that trading systems are resilient and prepared to deal with sudden increases in order flows or market stresses. These could include Europe's own "circuit breakers" to suspend trading.
eu's, european union, economic and monetary affairs committee, european parliament, europe, financial markets, finance, financial economics, mathematical finance, stock market, business, algorithmic trading, millisecond
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