The UK Financial Conduct Authority (FCA) released the report on February 12, just over one month after the revised Markets in Financial Instruments Directive (Mifid II) went live. The report was based, the FCA says, on interviews with compliance staff, software developers, traders, quantitative researchers, senior managers and risk personnel at regulated firms.
While the report said the regulator was “encouraged” that firms “have taken steps to reduce risks inherent to algorithmic trading,” it
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