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🔗 Back to Summary. 🇫🇷 French Version: 2017R0565_FR.20. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 19 – High frequency algorithmic trading technique ⬅️ | ➡️ Article 21 – General organisational requirements
Références LVL1 <=> LVL2
Level 1 reference(s): 2014L0065_EN.4 > 1#41
Article 20 - Direct electronic access
1.
A person shall be considered not capable of electronically transmitting orders relating to a financial instrument directly to a trading venue in accordance with Article 4(1)(41) of Directive 2014/65/EU where that person cannot exercise discretion regarding the exact fraction of a second of order entry and the lifetime of the order within that timeframe.
2.
A person shall be considered not capable of such direct electronic order transmission where it takes place through arrangements for optimisation of order execution processes that determine the parameters of the order other than the venue or venues where the order should be submitted, unless these arrangements are embedded into the clients’ systems and not into those of the member or participant of a regulated market or of an MTF or a client of an OTF.