Implement algorithmic trading + High Frequency Trading + Direct Electronic Access + market making + tick size requirements under MiFID II Article 17 + RTS 6 + RTS 7 + RTS 8 + RTS 11 + Commission Delegated Regulation (EU) 2017/566. Article 17 algorithmic trading definition (computer algorithm determines individual parameters of orders) + HFT definition (high message intraday rate + co-location + low latency). Algorithmic trading firms must have effective systems + risk controls + business continuity + adequate testing + post-implementation review + risk monitoring + circuit breakers + flagging of algorithmic orders to NCAs + record keeping of algorithms 5 years + RTS 6 organisational requirements. Direct Electronic Access (DEA) Article 17(5) including Sponsored Access + Direct Market Access (DMA) - firms providing DEA must have effective systems + risk controls + due diligence on clients + binding written agreement + suspension of access. Market making Article 17(3) under written agreement with venue + obligation to provide liquidity on continuous basis + RTS 8. Tick size regime Article 49 + RTS 11 - minimum tick size based on liquidity and price band preventing harmful sub-tick price improvements. Circuit breakers Article 48 + RTS 12. Co-location and fee structures Article 48(8)-(9) + RTS 10. Order-to-trade ratios Article 48(6) + RTS 9. Synchronised business clocks Article 50 + RTS 25.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.