算法交易的监管:框架或人为监督和直接市场干预

Q2 Social Sciences

European Business Law Review Pub Date : 2022-04-01 DOI:10.54648/eulr2022006

Joseph Lee, Lukas Schu

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引用次数: 1

摘要

本文确定了目前算法交易中存在的监管缺口，并为金融领域的机器学习监管提供了一个框架。它比较了英国、欧盟和美国通过人力监督和直接市场干预对资本市场算法交易的监管，以确定它们的共同技术以及地方差异。第二节阐述了什么是算法交易，它是如何定义的，它的哪些功能具有积极影响，哪些功能对风险和影响具有负面影响。第三节探讨了如何通过人为监督来管理交易风险。第四节着眼于直接市场干预如何减轻算法交易的风险，重点关注断路器要求。最后，对相关方（贸易商、公司和交易场所）的责任进行了审查，并列出了监管机构可能采取的执法行动。算法、高频交易、机器学习、金融监管、MIFIDII、ESMA、FCA、SEC、熔断器、系统性风险

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Regulation of Algorithmic Trading: Frameworks or Human Supervision and Direct Market Interventions

This paper identifies the regulatory gaps that currently exist in algorithmic trading and provides a framework for machine learning regulation in finance. It compares the regulation of algorithmic trading in the capital markets by both human supervision and direct market intervention in the UK, the EU and the US to identify techniques they have in common, as well as local differences. Section II sets out what algorithmic trading is, how it is defined, which of its functions have a positive effect and which are negative for risk and impact. Section III examines how trading risks can be managed by human supervision. Section IV looks at how direct market intervention can mitigate the risks of algorithmic trading, focusing on the circuit breaker requirement. Finally, the liability of the parties involved (traders, firms, and trading venues) are examined and the possible enforcement actions that regulators may take are set out. Algorithms, high frequency trading, machine learning, financial regulation, MIFIDII, ESMA, FCA, SEC, circuit breaker, systemic risk

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来源期刊

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.