AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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CFTC Automated Trading

The CFTC has recognised that trading activity in derivatives is undergoing a fundamental shift from human-centred trading venues to highly automated and interconnected environments involving a combination of Automated Trading Systems (ATS) and electronic trading platforms that can execute repetitive tasks at speeds far greater than any human equivalent.

In order to address this transition, the CFTC has undertaken certain steps to ensure that regulatory standards and internal controls are calibrated to match current and foreseeable market technologies and risks.

In September 2013, the CFTC published a Concept Release containing a questionnaire which sought to catalogue existing industry practices and whether there is a need for CFTC harmonising measures, including registration of high frequency traders of derivatives. The deadline for comments was 11 December 2013. AIMA submitted a response.

Key Consultations

Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (September 2013)

AIMA documents

Submission - Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (December 2013)

 

 

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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
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    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
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        1. EU Bank Recovery and Resolution Directive
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  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme