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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2018-01-03.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

high-frequency algorithmic trading technique

    42means an algorithmic trading technique characterised by:

      1. (1) infrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry: co-location, proximity hosting or high-speed direct electronic access;
      1. (2) system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders; and
      1. (3) high message intraday rates which constitute orders, quotes or cancellations.

    [Note: article 4(1)(40) of MiFID]