Glossary

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Term Definition Legal instruments

algorithmic trading

31/12/2020

THIS DEFINITION ONLY APPLIES TO THE ALGORITHMIC TRADING PART

The changes to this defined term are effective from 23:00 on 31/12/2020.

means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions.